Jack Dorsey and Rapper Jay-Z to Give $23.6 Million in BTC to New Bitcoin Development Trust

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Fri, 02/12/2021 - 07:48
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Yuri Molchan
Twitter and Square CEO Jack Dorsey has joined forces with Rapper Jay-Z to fund a new BTC development trust in developing countries with $23.6 million in BTC
Jack Dorsey and Rapper Jay-Z to Give $23.6 Million in BTC to New Bitcoin Development Trust
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Renowned Bitcoiner Jack Dorsey, CEO of Twitter and Square, has taken to Twitter to announce that he and American rapper Jay-Z (Shawn Corey Carter in everyday life) have decided to give 500 Bitcoins to a new trust that will focus on Bitcoin development.

New Bitcoin-related endowment

This Bitcoin trust is focused on developer teams based in India and Africa. Dorsey emphasizes that this is a "blind irrevocable trust," and neither he nor Jay-Z will be giving the teams any directions to follow.

For a start, Dorsey seeks three board members and has published a link to a form in Google Drive. The goal of the trust is to make Bitcoin the currency of the Internet, the form says.

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Image via Twitter

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Bitcoin Now Worth More Than JPMorgan Chase, Bank of America and Wells Fargo Combined

Jack Dorsey's interest in BTC adoption in Africa

As reported by U.Today in late 2019, Jack Dorsey spent a month in AfricaNigeria and Ghana in particular.

He spent a lot of time engaging with local Bitcoiners and BTC developers about BTC adoption in a region that often suffers from poor economies and inflation.

At press time, the world's flagship cryptocurrency is sitting at $47,289 after reaching several consecutive all-time highs this year.

The most recent one was hit on Feb. 11 as Bitcoin rose to $48,500.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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