Twitter CEO Jack Dorsey, Rapper Jay-z Surprise Bitcoin Package to Africa and Asia Markets

Twitter CEO Jack Dorsey and Hip Hop rapper Jay-z have set up Bitcoin endowment trust dubbed Btrust with the original focus on funding Bitcoin development in Africa and India. Dorsey made the announcement on his Twitter account on Friday.

Dorsey pledged to invest 500 bitcoins, which is about $23 million and that the endowment fund will be established “as a blind irrevocable trust.” He added that the mission of Btrust was to “make Bitcoin the internet’s currency.”

Dorsey’s assertion comes days after the price of Bitcoin soared to a record-high after Tesla co-founder Elon Musk invested $1.5 billion in Bitcoin. Dorsey revealed the need of three board members to start the development. He provided the link to a Google form that can be used for board member application.

Dorsey has been so passionate about Bitcoin. “The reason I have so much passion for Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity,” Dorsey had tweeted.

Cryptocurrency is facing serious backlash in Africa, with countries like Nigeria banning the usage of any currency that is not regulated by the government. Reports also indicate that countries like India are on the process of banning all private cryptocurrencies.

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