Jack Dorsey, Jay-Z donate $24 million in bitcoin to make it ‘internet’s top currency’

Bitcoin got another major boost with Twitter and Square Inc chief executive officer Jack Dorsey and rapper-entrepreneur Jay Z throwing their support to the world’s top cryptocurrency with a hefty amount of investment.

The duo announced the establishment of a bitcoin endowment fund worth 500 Bitcoins (BTC) or almost $24 million at current market prices for the development of the apex cryptocurrency in India and Africa.

Dorsey has previously said he supports Bitcoin as a “long-term path towards greater financial access for all,” according to Variety.

Top virtual money

The trust is looking to hire three members that will form the board. Its objective is to make bitcoin “the internet’s top currency,” TechCrunch said, citing a job application process.

In a Twitter post on Friday, Dorsey said they are taking applications for a “blind irrevocable trust” focused on the two countries, emphasizing the fund will have “zero direction” from himself and Jay Z. He did not give additional details of how the fund will function.

Dorsey said in January that Bitcoin, as an open, decentralized platform for social media, was the answer to a group of entities overseeing the online communication.

He made the comments after Twitter barred former U.S. President Donald Trump on the site following the deadly riots on Capitol Hill on Jan. 6.

Heavy buying

Friday’s disclosure of the endowment fund comes as India’s regulator puts the finishing touches to a policy that would prohibit private digital currencies in the country. India is also looking at developing its own cryptocurrency.

The Twitter top honcho has already invested heavily in Bitcoin. Square, Dorsey’s payments-processing company that has supported the crypto for over three years, bought 4,709 BTCs in October last year, equal to $50 million during the time of purchase.

Meanwhile, some big-name players like Tesla Inc, PayPal, Mastercard, BNY Mellon, and MicroStrategy Inc have all joined the Bitcoin bandwagon, stimulating heightened interest in cryptocurrencies.

 

Image courtesy of Plot11/YouTube

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