Noted tech investor and occasional musician Jay-Z, along with Twitter founder Jack Dorsey, have launched a new Bitcoin development fund in Africa. And India, if we’re being totally accurate, but we live entirely in Africa so…
The project is called ₿trust, which is a really hard thing to type. But it has at its disposal 500 Bitcoin (which has an approximate value of around R340 million) and its stated aim is to “make Bitcoin the internet’s currency.”
Who can you ₿trust?
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack⚡️ (@jack) February 12, 2021
How the partnership of Jay-Z, Jack Dorsey, Twitter, teams from Africa and India and three board members to be named later hope to achieve this aim has yet to be explained. The funds are headed to a blind trust so Jay-Z and Jack Dorsey won’t actually be directly involved — but if you manage to secure funding from the program you can legitimately say that Jay-Z gave you money for this thing you’re now doing. Whatever it eventually turns out to be.
And it’s probably a good time to be African, because India’s announced that it’ll be banning cryptocurrencies — it’s giving local investors time to get their money out so they’re not destitute, however. We’re just hearing ‘More Bitcoin for Africa’ on that one. How the ₿trust Bitcoin development fund eventually works and what it does — as soon as we learn that information, we’ll let you know.