Jack Dorsey, Jay Z Partner To Support Bitcoin

leadership February 22, 2021 Jay Z 160
Jack Dorsey, Jay Z Partner To Support Bitcoin

Cryptocurrencies look like being the future, and there are various celebrities who have joined this bandwagon in recent months, promoting various tokens

Tweet this Cryptocurrencies look like being the future, and there are various celebrities who have joined this bandwagon in recent months, promoting various tokens and encouraging people to buy Bitcoin and other cryptocurrencies. However, one would not have thought that Jack Dorsey the CEO of Twitter, and Jay-Z, one of the most famous rappers and musicians of all time, would come together to fund crypto development, but that is exactly what has happened. This has been in the form of an endowment fund, which has been set up to push cryptocurrency development in India and Africa, with the duo having donated 500 BTC to get it going. This development is exciting for various reasons. Cryptocurrencies have become extremely popular on a global level over the last 12 months, with Bitcoins rise to nearly $60,000 drawing more and more people, as well as companies and organizations, towards the crypto space. This has not been restricted to just trading and investment there are entities out there which are incorporating crypto and blockchain into their daily operations to try and improve their prospects. One example of this comes from the online gambling space, where various online casino operators have been giving players the option to place bets via cryptocurrency. Thus, a player can play litecoin blackjackif he wants on these sites, or maybe bitcoin roulette, or a whole host of casino table games, with the option to place a wager through litecoin, bitcoin and other crypto tokens. Blockchain networks are being used to make these games more stable, reliable and safe, while also ensuring super-quick transactions. All of this has meant that more and more people are trying to use cryptocurrencies on a daily basis, but there are still parts of the world where crypto needs to be pushed, and that is where this fund comes into the picture. This fund, or trust, known as Btrus, is a blind irrevocable trust, meaning that Dorsey and Jay-Zhave no influence over decision-making. The investment they have made is now worth over $28 million, and this value will continue to increase as the price of Bitcoin continues to go up. The trust is on the lookout for three board members to control its investment and decision-making, and will be up against it in terms of trying to improve Bitcoins prospects, especially in India, where the government is considering a ban on cryptocurrencies, while allowing a national digital currency to be launched by its central bank. It will be a different story in Africa, where crypto has proved to be immensely popular. Nigeria is among the biggest crypto trading markets globally, with other countries also seeing heavy transaction volumes. ADVERTISEMENT However, government attitudes are perhaps similar to that seen in India. In Nigeria, for example, the central bank has ordered financial institutions to restrict their dealings with crypto exchanges, firms and individuals who trade in cryptocurrencies. Crypto is not yet banned in Nigeria, but this central bank directive does encourage financial and non-financial institutions to identify and ban accounts that trade in crypto. Thus, we can see how there is a desperate need for more information in these countries, which represent huge untapped markets for cryptocurrency trading. There is also a complete lack of regulation, which is the need of the day, rather than outright bans, and the trust will be attempting to lobby for all of this and create an environment of trust towards Bitcoin, and therefore the wider crypto space. For example, in Africa, other than Kenya, very few countries have outlined their regulatory environmentsfor crypto. It is a similar case in India as well, and so this trust will be trying to improve the prospects for Bitcoin and other crypto tokens in these countries. Read more

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