There is no reservation that cryptocurrency has taken over the world and is here to stay. The evolution of money is truly here. Tidal executive, Jay-Z and Twitter’s CEO; Jack Dorsey, in a partnership have created an endowment fund to fast track bitcoin in Africa and India.
Bitcoin is digital gold and has everybody running towards it hands and pants down. Since it came into existence, it has grown and will continue to. In fact, it has changed the narrative of how people store assets, save, invest and go about day-to-day transactions.
Twitter’s CEO; Jack Dorsey hinted that he had come into a partnership with prolific rapper and Tidal boss; Jay-Z to create an endowment fund that would boost the development of Bitcoin in Africa and India.
The project is called ₿trust and will be launched with an injection of 500 Bitcoin which as at the time of this writing was valued at $23.6 million. It is also pertinent to know that the project would be run without any leadership or direction from Twitter’s Jack Dorsey or music magnate Jay-Z.
According to the Board’s application form, the partners Jack Dorsey and Jay-Z are looking for three board members for the trust and the mission is to ‘make bitcoin the internet’s currency’.
Dorsey and Jay-Z’s decision came at a time when Bitcoin hit its all time high record on Friday, trading above a whopping sum of $48,000.
The rate of acceptance of Bitcoin differs greatly in the countries where this project is expected to run. For instance, India recently announced that it will totally ban cryptocurrency after giving investors an ultimatum period to get a hold of their investment.
The case is similar in Nigeria; the giant of Africa. The Federal Government, about a week ago outrightly banned the use of cryptocurrency in the country and demanded that all accounts associated with cryptocurrency should be closed by deposit banks and other financial institutions. Nigeria still remains the second after the US in terms of the volume of Bitcoin traded in the last five years.
The reservation from the South African Government towards cryptocurrency is huge and continues to grow because of the alarming number of crypto-crimes in the country.
The case is however different in Kenya. Kenya’s Central Bank has adopted Bitcoin as a reserve currency and hopes this would help in soothing the country’s financial woes.
In this past week alone, Tesla invested $1.5 billion in Bitcoin, BNY Mellon says it will start transacting cryptocurrency for its client, Mastercard adopted cryptocurrency into its payment system, etc.
The project ₿trust could help increase acceptance of Bitcoin (and cryptocurrencies) especially in places like Africa where acceptance is still quite low.