Jay-Z and Jack Dorsey Announce A New Fund For The Development Of Bitcoin
Jay-Z and Jack Dorsey Announce A New Fund For The Development Of Bitcoin. Jack Dorsey, Chief Executive Officer (CEO) of Twitter announced in a tweet that he and rap mogul Jay-Z have set up a fund that aims to make Bitcoin the ‘the internet’s currency’. The tweet read, “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.” The 500 BTC was worth around R350 million when the announcement was made.
Bitcoin (₿) is a crypto currency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
On 19 January 2021 Elon Musk placed #Bitcoin in his Twitter profile tweeting “In retrospect, it was inevitable”, which caused the price to briefly rise about $5000 in an hour to $37,299. On 25 January 2021 Microstrategy announced it continued to buy bitcoin and as of the same date it had holdings of 70,784 bitcoins worth some $2.38 billion. On 8 February 2021 Tesla’s announcement that it had purchased $1.5 billion in bitcoin and planned to start accepting bitcoin as payment for vehicles pushed the bitcoin price to an all time high of $44,141.
Bitcoin has been on the rise since its launch in 2009, as many people are starting to use the digital currency to purchase what they need. This trend could see Bitcoin being the number one choice in crypto currency used in the digital world as it can also be converted to normal currencies and vice versa. With influential people such as Jay-Z and Dorsey backing the currency it is also bound to take off in the African markets.
