Jack Dorsey, Twitter CEO and popular rapper JayZ, launched the fund worth 500 bitcoins. The fund’s operation is focused on supporting Indian and African Bitcoin developers. This announcement comes at a crucial moment, especially for Indian developers. The government in this country plans to introduce strict regulations on cryptocurrencies. Will Jay-z and Jack Dorsey revolutionize the approach to cryptocurrency in developing countries?
Jay-Z and Jack Dorsey are pioneers in India and Africa
In a tweet, Jack Dorsey also explained that the independent fund would be led by a team of three for which Dorsey is currently looking for a leader. The project and its finances are to be completely independent of its founders.
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
Dorsey is a famous Bitcoin supporter. His Square Inc. project has already become quite popular in the cryptocurrency space. The announcement comes on the day organizations like BNY Bank and Mastercard announced their opening to cryptocurrency integration, and Twitter and Uber revealed they planned to use Bitcoin as a form of payment and a means of paying employees.
Bitcoin (BTC) is growing faster than the Internet
The current Bitcoin boom, in which the top cryptocurrency scored a new ATH of $ 49,000, seems to be preparing the market for mass and mainstream adoption. Financial institutions such as Tesla and MicroStrategy are using BTC as a treasury reserve asset, and rising retail demand has led central banks to consider introducing the option of buying Bitcoin directly.
Willy Woo compares Bitcoin adoption for Internet adoption. A popular analyst notes that BTC has the same number of users as the Internet in 1997. However, the network of users of the most popular cryptocurrency is growing much faster than the number of people using the Internet in the initial stages of its development.
In terms of adoption, Bitcoin has roughly the same users as the Internet had in 1997.
But Bitcoin’s growing faster. Next 4 years on current path will bring Bitcoin users to 1b people, that’s the equivalent of 2005 for the Internet. pic.twitter.com/Np9yTR3WkL
– Willy Woo (@woonomic) February 1, 2021
Developing regions such as Africa and India, as with the internet boom, have adopted a passive stance towards using Bitcoin and cryptocurrencies. Currently, however, India is known as global IT outsourcing in the world. Jay-Z and Dorsey’s desire to invest so much value in cryptocurrencies should give the rulers food for thought.