Social-Media
Twitter CEO Jack Dorsey, Jay-Z Initial Focus on India, Africa Announce Bitcoin Endowment -Btrust
On Friday, Twitter CEO and Co-Founder Jack Dorsey announced that he was giving BTC 500 to launch a new endowment called Btrust together with American rapper Shawn Corey Carter, famously known as Jay-Z. It will aim to finance the development of Bitcoin, with an initial focus on Africa and India, the executive said. Dorsey's latest move comes at a time when the government of India is looking for ways to ban all "private" cryptocurrencies. In the midst of the all-time growth of the cryptocurrency, the interest in financing Bitcoin development arises.
Dorsey, 44, took his Bitcoin endowment Btrust to Twitter to announce the launch. "It is going to be established as an irrevocable blind trust, taking zero direction from us," he said.
In addition to announcing the endowment plans, Dorsey noted the requirement for three board members to begin the new development. He also provided a link to a Google form for an application as a member of the board. The form also mentioned that Btrust's mission is to make Bitcoin the currency of the Internet.
Dorsey has been one of the prominent Bitcoin supporting technology executives. Last month, in the middle of a thread on Twitter about banning former US President Donald Trump after the Capitol Hall violence, he explained why he's passionate about the cryptocurrency.
The reason I'm so passionate about Bitcoin is largely due to the model it shows: a fundamental internet technology that's not controlled or influenced by any single person or entity,' he tweeted. This is what the Internet wants to be and more of it will be over time.
In October last year, Dorsey's Square payment company purchased Bitcoin worth $50 million to make the decentralized currency more accessible through its Cash App mobile payment service. In a media interview in 2018, Dorsey also mentioned that he believed that Bitcoin would once become the single currency of the world.
In order to bring a tipping feature, Twitter was also reported to have Bitcoin payments in mind.
That said, Dorsey's newest development to support Bitcoin comes in the midst of ongoing debate about the cryptocurrency's fast-pacing growth. Elon Musk, CEO of Tesla and US billionaire, also expressed his favor for Bitcoin, and his company even invested $1.5 billion in the currency (approximately Rs. 10,915 crores).
At the same time, the Indian government plans to ban Bitcoin and other popular cryptocurrencies in the country once again. A bill to prohibit "all private" cryptocurrencies has been in development with the title The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 while exploring the possibility of issuing a digital version of the rupee.
