Home International News America BUSINESS: Twitter Co-Founder Jack Dorsey, Rapper Jay Z Set To Invest Into Bitcoin In Africa
America - Editor's Picks - February 13, 2021

BUSINESS: Twitter Co-Founder Jack Dorsey, Rapper Jay Z Set To Invest Into Bitcoin In Africa

Twitter CEO Jack Dorsey and rapper Jay-Z want to make Bitcoin the “internet’s currency.” The two are putting their digital money where their mouths are by forming a blind trust to work on the mission.

Dorsey tweeted that he and Jay-Z gave 500 bitcoins, roughly worth $24 million as of Friday, to an endowment called Btrust to fund the development of Bitcoin. Dorsey said there will be an initial focus on Africa and India and that the project is looking for three board members. Dorsey and Jay-Z won’t give any direction to the fund, just the mission to make Bitcoin the “internet’s currency.”

Nigeria is second only to the US when it comes to the amount of bitcoin traded over the past five years.

In Africa’s commercial hubs like Lagos, Nairobi and Johannesburg, a growing number of people are finding that cryptocurrencies offer a cheaper solution to the expensive problem of transferring funds across borders.

However, Nigeria’s Central Bank is worried about their rise, and last week ordered banks to close the accounts of anyone associated with trading cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

COVID-19 KENYA; Positivity Rate at 1.2pc As 16 Test Positive, 3 Succumb Monday

Kenya’s Ministry of Health reported that the country’s positivity rate stood a…