Twitter chief Jack Dorsey teams with Jay-Z to back Bitcoin

Home » Twitter chief Jack Dorsey teams with Jay-Z to back Bitcoin

Twitter chief Jack Dorsey announced on Friday that he and rap mogul Jay-Z would be back
a fund devoted to generating digital bitcoin “internet currency”.

Dorsey, who is also the founder and head of a financial services and mobile payments company
Square, said in a tweet that he and Jay-Z provided 500 bitcoins for independent funding
an endowment fund called “Btrust”.
The amount of cryptocurrency was worth around $ 24 million as of Friday.
“It will be established as irrevocable blind faith, taking no direction from us,
“Dorsey said,
added that the fund will initially focus on bitcoin development teams in Africa and India.
He said three council members were being wanted, adding a link to an online application
states its mission is “to make bitcoin the internet currency.”
Launched in 2009, bitcoin has been increasing since March, when it reached $ 5,000,
driven by online payment giant PayPal which said it would allow account holders to use it
cryptocurrency.

Tesla this week announced a $ 1.5 billion investment in digital cash and plans to accept it
cryptocurrency from customers who buy their electric vehicle.
The announcement came after bitcoin's cheeky hug on social media by the CEO of Tesla
Elon Musk, who temporarily changed his Twitter bio to “#bitcoin”.
On Friday, Canada's premier securities regulator approved the launch of the first exchange-traded bitcoin fund, giving retail investors greater access to the booming cryptocurrency.
Skeptics say bitcoin is highly volatile and regulators warn it is vulnerable to unauthorized use.
Bitcoin on Friday touched a new high of $ 48,930 aer MasterCard and US bank BNY Mellon
moved to make it easier for people to use cryptocurrency.

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