Twitter boss Jack Dorsey works with Jay-Z to support Bitcoin

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Jack Dorsey said he and Jay-Z are giving 500 bitcoin to help fund an independent foundation called “Btrust”.

San Francisco, United States:

Twitter boss Jack Dorsey announced on Friday that he and rap mogul Jay-Z are creating a fund that will make Bitcoin digital money the “currency of the Internet”.

Dorsey, who is also the founder and head of financial services and mobile payments company Square, said in a tweet that he and Jay-Z are giving 500 bitcoin to fund an independent foundation called “Btrust”.

That amount of cryptocurrency was worth around $ 24 million on Friday.

“It is being set up as a blind irrevocable trust that will take us no direction,” Dorsey said, adding that the fund would initially focus on Bitcoin development teams in Africa and India.

He said three board members were wanted and added a link to an online application saying “to make bitcoin the currency of the internet”.

Bitcoin was launched in 2009 and has been on a spike since March when it was at $ 5,000. This was pushed forward by online payment giant PayPal, which would allow account holders to use cryptocurrency.

Tesla this week announced a $ 1.5 billion investment in digital money and plans to accept the cryptocurrency from customers who buy their electric vehicles.

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The announcement followed a cheeky social media hug to Bitcoin by Tesla CEO Elon Musk, who temporarily changed his Twitter bio to simply read “#bitcoin”.

On Friday, Canada’s premier securities regulator approved the launch of the world‘s first exchange-traded Bitcoin fund, giving retail investors better access to the booming cryptocurrency.

Skeptics say Bitcoin is very volatile and regulators are warning it is prone to illegal use.

Bitcoin hit a new high of $ 48,930 on Friday after MasterCard and US bank BNY Mellon moved to make it easier for users to use the cryptocurrency.

(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)

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