Jack Dorsey, Jay-Z set up Bitcoin trust with India, Africa focus
New Delhi
12-February-2021
Twitter CEO Jack Dorsey and rap artist Jay-Z will invest 500 bitcoins (approximately Rs 174 crore) in an endowment to fund Bitcoin development with a focus on India and Africa in the beginning, Dorsey said on Friday.
"It'll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start."
The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records.
The price of Bitcoin reached a high of $48,925.53 in the past 24 hours, according to data from CoinDesk.
However, the future of private cryptocurrency is still uncertain in India as the country is reportedly planning to introduce a bill to prohibit all "private cryptocurrencies".
Dorsey, who is also the CEO of payments company Square, made no secrets about his passion for Bitcoin.
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He had earlier said that Bitcoin for him is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.. - IANS
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