Twitter chief and rapper Jay Z aims to convert Bitcoin into the internet currency

Twitter founder Jack Dorsey announced on Friday the creation of a foundation with rapper Jay-Z to fund the development of Bitcoin as a “internet currency.”

Jack Dorsey, president of Square, a payments services company, tweeted: “Jay-Z and I are donating 500 Bitcoins to a new foundation called Btrust to fund Bitcoin development, which will initially focus on teams in Africa and India.”

On Friday, 500 Bitcoins were valued at roughly $ 24 million.

“It will be a blind trust that will not receive any instructions from us,” he said, noting that there is a link on the Internet to submit nominations for the top three positions in the council.

According to the app page, Btrust’s mission will be “to make Bitcoin the internet currency.”

On Friday, Canadian authorities authorized the launch of the world’s first publicly traded Bitcoin fund, giving investors greater access to the cryptocurrency.

Despite its sulfurous reputation (suspected of being used in illegal transactions), the cryptocurrency is gaining fame thanks to large corporate investments.

On Monday, Tesla invested $ 1.5 billion in bitcoin and plans to accept virtual currency as a form of payment for its cars.

In October, online payments giant Paypal launched a service to buy, sell and pay cryptocurrencies, while Square announced that it had invested $ 50 million in bitcoin.

BlackRock, which manages trillions of dollars on behalf of the funds that manage civil servants’ pensions, corporations and the wealthy, has also cemented the legitimacy of the virtual currency by adding it to its list of financial products it can invest in in late January.

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Jack Dorsey has never hidden his interest in Bitcoin, which he sees as a model for the decentralized governance of the internet.

Myrtle Frost

"Reader. Evil problem solver. Typical analyst. Unapologetic internet ninja."

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