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Jack Dorsey And Jay Z Invest 500 BTC For Bitcoin Development

Post Date: Tuesday, February 16, 2021

Recently, Twitter and Square CEO Jack Dorsey announced that he along with American rapper Jay Z is opening a Bitcoin development fund named Btrust. 

Dorsey announced that they together are putting 500 bitcoin, which is currently worth $23.6 million, in the endowment ?trust. Initially the fund will be focused on the development of bitcoin in Africa and India.

The endowment will be set up as a blind irrevocable trust, with "zero direction" from the two of them.  Dorsey also shared an application form using his official Twitter handle, seeking three other board members for the fund.

Earlier this week, Dorsey had shared with The Wall Street Journal that his companies are looking at new ways to use bitcoin, including payment of wages, etc. His company Square already supports bitcoin and last year acquired approx $50 million worth of bitcoin for its corporate treasury, while his other company Cash App expanded its service to allow bitcoin trading.  Square Crypto was launched in 2019, which grants funds to bitcoin designers and developers

Well, Bitcoin's stock prices saw a boost late last month after Eon Musk changed his Twitter biography to just '#bitcoin'. He also encouraged his 45 million followers to buy cryptocurrency, saying they are safe.