Jack Dorsey, the Twitter CEO along with popular musician JayZ has launched a 500 bitcoin trust focusing on bitcoin developers from India and Africa. The announcement comes at a crucial time especially for Indian developers as the government in the country is reportedly planning a crypto ban.
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Jack Dorsey’s tweet also cleared that the bitcoin trust would be independent and would be lead by a three-member team for which they are currently looking for a lead. The trust is reportedly blind irrevocable trust independent of any influence from the founders.
Dorsey is a known Bitcoin proponent and his crypto venture Square inc. has already become quite popular for spending bitcoin. The announcement also comes on a day when the likes of BNY custody bank and Mastercard announced crypto integration, while the likes of Twitter and Uber disclosed they are planning to use Bitcoin as a form of payment as well as for paying an employee salary.
Jack and Jay-Z are giving 500 #bitcoin to developers with the mission:
"Make bitcoin the internet's currency" https://t.co/eMkxCvG6V0
— Documenting Bitcoin 📄 (@DocumentingBTC) February 12, 2021
Bitcoin (BTC) on the Verge of Internet Like Adoption
The current Bitcoin bull run which saw the top cryptocurrency post a new ATH of $49,000 seems to be finally gearing up for mainstream adoption as financial institutions like Tesla and MicroStrategy are using it as a Treasury Reserve Asset, while the growing retail demand has made many mainstream federal banks to consider offering direct Bitcoin purchase.
All these factors are quite evident of Bitcoin is on the verge of mainstream adoption quite similar to the Internet which was initially discarded considering it was slow and costly at the start, however as the infrastructure developed, it has become an integral part of our lives. The data suggest that the adoption rate of Bitcoin is better than the internet.
In terms of adoption, Bitcoin has roughly the same users as the Internet had in 1997.
But Bitcoin's growing faster. Next 4 years on current path will bring Bitcoin users to 1b people, that's the equivalent of 2005 for the Internet. pic.twitter.com/Np9yTR3WkL
— Willy Woo (@woonomic) February 1, 2021
Developing countries such as Africa and India just like the internet boom have taken a passive stance towards the use of Bitcoin and crypto, quite similar to their approach to the dot com boom of the late 90s and early 2000s. India is currently known as the IT outsourcing of the world but not the capital for similar reasons. The current Bitcoin fund announced by Jack Dorsey and the recent Tesla Bitcoin purchase should be an eye-opener for the government.