Twitter CEO and Co-Founder Jack Dorsey on Friday announced that he was giving BTC 500 (approximately Rs. 172 crores) along with American rapper Shawn Corey Carter — famously known as Jay-Z — to launch a new endowment called B trust. It will be aimed at funding Bitcoin development, with an initial focus in Africa and India, the executive said. The latest move by Dorsey comes at a time when the Indian government is looking for ways to ban all “private” cryptocurrencies. Also, the interest to fund Bitcoin development emerges amid the all-time growth of the cryptocurrency.
Dorsey, 44, took his Bitcoin endowment B trust to Twitter to confirm the announcement. "It is going to be established as an irrevocable blind trust, taking zero direction from us," he said.
In addition to announcing the endowment plans, Dorsey noted the need for three board members to begin the new creation. He also included a connection to a Google Form for submission as a member of the board. The form also stated that Btrust's goal is to "make Bitcoin the currency of the Internet."
Dorsey has been one of the influential Bitcoin funding technology executives. Last month, in the middle of a thread on Twitter about banning former US President Donald Trump after the Capitol Hall violence, he discussed why he's adamant about the cryptocurrency.
He tweeted, "The reason I have so much passion for Bitcoin is large because of the model it shows: a basic Internet technology that is not controlled or influenced by any single person or entity." "This is what the Internet wants to be and more of it will be over time."
In October last year, Dorsey's Square payment firm acquired Bitcoin worth $50 million to make the digital currency more available through its Cash App mobile payment service. In a media interview in 2018, Dorsey also stated that he claimed that Bitcoin would once become the single currency of the planet.
To add a tipping feature, Twitter was also claimed to have Bitcoin payments in mind.
That said, Dorsey's newest creation to help Bitcoin comes in the midst of an ongoing discussion about the cryptocurrency's fast-pacing rise. Elon Musk, CEO of Tesla and US billionaire, has voiced his favor for Bitcoin, and his company even spent $1.5 billion in the currency (approximately Rs. 10,915 crores).