Twitter chief Jack Dorsey on Friday stated that he along with Jay-Z are planning on developing a fund for bitcoin development. Initially, the focus will be on bitcoin development teams in Africa and India. This announcement comes at a time when Twitter is facing differences with Indian government.
He announced that both have set aside 500 bitcoin (which is valued at USD 24 million on Friday) for that purpose, according to a news report. This new endeavour will be called Btrust.
While Indian government is not very clear on its stand on cryptocurrency, cryptocurrency investors always fear a ban in India. On the other hand, African countries are having mixed views on bitcoin and other crypto-related activities. While the Central Bank of Nigeria has placed a ban on cryptocurrencies, Kenya’s Central Bank wants to switch its base currency to Bitcoin due to depreciation rates of the Shilling, according to various news report.
So, the decision of Dorsey to enter these two markets to develop the digital currency, looks like a right move. And not to forget the recent difference of opinion between Twitter and Indian government.
Recently, Bitcoin and other cryptocurrencies have gained momentum due to support it received from various well-known investors.
This week electric car maker Tesla announced a USD 1.5 billion investment in digital money and even plans to accept the cryptocurrency from customers buying its electric vehicles. Such announcements have helped the value of bitcoin and other digital currencies to surge.
