Tech investor Shawn “Jay-Z” Carter and Twitter CEO Jack Dorsey are on a mission to make bitcoin (BTC) the internet’s currency. The two billionaires are investing 500 bitcoin into a new endowment called ₿trust. With the rapid rise of bitcoin in the last few weeks, the 500 bitcoin investment is currently worth over $23 million.
Dorsey shared the news on Twitter Friday, announcing that the investment would be used to fund bitcoin development in Africa and India. He noted that the endowment will be set up as a “blind irrevocable trust” and have “zero direction” from himself and Jay-Z.
The duo is searching for three board members to help oversee the endowment. Dorsey shared a board member application with three simple inputs: email address, name, and proof of work.
Two Investors Join Forces
Jay-Z is widely known as a music mogul but he’s no stranger to the investing scene. He’s the co-founder of Marcy Venture Partners, a venture capital firm focused on consumer brands. Last year, the company raised $85 million and had already invested in six companies.
Since 2015, Dorsey has served as the CEO of both Twitter and Square. A few months ago, Square invested $50 million in Bitcoin. The company believes that cryptocurrency is “an instrument of economic empowerment and provides a way to participate in a global monetary system”.
What is Bitcoin?
Founded in 2009, bitcoin is the world’s first decentralized cryptocurrency. It is also the largest cryptocurrency in the world based on market capitalization. Bitcoin provides an efficient and cost-effective way to make financial transactions.
Proponents of bitcoin favor this digital currency because it works without the use of intermediaries like banks and governments. This is all powered by blockchain — a powerful piece of technology that allows uses to exchange value on a public ledger. Many believe that blockchain has the power to transform the world.
Bitcoin is Gaining More Attention
According to CNBC, Tesla bought $1.5 billion worth of bitcoin and plans to accept it as a payment method. This week, Mastercard announced that it would start supporting a select group of cryptocurrencies on their network.
Major investors have already started jumping on the cryptocurrency train. Top investors Paul Tudor Jones and Stanley Druckenmiller are investing in cryptocurrency to protect their portfolio against inflation.