Ban on Crypto in India, triggers Jack Dorsey & Jay-Z to set-up Bitcoin Trust

While the Indian Government is planning to ban crypto in India, Jack Dorsey and rap artist Jay-Z decided to invest 500 bitcoins (approx 174 crores) in Bitcoin Trust (₿Trust). Bitcoin Trust is an endowment that funds bitcoin development in India and Africa. Jack Dorsey announced the same in his Twitter handle on Friday. 

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

This announcement came up when the Bitcoin price surged to set up new records of $48,925.53 in the past 24 hours. Jack considers it to be a blind irrevocable trust. Jack also stated that the trust will not take any direction from him and Jay-Z. 

He also said that he will require three more board members to initiate the fund. Jack’s tweet also included a link to a Google Form for the potential customers who wish to use it. The form also added the aim of the trust of Bitcoin, the internet’s currency. 

Jack’s approval for cryptocurrency came after Elon Musk, Tesla CEO began talking about crypto on his Twitter handle. Tesla made an announcement this week about its investment of $1.5 Bn in Bitcoin and its price surged instantly. 

Owing to the situation, the partner and founder of Morgan Creek, Anthony Pompliano tweeted about this breaking news. He said, 

“BREAKING: Jack Dorsey and Jay-Z are donating 500 Bitcoin to create ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India.

Two GOATs doing GOAT things.”

BREAKING: Jack Dorsey and Jay-Z are donating 500 Bitcoin to create ₿trust to fund #Bitcoin  development, initially focused on teams in Africa & India.

Two GOATs doing GOAT things.

— Pomp 🌪 (@APompliano) February 12, 2021

Also, #Indiawantscrypto was trending in India during this time.

Anthony Pompliano was also pleased with the Indians for their support for crypto in India. He tweeted saying, 

“I’m impressed by the work of the great people of India who are doing everything they can to ensure their opportunity for financial freedom and sovereignty. #IndiaWantsBitcoin”.

I'm impressed by the work of the great people of India who are doing everything they can to ensure their opportunity for financial freedom and sovereignty. #IndiaWantsBitcoin

— Pomp 🌪 (@APompliano) February 12, 2021

In India, the government is against the use of cryptocurrencies in the country. While in Africa, the countries are having mixed opinions of bitcoin and other cryptocurrencies. Nigerian Central Bank has banned cryptocurrencies in the country. 

Must Read: Anurag Thakur Clears The Status of Cryptocurrency Bill 

Also, according to a new report, the Central Bank of Kenya wants to switch its base currency to Bitcoin. It is because of the depreciation rates of the Shilling. Hence, Dorsey’s decision to enter these markets to develop the digital currency is the right decision.