- Twitter CEO partners with Jay-Z on a $23M bitcoin development fund.
- Investing millions to build teams in Africa and India.
- Cryptocurrencies have grown increasingly popular.
- The Indian government is currently looking to ban private cryptocurrencies in the country.
Twitter CEO Jack Dorsey and rapper Jay are setting up a Bitcoin trust in India and Africa. Dorsey took to Twitter to announced that he and Jay are giving 500 BTC ( approximately $23.7 million) to a new endowment to fund Bitcoin development focused on teams in India and Africa.
Incidentally, the announcement is made at a time when the Indian government is planning to ban all private cryptocurrencies. The Twitter CEO has been quite vocal about his supply of Bitcoin. He explained on Twitter why he is in favor of cryptocurrency.
“The reason I have so much passion for #Bitcoin is large because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.
The Indian government is currently looking to ban private cryptocurrencies
The government wants to introduce an official digital currency that would be directly issued by the Reserve Bank of India. The government is expected to pass the Cryptocurrency and Regulation of Official Digital Currency Bill in the ongoing budget session.
“To create a facilitative framework for creating the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the government booklet read.
“Private digital currencies have gained popularity in recent years. In India, the regulators and governments have been skeptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalize it,” it noted.
The value Of Cryptocurrencies is increasing.
Bitcoin broke a key resistance level making investors believe there is further upside. Rising inflation and the potential for even more stimulus continues to push people to safe-haven assets. Increased adoption from payment applications like PayPal will give far more people easy access to cryptocurrency.
Publicly traded companies purchasing Bitcoin shows a high level of confidence in its appreciation. Bitcoin’s historical trend of closely following its halving stock-to-flow model shows an ambitious
Bitcoin has seen extremely volatile peaks and troughs in its time. Its last peak was near $14,000 in June of 2019. At this point, Bitcoin experienced a hard resistance and it failed to push through this stage.