Jack Dorsey and Jay Z announce bitcoin investment fund with focus on India and Africa

Twitter CEO Jack Dorsey on Friday anunced that he along with American rapper Jay Z is opening a Bitcoin development fund named Btrust. Dorsey took to his official Twitter handle to share an application form, seeking three or board members for fund. Dorsey informed that initially fund will be focused on development of bitcoin in Africa and India. Dorsey said fund will be set up as a "blind irrevocable trust" with "zero direction" from two of m. Dorsey and Jay Z have invested 500 bitcoin into project.

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Earlier this week, Dorsey had told Wall Street Journal that his company Twitter is looking at new ways to use bitcoin, including payment of salaries, etc. Dorsey's Square invested in cryptocurrency last year by buying over 4,000 bitcoin, while his or company Cash App expanded its service to allow bitcoin trading. Dorsey launched Square Crypto in 2019, which grants funds to bitcoin designers and developers. 

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Bitcoin has seen a massive surge in its popularity and market value in past couple of weeks, ever since Tesla founder Elon Musk vouched for safety of cryptocurrency. Bitcoin's stock prices registered a boost late last month after Musk changed his Twitter biography to just '#bitcoin'. Musk also asked his 45 million followers to buy cryptocurrency, saying y are safe. Last week, Tesla anunced that it has invested $1.50 billion in cryptocurrency and will soon allow customers to buy its products using bitcoin.  

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Bitcoin

Bitcoin is a cryptocurrency, which is also kwn as a digital currency and is traded entirely on web. Bitcoin was invented in 2009 by an unkwn person or persons and has single administration to control it, unlike physical currencies, which are controlled by central banks all over world. Bitcoin has become hugely popular among masses in last couple of years, before which it was only kwn by a select group of people. Earlier this month, bitcoin was trading at around Rs. 27,00,000 per coin, while as of February 13 it values at nearly Rs. 35,00,000 per coin. 

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