{"id":565687,"date":"2021-02-12T12:15:08","date_gmt":"2021-02-12T09:15:08","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=565687"},"modified":"2021-02-12T12:15:08","modified_gmt":"2021-02-12T09:15:08","slug":"jack-dorsey-and-jay-z-set-aside-500-btc-to-fund-bitcoin-development","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/jack-dorsey-and-jay-z-set-aside-500-btc-to-fund-bitcoin-development\/","title":{"rendered":"Jack Dorsey and Jay Z Set Aside 500 BTC To Fund Bitcoin Development"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Twitter CEO, Jack Dorsey and Jay Z have set aside 500 BTC to fund Bitcoin development<\/strong><\/li>\n<li><strong>The funds will be in an endowment trust named \u20bftrust<\/strong><\/li>\n<li><strong>The fund&#8217;s focus will be on development teams in Africa and India<\/strong><\/li>\n<li><strong>Dorsey and Jay Z will provide &#8216;zero direction&#8217; and will need 3 additional board members<\/strong><\/li>\n<li><strong>Twitter could soon add Bitcoin to its balance sheet<\/strong><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-has-a-better-shot-than-libra-says-twitter-ceo\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">CEO of Twitter<\/a>, <a href=\"https:\/\/en.ethereumworldnews.com\/twitter-square-ceo-love-bitcoin-earnings\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Jack Dorsey<\/a>, has just announced that he and Jay Z have set aside 500 BTC to fund Bitcoin development. The funds with a current approximate value of $24 million, will be in an endowment trust aptly named \u20bftrust. Furthermore, the trust will be geared towards funding Bitcoin development teams in Africa and India.<\/p>\n<p>Mr. Dorsey also explained that the trust will be &#8216;a blind irrevocable trust&#8217; whereby neither he nor Jay Z, will provide input as to its direction. The trust currently needs three additional board members.<\/p>\n<p>Jack Dorsey made the announcement of the <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin<\/a> trust via the following tweet that also includes a link for an application to become a board member of \u20bftrust.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JAY-Z\/@S_C_ and I are giving 500 BTC to a new endowment named \u20bftrust to fund <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> development, initially focused on teams in Africa &amp; India. It\u2018ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: <a href=\"https:\/\/t.co\/L4mRBryMJe\" rel=\"nofollow\">https:\/\/t.co\/L4mRBryMJe<\/a><\/p>\n<p>&mdash; jack (@jack) <a href=\"https:\/\/twitter.com\/jack\/status\/1360114881978982403?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">February 12, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Twitter Could Be the Next Company to Add Bitcoin to Its Balance Sheet<\/h2>\n<p>News of Jack Dorsey and Jay Z setting up a Bitcoin trust geared towards BTC development comes in the wake of Tesla announcing that it had added <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-closed-its-largest-daily-candle-thanks-to-elon-and-tesla\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">$1.5 Billion in BTC<\/a> to its balance sheet. As soon as the Tesla news hit, speculation started growing as to which major company would be next to purchase Bitcoin as part of its treasury.<\/p>\n<p>In a recent interview with CNBC, the CFO of Twitter, Ned Segal, explained that the company was looking into the idea of buying Bitcoin as Tesla did. Mr. Segal had <a href=\"https:\/\/twitter.com\/bloqport\/status\/1359525952028631053?s=21j\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">this to say<\/a>.<\/p>\n<blockquote><p>We watch closely what other companies do to see what we can learn from them and when we think about our balance sheet, we think about matching how it&#8217;s invested and the currencies in which it is invested relative to how we might pay people. Whether it&#8217;s paying somebody who has provided a service to us or paying an employee.<\/p>\n<p>So we have done a lot of upfront thinking to consider how we might pay employees&#8230;should they ask to be paid in Bitcoin&#8230;how we might pay a vendor if they ask to be paid in Bitcoin&#8230;and whether we need to have Bitcoin on our balance sheet should that happen.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Twitter CEO, Jack Dorsey and Jay Z have set aside 500 BTC to fund Bitcoin development The funds will be in an endowment trust named \u20bftrust The fund&#8217;s focus will be on development teams in Africa and India Dorsey and Jay Z will provide &#8216;zero direction&#8217; and will need 3 additional board members Twitter could soon add Bitcoin to its balance sheet The CEO of Twitter, Jack Dorsey, has just announced that he and Jay Z have set [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":565690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,2057,108236,1212],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565687"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=565687"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/565690"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=565687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=565687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=565687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}