Twitter and Square CEO Jack Dorsey has teamed up with rapper and Tidal chief Jay Z on a new endowment to fund Bitcoin development starting in Africa and India, Dorsey tweeted. They are in the process of launching the project titled B trust, with the use of 500 Bitcoin currently valued at $23.6 million.
It’s an odd time to release this feature because India just announced that it will completely ban cryptocurrencies after giving investors a transition period to divest their holdings.
Mastercard became the latest payment company to support cryptocurrencies, joining Dorsey’s Square and even traditional banks. Telsa announced last week that it would accept Bitcoin in payment for its EVs, after buying up $1.5 billion in the cryptocurrency. I don’t know if we should call it a loss for India, because the world is practically embarrassing Bitcoin.
However, as the massive fluctuations of late have shown, it’s still risky to use it to pay for goods, services or employees.
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