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Twitter CEO Jack Dorsey and rapper Jay – Z launch bitcoin for Africa

Jack Dorsey – Despite resentments and challenges, cryptocurrency seems to be undergoing a deep repositioning in the African market as Twitter boss Jack Dorsey and Jay – Z launch bitcoin fund for Africa.

This is a coming even as the African most populous nation announced its ban and outright closure of accounts linked or involved with cryptocurrency in Nigeria.

This step is being adopted to further frustrate investment in cryptocurrency in Nigeria, which possibly other African nations may follow suit.

Does that in any way deter Nigerian and African investors from playing in the market?

That’s very far from being achievable as investors now resort to peer-2-peer, courtesy of escrow kind of to buy and sell their bitcoins at large.

Taking into account the alignment of the two world duos of our time “Jack & Ja-Z” to further deepen bitcoin penetration in Africa says a lot about the future and why everyone should probably look in this direction.

They are launching the project with an injection of 500 Bitcoin valued at about or above $23.6 million dollars.

To make it even flexible is the fact that the project/funding will be set as a blind irrevocable trust, which suggests all round that neither Dorsey nor Jay-Z can influence its activity or how it’s being run.

In line with this development, Mastercard became the latest payment solution company to support cryptocurrency making a boost to Dorsey and Jay-Z’s bitcoin funding for Africa.

What could be the advantage of this move for Africa?

  • Bitcoin provides a hedge against naira devaluation as we all can see. Investors may convert their fiat to bitcoin/crypto, this will ensure a safe heaven for the value of these funds giving that the naira has a near non-commercial value at this time.
  • Fund transfer happens at ease without charges even
  • It means more employment opportunity, millionaires have been created by bitcoin trading and investment in Nigeria and Africa at large
  • More companies will adopt the use of bitcoin for settlement of goods and services

Over all, it’s a new wave of development for Africa, which should deepen money solution, create prosperity and inclusiveness.

Africa categorically is setting the right step forward by embracing bitcoin, which apparently against all odds is the latest world hack.

Frequently asked questions

Who is Jack Dorsey?

Jack Dorsey is a 43-year old American entrepreneur, CEO and co-founder of two successful tech companies (Twitter and Square Inc.)

Twitter has gone on to become a widely known social media website since its creation in 2006.

In the same capacity, Square is a financial payment company, it was launched in 2010.

Who is Jay – Z?

Jay – Z goes by original name Shawn Corey Carter is a 52-year old American hip hop rapper and entrepreneur.

Given to his stellar performance in the music industry, he’d won a number of awards in the “Grammy” series.

Remarkably, Jay – Z had his debut album titled “Reasonable doubt” released under a co-founded record company “Roc-A-Fella Records,” in 1996 which subsequently sold more than a million copies in the United States.

Sequel to this, he’s been a figure on and off the American scene to the world as one of the most successful entrepreneurs of his time.

Conclusion

NB: At the rate bitcoin is advancing, there will be no physical building to be called a bank in the near future.

Consequently, Jack Dorsey and Jay – Z pulling a string in bitcoin funding for Africa will definitely move the needle going forward into the African crypto market

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