When economists of the future look back on the last few weeks, they may come to regard them as the period of time in which Bitcoin truly went mainstream. The last few weeks have seen major businesses and investors move towards Bitcoin as part of their investment portfolios, with Jack Dorsey, CEO of twitter, and hip-hop mogul Jay-Z, being the latest to invest heavily in the crypto-currency. The new moves are leading many leading economists to state that the potential for profit from buying Bitcoin is still substantial.
The investment from Dorsey and Jay-Z is a philanthropic one, as they jointly move to create a Bitcoin development fund for Africa and India.
Dorsey tweeted:
"JAY-Z/ @S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It'll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start."
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
500 Bitcoin are currently worth just around $24 million.
The long-term goal of the development fund will be for Bitcoin to become a major feature of currency transactions in the third-world. Many Bitcoin supporters have long-stated that Bitcoin offers great opportunity for those living in poorer countries, given that unlike credit and bank-transactions there does not exist the same potential for fraud. This is because with Bitcoin suppliers have a guarantee that a purchaser has the funds within their wallet.
This isn't the first time that Dorsey has invested in Bitcoin. In 2020 his company 'Square' bought 4,709 Bitcoins as part of their investment portfolio.
The endorsement of the cryptocurrency by Dorsey and Jay-Z is far from the only thing that has boosted Bitcoin's profile in the last few weeks.
Tesla, run by the world's richest man Elon Musk, announced last week that it is holding $1.5 billion worth of Bitcoin on its balance sheet, and that it will soon accept Bitcoin payments for its Tesla motor vehicles.
Mastercard, one of the world's leading credit-card companies, is also making moves to allow for the use of Bitcoin on its cards, and Bank of America, the United States' oldest bank, has said it is opening a digital banking unit which will help individuals invest and transact with Bitcoin and other crypto-currencies.
As Bitcoin price is based solely on the trust and demand individuals place upon it, the fact that major businesses, influential individuals and financial institutions are now regarding it as a viable store of wealth will likely boost the price of Bitcoin further over time, meaning those who have invested, or are now investing in Bitcoin, look set to make large profits in the longer-term.
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[h/t: Coindesk]
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