Jack Dorsey and Jay-Z Under Fire for Bitcoin Public Housing Program

  • Jack Dorsey and Jay-Z launched a bitcoin education program in a Brooklyn housing complex.
  • Offers free summer classes for residents with a focus on bitcoin and financial education.
  • Critics say the program may not be the best way to help low-income communities.

Jack Dorsey and Jay-Z are facing questions after launching an education program at a Brooklyn housing complex that billionaires say will help marginalized communities achieve financial independence through cryptocurrencies.

The Bitcoin Academy program will first be open to residents of Marcy Houses, where the rapper and entrepreneur whose real name is Shawn Carter grew up, according to his website.

Organizers said residents can attend free financial education classes that focus on bitcoin twice a week during the summer. They said they plan to expand the project to other neighborhoods.

Dorsey and Jay-Z are funding the show. Dorsey, co-founder of Twitter and CEO of payments firm Block, is worth around $5 billion, while Jay-Z’s


net worth

is around $1.3 billion, according to Forbes.

“Education is where we start. It’s not just about bitcoin… it’s about long-term thinking, local economies and self-confidence”, Dorsey tweeted On thursday.

Jack Dorsey, CEO of Twitter and co-founder and CEO of Square, attends the Bitcoin 2021 Convention cryptocurrency conference at the Mana Convention Center in Miami, Florida, June 4, 2021.

Jack Dorsey is the co-founder of Twitter.

Marco Bello/Getty Images


He and Jay-Z are longtime supporters of bitcoin. Last year, the duo created a bitcoin endowment to fund cryptocurrency projects in Africa and India, TechCrunch reported.

However, the program’s value has been questioned by some critics. Cryptocurrencies are largely unregulated and their value is extremely volatile.

Bitcoin is trading at around $30,000, more than 40% below its recent peak of around $69,000 in November. “The way bitcoin fluctuates… I’m having a really hard time seeing the point in this,” the Twitter user said. gabby about the program.

Others also asked whether the two billionaires should more directly help vulnerable communities. “If you asked the residents of Marcy Houses how to best serve their needs, how many would say ‘a class of bitcoin’?” crypto enthusiast Austin Robey asked Dorsey in a direct tweet.

There are also concerns that putting cryptocurrencies in the hands of marginalized communities could make them more vulnerable to financial fraud.

Last year, scammers stole more than $1 billion worth of cryptocurrencies from more than 46,000 people, according to a June 3 report by the Federal Trade Commission.

Tonantzin Carmona, a member of Brookings Metro, told TechCrunch: “They are saying you will have financial freedom, but that also means you will have access to cryptocurrencies.


volatility

and complexity. You’re having access to a space full of scams, frauds, hacks and all sorts of stuff because there are no consumer protections in place.”

Leave a Reply

Your email address will not be published.