Hip Hop artist Jay Z and Twitter CEO Jack Dorsey have joined forces to develop a bitcoin development fund. It is a sign that the anonymous digital currency is going mainstream. In the world of online gambling where better than 50 percent of the global market features some degree of restrictive entry, bitcoin and other cryptocurrencies represent better than 80 percent of all transactions.
Dorsey tweeted the news Friday, writing the focus would be on Africa and India. He promised the fund will have “zero direction” from himself and Jay Z and that the partners are searching for three board members. Dorsey and Jay Z are investing 500 bitcoin into the project, currently worth roughly $23 million.
The most valuable car company on the stock market, Tesla (TSLA), announced on Monday that it is holding some of its cash in bitcoin and will soon accept cryptocurrency as payment. But a company that prides itself on accelerating the world’s transition to sustainable energy, Tesla and its founder, Elon Musk, came under fire following the bitcoin news. Bitcoin consumes more electricity than Argentina, according to a report by the BBC. “Mining” for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.
CoinGeek historian Kurt Wuckert Jr. offered, “Elon has BTC. And if he wants he can spend it one day just as long as the rest of the planet isn’t also trying to broadcast more than 6 megabytes per hour at the same time. Then he can’t spend it, because that’s just how BTC works now.”
– Aaron Goldstein, Gambling911.com