500 Bitcoin Blind Trust
Jack Dorsey and Jay-Z created early in 2021 an irrevocable blind trust and donated 500 Bitcoin to this trust. The 500 Bitcoin Trust purpose is for the betterment of Africa. The Bitcoin irrevocable blind trust will be used to invest in entrepreneurs who are setting up businesses in Africa. The 500 Bitcoin blind trust is a one-time investment with no returns. Finally, Jay-Z had made a statement previously that he intended to make the whole world equal, starting with Africa. “I am very happy that Jack Dorsey and myself had this foresight of how it would benefit them.”
African Board of Directors for the Bitcoin Blind Irrevocable Trust
A board of directors will run this 500 Bitcoin blind trust. Dorsey and Jay-Z picked the members of the board of directors from 7000 applicants.
The African trust board of directors chosen are: Abubakar Nur Khalil, Ojoma Ochai, Carla Kirk-Cohen, and Obi Nwosu.
“These four African’s are the most suited for this task. They will be able to make the best choices for Africa.” – Jay-Z talking at a press conference in New York City.
Dorsey Acquires Key Shares in Tidal App from Jay-Z
In early 2021, Dorsey acquired the key share amount of Tidal from Jay-Z. It will be interesting if the Tidal app will help African musicians and if the Board of Directors will allocate any Bitcoin to musicians in Africa. This 500 Bitcoin trust is one of the largest trust ever created.
Where will the Bitcoin be used to better society and business in Africa? This 500 bitcoin blind trust can distribute its 500 bitcoins to hundreds or thousands of people in Africa. The board of directors would only need to divide 500 bitcoins by 100 or 1000. The 500 Bitcoin Blind Trust may end up becoming something like a startup incubator for African entrepreneurs who are starting businesses with low budgets and little capital. We will have to wait for more information on how the 500 Bitcoin Trust will be used by these four board members.