Jay-Z and Jack Dorsey are looking to progress Bitcoin's development.
Bitcoin is in the midst of a historic bull run thanks to an event that takes place every four years called the "halvening." Simply put, this makes the Bitcoin supply more scarce, which ultimately puts the currency into an upswing in terms of price action. As it stands, the price of one Bitcoin is quickly approaching $50,000, and some analysts predict it could go as high as $250,000 by the end of 2021. It remains to be seen if this will be the case, although now, more than ever before, big tech companies are getting interested in Crypto.
Jack Dorsey of Twitter has been particularly fond of the cryptocurrency over the past few years and now, he is starting a venture with Jay-Z, that will surely get many people excited. The endeavor is called â¿trust and will see the rapper and Twitter CEO put in 500 Bitcoins, which is over $23 million.
This trust will be set up in places like Africa and India, where inflation has completely devalued the currency. This trust will allow people in those places to access the crypto, and use it as transactions, in a hedge against hyperinflation. Africa has already seen a massive uptick in cryptocurrency over the past year, with Ethereum and Cardano acting as smart contract technology. Various other tokens have been developed over the years although as it stands, Bitcoin continues to reign supreme as the market cap approaches $1 trillion.
As the year goes on, it will be interesting to see how this trust develops, especially with the Bitcoin price climbing at a rapid pace.