- The partnership brings around Bitcoin Academy poised in Jay-Z’s childhood home
- Enrolled participants will be provided with a one-year data plan, smartphones, and Mi-Fi devices
- The Bitcoin Academy is funded by grants from the two entrepreneurs
Music artist, Jay Z (Shawn Carter) earlier announced the launch of a Bitcoin Academy, in collaboration with Jack Dorsey.
They launched the project at the Marcys Houses, a public housing infrastructure in Brooklyn New York. The chosen location is strategically poised as this was Jay-Z’s home when growing up.
The project’s main objective is to provide financial education in the blockchain and crypto sector by using Bitcoin.
Bitcoin Academy will also include children
The Bitcoin Academy will offer free in-person and online classes for all members enrolled in the project.
Lamar Wilson, the content creator at Black Bitcoin Billionaire, and Najah Roberts, CEO, and Founder of Crypto Blockchain Plug, will be tasked with the tutoring process at the academy.
The financial literacy program is set to run twice per week from the end of June to September this year. The enrolled participants in the academy will receive a one-year data plan, smartphones and Mi-Fi devices. There are also further arrangements to incorporate children into the program through weekend classes.
Both Jack Dorsey and Jay-Z are great fans of Bitcoin infrastructure and network. In 2021, Dorsey and Jay Z initiated a 500BTC investment with a mission to develop cryptocurrency adoption and popularity in Africa and India.
Research indicates that their collaboration in business has been solid and spans years back, with the creation of TIDAL which was later sold to Dorsey. The Bitcoin Academy is funded by grants from the two entrepreneurs.
It’s not a rosy welcome for the academy
Crypto builder, Austin Robey, in a statement, insisted that there was a possibility that the project could negatively impact participants despite it being well-intentioned.
To shut down the critics, Jay Z insisted that the Bitcoin Academy’s main aim was to help the residents build independence for themselves and the communities around them.
Participants will get some Bitcoin as a grant even though the main objective is specifically education oriented. The content will be guided by the composition of the participants that sign up for the program.
Some of the topics covered in the academy will include the basics of cryptocurrencies, blockchain networks and scam diagnostics. Although the tutors may not necessarily encourage participants to use crypto, vulnerable sets of migrants and unbanked populations may be aroused by the use of crypto as an alternative to the traditional banking system.
Crypto remains a risky asset, especially for retail investors
Bitcoin provides a safe haven for wealthy investors looking toward large investments but it may be catastrophic to daily traders of Bitcoin in case of a market crash. A case that represents this split in fortunes is El Salvador, where 70% of the population is unbanked.
Even after becoming the first country to accept Bitcoin as a legal tender, amid criticism from the International Monetary Fund(IMF), their economy has yet to improve.
This comes in less than a week after The Weeknd partnered with Binance in the Crypto adoption and album launch awareness tour, and another music mogul has joined the wagon of crypto adoption.
