Twitter CEO Donates 26 Billion Won in Bitcoin to Support Private Cryptocurrency Development

Twitter CEO Jack Dorsey donated approximately 26 billion KRW worth of Bitcoin to support private cryptocurrency development. Photo by Asia Economy

[Asia Economy Reporter Hana Na] Twitter CEO Jack Dorsey donated approximately 26 billion won worth of Bitcoin to promote the use of Bitcoin as an online currency and support the development of private virtual currencies.

Earlier, Dorsey, together with Jay-Z, a famous American rapper and operator of the music streaming service Tidal, donated Bitcoin worth 23.6 million dollars (26.12 billion won) to create a fund.

The 'B Trust' fund, named after the first letter of Bitcoin, stated its mission as "making Bitcoin a currency on the internet."

On the 12th (local time), Dorsey announced on Twitter that he donated 500 Bitcoins and said that the main focus of this fund's activities would be Bitcoin development projects primarily in India and Africa.

India and Africa have recently been recognized as huge markets where Bitcoin usage can be activated. However, the Indian government currently prohibits the circulation of private virtual currencies such as Bitcoin and is promoting plans to create an official digital currency issued by the central bank.

In Nigeria, Africa, the market grew to the extent that virtual currencies worth 400 million dollars (440 billion won) were traded last year, but the government imposed trading regulations after Bitcoin was used to fund anti-government protests.

Recently, Tesla's large-scale investment in Bitcoin attracted the attention of stock market and capital market officials, but Dorsey had focused on Bitcoin's potential earlier than that.

The fintech company Square, founded by Dorsey, started Bitcoin trading services in 2018 and invested 50 million dollars (55.3 billion won) in Bitcoin last year.

Additionally, on the 10th, Dorsey donated 1 million dollars (1.1 billion won) to the Washington DC-based nonprofit cryptocurrency think tank 'Coin Center.'

Furthermore, Twitter is also considering allowing Bitcoin payments if permitted by trading companies.

This content was produced with the assistance of AI translation services.