Dorsey And Jay-Z’s Blind Trust To Fund Bitcoin Development Reveals Board Members

500 BTC Blind Trust announced the appointment of its Board of Directors. Back in February, Jack Dorsey and Jay-Z created the ₿trust with a clear mission. To “make bitcoin the internet’s currency.” The four individuals in charge of making that happen are now public knowledge. Three of the four are Nigerians, which is a nation whose Central Bank banned banks from accepting Bitcoin and other crypto transactions. And is now one of the world’s leading P2P Bitcoin markets.

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Bitcoin’s price was roughly $47K on February 12th. That day, Dorsey announced the blind trust via Twitter, “Jay-Z and I are giving 500 BTC to a new endowment named ₿trust to fund Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us.” It’s interesting that the blind trust uses Bitcoin as the unit of account. It’s hard to know what the 500 BTC could be worth in future. 

In any case, Dorsey’s For board directors, please callMore than 7 000 applicants were received.

The Blind Trust ’s Board Members

Dorsey stated this in a tweet announcing winners. “I’m so grateful for you all and so inspired. They’ll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts.” As promised, the four candidates will have full autonomy and decide the direction and scope of the trust.

The blind trust’s board members are: Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil, and Carla Kirk-Cohen, the only South African of the bunch. By just casually looking at their Twitter-feds it becomes obvious that they’re all thoroughly dedicated to Bitcoin already. Here, Nwosu explains how the Nigeria ban actually helped promote Bitcoin. Ochai, an ardent cultural promoter. recommended SpiralShe hints at her title to those she follows. Kirk-Cohen helps to train the next generation of African Bitcoin developersSo, and did Nur Khalil, who’s a Bitcoin Core contributor.

As for reactions, Kirk-Cohen is the only one that hasn’t said anything yet. Nur Khalil, who’s only 22, said. “Thank you so much Jack for the opportunity!! It is an honor to be able to collaborate with such a great group! Let’s get to work on building the future of Bitcoin and launching Africa into the forefront of the monetary revolution!!!” For her part, Ochai said. “Really excited to get going! We are grateful to Jay, Jack, and all those who contributed! Look forward to working with fellow board members…” Finally, Nwosu said. “Thanks Jack and the team. Super excited to be a part of this vision, organization, and mission… and to finally be able to talk about it!”

Questions and Conclusions

The original call for board members for the blind trust said they were “initially focused on teams in Africa & India.” Does the fact that there are no Indians in the group mean that the ₿trust will focus on Africa only? Each country on the continent has their own unique characteristics and idiosyncrasies. Which options will the board consider? What will they choose? The original post said “taking zero direction from us,” but, 500 BTC is a huge sum of money. 

BTCUSD price chart for 12/16/2021 - TradingView

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This blind trust is one of many interesting and exciting experiments that will take place over the coming years. NewsBTC will keep you informed and up-to-date on any developments.

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This one will go down in history as a huge success. As podcaster Matt Odell said replying to Jack’s announcement, “I do not think people are properly appreciating how huge of an impact this initiative can have.”

Featured Photo: Members of the board fromCharts by TradingViewDorsey's tweet | Charts by TradingView

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