Speaking of being out of touch, this permanent A list rapper and the former bird CEO are making promises daily to groups of lower income brackets that they can get rich overnight through crypto and to hand over their money to the pair and just trust the process.

Jay-Z

Jack Dorsey

Twitter

Bitcoin Academy

Jay-Z and Jack Dorsey criticized for launching ‘Bitcoin Academy’ in rapper’s childhood home

Rapper Jay-Z and Twitter founder Jack Dorsey have teamed up to launch a bitcoin-focused financial literacy project named The Bitcoin Academy. The project consists of free bi-weekly classes, offered in-person and online, for residents of the musician’s childhood home: the Marcy Houses public housing complex in Brooklyn, New York City.

The team-up is not surprising considering the pair’s long, shared history in business and bitcoin. Dorsey’s digital-payments company Block (née Square) bought a majority share in Jay-Z’s Tidal streaming service in 2021, and the two have used their personal bitcoin holdings to fund a trust designed to promote the use of cryptocurrency in Africa and India.

The Bitcoin Academy itself seems to have quite a bit in common with this latter project. The academy’s website promises that its classes will “empower the community with knowledge, and get rid of some of the barriers so that residents can learn more about Bitcoin specifically and finance in general.” The only named instructors are two bitcoin influencers, Lamar Wilson and Najah J. Roberts, who promise they will teach people “about Bitcoin, how it works, why you should care, and how to build your own financial future.”

While offering free classes on financial literacy would be uncontroversial, the academy’s focus on bitcoin has drawn heavy criticism. The world of cryptocurrency is littered with financial scams, hacks, and fraud, where unsuspecting investors are encouraged to buy in to various coins with promises of fast returns, only to find the rug pulled from underneath them and their savings destroyed. Responding to the announcement of the academy on Twitter, many users accordingly labelled the project a “pyramid scheme.” – Source

Read more on these Tags: , , ,