The public housing complex in Brooklyn, New York where Jay-Z grew up, will be the location of The Bitcoins Academy.
The goal of the initiative is to provide financial education with an emphasis onBitcoin as a path to financial freedom, with free in-person and online classes taught by Lamar Wilson, who runs content site BlackBitcoin Billionaire, and Najah J. Roberts, founder and CEO of event and education space The program will run twice per week in late June and September and participants will get a one-year data plan. The weekend program is for children.
Jay-Z and Dorsey have been working together for a long time. Along with working on TIDAL, which Jay-Z sold to Dorsey, the duo deployed a 500 BCh investment together last year with an emphasis on developing thecryptocurrencies's popularity in India and Africa. Personal grants from the two entrepreneurs funded the academy.
The promise of thecryptocurrencies as a secure route to economic stability for low-income populations is not certain.
Even if the project is well-intentioned, there is concern that it will negatively impact participants. Austin Robey said, "If you asked the residents of Marcy Houses how to best meet their needs, how many of them would say 'a bitcoin class'."
Why tax billionaires to create a robust social safety net when they come up with great ideas like this?
If you asked Marcy Houses residents how to best meet their needs, how many would say “a bitcoin class”? https://t.co/wU0GO5Juz0
— austin robey
(@austinrobey_) June 9, 2022
Jay-Z said the goal was to give people tools to build independence for themselves and the community around them.
The project is intended to be educational and participants will be given a small amount of the virtual currency, according to a spokesman for the academy. The nature of the program depends on who you sign up for, for example, they may host a class in Spanish and teach you how to spot a scam, or they may teach you how to use the ledger. It is possible to see how that sort of guidance can be implied.
Shout out to @Jack. #Bitcoin Academy, starting in Marcy, a place that taught me so much, is hopefully the first of many. The simple goal is to provide people tools to build independence for themselves and then the community around them. https://t.co/4uHkCfdFZv
— Mr. Carter (@sc) June 9, 2022
Immigrants and the unbanked can be curious about the alternative to traditional banks, which have high international transaction fees. Even though more wealthy investors may be able to weather the dips and spikes, a market crash will have a more immediate, potentially catastrophic effect for those who are making transactions with theirbitcoin on a regular basis.
In El Salvadoran, 70% of the population is unbanked, yet after the country became the first to adoptBitcoin as legal tender last year, residents haven't seen the economic progress they hoped for. The risk of inflation and lack of consumer protection were cited by the International Monetary Fund as reasons why the country should no longer use Bitcoins as legal tender. Some analysts think that the country might default on its loan, despite the fact that it is expected to pay back its bond in January.
Tonantzin Carmona is a fellow at Brookings Metro who studies race, income inequality and social mobility. They seek alternative outlets for generating wealth or making payments. That doesn't mean that the alternative is better, safer or that it will help them achieve their goals.
Carmona observed a correlation between the promise of financial freedom and the term predatory inclusion. Black people were still subject to unfair loans even after the reversal of racist policies like redlining.
Carmona said that he sees cryptocurrencies as predatory. It comes with a cost. They say you will have financial freedom, but also that you will have access to the volatility and complexity of cryptocurrencies. There aren't consumer protections in place as the technology currently stands so you're getting access to a space that is rife with scam and fraud.
There will be safeguards to make sure residents don't experience a negative financial impact from the project, according to TheBitcoinAcademy. The point of centering the program around education is to avoid bad outcomes for participants, according to the program spokesman.
The academy will function with the help of a small staff at the Shawn Carter Foundation, co-founded by Jay-Z's mother, Gloria Carter.
Carter said that the Shawn Carter Foundation has always been about giving educational access and opening doors of opportunity to underserved communities. In order to take care of themselves and their families, everyone should be given the power to make informed financial decisions.
Jack Dorsey and Jay Z invest 500 BTC to make Bitcoin ‘internet’s currency’
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