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

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Jay-Z and Jack Dorsey are teaming up to launch a financial literacy project. In-person and online classes are offered for residents of the public housing complex where the musician grew up.

The pair have a long history in business and digital currency. Block, a company co-owned by Jack Dorsey and Jay-Z, bought a majority share in Jay-Z's Tidal streaming service in 2021.

The latter project seems to have a lot in common with the other one. The academy promises to empower the community with knowledge, and get rid of some of the barriers so that residents can learn more aboutCryptocurrencies. Two of the instructors are Lamar Wilson and Najah J. Roberts, who promise to teach people how to build their own financial futures.

It would be uncontroversial to offer free classes on financial literacy. In the world of cryptocurrencies, investors are encouraged to buy in to various coins with promises of fast returns, only to find the rug pulled from under them and their savings destroyed. The project was described as a pyramid scheme by many users.

The promise of financial freedom has always been part of the appeal of cryptocurrencies. It offers less obstacles to entry than the traditional banking system. According to Tonantzin Carmona, a Brookings Metro fellow who studies economic inequality and race, marginalized communities are attracted tocryptocurrencies.

Carmona said it was understandable that they sought alternative outlets for generating wealth. That doesn't mean that the alternative is better, safer or that it will help them achieve their goals.

Rolling Stone reports that the academy plans to teach classes such as "What is Money?", "What is Cryptocurrencies?", and "How to Keep yourself safe from scammers." Attendees will receive a year's worth of data to help them follow along with the lessons at the event.