Last Updated: 12 June 2022
Jay-Z and Jack Dorsey are known as big bitcoin supporters and the two have now joined forces to launch a bitcoin academy. Classes at the academy will be free and can be taken both online and physically. Residents of Marcy Houses, an area of Brooklyn where Jay-Z grew up, will have the opportunity to enroll.
Stronger through knowledge
Jay-Z and Dorsey hope the initiative will arm underprivileged people with the knowledge to save themselves in the financial arena. “The vision for bitcoin is that it has no limits, but a lack of financial knowledge is a barrier. It is still difficult to use it for daily shopping. In addition, people need mobile phones and data to access bitcoin,” according to the official website.
Jay-Z and Dorsey’s bitcoin academy will begin in Marcy Houses, but the two have plans to expand to other neighbourhoods soon. The classes will take place from 22 June to 7 September and all Marcy Houses residents are welcome. Twice a week there will be an opportunity to attend physical classes where participants will also be served dinner. Participants will receive MiFi devices, a 1-year data plan and smartphones if needed.
Children are also welcome
Jay-Z and Dorsey’s project is not only aimed at adults. The Bitcoin Academy also organizes two events on Saturday especially for kids. These events are called “Crypto Kids Camp”. The whole initiative is possible because Jay-Z and Dorsey are funding it from their own pockets and the project also receives financial help from the Shawn Carter Foundation.
Jack Dorsey’s Block will also be present during the classes to support the academy. The programme is primarily focused on bitcoin, but also aims to teach residents of the Marcy Houses neighbourhood about finance in general. The classes will be taught by Lamar Wilson and Najah J. Roberts. Two well-known names in the bitcoin world.
Not everyone happy with initiative
The initiative of Jay-Z and Dorsey is not everyone’s cup of tea. Morten Rand-Hendriksen, a tech-influencer, reacts to the academy with mixed feelings. “Teaching financial literacy? Great. Bitcoin? Unboarding people on an extremely volatile platform based on problematic technology is a terrible idea,” Rand-Hendriksen said in response to Jay-Z.
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
Interestingly, The Economist recently published an article in which it talked about the bitcoin crash and how it would have hit the black population the hardest. In America, 25 per cent of the black population has bitcoin, while only 15 per cent of the white population has bitcoin. That figure goes up to 40 per cent for the black population if we set the maximum age at 40. For the white part of the US population, the percentage then rises to 29 per cent.
All in all, however, there is little to like about the initiative. Both Dorsey and Jay-Z have publicly stated several times that they see a lot of potential in bitcoin. Not just with words, but also with investments of time and money.