Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Jack Dorsey and Jay Z announce bitcoin fund as cryptocurrency goes mainstream

Jack Dorsey and Jay Z announce bitcoin fund as cryptocurrency goes mainstream

Bitcoin's big week got bigger with an announcement from rapper Jay Z and Twitter CEO Jack Dorsey that the pair are establishing a bitcoin development fund.

Dorsey tweeted the news Friday, writing that they are taking applications for a "blind irrevocable trust" focused on Africa and India. He promises the fund will have "zero direction" from himself and Jay Z and that the partners are searching for three board members. Dorsey and Jay Z are investing 500 bitcoin into the project, currently worth roughly $23 million.

Bitcoin is already in Dorsey's portfolio. His other company, Square, bought 4,709 bitcoins in October 2020, equal to $50 million at the time. In 2018, the company expanded its mobile payment service Cash App to support bitcoin trading, even for users without a bank account. And in 2019 it launched Square Crypto, which awards grants to bitcoin developers and designers.

Also this week, a Twitter executive said in an interview that the company is reviewing other new uses of the digital currency, including employee pay.
Here's what else happened in bitcoin this week:

Tesla's big bet


The most valuable car company on the stock market, Tesla (TSLA), announced on Monday that it is holding some of its cash in bitcoin rather than traditional currency and might soon accept the cryptocurrency as payment for its cars.

In its annual filing with the Securities and Exchange Commission, Tesla said that it expects "to begin accepting bitcoin as a form of payment for our products in the near future ... which we may or may not liquidate upon receipt."

That news followed the revelation that the automaker is holding $1.5 billion in bitcoin on its balance sheet as part of a move to "invest a portion of [the company's] cash in certain specified alternative reserve assets." Tesla lists $19 billion in cash and cash equivalents on its balance sheet as of December 31.

Tesla CEO Elon Musk has lately been signaling interest in bitcoin and other cryptocurrencies. In a December 20 tweet, he said that "Bitcoin is almost as bs as fiat money," suggesting his belief that it is perhaps less "bs" than traditional government-backed currencies.

Mastercard jumps in


The credit card company is bringing bitcoin to the checkout counter, announcing Wednesday that it will support "select cryptocurrencies" directly on its network at some point later this year.

Although Mastercard (MA) was short on specifics, the company said the process might work something like this: When a customer wants to buy an item with bitcoin, Mastercard's crypto partners will convert the digital currency into traditional currency and transmit the funds over Mastercard's network.

This change "will allow many more merchants to accept crypto" as well as "cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional [currency] to make purchases," Mastercard said.

Bitcoin comes to America's oldest bank


BNY Mellon -- America's oldest bank -- which dates back to Alexander Hamilton's founding of the Bank of New York in 1784 -- announced Thursday it formed a "digital assets" unit. It will begin helping clients address needs related to the growth of digital assets, including cryptocurrencies, at an unspecified date later this year.

Client demand and clearer regulation "present a tremendous opportunity for us to extend our current service offerings to this emerging field," said Roman Regelman, Mellon's CEO of asset servicing.

Bitcoin is becoming an "alternative asset"


Following the news of Tesla's large investment, the cryptocurrency saw a boost in confidence.

"As more and more companies start accepting bitcoin, this will only lead to further increases in demand in a market which is limited in supply," wrote Fawad Razaqzada, analyst at ThinkMarkets, in a note to clients.

"Bitcoin is becoming an alternative asset," said Brad Bechtel, global head of FX at Jefferies. "It's not correlated to anything else in the market." And that makes it an attractive asset to add to a portfolio, he added.

That's pretty bullish for the long-term bitcoin outlook, even as some, notably Bank of America, have called the crypto rally "the mother of all bubbles."

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×