In February of last year, an unlikely partnership was founded between former Twitter CEO Jack Dorsey and multi-hyphenate music mogul Jay-Z.
The pair were planning to work together on Bitcoin-related projects to roll out in Africa and India, but the first tangible development is the Bitcoin Academy in Brooklyn.
The Academy is based in Marcy Houses, which is a public housing complex which the rapper grew up in. The aim of the Bitcoin Academy is to offer free classes to those interested in learning more about cryptocurrencies, as well as how it can be leveraged as a mechanism for financial freedom.
“Education is power. Shawn ‘JAY-Z’ Carter and Jack Dorsey are funding The Bitcoin Academy, a program for residents of Marcy Houses, in Brooklyn, New York, where Jay grew up. Designed in collaboration with Crypto Blockchain Plug and Black Bitcoin Billionaire, this program aims to provide education, and empower the community with knowledge,” explains the mission statement on the landing page for the Academy.
“This program aims to provide education, 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 Bitcoin Academy is currently focused on Marcy Houses, but we hope to expand to other neighborhoods soon. Classes will be offered online and in person from June 22 through September 7. All Marcy residents are welcome,” it adds.
While it is indeed pleasing to see Jay-Z looking to assist those from the area he was raised, there are some legitimate concerns being raised about whether cryptocurrencies are the best way to do so.
As TechCrunch rightfully highlighted, given the volatility of crypto, as well as the technological barriers to entry for many impoverished people, is a Bitcoin Academy really the answer?
To that end the publication cited a tweet from crypto specialist Austin Robey, who questioned whether the Academy addresses the most pressing needs of Marcy Houses’ residents.
With the Shawn Carter Foundation issuing a statement on the intent of this initiative, we trust that part of the education that people will receive, will also focus on the volatility of crypto and to invest wisely.
“The Shawn Carter Foundation has always been about providing educational access and opening doors of opportunity to underserved communities. Everyone should be empowered to make informed financial decisions in order to take care of themselves and their families,” the aforementioned statement reads.
