Jack Dorsey, who co-founded social media giant Twitter, now known as X, is among the handful of tech honchos to publicly champion Bitcoin BTC/USD and its underlying technology.
However, apart from words, his actions also reflect his commitment to leading the cryptocurrency industry.
What happened: Dorsey, who’s currently at the helm of Block, Inc., once famously said that Bitcoin had the potential to become the internet’s native currency, owing to its fundamentals.
On Feb. 12, 2021, he, along with rap star Jay-Z, established a Bitcoin non-profit to fund the development of the apex cryptocurrency, initially targeted at Africa and India. The duo invested 500 BTC to support the fund.
During this time, one BTC was valued at $47,504, meaning that an investment of $1,000 would have fetched 0.021 units of the coin.
At the time of writing, the value of one BTC has swelled to $63,948.02, boosting the portfolio value to $1,346, which is a significant return of nearly 35%.
See Also: Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There’s A Catch
Why It Matters: In line with the initial objective, the non-profit trust, called Btrust, continues to provide financial backing and training to Bitcoin developers in the Global South.
Earlier this month, it acquired Qala, a platform that shared its vision of advancing Bitcoin development in Africa, reported Forbes.
Bitcoin BTC/USD exceeded expectations in September, surging 7.29% in a month that has averaged negative returns of 3.77% in the cryptocurrency’s brief history.
The market’s expectations were high from the fourth quarter, which has historically witnessed strong uptrends.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,948.02, down 1.10% in the last 24 hours, according to data from Benzinga Pro.
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