Twitter Chief, Jay-Z Link on Bitcoin Fund

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Twitter chief Jack Dorsey yesterday announced that he and rap mogul Jay-Z are creating a fund devoted to making bitcoin digital money “the internet’s currency.”

Dorsey, who is also founder and chief of financial services and mobile payments firm Square, said in a tweet that he and Jay-Z are giving 500 bitcoin to fund an independent endowment called “B-trust.”

That amount of the cryptocurrency was worth about US$24 million yesterday.

Launched in 2009, bitcoin has been on a meteoric rise since March, when it stood at US$5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.