Twitter founder Jack Dorsey and rapper Jay-Z have teamed up to launch a new financial literacy program, The Bitcoin Academy.
The academy will be available only in a housing project area known as the Marcy Houses in Brooklyn, New York, where Jay-Z grew up. This new program will offer bi-weekly classes that will take place both virtually and in person.
Dorsey and Jay-Z have worked together with Bitcoin in the past. They previously created a trust to help market crypto in Africa and India.
The new course promotes that their program aims to help teach people “how the blockchain works and how to spot a scam.”
Some, however, are calling the program itself a scam, arguing cryptocurrency has become subject to violent market crashes, scammers, and widespread fraud.
Brookings Metro fellow Tonantzin Carmona spoke to TechCrunch about the new project, stating that he believes this effort on Jay-Z’s part is “part of the legacy of predatory inclusion. You’re getting access to a space that is rife with scams, fraud, hacks, and all sorts of things…”
The volatility of Bitcoin is evident in the financial reports of the last six months. In November of 2021, Bitcoin was at an all-time high of $68,990.90 per coin. In May of 2022, Bitcoin hit a low of $25,402.04 per coin and then fell even lower, to $18,995 on Saturday.
In addition to education, The Bitcoin Academy states its mission is to “empower the community with knowledge, and get rid of some of the barriers so that residents can learn more about Bitcoin…and finance in general.”
The website lists two instructors: Najah J. Roberts and Lamar Wilson. Further details about potential additional instructors and course titles are not listed on the site.
Virtual and physical classes will be held two nights a week; dinner will also be provided to in-person attendees. The classes will run from June 22 to September 7, and no criteria need to be met outside of living in the Marcy Projects.
Kids are also welcome, as the site details “Crypto Kids Camp” will be held twice on the weekends for children between ages 5 to 17. What precisely this camp entails is not stated.
According to Jay-Z, “The simple goal is to provide people tools to build independence for themselves and then the community around them.”
