Residents of the Marcy Houses in Brooklyn, New York will get free classes on cryptocurrency.
Rapper and entrepreneur Shawn Carter, better known as Jay-Z, together with former Twitter CEO Jack Dorsey are bringing Bitcoin to Marcy houses as they announced the launch of Bitcoin Academy, a free class on cryptocurrency.
On Twitter, Jay-Z wrote: "Bitcoin Academy, starting in Marcy, a place that taught me so much, is hopefully the first of many. The simple goal is to provide people tools to build independence for themselves and then the community around them."
Bitcoin Academy Aims to Help Marcy Residents Become More Financially Aware
The Bitcoin Academy is after educating the residents of Marcy houses on Bitcoin. It also aims to help the residents become more financially aware.
Lamar Wilson, founder of Black Bitcoin Billionaire, and Najah J. Roberts, founder of Crypto Blockchain Plug in Inglewood, California will be teaching the classes.
With only their basic information and apartment number, residents can sign up to the cryptocurrency classes through the Bitcoin Academy's website.
Upon sign up, residents will gain access to the in-person and virtual classes. The classes will be held from June 22-September 7.
Kids and teens aged 5-17 will also have a chance to learn about cryptocurrency through the Crypto Kids Camp program that will take place on two Saturdays.
Since the cryptocurrency will happen through online exchanges, Wifi connection will be provided by Bitcoin Academy together with a one-year limited data plan, and if needed by those participating in the classes, a smartphone.
Bitcoin Academy initiative is funded by Jay-Z, and Dorsey. It is also funded by Shawn Carter Foundation, and Block, which is Dorsey's crypto services company formerly known as Square, according to Gizmodo.
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Bitcoin Academy Hopes to Expand Beyond the Marcy Houses
Jay-Z is well known to encourage the Black community to attain financial freedom. He invested in Altro earlier in May. It is a Black-owned free app. Through existing spending habits, it helps users build credit.
In the near future, "the Bitcoin Academy also hopes to expand beyond the Marcy houses," said Gizmodo.
Currently, Bitcoin is not performing well in the market. However, there are people who believe in the value of cryptocurrency particularly for those who lack access to other forms of financial investing.
"Majority of crypto investors are under 40, and do not have a college degree, in addition to 44% of cryptocurrency traders being investors of color," according to a study by NORC at the University of Chicago, as reported by Gizmodo.
The ideal vision for Bitcoin is for it to be an open-for-all network for digital currency. However, according to Gizmodo, the reality is different. A group of researchers who recently studied data on cryptocurrency found out that "while it is supposed to be decentralized, cryptocurrency is actually a system propped up by a small minority."
The future is still unclear for Bitcoin as the it is still taking shape. It is also unclear if the true potential of cryptocurrency will be unlock by getting more members of lower-income neighborhoods involved. Cryptocurrency may also pose a financial risk for them.
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