Jay Z And Twitter’s Jack Dorsey Have Launched A “Bitcoin Academy”

Jay Z isn’t happy to simply be an iconic rapper, one-time owner of a questionably ethical streaming service, and husband of international superstar Beyoncé. Apparently, Jay Z also wants to be the adjunct professor of his own institution of higher learning. Except he doesn’t have tenure at The Jay Z Academy of Billion Dollar Success. No, Jay Z, along with Twitter founder Jack Dorsey, have founded what they call The Bitcoin Academy.

The Verge says this business-slash-edutainment partnership isn’t as random as it might seem to some. Jack’s bitcoin company Block (formerly known as Square) bought a majority stake in Tidal last year. The two have also used bitcoin holdings to fund a trust that works to promote cryptocurrency in Africa and India. So clearly, the two enjoy the ins and outs of that magical invisible internet money. Yeah, can you tell I could use a class or two at The Bitcoin Academy? That’s pretty much what Jay Z and Jack’s school aims to do: educate people on financial literacy, specifically in the world of cryptocurrency.

The academy’s website promises that its classes will “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 only named instructors are two bitcoin influencers, Lamar Wilson and Najah J. Roberts, who promise they will teach people “about Bitcoin, how it works, why you should care, and how to build your own financial future.”

The school is located in the Marcy Houses, the public housing complex in New York City where Jay Z grew up.

This 100% sounds like a scam that could leave Jay Z and Jack richer than they already are while emptying some strangers’ wallets. But according to The Bitcoin Academy, all bi-weekly classes will be free and offered either in person or online. Skeptics might be side-eying the vagueness of classes called “What is Money?“, or the almost too good to be true, “How to Keep Yourself Safe from Scammers.” Rolling Stone notes that students will be given free smartphones and a year’s worth of data, and some bitcoins to start out, so they can “follow along” with lessons.

Does this maybe sound like a pyramid scheme to you? Well, it does to some people! TechCrunch notes that by targeting the low-income residents of the Marcy Houses, some have been critical of how much The Bitcoin Academy might actually help people. Especially given bitcoin’s volatility, and how common scams are in the crypto world.

Why tax billionaires to create a robust social safety net when they come up with great ideas like this?

If you asked Marcy Houses residents how to best meet their needs, how many would say “a bitcoin class”? https://t.co/wU0GO5Juz0

— austin robey 🗂 (@austinrobey_) June 9, 2022

Personally, if someone offered me a free smartphone loaded with some free digital currency, and showed me to some $0 classes in an unaccredited school that teaches nothing but how to buy bitcoin, my immediate reaction would be, “Oh wow, so this is how I get scammed.” So I can totally see how some people might be doubting Jay Z and Jack’s intentions here. I know at least one person thinks it’s a great idea, and his name is Elon Musk. For once in recent memory, his name isn’t directly associated with something that sounds a whole lot like a billionaire-backed Twitter-adjacent scam.

Pics: INSTARimages