*Jay-Z announced on Twitter last Thursday that he’s set to launch a “Bitcoin Academy” in Brooklyn’s Marcy housing projects, where the rapper grew up.
The new financial literacy program called The Bitcoin Academy is a joint effort with Twitter co-founder Jack Dorsey, The Guardian reports. The program will offer free classes to Marcy Park residents, as well as devices, and data plans, per the report. There’s also a”Crypto Kids Camp” for children aged 5-17 to learn about cryptocurrency.
“The vision for Bitcoin is that it doesn’t have barriers, but lack of access to financial education is a barrier. It’s still hard to use for everyday necessities. Plus, people need devices and data plans,” the program’s mission statement reads. “This program aims to provide education, 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.”
Instructors will “teach you about Bitcoin, how it works, why you should care, and how to build your own financial future,” the statement continues.
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Education is where we start. This isn’t just about bitcoin…it’s about long-term thinking, local economies, and self-confidence. Courses are free to all Marcy residents, including kids. And to make it even easier we’re providing devices and data plans for all who need it.
— jack (@jack) June 9, 2022
“Our goal is to prove that making powerful tools more available to people enables them to build greater independence,” Dorsey noted in a statement on Twitter announcing Bitcoin Academy. “Education is where we start. This isn’t just about bitcoin… it’s about long-term thinking, local economies, and self-confidence.”
The program will take place over 12 weeks but not everyone in Marcy Park is enthused about it.
“If you want to do something, fix this place up,” Nyashia Figueroa, a 24-year-old resident, told the Guardian. “We have a basketball court with no hoops. Our parks is broken up in here. He should be doing more for his community, not no Bitcoin Academy.”
As reported by The Root, the average household income in Marcy Park is “$24,454 a year, according to the New York City Housing Authority,” so “the stakes are significantly higher,” the outlet writes.
“It’s kind of late to be doing that when people are trying to hold onto their dollars and everything is so expensive,” said 58-year-old retiree Myra Raspberry. “People don’t want to be investing money knowing that they might have a chance of losing it.
Raspberry added, “Every dime I get got to go to rent, phone, TV, and internet. I don’t have money like that to be losing on. If I did, I would try to invest in something that’s more reliable, like the basketball game last night. You know I’m going to win something from that.”
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