Jay-Z and Jack Dorsey Criticized for Launching ‘Bitcoin Academy’ at Housing Complex.
The rapper and Twitter founder have joined forces... .
... to launch The Bitcoin Academy at public housing complex Marcy Houses in Brooklyn, New York, Jay-Z's childhood home.
Free bi-weekly in-person and online classes will be offered for residents.
Those who take part will be given free smartphones, MiFi devices and data for a year.
The academy's website says it 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.” .
Lamar Wilson and Najah J.
Roberts, two bitcoin influencers, are the only instructors listed.
They promise to teach students “about Bitcoin, how it works, why you should care, and how to build your own financial future.”.
But may Twitter users have called the endeavor a "pyramid scheme" since it focuses on bitcoin rather than overall financial literacy.
Tonantzin Carmona, a Brookings Metro fellow, said, “It’s understandable that they seek alternative outlets for generating wealth or making payment transactions.”.
But that doesn’t mean that the alternative is actually better, that it’s safer, or that it’s actually going to help them accomplish their goals, Tonantzin Carmona, a Brookings Metro fellow, via statement, as reported by The Verge.
'Rolling Stone' reports classes will include subjects such as "What Is Money?," "What Is Cryptocurrency," "What Is Blockchain?" and "How to Keep Yourself Safe from Scammers."