Jack Dorsey and Jay Z launched The Bitcoin Academy to educate the residents of Marcy Houses of Brooklyn about cryptocurrency.
Cryptoassets are a highly volatile unregulated investment product.
What is the Bitcoin Academy?
Shawn Carter, better known as rapper JayZ, has teamed up with Block CEO Jack Dorsey to provide a financial education program to residents at the Marcy Houses of Brooklyn, where JayZ grew up. The Bitcoin Academy will be free to the residents and aims to provide financial education about Bitcoin’s ability to offer financial freedom.
The classes will begin on June 22 and run until September. The residents can attend the bi-weekly classes, taught by Black Bitcoin Billionaire founder Lamar Wilson, and Najah J. Roberts, founder and CEO of Crypto Blockchain Plug. Attendees will also receive smartphones, a one-year data plan and MiFi devices. Marcy Houses residents will also have a chance to attend the weekend programs.
Other Jack Dorsey and JayZ Projects
The Bitcoin Academy is JayZ’s way of giving back to the Marcy Houses of Brooklyn, a public housing complex. But he and Dorsey have teamed up on other projects as well. It was in 2021 that Block bought Tidal, JayZ’s streaming music service. Dorsey wanted to partner with JayZ so that they could use Tidal as a platform to distribute non-fungible tokens (NFTs).
Another project that Dorsey and JayZ have invested in is Alchemy, a blockchain company established to promote Bitcoin use in India and Africa.
Bitcoin Price Prediction
The Bitcoin Academy attendees will definitely learn how to buy Bitcoin and all of its characteristics. But the market has been in extreme fear since dipping just below $26,000 at beginning of May. The good news for Bitcoin is that strong support is holding it around the $30,000 region. That’s been a crucial level that price has held and retested several times since January 2021.
What’s in store for Bitcoin’s price? Many analysts have announced their Bitcoin Price Prediction, but we take a look at the possible price action.
We watched Bitcoin crash from its all-time (ATH) of $69,000 in November 2021 to $26,000 in May 2022. But the good news is that the price hasn’t done a significant retracement since the crash. The crypto market has shown that it usually retraces to the Fibonacci level .702. If Bitcoin were to do that, it would mean that price would retest $56,000
Once the price reaches $56,000, Bitcoin will face strong resistance. If it manages to break through that level, it could go on to set a new ATH. But the .702 has proven to be a make or break for crypto prices. Failing to get through that level may mean that the Bitcoin price could turn on itself and go into a multi-year bear market.
Cryptoassets are a highly volatile unregulated investment product.
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