Jack Dorsey Pledges $1B To Covid-19 Relief

Plus cryptodollarization and the role of private co's in CBDCs

Happy Tuesday, Blockfolians

The Lede

Jack Dorsey has just announced that he was moving a billion dollars worth of his Square equity to an LLC to fund global Covid-19 relief. After the pandemic, the focus will shift to girls health and education and UBI. Jack made the announcement sharing a Google Doc tracking the money flows.

The move is notable for a couple reasons. First, it’s a serious amount of dry powder. Second, moving this amount of wealth into a philanthropic vehicle at this stage of one’s career is far from the norm.

Twitter CEO Jack Dorsey in Support of Bitcoin | BTCMANAGER

Seeing someone who is passionate about many of the same ideas this bitcoin and crypto community is passionate about start to allocate resources in this way is frankly exciting.

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Highly Relevant Reading

  • Bank of England says that private companies could have a bigger-than-expected role in digital currency issuance.

  • Bitcoin miners made $380m last month, down 25% from February. Notably, no bailouts were required to help them survive.

  • Popular P2P exchange Paxful now allows users to trade bitcoin for gold.

  • Microsoft lines up to support a 6-week hackathon around Earth Day from the Blockchain for Social Impact Coalition.


Community Commentary

Nic Carter shares a phenomenal piece on crypto-dollarization by Coinbase’s Max Bronstein and Blocktower Capital’s Avi Felman
The Block’s Larry Cermak with a massive by-the-numbers breakdown of the month of March

A Really Big Number We Should Be Paying Attention To

$1.2B

That’s the amount that SoFi is paying to acquire payments processor Galileo - another sign of the shifting landscape of digital finance.


Final Thought

Meme of the week contender.