Critiques have trailed the proposed Bitcoin Academy, scheduled to kickstart this summer.
The Academy is an initiative founded by Rapper, Jay Z Carter, and Ex-CEO of Social Media Platform, Twitter, Jack Dorsey.
According to a report published by The Guardian UK, many residents believe that the funds for the initiative should have been channeled to another cause that would benefit the teeming population in the area.
For many, the cost of living and the poverty in the area leaves residents with no room to engage in “unreliable” ventures such as Bitcoin.
According to the report, while some residents have shown enthusiasm towards the initiative, many FinTech critics in the area believe that the initiative is an attempt to prey on vulnerable people.
This, they attributed to the recent crash of crypto asset, Bitcoin and lessons learned from the fall of Terra Luna.
But for the organizers of the Initiative, the project seeks solely to enhance financial literacy and independence for the beneficiaries.
Last week, the duo announced the collaboration which they said is aimed at empowering and providing cryptocurrency education to residents.
The project, offered strictly to residents of Marcy House, in Brooklyn, New York will provide free courses and internet data plans for beneficiaries.
“Bitcoin is becoming a critical tool for many in Africa and Central and South America, “We believe the same potential exists within communities in the U.S. Our goal is to prove that making powerful tools more available to people enables them to build greater independence.
”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.”Dorsey said in a couple of tweets.