Jay-Z and Jack Dorsey’s Bitcoin Academy is not going well

Jay-Z and Jack Dorsey raised some eyebrows when they first announced Bitcoin Academy, an initiative intended to spread the good word about cryptocurrency through free online and in-person classes. The educational program was held at the Marcy Projects, a public housing complex located in the Bedford-Stuyvesant neighborhood of Brooklyn, and the same place where Jay-Z grew up.

The classes ranged from “Careers in Crypto” to “Crypto Scams & A Security Mindset,” and were exclusively restricted to Marcy Project residents. Participants were given smartphones (if needed) and 100 MiFi devices were distributed with a one-year data plan. The courses, which were offered online and in person, ran from June to September.

This timing coincided with a market downturn, as Bitcoin itself has experienced a sharp drop in value over the past year (about 54 percent) and several high-profile exchanges that facilitate blockchain transactions have gone up in smoke. Testimonials from some of the students, as first reported by The Daily Beasthave questioned the goal of the project and whether crypto-related education is necessary given their financial circumstances:

“How are you helping us if you’re asking us to put in five dollars, $10, and we’re all on fixed incomes?” Lydia Bryant, 57, told The Daily Beast.

The risk – Bryant also added that investments like crypto, as volatile as they can be, were riskier than, say, buying “a real stock.” Aside from the inherent risk associated with the crypto market, the subject itself can be convoluted and difficult to understand, let alone digest well enough to make financial decisions. Another person noted that they “took the class but didn’t understand much.”

Not all testimonials were negative, and some students managed to bring enough from the summer sessions to transfer their own money to crypto. Upon completion of the program, residents received $1,000 in crypto to spend as they wished – but this sum was seen as insignificant to other people, with one anonymous tenant pointing out that “[residents] is broke and struggling to live.”

Have, or have not – People like Jack Dorsey or Jay-Z – both of whom are billionaires – can withstand a sudden drop in the market, but small investors, like those in Marcy Houses, will be significantly more affected by the same kind of slide.

Bitcoin Academy claimed that this first program is only the first step and that a new phase will be developed after reviewing feedback from those who completed it. Ultimately, reading through some of the responses makes one wonder if improving public infrastructure in and around a complex like The Marcy Houses would be a better use of resources.