AMBITION IS THE FIRST STEP TOWARDS
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ABOUT ME
Income inequality is perhaps one of the central topics of conversation. In recent years, some of the world's richest people have supported cryptocurrency startups with their investments and significantly increased their donations.
Many of them primarily raise funds for their own funds, rather than issue grants for the startups' development. Most often, these funds annually spend only 5% of the total volume of available assets.
To determine which of America's richest people donate the most to charities, rather than to their own foundations, we compared data on America's most generous philanthropists for the period from 2015 to 2020. We decided that it would be right to see how much money they donate for the development of startups in the cryptocurrency industry instead of counting the promised investments.
A little bit of history
The story of one of the investors in the cryptocurrency market, Josh Baazov, begins in Gori, a tiny city in central Georgia. It was there that a major investor was born, currently a citizen of Canada.
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In the 60s, the Baazov family left Gori in search of a better life. Joseph Baazov and his wife Sarah, along with their young son Josh, moved to the port city of Haifa in northern Israel. During this period, several more children appeared in the family. Josh's father joined the Orthodox community, enlisted their support, and emigrated to Canada. They came to Montreal in the 1980s.
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In Canada, Josh got an electrician education and felt confident enough in this profession. Having grandiose ambitions, in 1996, Josh Baazov opened his first company, which was named the same as one of the highest mountains in Georgia - Kazbek International.
Born and raised in poverty, but with millionaire ambitions, he was constantly chasing the success. This gave him an incentive to develop and implement even the most incredible ideas.
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He is known for investing in many companies and startups in the cryptocurrency industry in Canada and America, as well as Israel, Georgia, Russia, Africa, and European countries. He has founded few companies around the world. We widely known him in the United States as the co-founder of Blackbelt and dozens of global enterprises related to investments in the cryptocurrency exchange. He successfully released products and services include Pegasus Industries.
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In 2015, Josh became a co-founder of the Baazov Investment Fund. He remembers how many times the Orthodox community helped him and his family in times of poverty, which supports and finances it actively. He has always firmly believed that the Orthodox community in Canada has the right to freely practice their faith and culture without fear. That's why Josh has been helping communities and investing in projects to protect Canadian Jews from hate crimes for over 10 years.
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He regularly allocates funds for the development and implementation of educational, social, and cultural services for the Jews of Georgia and their families in Canada.
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The funds allocated by his foundation go to help synagogues. This money goes not only to pay utility bills and organize events but also to strengthen security since many Jews do not feel safe.
During the current crisis, the number of large cryptocurrency holders has increased significantly. Josh Baazov, the founder of the Baazov Investment Fund, has become one of such investors since 2019. Josh Baazov invested 10% of his assets in cryptocurrency. The fund's purchase of a cryptocurrency does not look "irrational". The US is likely to continue printing money and keep the key rate low to combat the economic fallout from the coronavirus pandemic. It was this monetary policy that pushed the investor to transfer part of the capital to cryptocurrency. Josh Baazov believes that this will also help him minimize the negative impact of such monetary policy, as well as bring profitability to his clients.
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Since 2020, the millionaire of Georgian origin has overseen the work of Open Baazov Canadian Foundations, a network of over 20 regional and national foundations in Canada. This association supports charitable initiatives, which include campaign funding, promotion of freedom and human rights, and the development of Orthodox schools.