Jack Dorsey is encouraging his Twitter followers to take a closer look at a new book that discusses the potential of Bitcoin to benefit the African-American community. Dorsey’s support draws attention to the challenges that racial minorities often face with the inherited financial system.
Bitcoin can transform the lives of African Americans
The CEO of Twitter, a long time supporter of Bitcoin, tweeted today:
– jack 🌍🌏🌎 (@jack) February 23, 2020
The book, Bitcoin and Black America presents an in-depth analysis of the role that cryptocurrency can play to provide financial autonomy to African Americans. Author Isaiah Jackson notes that blacks have traditionally been very unattended by the banking industry, but have been slow to take blockchain assets as an alternative.
The change, according to Jackson, will require a deep understanding by African Americans that they no longer need the current banking system to manage their wealth. In addition, many blacks believe that Bitcoin is a scam, or that it no longer exists. Jackson states that these misunderstandings should be corrected.
Jackson published his book last July, but is receiving renewed interest, probably due to the resurgence of the encryption market.
Blockchain represents a change of economic game
Much has been said about the potential of blockchain technology to benefit underdeveloped regions. What may surprise you is that you are prepared to have an equally transformative impact in much of the developed world.
Simply put, a close parallel can be established between the limited bank access available in poor countries and the lack of banks in minority neighborhoods in the United States. Banks, along with institutions such as supermarkets and medical providers, tend to avoid these areas. The result can create serious problems for residents and dramatically decrease upward mobility.
Equally damaging is the fact that racial minorities are much more likely to be victims of financial exploitation. Using ATMs, cashing checks or sending money to family members tends to be much more expensive and difficult when banks are not available. The use of Bitcoin can be of great benefit.
With such a substantial opportunity, African Americans and other racial minorities in the United States should quickly adopt cryptocurrency. Unfortunately, adoption has been slow. As Jackson points out, erroneous information has been a problem in their communities. In addition, the lack of access to banking has made buying and investing in cryptography a challenge.
However, there is no doubt that the situation is changing as the adoption of Bitcoin is increasing among all segments of American society. Clearly there is a need for greater financial freedom, and more and more non-white people are learning what this new asset class has to offer. Simply put, the cryptocurrency will not leave the unattended behind.