While most stock market investors are white men, 44% of Bitcoin and cryptocurrency investors are non-white. Similarly, studies show that Black and Latino Americans now outnumber white Americans regarding Bitcoin and cryptocurrency investing.
But, far too many people dismiss this emerging trend as just another sign of the times, another sign of a GameStop investing culture that went wrong – it isn’t. Instead, the rise of Bitcoin in America is deeply rooted in our history of oppression of marginalized communities.
Black, Brown, LGBTQ, and Latino Americans distrust the establishment and its systems, which have failed them in the past and continue to fail them today. The headlines are self-explanatory, and the pandemic of COVID-19 has highlighted racial disparities in the healthcare system. Breona Taylor, Ahmad Arbery, and George Floyd’s senseless deaths have sparked nationwide protests against police brutality and racism.
People have demolished nearly 160 Confederate statues after identifying them as symbols of white supremacy. These watershed moments have had an impact on Americans. It is time to reflect on and acknowledge the heinous injustices perpetrated against our marginalized and minority communities. Every American is looking for new and innovative solutions to our society’s most challenging problems.
The co-authors of a new book about Bitcoin and America believe that this call to action has resulted in the rise of an alternative monetary system. They understand that you may be skeptical of Bitcoin, having heard that the technology links to white supremacy and groups seeking to spread hatred and division. We reject this wrong message and instead want to explain why Bitcoin is a beacon of hope for us.
While no monetary invention can eliminate the effects of discrimination, Bitcoin promises a fair and equitable financial system for the immigrant, black, brown, indigenous, and LGBTQ+ communities. Bitcoin does not discriminate against any group, and you can easily invest in it through sites such as Bitcoin Prime.
Bringing the Black Wealth Gap to an End
For generations, Black Americans have had difficulties accumulating wealth and securing property rights, and they inherit a legacy of disadvantage that continues to impact their financial situation today.
Bitcoin offers Black Americans the promise of a fair financial system untainted by America’s legacy of racial oppression and strong assurances of the property rights they have not enjoyed for a long time. Black Americans no longer rely solely on banks, institutions, or intermediaries because Bitcoin can be self-studied.
Bitcoin gives Black Americans direct agency, control, and custody over their financial assets and the opportunity to create generational wealth.
Improving the Status of First-Generation Immigrants
Immigrants built America, and immigrants continue to be an essential part of our economy. Nine hundred thousand of the country’s nearly 5 million business owners are immigrants. That’s because first-generation Americans are frequently breadwinners for family members living abroad. Almost 24% of all remittance transactions originate in the United States.
Unfortunately, remittance services are prohibitively expensive. Although the United States is one of the least costly countries from which to send remittances, the average fee is 6% per transaction. Many immigrants are turning to Bitcoin to avoid these fees. Immigrants can use Bitcoin to send funds to family members abroad.
Bitcoin has provided an escape route for a generation of marginalized Americans, inspiring them to save and invest.
However, insufficient regulation may force Bitcoin services to resemble our legacy financial system. As of this writing, US Bitcoin exchange users must meet the banks’ exact requirements. Their users must have bank accounts or debit cards and must collect customer information meticulously, undermining benefits for marginalized groups.
Future education curricula should include Bitcoin so all communities can thrive in the next generation.
#FeaturedPost #FeatureByPatrickLee
