About ten years ago, Bitcoin made headlines as a new form of currency that could be mined and traded without a physical presence, and back then, if you said that you held a part of your investment portfolio in the new cryptocurrency, people would have laughed at you. Today, if you do not know about cryptocurrencies you would seem so behind on the times. Whether we like it or not, one thing we have to agree on is that cryptocurrencies are practically everywhere and are here to stay. With traditional institutional investors and businesses continually integrating cryptocurrencies into their platforms in some form, and some going as far as launching other types of products in line with cryptocurrencies, the future of cryptocurrencies seems bright.
Today, it is undoubtedly that cryptocurrencies will someday overthrow the current currency system. It is not a matter of if, but when and we better be prepared for that takeover.
The financial industry experts monitoring the sharp rising trajectory of the bitcoin and other cryptocurrencies say that Bitcoin alone has become the best producing asset return with over 1000 percent return. Today, there are over 2,000 cryptocurrencies but most people only know about Bitcoin. It offers a good bargain to both amateur investors as well pro and right now, the African American community tout it as the best opportunity they have to close the disparity in the country’s racial wealth gap.
“If you understand how to use your CashApp, then you can certainly buy Bitcoin in your CashApp,” said Dr. Shalair Armstrong of Boston, a member of the Black Bitcoin Billionaires group. She began investing in cryptocurrency in 2011.
“So, if you can imagine one coin going for less than a penny when I got in, they were 150, 150 dollars for a coin. When I checked today, they were going for 48,000 dollars per coin,” Armstrong said.
The black community, not just in America, but globally is now looking to Bitcoin and other cryptocurrencies as a route to fix the economic injustices. Investors such as Shalair are urging other Blacks to invest in the digital currency as a way of investing for the long term.
Why African Americans Need Technologies Such Blockchain
In addition, looking at the book, Bitcoin & Black America by Isaiah Jackson, it is apparent that digital currencies have the upper hand in helping groups of historically underserved and underrepresented by big financial institutions. Jackson, however, notes that the one of the biggest problems preventing the uptake of Bitcoin as a currency in the African American community is the negative acuity that the majority of them have of cryptocurrencies. Today, the whites on average have at least 10 times more wealth than the Blacks. Also, today, that gap is wide than it used to be 50 years ago. In as much as we want to say that it is unequal access to capital widening it, in part, the blacks are to blame. Jackson wants African Americans to stop their ignorance and take advantage of the Blockchain technology and other technological developments.
“The next wave of innovation is, I believe, centered around blockchain technology and of course bitcoin as a payment system,” Jackson told Anthony Pompliano on the “Off The Chain” podcast. “So when I say ‘miss it’, what I mean is economical. If you want to be viable as a community you have to have some sort of technological expansion to ensure that survival. I think this is one way to do it, not just from a price standpoint (buying bitcoin) but also from a technological standpoint — building the products that we’ll use in the future. That’s what I mean by the black community not missing it this time around.”
Institutional racism. It’s everywhere… and the Blacks need to stop feeding a system that does not care about them. For a long time, the Blacks have waited for the government policies to at least be fair and since that is not happening, it is time they take matters into their own hands. By shifting our attention and entrepreneurial conviction to let bitcoin and other cryptocurrencies be the language that we speak in, both socially and economically, bridging the wealth gap between us and the whites will be so easy.
While institutional racism is not openly practiced as it used to a while back, it is still happening subtly and is reflected in disparities regarding wealth, income, justice, employment, housing among others. No progress is being made or has been made in reducing the racial inequities between the Black Community and the White Community. By combining finance and technology together, you create a powerful unstoppable force that will ensure your economic survival in America. Cryptocurrencies lay a strong foundation for building generational wealth and leverage.