Bitcoin offers immigrant, Black, Indigenous, LGBTQ+ and other communities the promise of a more equitable financial system.
Sure, you may know the statistics.
While typical stock market investors are white men, 44 percent of Bitcoin and crypto investors are non-white. Similarly, studies have shown Black and Latino Americans now outpace white Americans in Bitcoin and cryptocurrency investing.
But too many are writing off this emerging trend as just another sign of the times, another signal of a GameStop investing culture gone awry – it isn’t. Rather, Bitcoin’s rise in America is deeply rooted in our legacy of oppression of marginalized communities.
Black, Brown, LGBTQ, and Latino Americans are distrustful of an establishment and its systems that have failed them time and again – and are failing them now. The headlines speak for themselves. The COVID-19 pandemic has highlighted racial disparities in the healthcare system. The senseless deaths of Breona Taylor, Ahmaud Arbery, and George Floyd, have sparked nationwide protests against police brutality and racism.
Charlene Fadirepo is a former regulator and the founder of Guidefi, a fintech platform that connects women of color with financial experts and wealth education courses.
Professional sports teams including the WNBA, MLB, and MLS all all have postponed games in protest of racial injustice. Nearly 160 statues dedicated to the Confederacy have been taken down after being labeled as symbols of white supremacy.
These pivotal events have had an impact on Americans. We are reflecting and acknowledging the devastating injustices done to our marginalized communities and communities of color. All Americans are exploring new innovative solutions to our society’s most challenging problems.
As the co-authors of a new book on Bitcoin and America, we believe this call to action has led directly to the rise of an alternative monetary system.
We understand you may be dismissive of Bitcoin, that you may have heard that the technology is tied to white supremacy and groups seeking to spread hate and division. We reject this one-sided message, and instead want to explain why we see Bitcoin as a beacon of hope.
In the following article, excerpted from our new book, “Bitcoin and the American Dream,” we explain how Bitcoin can be used as a tool for social and economic justice, one that can help underserved communities increase their economic mobility by building generational wealth.
