Understanding Bitcoin as a Social Justice Tool
While most stock market investors are white men, 44% of Bitcoin and cryptocurrency investors are non-white. Likewise, studies show that black and Hispanic Americans now outnumber white Americans when it comes to investing in Bitcoin and cryptocurrency.
But far too many people dismiss this emerging trend as just another sign of the times, another sign of a GameStop investment culture gone wrong—it’s not. 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 COVID-19 pandemic has highlighted racial disparities in health care. The senseless deaths of Breona Taylor, Ahmad Arbery and George Floyd have sparked nationwide protests against police brutality and racism.
People have torn down 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 committed against our marginalized and minority communities. Every American is looking for new and innovative solutions to society’s most challenging problems.
The co-authors of a new book on 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 is linked to white supremacy and groups that seek to spread hatred and division. We reject this error 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 just 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 like Bitcoin Prime.
End the Black Wealth Gap
For generations, black Americans have struggled to accumulate wealth and secure property rights, and they inherit a legacy of disadvantage that continues to affect their economic situation today.
Bitcoin offers black Americans the promise of a fair financial system untainted by America’s legacy of racial oppression and strong reassurances of the long-lost property rights. Black Americans no longer rely solely on banks, institutions or middlemen because Bitcoin can be studied for yourself.
Bitcoin gives black Americans direct agency, control and custody over their financial assets and the opportunity to create generational wealth.
Improve the status of first-generation immigrants
Immigrants built America, and immigrants continue to be an important part of our economy. Nine hundred thousand of the country’s almost 5 million business owners are immigrants. That’s because first-generation Americans are often the breadwinners of family members living abroad. Almost 24% of all payment transactions originate in the United States.
Unfortunately, transfer services are prohibitively expensive. Although the US is one of the least expensive countries to send money transfers from, the average fee is 6% per transaction. Many immigrants are turning to Bitcoin to avoid these fees. Immigrants can use Bitcoin to send money 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 could force Bitcoin services to resemble our old financial system. As of this writing, US Bitcoin exchange users must meet their banks’ exact requirements. Their users must have bank accounts or debit cards and must carefully collect customer information, undermining benefits for marginalized groups.
Future educational plans should include Bitcoin so that all societies can thrive in the next generation.
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