Jack Dorsey and Bitcoin: a cryptocurrency can help “black America”
Jack Dorsey now encourages his Twitter followers to take a closer look at a new book that discusses the potential of Bitcoin in terms of the benefits it can offer to the African American community.
Bitcoin can help “black America”
It’s exactly about the tweet:
— jack 🌍🌏🌎 (@jack) February 23, 2020
The book “Bitcoin & Black America” is an in-depth analysis of the role that a cryptographer can play in introducing “financial autonomy” for Afro-Americans. Its author Isaiah Jackson notes that blacks have been ignored by the banking sector for years. At the same time, they were quite sceptical about digital currencies.
According to Jackson, changing this status quo will require Afro-Americans to understand precisely that they no longer need the current banking system to manage their finances. He adds that many blacks think that BTC is a fraud or think it no longer exists.
Jackson published his book last July, but it is gaining interest only now, probably due to the recovery of the crypto market.
Blockchain is changing the rules of the game
jack dorsey bitcoin Much has already been said in the media about the potential of blockchain technology, which can help underdeveloped regions especially in terms of financial technology.
Equally damaging is the fact that racial minorities are much more likely to become victims of financial exploitation. Using ATMs, withdrawing checks or sending money to relatives in other countries is usually much more expensive and more difficult when banks are not available in the region. The use of a cryptocurrency can therefore be a huge benefit. This is especially true for African-Americans.
Unfortunately, the adoption process was still slow. As Jackson notes, disinformation is the biggest problem in these communities. Also the lack of access to banking makes buying and investing in cryptos a challenge.
There is no doubt, however, that all this is changing slowly as the adoption of digital currencies is increasing in all segments of American society. There is also a clear need for greater financial freedom, and the unspoiled US citizens are increasingly learning what this new asset class has to offer them. Simply put, cryptocurrencies are gaining in importance in the marketplace – including in the eyes of previously ignored minorities.