February marks Black History Month – a time to commemorate and learn about Black community, heritage and culture. This year, black history month theme is black resistancehonoring and acknowledging the resistance to historic and ongoing oppression of Black Americans and acknowledging movements such as Black Lives Matter to address systemic racism.
In honor of Black History Month and in keeping with this year’s theme, CoinStats covers the Black Resistance to Black Economic Disempowerment And the synergy between the black economy and blockchain technology.
Gerald Ford was the first president to officially recognize Black History Month in 1976, calling on the public to “seize the opportunity to honor the all too often overlooked accomplishments of black Americans in every walk of life in our history” .
Since then, we’ve taken this opportunity to celebrate iconic black people who are achieving excellence, creating change, and educating us about the importance of coming together to fight racism. From civil rights leaders like Martin Luther King, Jr. and Malcolm X to authors like Ralph Ellison and Maya Angelou to artists like Louis Armstrong and Duke Ellington, and many other black people have made outstanding contributions to our society, advancing civil rights, culture, science, sports, etc.
As we commemorate another Black History Month, it’s a great time to learn how Black Resistance is benefiting from blockchain technology and cryptocurrencies and read about the pioneering Black History icons who have contributed to the widespread adoption of cryptocurrency to make the world more inclusive, accessible and progressive. place.
Key points to remember
- Most black people see cryptocurrencies backed not by an established authority but by blockchain technology as a way to earn money while resisting age-old patterns of oppression.
- The inclusion of cryptography is their only access to generational wealth without depending on the authorization of a central authority.
- Black people are investing in crypto to resist the wealth-chilling effects of redlining and zoning practices that divert public funds away from their communities.
- Pioneering Black History icons have helped drive the widespread adoption of cryptocurrency to make the world more inclusive, accessible, and progressive.
Overview of Black Involvement in the Cryptocurrency Industry
THE survey results, conducted by Grayscale in partnership with The Harris Poll, show that black Americans (31%) are more likely to own crypto than white Americans (16%). Cryptocurrency benefits financial inclusion and is promoted as a tool for equality, transparency and fairness. So can this help black people resist structural racism and address the wealth gaps that have historically held them back?
The main reason for the synergy between the black economy and blockchain technology is that most black people see cryptocurrencies backed not by an established authority, but by blockchain technology as a way to earn money. money while resisting age-old patterns of oppression such as the crippling effects on wealth. redlining and zoning practices diverting public funds from their communities.
They view crypto inclusion as their only access to generational wealth without relying on permission from a central authority. Investing in crypto is how black people choose a globally accessible, open, permissionless alternative that puts financial autonomy in the hands of sovereign individuals instead of a single middleman.
Additionally, they choose to invest in digital money that cannot be altered, defaced, or rooted due to their traditional distrust of the conventional banking system.
Plus, investors can start with as little as $10!
Isaiah Jackson, the author of “Bitcoin and Black America,” characterizes traditional banking as a racist banking system and describes the concept of redlining, where banks in the past literally drew red lines around communities they wanted to avoid. make loans.
To be inspired
Long neck ladies is an NFT project created by a 13-year-old black girl that has generated millions in revenue.
Black History Crypto Heroes
Here are some black people who have contributed to blockchain and cryptocurrency innovation and/or adoption.
- Isaiah Jackson is the author of “Bitcoin and Black America”. He believes he has found a solution with the new digital currency born in 2009 to the age-old problem of money, power and racism in the United States of America.
- Equity Coin is a black-owned cryptocurrency project that buys affordable housing across the country. At the same time, token holders get the rights to the property’s cash flows.
- Russell Okung, a Pro Bowl tackle for the Carolina Panthers and a cryptocurrency supporter, was the first National Football League player to collect part of his check in cryptocurrency. Okung received 50% of his $13 million salary in Bitcoin using Zap’s Strike product. His bio on Twitter is “life, freedom and #bitcoin”.
- Najah Roberts is a crypto entrepreneur and educator focused on closing the wealth gap in the black community. It operates a physical crypto exchange that makes crypto more accessible to the unbanked.
- Olayinka Odeniran is the founder of Black Women’s Blockchain Council (BWBC), which provides black women around the world with educational resources to understand blockchain and build wealth. BWBC has partnered with Ethereum software company ConsenSys to launch an online program for train half a million black women globally to become blockchain developers by 2030.
- Meta launched the “Metaverse Culture Series” to make the Metaverse a space where black culture and creativity can thrive. Gabe Gaultthe first artist and virtual reality creator in residence, created “I Am A Man”, an immersive experience that pays tribute to prominent black figures like Dr. King, Rosa Parks, the Tuskegee Airmen, etc., to make relive black history.
- A stop And super rare showcase and sell NFT art for thousands of dollars in virtual showrooms.
The Promise and Peril of Crypto for Black Investors
Blockchain technology and cryptocurrencies enable black investors to fight inequality by helping to break down many traditional barriers to acquiring, storing, and transferring wealth.
However, while cryptocurrencies have the potential to meet the expectations of black consumers, they also pose risks to privacy and financial security. Let’s examine the challenges and obstacles faced by black investors during these years.
- As we move toward a more equitable tech future with an increase in the number of black entrepreneurs in recent years, only 2.3% of American businesses are black-owned, according to the censusand with spectacularly high failure rates.
- According to National Venture Capital Association, only about 3% of all venture capitalists are black. In addition, black contractors received only $1.8 billion (1.2%) of the record $147 billion invested in US startups in the first half of 2021.
- Black people who have invested in crypto were disproportionately affected hard during the recent crypto winter.
Despite these challenges, many black founders and investors remain optimistic about the potential of the crypto industry for the community. According to a Kansas City Federal Reserve report released in 2022, most black investors believe the wealth gap could be closed by investing in cryptocurrency. Crunchbase data shows that funding for Black Web3 founders has only increased, and the crypto winter has proven to be the most successful year.
Finally, according to data from TechCrunch, it appears that investors are also in some respects bullish on black foundersa shift in tone in how black startups were funded.
Let us know your favorite Black History crypto hero or Black-owned crypto business you love in the comments below!
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