The CEO of Twitter Jack Dorsey is inspiring his followers to take a closer look at and read a new book “Bitcoin and Black America” written by Isaiah Jackson. The book discusses the potential of Bitcoin for benefitting the African-American community.
The Twitter CEO, who is a Bitcoin supporter, tweeted today:
— jack⚡️ (@jack) February 23, 2020
The book, Bitcoin and Black America provide an in-depth analysis of the role cryptocurrency can act in providing financial freedom to African-Americans. Isaiah Jackson, the author of the book, says that blacks have traditionally been vastly deprived by the banking industry, yet have been slow to consider blockchain assets as an alternative.
According to Jackson, for change to occur, African-Americans will have to understand thoroughly that they no longer need contemporary outdated banking systems to manage their wealth. Besides, many believe that Bitcoin is nothing but a scam, or that it has no life. Jackson affirms that these misunderstandings need correction.
The book was published back in July last year, but it is attracting more interest due to the revivification of the crypto market.
Moreover, much has been discussed about the potential that blockchain technology possesses to benefit the underdeveloped regions. Surprisingly, technology has a balanced impact in much of the developed world.
Also, near latitude can be created between the restricted banking access available in developing countries, and the lack of banks in minority neighborhoods of America. Along with institutions such as grocery and medical stores, banks try to avoid these areas. Resultantly, the residents of these areas face severe issues and dramatically diminish upward mobility.
Also, this fact is very disadvantageous that racial minorities are far more likely to be victims of this financial system. The use of cryptocurrency can prove to be a marvelous advantage as using ATMs, checks, or sending money is more expensive, and difficult as banks are not available.
As this opportunity is of much significance, therefore, other racial minorities, including African-Americans in the US, should be swiftly adopting cryptocurrency. However, the process of adoption of cryptocurrency has been slow. Jackson points out that it is because of misinformation prevailing in their communities and lack of access to banks for purchasing and investing in cryptocurrency.
However, a dire need exists for better financial autonomy and cryptocurrency will fill this space in the vacuum.