GEN X-FILES: The Truth & The Light- What bitcoin could mean for Black folk.
Who are the Gen-Xers? We are a very self-sufficient bunch. Extremely resourceful and individualistic. TV shows and grandparents raised many of us because our two-parent households were out there grinding out a living to make sure we lacked nothing. And yes, of course, some of us had strong one-parent households that were holding it down alone. We value freedom and responsibility and try to do it all on our own, no matter what it is.
They pushed us to advance in school and go to college, hoping we’d do better than our parents did. We advanced in our careers giving everything we had even when it didn’t give back. And we now find ourselves between the ages of 41 to 56 with approximately 63million of our closest friends… us Gen-Xers.
We are brand loyal and we like what we like. Many of us, researchers say, love Apple, Amazon, Netflix and Jeep. Well, they had me until Jeep. I have an affinity for foreign vehicles, much to the displeasure of my entire family who made their bones working for The Big 3 auto companies. Individualistic, remember?
Another fascinating thing about Gen-X is that we sit squarely in the middle of the two largest generations, the baby boomers-our parents, and the millennials-our siblings or our children. Many of us feel like the invisible middle. We’re still raising children and now caring for elderly parents. As we look at our parents and think of our financial situation, many of us are fearful that we will never see the retirement lifestyle they have.
We carry the highest debt load due to all that education and family life we pursued. It’s said that we carry an average of $142k in debt, mostly through mortgages, but many still have enormous student loan debt. With limited opportunities for further advancement at work and not nearly enough retirement funding in our 401k or 403b plans, how are we going to solve this math problem?
Then like manna from heaven, over the past month there’s been a coming together of the clubhouse app and bitcoin enthusiasts willing to talk about it for hours and hours day after day. Being able to listen whenever wherever is a real blessing for those of us who would have no other resource on this topic. Not to mention it’s free… for now.
The Black Bitcoin Billionaires club drops gems daily, and I’m now clear that acquiring bitcoin and holding it as a savings account is the smartest thing I can do with the money I can save, no matter how little. It kicked in for me when I realized that if I had held that savings account money in a bitcoin savings account for all of 2020, according to Investopedia, I would have earned over 224% on that same money, even with all the ups and downs in the price during that year, or what’s called “volatility”. If I had $1,000 in savings last year I maybe earned $9-$10. If I had it in a bitcoin savings account I would have earned more like $2,240.
What does this mean for other Gen Xers who are trying to figure out this bitcoin craze? It means you can make a smart money decision right now and put some savings into a bitcoin account and leave it alone. Set it and forget it.
Bitcoin is a monster sized concept and not easily explained by all the techie people who know what it is and how it can improve our lives on so many levels. For those of us who need more money but have limited time left in the workforce, who are not interested in starting a business, or can’t cook and have no time to sell BBQ plates and cakes on the weekend, a bitcoin savings account is the clear winner. Give yourself time to figure out all the rest of what bitcoin is without losing the main benefit right now, which is making money on the money you already have.
The Black Bitcoin Billionaires group provides education and answers questions for crypto-virgins every day on the clubhouse app at 12noon Pacific & 3pm Eastern, led by Ms. Najah Roberts. Ms. Najah is of course the bomb.com and created the first Black woman-owned cryptocurrency over-the-counter exchange in the country, CryptoBlockchainPlug, and is one of the first Ledger authorized dealers in the US. If you haven’t already, you need to slide into her DMs and get connected!
While there are many places to buy bitcoin, if you want to make a difference in the Black community, you can start by buying bit-Black. Go to CryptoBlockchainPlug to buy your bitcoin and get a full service solution for buying it and safely storing it. Bitcoin. Buy bit Black.
The content of this article is from an upcoming book of the same/similar title.
In this space we will provide a series of articles to break down what bitcoin is in a non-techie way and why pay attention. If you have questions you want answered simply, or if you want to see a specific bitcoin topic covered, please shoot an email to firstname.lastname@example.org.
CryptoSoulFood is a new convert, bitcoiner and hodler. In true fashion, I want to show the truth and the light and share it with anyone who feels me on that. I especially want to affect the Black community by helping to find wealth building tips and providing tricks to access those solutions. Whether it’s how to get down-payment help to buy a home or how to pay off debts to make room to build your bitcoin stash, I’m here for it. But make no mistake, I am NOT a financial advisor and in fact; I need one! I write to edu-tain you on the cool stuff that I come across.
This is a guest post by CryptoSoulFood. Opinions expressed are entirely their own and do not reflect those of the Black Bitcoin Billionaire organization.