The Marathon Don’t Stop Even Under Digital Bias.
Bitcoin is an accumulation race. Real marathon runners know the headstrong athlete that sprints out the gate, blowing past their competitors lacks understanding of the slow and steady approach. Experienced runners bide their time relying on endurance before methodically running past their exhausted opponents. The late rapper Nipsey Hussle hunkered down on what marathon-style goal-setting looked like for entrepreneurs. He stated,"I'm about seeing long-term, seeing a vision, understanding nothing worthwhile happens overnight" For many young people of color, the rapper was also a right of passage into cryptocurrency. The financial race juxtaposed to the same success. Whether traditional or digital. It ultimately is a marathon, not a sprint.
For humanity, Bitcoin has become a beacon of truth in a world of monetary lies. If traditional finance possessed merit, there would be no need for its creation. Now, Bitcoin, in all its glory, still has a grey area. Can one of its flaws not be its technological prowess but its solution to racial bias. There is a technology race dynamic that involves its overall trajectory. Will Bitcoin be another tool that hurts black and brown people through social division and racial hierarchy or push them further away from just that? How far are we as a culture in that wealth accumulation race if we are last place in the current one?
Tech bias is far-reaching from Wall Street to Silicon Valley. Bitcoin solves many things but does it solve racial inequalities in gaining financial freedom, employment, and public safety? Bitcoin at its core comprises layers and layers of code. Could that coded bias live on the blockchain? In the future, coding skills will be essential for innovation, and African Americans have to get on board or be left by the wayside. I doubt that is what Satoshi intended, and Bitcoiners understand Bitcoin's mission to fix the money and the numerous flawed constructs of a society built around the fiat system.
America is divided economically by race and ethnicity, which is sad but true. Power flows from the top down and rarely from the bottom up. When you dig into the gender wage gap or race tax, you quickly realize that it takes a level of consciousness or lack thereof to place such a thing on another human being solely based on skin color. It could make one ponder the emerging technology such as valuable as Bitcoin, instead of changing the status quo, may strengthen and reinforce it.
For clarification, I believe Bitcoin has a way of forcing people into a homogeneous kumbaya counter-culture movement. Bitcoin is an economical solution first, not a racial solution. Black people have to bend and mold Bitcoin into a tool that works for them and their community. I fully understand that people may be uncomfortable being around others they do not relate to on a cultural, racial, spiritual, or social level. Tribalism is a real thing and intertwined into our DNA as a species, but so is innovation.
This tribalism happens for many reasons because humanity is multi-layered and full of different variables of opinion. Yes, most humans are decent people but are still unequivocally flawed and tribal. Black people don't necessarily want a seat at the table but an equal opportunity to build their own and a safe place to achieve financial freedom with people that look like them in unison. Poverty or, better yet, being in a state of poverty delays our communities ascension. So many things stem from a lack of money that we turn on each other. The cool thing about Bitcoin is it allows the community to gain wealth and keep it without the flash and the jealousy that comes with it. That unity the community seeks will arrive once we realize the value is in the collective and not the individual.
What happens after Bitcoin is mainstream and the social constructs of society dissolve and innovate in new ways? The purpose of this essay is to drive home future endeavors and level the playing field for African Americans looking to use technology such as Bitcoin as a leg up out of the new Jim Code, as Princeton University professor Ruha Benjamin calls it. Look at any significant Tech companies that are successful today. Facebook, Amazon, Netflix, and Google are all companies that early investors saw their potential and raced to capitalize on the cheap stock price before gaining momentum. This transition into the digital age can allow people of color to achieve their early investor moment with Bitcoin.
Bitcoin is exponentially a better bet than all those companies combined, and African Americans, for the first time, can race towards the asset. At the same time, it is mainly underpriced but still at a price point that is out of most middle working class budgets. Ultimately, Bitcoin doesn't fix everything in that regard. Bitcoin has the makings of an equitable currency if people from diverse backgrounds do everything possible to increase distribution, asset accumulation, fund education, and utilize merchant adoption because the digital divide is a reality for African Americans, not a pipe dream.
As the Bitcoin price surges, that race to the finish line is gaining more runners, and the length of the track extended as Bitcoin becomes more scarce, mainstream, and a store of wealth for the well off. Due to this, ordinary people, a fluffed up synonym for poor people, will look like they missed out with Bitcoin and naturally move onto Alt-coins as an alternative. Only to take profit and liquidate back into Bitcoin at a higher price. Websites like bitcoinorshit.com will put things into perspective, and I feel anyone battling with joining the race to obtain Bitcoin versus buying something else should check it out. Especially African Americans.
Black progress before and after Bitcoin is crucial if we want to survive financially in the digital age. Economics, politics, justice, media, and accumulation after education are the only options to remove bias and pave the way for a beautiful quality of life for people of color. We have to see the actual value in our culture and wealth generation. If we don't, then who will. No one is coming to save the black community unless we save ourselves. Bitcoin as a base layer can remove many barriers, but continuing the good fight through ownership is the best way into sovereignty. The delineation of generational wealth passed down from father to son and mother to daughter with a purpose should be a no-brainer. That passing of knowledgeable wealth has to go beyond money and into the realm of how to compete, collaborate and succeed in this ever-changing global economy.
Hence, our generational lineage is successful and wealthy. Software code is increasingly becoming the manuscript for every facet of our lives, both good and bad. When automated systems control the opportunity narrative, we must understand their mechanics. Bitcoin may not be immune to the same flaw if we sit on our hands. As scarcity of the asset gets ubiquitous in the marketplace, the stakes get higher, and people with access to disposable income will be able to buy Bitcoin when others without that income or financial know-how may not.
The Future is Crypto Inclusion
What is unique about the possibility Bitcoin creates for people of color is the initiative to promote cryptocurrency and education. I believe African Americans are being given a golden opportunity due to Crypto inclusion. Many entrepreneurial positions are opening up due to this new surge of capital. In June 2021, Square Inc allocated $25 Million for Minority and Underserved Communities, Including a $5 Million Bitcoin Endowment. Let's not be frank here; the African American community is one of the most creative demographics with a continual pulse on global culture. Meaning, if used correctly, we will find innovative ways to create solutions for our community if given the funds to make it look marvelous. Our positions magnified with millions in funding our descendants never received prior in American history is a beautiful new chapter in history. Wealth education, Bitcoin Mining, Media and Content, Software Engineering, Social Activism, and Banking are a few positions that come to mind. Bitcoin allows historical financial discrimination once a hindrance on the African American community and Africans in Africa to become a source of black entrepreneurship and business creation.
Granted, I do not have a crystal ball about the future. No one does; in actuality, the future is pure speculation. Yet, there are things in the present that can give you an idea of where the world may end up down the road. I'm optimistic that there are so many people of color building and partaking in great solutions surrounding Bitcoin the future looks bright, but we still have a ton of work to do. Suppose Bitcoin hits the inflection point that comes with being the supreme reserve asset. I have some hopes at least where I'd like the see the economically most vulnerable become successful. I think it would be politically possible for the federal government to give every descendant of slaves in the US a fraction of a bitcoin as reparations. I could foresee it being a last-ditch effort to keep their political parties intact because I hope by then African Americans are self-sovereign in their approach to money.
If it doesn't happen, the early Bitcoin adopters of the African American community that have put in the work decades earlier by adding a layer of entrepreneurship, education, and social activism to Bitcoin will have enriched the community out of the clutches of poverty and self-destruction. So we would, in theory, not need government handouts or Universal Basic Income. They would default simply in the category of nice to have's. Poverty and lack will be a thing of the past and considered a significant flaw under a majority fiat-based old centralized system. Then, it becomes less about money and more about building leaders that take pride in the innovation of the continued rebuilding of the scars of slavery, colonialism, and digital bias. You never know there may be Bitcoin citadels in the future run by people of color. That's where I hope Bitcoin goes for the disenfranchised communities globally that harbor black and brown people.
Black people have to make sure technology like Bitcoin, given the tech solutions of complex social problems, can be introduced with education, adoption, and a sense of guided urgency. In the words of James Baldwin, "White is not only a color but a metaphor for power" well, we are now in a particular time where we can make sure Bitcoin's color jolly orange (hex code #F6911D, if you're interested) does not fall into the same fate. Orange should become a metaphor for distributed power for all races, genders, and cultures. The time is now. The future is upon us. Let the race begin. Asè