- The author of "Bitcoin and Black America" thinks that Bitcoin can level the playing field when it comes to racial equality.
- Isaiah Jackson thinks that Bitcoin could provide disadvantaged countries with tools to sort themselves out financially.
- He thinks that Bitcoin could close the wealth gap.
Isaiah Jackson, co-host of “The Gentlemen of Crypto” daily talk show, says that the advantages of Bitcoin are still mostly tilted toward white people—but that will change as financial markets diversify. And, crucially, he said, non-white demographic groups can still get in on it, even with Bitcoin at record highs.
Jackson’s book, “Bitcoin and Black America,” originally published in 2019, is coming out in a second edition. He appeared on The Decrypt Daily podcast to discuss what’s in the updated version—and what’s next.
“We will have financial markets in areas that were historically ignored,” Jackson told host Matthew Aaron. “So, we're talking about in Africa in places like Zimbabwe, Ghana, Senegal. We're talking about in Latin America in places like Brazil and Costa Rica and Belize, Venezuela—some of these places that have been ignored economically.”
According to Jackson, Bitcoin is the great equalizer because it can bring more chances for financial inclusion. “Once the ‘really rich people’ in fiat dollars realize that, which they are starting to now, and that Bitcoin is a tool to push away that suppression, there is no debate at that point,” he said. “They have to include everybody.”
Right now, inclusion is sorely lacking. While some companies have struggled to navigate the economic downturn brought on by the coronavirus pandemic, overall, the world’s richest are doing just fine. Oxfam found that global billionaire wealth from March 18 to December 31 of last year increased by $3.9 trillion. During the same time span, the International Labour Organization reported $3.7 trillion in lost earnings from workers.
There is a way out, said Jackson, who was speaking as Bitcoin remained perched at around an all-time high of $48,000. Just eleven months ago, at the nadir of the financial crisis, it could be had for as little as $4,000.
He thinks people should still buy.
“Right now 1 million satoshis is about 450 bucks. $450 can make you or your grandchild a millionaire,” he told Aaron. “How crazy is that? That in 10 to 20 years, a $450 dollar investment, which everybody can afford, could make your grandkids a millionaire.”
It’s not just about getting rich quick, then. It’s about getting in on an opportunity to close the wealth gap with white America. According to the Brookings Institution, “The ratio of white family wealth to Black family wealth is higher today than at the start of the century.” Much of that is due to larger inheritances for children in white families.
“As soon...it becomes less of a ‘white man's game,’ I think people will understand this market is different. Nobody can just walk into it and change the rules like the current financial system. So with that being said, we can actually establish the wealth; we can actually build preservation of wealth long term.”