Twitter CEO Jack Dorsey is officially part of the voices pushing for cryptocurrency adoption and evolution in the black communities, after pushing a book centered on the issue on his official Twitter page earlier this week. While Jack Dorsey might be intent on using his influence to drive black communities to action, we observe critically the effects cryptocurrency adoption could have in African American communities and the benefits that could arise from it.
African American Communities Do Not Trust Cryptocurrencies
On Sunday, Jack Dorsey made a tweet seemingly promoting Isaiah Jackson’s new book exploring the development and potential impact of cryptocurrencies on black communities. He wrote:
Excellent interview with @bitcoinzay on his book #Bitcoin And Black America. https://open.spotify.com/episode/4QIwMaX99KZajNZDAPF4MX?si=9YC0GMS8RbGFcQqFUvCbtg …
The tweet targeted at canvassing the online African American community is certainly not a coincidence. Race is, and has always been a sensitive topic. But the question of financial development and maturity in terms of economy and productivity is also an important talking point that should not be ignored, but discussed often.
Unfortunately, African communities are at a disadvantage financially and economically wise in terms of social strata in the United States, an occurrence Isaiah Jackson believes could be ‘leveled’ easily if black communities invest and educate themselves more on the cryptocurrency landscape.
This, objectively speaking, is harder than it seems, since the African American community is not even so big on trust in the first place.
Nicholas Pearce, an assistant professor at North-western University’s Kellogg School of Management, talking to Atlantic revealed results from polls and research conducted among African American communities a few years back. According to the study, a significant number of the Afro-American community prefer not to even use the existing financial system because of their lack of trust for it.
“The fact that many African Americans don’t use PayPal,” he said. “or are even afraid to do retail banking, demonstrates this lack of trust in financial institutions, even when there is a face on the other side. Many times, you’ll hear them say, ‘I don’t trust banks, I’d rather put my money under a mattress and risk it being stolen than put it in a bank for some unnamed institution to steal it.’”
How Cryptocurrency Benefits African Americans
Black communities are not big on trust. And this is exactly why cryptocurrencies are perfect – they don’t need to be trusted, they are decentralized, and have the potential to eclipse heights of financial success that would only benefit black communities. Jackson argues that while the focus has been the possibility of the digital currency being used to further crime-related activities, the focus should instead be on how the digital currency can enrich black communities, and level the playing field economic-wise.
Jackson, according to his book suggests blacks are distrustful of the cryptocurrency space because they believe it’s scam, fraud, or similar. But with more educations and awareness like Jack Dorsey’s, black communities can only learn the unbelievable potential in cryptocurrencies.