As many of you may know, there have been several articles linking BitCoin and other cryptocurrencies to racism, White Nationalism, in particular. The argument behind this reasoning is that BitCoin is used by White Nationalists to secretly fund their projects. This may have some truth to it, given that Richard Spencer has tweeted that BitCoin is the “currency of the Alt-Right.”
BitCoin is a horrible tool of secrecy, however. Once an entity’s public key is known, every transaction made by that entity as well as their balance can easily be looked up. One that wants to move in secrecy would be better off using a privacy token such as Monero (XMR), Shield (XSH), or ByteCoin (BCN).
Enough Technicals, Is BitCoin Racist?
Only a fool would believe that BitCoin is not used by racists, but that does not make the technology racist itself. If you are going to think like that, then toothbrushes, cars (especially Dodge Challengers), and coffee mugs are also racist.
The only way that BitCoin can be called racist would be due to access or what some may call “privilege.” The average White man has more expendable income than the average Black man in America. It follows that the average white man can invest more than the Black man. The same could be said about traditional stocks and bonds, however.
White people are also more likely to have social circles and influence beyond that of the average Black person. A White pretty boy on YouTube can reach millions of viewers and get them signed up for affiliate plans. A Black person usually will not have as much positive attention on social media. We might not have as many contacts that have the time, money, or interest to engage with cryptocurrencies.
If you believe that Whites are more intelligent than Blacks, then Whites probably spend their money more wisely than Blacks. Once again, this is not exclusive to cryptocurrency. Higher intelligence would make them more competent at charting and predicting markets. This would not be specific to BitCoin, however; it would also applies to stocks, forex, and commodities trading. Perhaps they would only have us beaten with the ability to create blockchain-based technologies and currencies.
Well, Black people still have a presence in the cryptospace with Veritaseum (VERI), founded by Reggie Middleton, an African-American entrepreneur. This technology may be used behind the scenes with the Jamaican Stock Exchange. Cryptocurrency is racist indeed…
BitCoin is Changing Lives
Whatever you may think of cryptocurrency, it is changing people’s lives, and most of the time, for the better. I am a Black man, and I can tell you right now that cryptos have greatly improved my life. I am not the only one. YouTuber SoloTV84 has been successful with his investments, among others.
It would be wise for Black people to get aboard that cryptocurrency train before yet another opportunity slips away. At the time of this writing, there are no laws specifically barring us from investing in cryptocurrency. Three things keep us out of the market: lack of funds, fear, and ignorance.
Following the advice of TripJammer, a [Black male] cryptocurrency investor, “only invest what you can afford to lose,” will resolve the first two issues. Educating yourself about cryptocurrency investing by reading up on the technologies, doing your charting, and keeping up with the markets will help the ignorance to fade away.
Note: I am not a financial advisor. As an investor, I would advise you to do your research before putting money into the markets. Only invest what you can afford to lose.