Isaiah Jackson - Bitcoin and Black America
Isaiah Jackson unites two seemingly unrelated topics in his book titled Bitcoin and Black America. The book is an excellent resource for learning about Bitcoin, but also about the plethora of economic injustices felt by the community of black american people. It is not immediately clear how Bitcoin, the dominant internet money can help with solving these problems. Fortunately, Isaiah Jackson is a master of breaking down the technical aspects of Bitcoin, and connecting them with articulate solution statements.
Red Lining and Bank Bias
One of the most alarming aspects of reading Bitcoin and Black America was the undeniable racism present within financial institutions. In the chapter titled “Buck the Fanks”, Isaiah iterates over a long list of malpractice conducted by some of the largest institutional players in America. One of those practices is RedLining. As defined by Wikipedia,
Redlining is the systematic denial of various services or goods by federal government agencies, local governments, or the private sector either directly or through the selective raising of prices.
What this definition doesn’t give you is the historical context behind who has suffered from this devious practice. You guessed it, black americans. What was remarkable about the book, is that Isaiah gave a long list of these injustices, along with fines received by American banks, and financial institutions. Redlining is therefore not some political theory, its been analyzed, documented, and recognized in the court of law. How does Bitcoin fit into this narrative?
The Effects of Redlining
Redlining is not a new phenomenon. It is at least a decades old, but more likely centuries old practice. It was only in the 2010’s that a slew of lawsuits recognizing the practice made their way through the courts. Bitcoin is the “act now” solution to this problem. Redlining effects the ability for black americans to earn, retain, and grow their wealth. It limits economic opportunity, and stifles growth. It exacerbates the effect of inflation, and perpetuates racial segregation. Bitcoin, is the free savings account that lets marginalized groups opt out of the corrupted system that keeps on pushing them down. The savings account is the pillar of personal (and family) economic prosperity. When Black Americans are being charged higher rates on some services, and outright being denied services in other areas, it makes it near impossible for one to get ahead.
Not Just Internet Money
Isaiah Jackson himself will tell you that his book is solutions oriented. Go Full Crypto shares the belief that Bitcoin has the the potential to complete reshape the way that our economic systems are currently set up. It is undeniable at this point that there are economic inequalities all throughout our societies. These economic inequalities end up producing a multitude of problems not limited to the economy. It is about time that we start speaking about what Bitcoin can do on a political level. It is not just a tool for moving money around the internet. It is a free savings account. It is a bias-less value transfer service. It is a potent store of value that is accessible to all social classes. Bitcoin can’t redline, nor can it raise rates based on race. It cannot deny service to anyone, nor can it give preferential treatment to individuals of higher economic status. It is the ultimate tool for equal opportunity.
Listen to the Episode
Buy the Book
Bitcoin and Black America can be purchased on Amazon for Kindle, or Paperback. It may also be purchased directly on the book’s website bitcoinandblackamerica.com. The second edition of Bitcoin and Black America may be pre-ordered on the website at this time.
Isaiah on Other Podcasts
Isaiah Jackson has been a guest on many other podcasts including The Pomp Podcast, and What Bitcoin Did.
Isaiah on Twitter
Isaiah may be reached and followed on Twitter (@BitcoinZay).
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