Bitcoin investment (BTC) is so modern that it only came into existence 12 years ago. In many ways, its newness makes it a more promising investment for all races.
Bitcoin investment is not tied with white supremacy, unlike many investments. White supremacy is the idea that white is the better race in every way.
White supremacy is best described through the eyes of colonialism when colonists would enter foreign lands and enforce their way of life on natives. The way white supremacy can arise now is in all-boys clubs, which exist purely of white men who do not allow anything different in.
Research by Proceedings of the National Academy (PNAS) of Science states there are $69.1 trillion global financial assets under management. PNAS research includes mutual funds, hedge funds, real estate, and private equity.
According to PNAS, the number of women and people of color managing assets is less than 1.3%.
There is no us vs. them in BTC.
Bitcoin investment is not us vs. them
BTC is not us vs. them because anyone can access Bitcoin no matter how much money they have. At the time of writing this article 13:40, GMT BTC is worth $18,931.73, but the good news for investors is that you do not need to buy a whole BTC coin at once.
You can convert as much money as you can afford to BTC. The BTC whitepaper, which was released 12 years ago, is a manual that is readily available to everyone, not just the privileged few.
Lastly, there is no central player in Bitcoin investment, so little chance of discrimination as no-one has a say in whether you can invest. BTC was not built on slavery while the wall for wall street was literally built by slaves.
Race is an issue that has come into the forefront of the crypto industry among allegations against Coinbase. The New York Times published a piece around Coinbase’s diversity policies.
Coinbase was noted for particularly struggling with its management over black individuals. The report references several incidences of discrimination, such as racial stereotyping and failures in the recruitment and promotion process.
11 Coinbase employees complained about the mistreatment they faced. It is surprising that a company known for helping people buy, sell, store, and transfer digital currencies such as BTC, which is so accessible, has such a bad reputation.
Call for action
More can still be done to ensure that corporations stand against racism issues by proactively seeking training against racism, encouraging employees to read books. It is essential for people to question their unconscious biases because of the history of slavery and black people being othered in society.
Racism is not always a conscious act but one that has been passed on from generations of racism via implicit memory, which Dr. Anita Philips talks about. No crypto companies have taken a stand to say that they side with causes like Black Lives Matter, an anti-police brutality campaign.
It is not enough for Bitcoin and other crypto coins to be accessible. The industry must make an effort to make sure everyone feels included.