How Bitcoin Helps Marginalized Communities Build Generational Wealth

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 20 February 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Arculus, and FTX US. This week on “Long Reads Sunday,” NLW reads “Why Bitcoin Is a Tool for Social Justice” by Charlene Fadirepo. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW ** “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Michele Musso, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Photo by Vasil Dimitrov/E+/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Sunday, February 20th, and that means it's time. You know it
0:28.9	for Long Reads Sunday. Before we get into LRS, however, if you're enjoying the breakdown,
0:36.2	please go subscribe to the show, give it five stars,
0:39.9	leave a review, or if you want to get deeper into the conversation, come join us on the
0:45.4	Breakers Discord. That's the place where we discuss not only what's going on in the show, but what's
0:50.0	going on in the world. You can find a link to the Breakers Discord in the show notes, or you can go to
0:55.3	bit.ly slash breakdown pod. Today, we are visiting one of my favorite topics, a topic that
1:04.0	surprisingly does not come up nearly enough in my opinion. The topic is Bitcoin's potential for
1:10.7	positive impact on the world.
1:13.1	And it seems like a very good week to have this conversation, given how much has been
1:18.8	caught up in these big geopolitical machinations, of which Bitcoin is just one part. The piece
1:25.1	is by Charlene Federrepo, and is called why Bitcoin is a tool for social justice.
1:31.4	Bitcoin offers immigrant, black, indigenous, LGBTQ+, and other communities the promise of a more
1:37.6	equitable financial system. Sure, you may know the statistics. While typical stock market investors are white men,
1:46.2	44% of Bitcoin and crypto investors are not white. Similarly, studies have shown black and
1:51.8	Latino Americans now outpace white Americans in Bitcoin and cryptocurrency investing.
1:56.8	But too many are writing off this emerging trend is just another sign of the Times, another
2:01.5	signal of a game-stop investing culture gone awry. It isn't. Rather, Bitcoin's rise in America
2:07.5	is deeply rooted in our legacy of oppression of marginalized communities. Black, brown, LGBTQ, and
	...

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