We’re not the only ones who believe crypto is more than just a far right fundraising scam. Last week, Howard University was the site of the 4th annual Black Blockchain Summit. TIME reported on how the shifting demographics of blockchain adopters opens up financial possibilities — ownership rights, generational wealth, reparations.
Almost half of all crypto owners in the world are people of color. The anonymous nature of blockchain transactions raises red flags for a certain subset of people — mainly middle-aged Karens masturbating to pictures of a young Ronald Reagan who still believe in trickle-down economics and waging an unwinnable war on crime. But, by the same token, the blockchain protects those who were unfairly targeted by those policies, and by economic and political institutions at large.
The conference organizer reportedly went as far as suggesting the criticism of crypto contains racial subtext — the historical (and frankly moronic) belief that POC poverty stems from financial mismanagement, rather than from systemic inequality.
On the other hand, some believe access to crypto is still unequally distributed, or that it continues the long line of high risk investing ventures targeting low income demos. (The article references gas stations that have actually replaced lotto machines with cryptocurrency terminals — an unintentionally telling comparison.)
There are plenty of valid hesitations to blockchain adoption. But the new technology also holds vast potential for social change and it’s encouraging to see the message reaching and resonating with those who stand to benefit the most. So let’s wave goodbye to the Elon Musk dick-riders and Patagonia-vested hedge fund managers — we like the look of the new crypto bro better.