You can stop at the preface of Bitcoin & Black America by Isaiah Jackson and get the message on the importance of Bitcoin. Last to the party is how we often find ourselves, either by design or lack of curiosity. In the case of Bitcoin, that doesn’t have to be the case.
The changes Bitcoin brings to financial independence are rarely mentioned amidst the clamor about the millions, if not billions, of dollars participants are making. Once regarded as a fraud and scam, Bitcoin and other cryptocurrencies are being created by major financial and internet institutions. Why they would be moving to this form of financial exchange is probably for a different book review. Suffice it to say, they see the future of “currency” evolving.
Although his book was written in 2019, the conversation on inflation in chapter one is relevant today with rising prices for food, gas, and everyday items. However, Jackson doesn’t spend enough time here fleshing out the interaction of fiat currency, inflation, and Bitcoin. He also speaks to the need for Black America to wean itself from the banking systems that don’t always work in our best interest and the need for access to capital.
The heart of the book comes through in Chapter 2: 21st Century Economy. In this chapter, Jackson references the years 1900–1930, which historian Juliet Walker called the “golden age of black business.” During this period, the number of businesses in the Black community doubled—partly fueled by racism and segregation. He also talks about how little Black money circulates within our communities.
Circulation refers to money staying in our neighborhoods through Black businesses. I called this the heart of the book because the author writes, “If we shifted our entrepreneurial mindset to accepting Bitcoin, we would essentially make outside communities adjust to our preferred payment method.” He goes on to write about structuring an entire economy around Bitcoin.
Bitcoin & Black America is written by an obviously enthusiastic and staunch advocate for the technology. It can be read in a few hours, and it will expand your thoughts on Bitcoin, cryptocurrency, and its relevance to today’s financial landscape.
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