Book: Bitcoin & Black America
Hey, so I am trying something new. I have been reading books as I’ve been going down the crypto rabbit hole. Figured it might be helpful to share some key takeaways and guidance if you are also on this journey. Today, I'll be providing a quick book review of Bitcoin & Black America by Isaiah Jackson.
What would you do if a stranger knocked down your door and stole a little money each month?
Isaiah Jackson says most people sit by and let inflation steal their hard earned savings. He argues bitcoin is one way to fight back.
Black America is particularly vulnerable. The net worth of a typical black family is about 10% of a typical white family. The FDIC found that 32% of Black Americans are underbanked. Older African Americans in particular have deeper distrust given banks long and recent history of discrimination. For example, in 2012, Wells Fargo paid $175M for charging black and Hispanic customers higher mortgage interest rates than similarly qualified white customers.
Isaiah shares his own “Come to Bitcoin” story and his passion for crypto evangelism. He argues that Black America has more to gain from embracing digital currency and decentralized finance (DeFi). For example, race is not a factor when obtaining credit from DeFi. He lays out how individuals, professionals, business owners, churches, HBCUs etc. can get involved. He also highlights a ton of people and organizations who are developing programs and capabilities for digital currency economy. For example, there’s a summer camp in North Carolina that teaches school-aged children about crypto.
Bitcoin & Black America is an easy to read. This stands out in a good way in a sea full of technical jargon and weird terminology. This was the third crypto book I bought but it was the first I finished. Props to the author for making this topic more accessible.
He highlights a lot of people and companies from a wide variety of backgrounds who are embracing and driving crypto forward. I enjoyed learning these stories and finding new people and projects to follow.
While the book is easy to read, at times, it wasn’t the most enjoyable. This is because I’m partial to a story with a good plot twist. Parts of this book feel like a reference book. This isn’t a bad thing, it’s actually quite helpful. Just mange your expectations.
Overall, I think it’s a good book to read if you want a new perspective or if you are new to crypto. For more information, check out Isaiah on Twitter: @BitcoinZay
I have a couple books lined up next. Let me know if you have any recommendations or want to join the crypto reading club.
Have a great week!