We are experiencing the next frontier of digital assets with a peer-to-peer system called Bitcoin, founded in 2009 by Satoshi Nakamoto and various brave internet visionaries. Today, bitcoin and cryptocurrency have taken over the financial market space. The next generation of internet investors are flocking to this metaverse called Web 3.0 to build and create wealth beyond our wildest imaginations.
At this year’s Root Institute, we brought together some of the leading voices educating and inspiring our community to embrace modern finance as a means to build residual income and opportunity. In this emerging entrepreneurship and fintech panel, we were joined by Lamar Wilson, Founder of Black Bitcoin Billionaire, Olayinka Odeniran, Founder of Black Women in Blockchain Council, and Teri Ijeoma, Founder at Trade and Travel platform.
When we talk about Bitcoin and the Black community, there’s no denying how underrepresented we are in the Web 3.0 space. At yet, surprisingly, a recent Harris poll survey released in August 2021 found that 30% of Black and 27% of Hispanic investors own cryptocurrencies, compared with just 17% of White investors. This same Harris survey found that the majority of crypto investors are under 40 and do not have college degrees; two-fifths are women and/or investors of color. Cryptocurrency and token project’s main appeal to underrepresented groups is that it is a more accessible financial investing option with faster returns.
This is the precipice of the new creator economy, a currency for the internet, and the booming NFT (non-fungible token) market. The idea is that creators can sell their art on the Ethereum, Solana, or Polygon blockchains as a smart contract and get paid in minutes. An opportunistic investor can then relist the art they bought from the creator for a higher price with the creator founder’s fee attached to the value of the art to make residual income.
For Black creators, this is huge when it comes to making a living off of your passions, but the concept still involves various moving parts that even the government is trying to grapple with. Moreover, we must not ignore the volatility of Bitcoin and its negative representation of being the currency for online scammers and hackers.
One thing to take away from this panel is the need for Black people to build and be a part of the teams ( or DAOs) innovating within the blockchain and Web 3.0 sectors. If this is your first time hearing about bitcoin, cryptocurrency, or blockchain, welcome! The power of blockchain and the concept of decentralized and open-source platforms can have a positive influence and impact on our communities if we take facets of the technology and apply them to real-life issues, like generating wealth and equity, or much bigger problems like solving world hunger.
For access to free training on blockchain, you can sign up on www.bwbc.io. To learn more about the NFT space, read my Crypto in the City column here. To join a community of bitcoiners, check out BBB here. To develop an investment strategy, check out Trade and Travel here.
For this and more in-depth conversations, visit us here, and share your thoughts with us online in social media by following the hashtag #RootInstitute.
Disclaimer: This panel is not financial advice. Please do your own research.