Crypto expert Isaiah Jackson has been very successful with bitcoin and he wants to help the Black community do the same. It’s why he published “Bitcoin & Black America” in 2019 and continues to be an influential thought leader who gives free game on how best to move in the space. Through his book, his podcst,“The Gentlemen Of Crypto,” and his company, KRBE Digital Assets Group, Jackson is helping Black people use bitcoin to win.
Here are 5 tips from “Bitcoin & Black America” author Isaiah Jackson.
In Jackson’s expert opinion, Black people can use bitcoin to build wealth without facing barriers stemming from systemic racism and government interference.
“The system we’re in now, eminent domain can take your house. We see that with gentrification. If you have gold, you’re working with a third party, you have to get it from them. Any other assets … it’s in somebody else’s possession, but you can own your wealth,” Jackson told the Black News Channel (BNC). “For Black people, that’s paramount. There is no value you can put on that.”
Bitcoin can help address the redlining, a racist policy used to keep Black people from buying homes in certain neighborhoods, Jackson said. “You can operate smart contracts to get loans without any bank looking you in the face and saying ‘We’re not going to give it to you because you live in a certain zip code.’”
Jackson said he has seen firsthand the difference bitcoin can make economically for Black people.
“One of the biggest use cases for bitcoin is financial freedom. I believe in the Black community. Our economic structure has been discussed long enough without an actual solution,” Jackson The Moguldom Nation in a 2020 interview. “I believe bitcoin can be part of the solution — maybe not the entire solution but definitely a part of it. It can give our community leverage in economic discussions, which is the only thing you have in any type of business discussion.”
Jackson described his journey over the past seven years. “I started with $400, student loan debt and was working a job I hated,” he said.
Seven years ago in 2014, Bitcoin closed the year at $320.19, on Dec. 31. It was down 57.6 percent for the year. The latest price for Bitcoin is $62,473.
“Honestly, I don’t care if people buy Bitcoin, that leaves more for me. I tell people, I don’t work for Bitcoin. I just know what it has done for me. It can work … I’m sure other people can do it too.”
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The hype surrounding bitcoin is valid, Jackson said, quoting Jay-Z. “‘Men lie, women lie, numbers don’t.’ As far as investing in bitcoin, it is the best-performing asset of the last decade.”
Jackson said he has used bitcoin for a savings account for seven years.
“Gold, real estate, it doesn’t matter what you have invested in, nothing comes close. And those numbers are hard numbers that you can see for yourself,” he said. “I do not believe anybody’s made over 9,000 percent on an investment before, but that is the case. So, from a mathematical standpoint, the data is there.”
Jackson acknowledged that people are sometimes hesitant to purchase bitcoin for fear of losing big. He advised that there are other ways to get “get some skin in the game,” according to the BNC.
“You can buy $1 worth of Bitcoin on CashApp is,” Jackson continued. “You can earn Bitcoin. You don’t have to buy it. I think people look at it as an investment too much. You can actually accept it for your business. You can get Bitcoin rewards for buying things you already buy.”
“A lot of people with phones don’t have laptops, but the good thing about Bitcoin is that you can use Bitcoin with just a phone,” he told Forbes. “You can use Bitcoin instantly and you don’t have to be very tech-savvy- just enough to download an app. The digital divide exists but Black people are very resilient and will find a way. If there is a solution to the problem, there won’t be any sort of vibe that stops us.”
Jackson is passionate about how bitcoin can level the financial playing field for Black people to prosper.
“With the Bitcoin solution that I have discussed, everybody can win. Banks want control of money. People want Bitcoin. If we have a circular economy of Bitcoin, all banks have to do is accept Bitcoin businesses as customers of their banks,” Jackson said. “JP Morgan is now accepting businesses that accept Bitcoin and banks can get their profit that way. Banks would have to come up with a viable product that we would want. Banks need to go back and figure out why we need them and not vice-versa. In my opinion, it is not a knock on anybody’s business. Long-term, we are going to find a solution and the banks will be left behind. Bitcoin is the best solution.”