About a week or so ago I was reading a really interesting article about how African American's are leading the NFT and crypto revolution. When I first stumbled across this I was thinking that this might be a really one-sided account but I was very impressed to see it wasn't. As someone who has been pushing to change the current financial system in the US to address minority participation, I was pretty amazed by the bold statements Sen. Elizabeth Warren.
On Tuesday Sen. Warren tweeted out how "read solutions are needed" and how they cannot just "benefit the wealthy". You honestly could have knocked me over with all of the stats that keep coming out about the huge positive impact crypto has had on minority populations. In the Yahoo Finance article I mentioned earlier I was amazed to read that 23% of African-Americans own cryptocurrencies compared to 11% of white and 17% of Hispanic Americans. That is huge for minority inclusion in a financial system!
Sen. Warren though cites a Wall Street Journal article to back her up. This article stated that the top 10,000 wallets held 5 million Bitcoin meaning that 0.01% of Hodlers control 27% of the supply. This though is something that at face value sounds really really bad but when you pull back layers it is something that quickly becomes less and less serious. The reason for this is Satoshi alone is believed to hold 750,000-1.1 million BTC himself and his wallets have been inactive for years and no one knows if he is even alive.
There are further stories about early adaptors who threw away flash drives or hard drives with thousands of BTC that are not used. Then I doubt this takes into account the big Hodlers like exchanges that have to hold huge amounts ie Coinbase and others. Quickly the idea of centralized power starts to really really fall apart. You also have the big companies like MicroStatigy that have bought thousands and thousands of Bitcoin! Again it is not like the traditionally wealthy are buying and hoarding BTC most are still skeptical of it! Part of me though really should not be surprised that a government official would ignore stats to promote an idea that they are hellbent on.
When looking at crypto Twitter it is becoming more and more common to see major pillars of the music and sports communities using NFTs as their profile pictures. This is just one example of many that I can think of with crypto and blockchain penetrating financial markets that are completely underserved right now. While I doubt Warren will be able to get any sort of regulation pushed like she would want against crypto it is really disappointing to see data and evidence that the Congressional Budget Office has for Congress members that addresses this very issue.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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