Isaiah Jackson, author of Bitcoin and Black America and co-host of The Gentlemen of Crypto podcast, says bitcoin will help fix economic injustice and urges black investors to invest for the long term.
Isiah Jackson has a thesis that bitcoin can be used to close the wealth gap for underrepresented communities, he explained on CNBC in January 12, "For the first time in history, we have a Plan B option to the current financial system which has seen years of red-lining racial description and other egregious acts by retail banks to the blacks community," he said in the interview, "We have the opportunity to shift our mindset and our money — because money is nothing but monetary energy — into bitcoin and cryptocurrency because there is no barrier to entry. It is unconfiscatable, which is something we have not seen in the history of the United States for the black community. Bitcoin is a great step in the right direction."
Jackson spoke to Fox News about Elon Musk's recent $1.5 billion swan dive into bitcoin, "In retrospect, it was inevitable. Elon Musk has stated himself, it seems that the Tesla CEO buying $1.5 billion of bitcoin is something that every CEO and CFO will have to take at look at in the coming future. His investment is just another notch on the belt for bitcoin as a store of value long-term, and I think we will see more of this in the coming future."
In a recent Forbes interview with former U.S. Regulator Jason Brett, Jackson discusses what he characterizes as a racist banking system, and he delves into the concept of redlining — where banks would draw red lines on physical maps around communities where they wanted to avoid making loans. This helped set set back members of the black communities for centuries.
"In my opinion, we need something totally different... just providing solutions for us to have leverage in a system where we did not have leverage before. We don’t have money unless we convince Members of Congress and we don’t have leverage to keep out the police violence," he said to Forbes, "that was the motivation to write the book initially. Going forward I want to make sure people have at least the option to have Bitcoin and to be economically successful."
Jackson is an advocate of empowering the unbanked with bitcoin because you don't need a laptop (or a utility bill) to use it. "Even in countries such as Nigeria and other areas that may not have as much technology, they have a surplus of phones. You can use Bitcoin instantly and you don’t have to be very tech-savvy to download an app," he said.
Jackson went to North Carolina State and studied Computer Science. After college he got his first job as a teacher. He was 23 years old and barely making enough to live on, and was looking for ways to make money. He learned about Bitcoin from a roommate who was working at a financial firm back in 2013. He became a Bitcoin consultant and trader and eventually wrote Bitcoin and Black America, a book with a fresh voice that explores the synergy between black economics, Bitcoin and blockchain technology.
Jackson explained in another interview, "Ninety percent of my clients were black, I needed to write a book so people can get all of this information at the same time. The idea of the book started in 2016 when Mike Brown got killed in Ferguson. Four years later and we are back in the same place. This is a problem," he ended the interview.