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Bitcoin – The “Social Justice Tool”

 


Bitcoin price caused a stir this week as the price fell below $40,000 for the first time in three months, fueling fears of uncontrolled volatility.


Despite last week's sharp drop in price , many top financiers are predicting that Bitcoin will surpass $75,000 before the end of the year.


In an interview with Yahoo Finance, Charlene Fadirepo, a former audit manager at the Federal Reserve Board of Governors, said that Bitcoin is "absolutely a social justice tool," particularly as it relates to black Americans.


Fadirepo claimed that 2021 would be a "breakthrough year" for Bitcoin, citing the number of wealthy clients and large corporations that have invested in Bitcoin. Looking back on the last 10 years, she draws an extremely positive balance, especially during the pandemic:


“IF YOU LOOK AT BITCOIN ON A 10-YEAR BASIS, THEY HAD AN ANNUALIZED RETURN OF 200% AND IF YOU LOOK AT BITCOIN OVER THE LAST TWO YEARS OF THIS PANDEMIC ERA, BITCOIN HAS HAD A 400% RETURN. GOLD RETURNED ABOUT 15% AND THE S&P RETURNED 42%. SO THESE ARE AMAZING RETURNS FOR ANY TYPE OF ASSET CLASS AND INCREDIBLE RETURNS FOR BITCOIN.”


Fadirepo also has a clear opinion on the regulations and emerging guidelines and sees upcoming regulations as a positive factor:


"YOU'VE SEEN THE FDIC AND THE FED WORKING TOGETHER TO DEVELOP AGENCY GUIDELINES, AND WE EXPECT MORE AND MORE MOVEMENT AND MORE REGULATORY CLARITY... AND AS WE KNOW, WHEN THERE'S REGULATORY CLARITY, THAT CREATES CONFIDENCE, THAT CREATES CERTAINTY, AND THAT WILL ENCOURAGE MORE PEOPLE TO INVEST AND HOPEFULLY MORE INSTITUTIONS TO INVEST.”


Fadirepo, who now works as a bitcoin consultant, said that bitcoin would enable individuals to build intergenerational wealth:


“IF YOU THINK OF BLACK AMERICANS, WE BELIEVE BITCOIN WILL ENABLE [US] TO BUILD GENERATIONAL WEALTH. AND NOT JUST BLACK AMERICANS... LATINO AMERICANS, THE LGBT COMMUNITIES, AND INDIGENOUS COMMUNITIES. IT ENABLES COMMUNITIES TO BUILD WEALTH IN COMMUNITIES THAT HAVE BEEN LEFT OUT BY THE DISCRIMINATORY BANKING SYSTEM WE HAVE TODAY.”


Fadirepo believes that women of color, especially black women, will lead the bitcoin revolution.


"Women of color are the fastest group of entrepreneurs in the country," she said. “We are so focused on taking women from financial health to financial prosperity and hopefully financial independence and … we believe bitcoin and investing in bitcoin will be a big part of that story for the average black woman and the average woman of color .”

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