Blockchain: Building Wealth and Empowering Communities
Introduction
2024 has been the year of the “digital asset industry.” In the last few months, America has witnessed an explosion of growth, innovation, and even “hope” within the world of digital assets. There’s no doubt that conversations about “crypto,” cryptocurrencies, Blockchain, Web3, “whatever-coins” (basically whatever folks are calling these cottage industries of crop-up coin companies) dominated the groupchat throughout 2024. In arguably the most surprising of appearances, crypto also showed up in the 2024 election cycle, heavily influencing politics, policies, and political races across the country. In fact, the crypto-community emerged as both a dominant political force in 2024 and as a new voter block composed of digital asset owners and enthusiasts.
Despite the emergence of crypto-cultural dominance this year, the American public and institutions continue to treat the world of blockchain with curiosity and ignorance. Vague yet scandalous ideas about crypto that dominated media headlines, stories of Bitcoin rallying (and plummeting), and influencer tomfoolery (Hawk Tuah!) ultimately drowned out the “quieter,” more important headlines about the emergence of a resilient, resourceful, and diverse cryptocurrency environment.
Last month, Oluwapelumi Adejumo wrote an illuminating article,“Crypto windfalls boost homeownership dreams for low-income Americans,” analyzing how disenfranchised and working-class communities were using crypto as an opportunity for wealth enrichment and homeownership. Citing recent a recent US Treasury Department report, Adejumo hit on a critical concept - in an incredibly hostile economic environment, people who had historically faced immense challenges within the U.S. banking system (predatory lending, redlining, etc.), were now using ownership of digital assets as a means of asset accumulation and wealth building.
The stories Adejumo shared in his piece left me awestruck and inspired because they highlighted the possibility of innovation and opportunity. A group of people, historically excluded, circumvented institutional inequality, discrimination and oppression in radically unexpected ways by utilizing the ecosystem of cryptocurrency. Until August 2022, I’d been working in the digital asset industry as general counsel at Fireblocks, Inc. (a corporation that provides secure infrastructure for moving, storing, and issuing digital assets). As product and regulatory counsel, I spent a good amount of time analyzing, commenting, and advocating for sound digital asset regulation both globally and domestically, with special attention to the United States and New York state. In my work, I often see and hear a lot of stories of starstruck digital asset owners chasing coins, which I liken to the hysteria of chasing gold during the California Gold rush. That’s the wrong takeaway. Stories like the ones shared by Adejumo remind us that the real pursuit is in information and education - learning as much as we can about the vast cryptocurrency ecosystems and infrastructures. How can marginalized communities benefit from learning how to use the world of blockchain to their advantage? In other words, stop chasing the gold, read up on the California Gold Rush, and then maybe think about buying a pair of Levi’s 501 jeans.
Over the past few years, the revolutionary potential of a diverse blockchain ecosystem has inspired me to expand outward in my own pursuit of knowledge on the subject. I’ve spent a lot of time traveling the country for summits, panels, conferences, and meetings on the future of blockchain tech, security, and regulation. Two organizations, in particular, have stood out among hundreds, as particularly special: the Atlanta Blockchain Center and Stand With Crypto both provide real opportunity to gather important insights on the world and possibility of crypto. For example, I mentioned earlier in this blog post that crypto had a profound influence on the 2024 election cycle; ABC and SWC played integral roles in developing that broad appeal and power. Being plugged into these kinds of organizations as we enter into 2025 is vital, given that the crypto ecosystem will continue to drive politics, as well as voter and policy engagement (more on that in a future blog post).
Whether at Bitcoin 2025 in Nashville with the #BlockchainBoyz or in Atlanta at Atlanta Tech Week in June of 2025, the conversations and real-world commitment to cryptocurrency is accelerating. Most important: the world of crypto and blockchain offer unique and possibly revolutionary paths for addressing wealth disparities and empowering marginalized communities within the United States, particularly for African Americans. And it all begins with education (my friend Eric has a great book to start) as a means of understanding this transformative potential. Happy Holidays folks - I’ll be out celebrating the season with the #BlockchainBoyz at the Atlanta Blockchain Center tonight, toasting to everyone’s #CryptoJourney.
See you soon on #PathOfThePolymath
#blockchain #crypto #blockchainboyz #cryptocurrency #blockchain #DealTeamSIXX
