Bitcoin and cryptocurrency became major buzzwords in 2017 and search volume for the popular crypto surpassed major events of the year showing the huge amount of interest the public has taken in this disruptive technology. In this article, I lay out why I think this creates one of the greatest opportunities for black people potentially in American and diasporan history.
The goals of the black bourgeoisie have often clashed with the black radical tradition and economic black radicalism in general. To truly progress as a people, black people will have to question the underlying assumptions of capitalism as a system that will bring economic equality and close the black-white wealth gap.
Black spending power is overrated. There is something much more important that we as black people should be focused on and it doesn't involve building foundations in a system of exploitation so we can further exploit our own people and create a separate class of 'bourgeoisie Blacks' who will undoubtedly show the same disdain for lower class Blacks that 'bourgeoisie Whites' show.
Building Black wealth may be the most important agenda for our community this century. It is an endeavor that is not optional, but mandatory. Not for individual success and gratification, but for the communities collective survival going forward. Black people, according to some, have become a permanent underclass in America due to years of systemic and systematic racism, bias in employment and education and the lack of support within and outside of the community for Black-owned businesses (on top of a host of other issues).
This blog entry seeks to address the issue of how to rebuild going forward. This is a solutions-based blog entry. The solution being organized and collective crowd-funding in the Black community. It may be the easiest and best solution we have.
There aren't many industries that show comparable signs of growth potential as the legal marijuana industry. An industry that some believe could be worth well over $20 billion by 2020. The rise of this industry will see new wealth generated not only for entrepreneurs, but also investors. The window is still open, but for how long remains to be seen. Much has been made about the difficulty for Blacks to get their feet in the door in this industry as entrepreneurs, while this is definitely a problem...this doesn't apply to investing. For those who are paying attention, they know this is a boat you still have time to get on. These are the reasons why Black people should work to make sure we carve ourselves out a piece of the pie for ourselves in this new industry