As more and more businesses are placing equity at the forefront of their efforts, the possibilities in contributing and achieving such growth are endless when done the right way.
Bitcoin is a tool for equity as it allows anyone with an Internet connection to gain access, which also implies a closing of the existing wealth gap in the long run. It can be a way to counter this.
How does Bitcoin help minimize the gap between different social classes?
Bitcoin can be embraced by anyone at any time. Equal access to these digital opportunities empowers individuals, including the youth, women and minorities.
Bitcoin contributes to combating ethnic disparities
With cryptocurrency, bias and prejudice are eradicated. Hence why it is reputed that Bitcoin can combat ethnic disparities. It allows for anyone with access to a smartphone or internet connection to make investments without any systemic barriers.
While investment opportunities are not regularly extended to minorities, the latter are given a new opportunity today with the existence of blockchain technology. It is now easier, more accessible, and more possible for them to invest in profitable projects and to own assets thanks to its open financial system. All of this is and continues to empower more minority groups to engage with Bitcoin through investing and developing businesses.
For example, in the United States, almost 25% of Black Americans with an income over $50,000 own Bitcoin or other cryptocurrencies, according to a survey conducted in April 2022 by Ariel Investments and Charles Schwab. This percentage is compared to just 15% of White Americans with a similar income according to the same study. Younger people are more involved, with 38% of Black people under 40 owning cryptocurrency, compared to 29% of White people under 40.
Many of those most involved are millennials, small-business owners, and even Black professionals with advanced academic degrees, who have been excluded from the loans and investment opportunities that more privileged individuals use to build wealth, such as mortgages and high-growth assets.
Many others have been left out, including an estimated 55 million Americans who do not have a bank account or do not have easy access to banking services (Mesidor, 2022).
Bitcoin provides huge new potential outside of the conventional banking system, free from restrictions like minimum balance requirements and a huge amount of paperwork and this example could be applied to any country in the world.
This is where the benefits of Bitcoin come into play. In fact, the blockchain technology that underpins Bitcoin is managed without a centralized authority which eliminates monetary corruption or mismanagement, issues that have occasionally been seen with banks and governments across the world.
Bitcoin empowers the youth
This rings true to the youth as well. Bitcoin has undoubtedly empowered the new generation. In fact, it has increasingly become more difficult to make money over the years which has left young adults looking for creative ways to become financially independent. Bitcoin cryptocurrency has paved the way for them to reach what they desire because it is fully in their control which seems to be a more compelling approach than to have a governmental institution be involved.
With this generation having grown up in the technology age, it has made it much easier for them to adapt to this novelty. This makes Bitcoin a viable option for the youth as they have started investing their time and money into it. Indeed, many young individuals have highly benefited from the financial opportunities provided by cryptocurrency and have even become self-employed at a very young age.
According to TheNextWeb, the importance of Bitcoin for the youth has become so clear that in 2019, the French ministry of Education decided to include it in the curriculum for Economics and Social Sciences. The ministry has also produced four explainer videos as part of the course, including, “Can Bitcoin replace the Euro?” and “Is Bitcoin the future currency?” to assist students in better comprehending how cryptocurrencies function and how they compare to centralized currencies.
In October of 2018, the Financia Business School in France began accepting Bitcoin as a form of payment. Additionally, it is important to note that a number of other universities offer courses on Bitcoin and the underlying blockchain technology to their students and accept the cryptocurrency as payment.
In an effort to transform France into an international superpower in both fields of technology and innovation, French President Emmanuel Macron has long advocated for technological innovation. During a speech at the International Agricultural Fair in Paris earlier this year, he mentioned how Bitcoin could make the agricultural industry more transparent. Although French high school students may not become expert Bitcoin users, it is never a bad idea to educate young people about cryptocurrencies, decentralization, and the monetary system.
Bitcoin places Women on the forefront of investment opportunities
Bitcoin is also placing women on the forefront of investing opportunities. Indeed, women are increasingly acquiring and using Bitcoin as a way to improve their financial wellbeing and consequently gain financial independence. This is seen as an empowering move as it represents a shift from the male-dominated industry to them making way for a change in the power dynamics.
Also, 42% of women globally still lack access to banking services (Hakernoon, 2019) due to several cultural, political, or social reasons, and thanks to Bitcoin, they now have the opportunity to participate in the economy with the existence of digital payments.
Women’s participation and ownership of Bitcoin is also helping narrow the gender gap of financial inclusion while having their entrepreneurial pursuits fulfilled.
Less than 20% of the world’s lands are owned by women, according to a report from the Food and Agriculture Organization of the United Nations. Women’s land rights have been significantly hindered in the majority of nations due to insufficient enforcement of land laws, gender-based differences in constitutions, and customary law. Additionally, many households and societies continue to be governed by male-dominated social structures, making it harder for women to own land.
Because the technology can verify transactions and combat forgery, a blockchain ledger can help women safeguard their property ownership. Blockchain-powered contracts eliminate the possibility of unruly rejection of land ownership thanks to its decentralized feature, which distributes software across its network and algorithmically verifies each transaction. If the contracts are inserted into a blockchain ledger, this means that neither a male relative nor a government official could oppose a woman’s rights to land or property ownership.
Bitcoin is for everyone. Literally.
If you’re curious about the crypto industry, but aren’t sure if you should jump into this new field yet, start your financial education journey with our Ultimate Guide: Towards Bitcoin ETFs. Knowledge is power, as they say, so this is your first step into the world of Bitcoin.