The Obama administration's Department of Commerce had an appointment with Cleve Mesidor that year. Mesidor helped pen a press release about the virtual currency. Mesidor quit her job and became a full time representative of the industry and a committed investor after just a few years.
A few years after Mesidor helped with her friend's press release, she watched "Dope", a movie about a group of black teenagers who use digital currency to fight financial criminals. She said that the film made her think of a way for people who had been accidentally or deliberately left out of the traditional financial system to be treated fairly.
It's a common experience for minority investors who say they're bullish on the market even though it's suffered through a steep sell-off.
They say that the losses are inconsequential to the overall objective of the project, with the potential to level the playing field with those who have never experienced discrimination from lenders or bankers.
According to Jacob Faber, an NYU professor and an expert in social inequality, the perspective of people like Mesidor was likely a result of a long history of discrimination in the financial system.
Black Americans distrust banks at a higher rate than White Americans, according to a survey released in April. Mesidor can relate to the feeling that financial institutions don't respect you. She said that she and her family had loan applications denied by the bank.
I was not taken seriously. When someone is like, "Why are you wasting my time?". Meidors spoke. You have to get a degree. It was done by us. I did that to get a good paying job. It isn't enough.
Many Black and minority investors are either locked out or shy away from traditional investment opportunities that may be offered to white investors because of this.
According to the Federal Reserve Board, only 34% of black Americans own stocks, compared to 61% of whiteAmericans. Black investors own 25% of the digital currency compared to just 15% of white investors, according to the report.
Since last November, the total market value has been slashed by about $2 trillion and the price of bitcoins has plummeted from $69,000 to just over $20,000.
Black investors are more likely to invest in digital assets.
If traditional finance has worked for you, you think it's riskier. It is seen as speculative by you. Traditional finance is risky for people who have been locked out. Asking for a loan is riskier than you might think. Are you aware of the answer?
Away banks and their conscious or unconscious biases have been said to be part of the reason for the popularity of cryptocurrencies. The beauty of self-sovereign identity is that you don't need government help to build wealth.
Others are less sure.
The proliferation of cryptocurrencies and non-fungible assets has become a kind of Ponzi scheme according to NYU's Faber.
There is no support for the idea that this can be a democratizing currency.
Black investors are twice as likely as other investors to say thatcryptocurrencies are their best investment choice. After years of research, Mesidor ended her career as a politician and became the head of her non-profit foundation. She is unperturbed by the plunge in the value of the currency.
Mesidor said that get-rich- quick schemes in this society rarely benefit them. This is not about the price of digital currency. It's about creating access for people.
She says she is in the market for the long haul and is bullish on the biggest.
Mesidor said that he thinksbitcoin is his north star.
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