Economic injustice is likely to be the significant defining feature of the year 2020, if not the only. Coindesk seeks the opinion of Isaiah Jackson, the author of Bitcoin and Black America, a revolutionary book that delves deep into black economics, Bitcoin, and blockchain technology.
Post coronavirus outbreak, the global financial system is in flux. Governments around are pumping trillions of dollars in cash to help their people survive and sustain the harsh realities of the post-COVID world. Needless to say, economic injustice is rampant as it is the poor who always would face the maximum brunt with income loss and financial burdens.
How COVID-19 and George Floyd death magnified economic injustice
And as if this wasnt a sufficient enough blow to the low-income groups disproportionately affected by the pandemic, on May 25, the world witnessed the horrific killing of an African American while in police custody sparking fears of injustice and oppression yet again.
Following George Floyds death, major cities in the United States erupted in flames, and anti-racism slogans of millions of protestors echoed through streets, towns, and TV sets across the globe as the nation came together to protest against police brutality. However, one wonders if there is really an infallible solution to this century-old problem of economic injustice.
Why is it still prevalent?
According to Jackson, Bitcoin can address the long-standing issue of economic injustice and inequality. At a time when around 40 million Americans have lost their primary source of livelihood, the government, apart from the insignificant $1,200