Permissionless innovation lowers barriers for disadvantaged groups but the industry is still dominated by white males in key ways, says CoinDesk's chief content officer. Opinion for the 'Money Reimagined' newsletter.
We all know the stereotype: The archetypal cryptocurrency fanatic is the “crypto bro,” a white, male software engineer or finance professional who has suddenly come into an unreasonable amount of money.
Power, in terms of resource allocation, is even more biased in this space. You’ll see in it any cursory glance at the “team” page of most leading crypto projects’ websites. The CoinDesk events programming team is reminded of it every day as it struggles to achieve gender and racial diversity among the speakers at our Consensus Festival in June.
Similarly, crypto usage by Black Americans is booming as a new ethos around “Black Bitcoin,” the title of Isaiah Jackson’s influential book, starts to emerge. Last year, a USA Today/Harrisfound that 23% of Black Americans and 17% of Hispanic Americans owned cryptocurrencies, compared with only 11% for white Americans.
These stories of growth and innovation are a direct outcome of crypto’s disintermediating capacity and its model of permissionless development. There are no gatekeepers telling minority developers, business people or creators what to do; the builders will just build whatever they want. It’s why each story is unique, an experience that’s tailored to the needs of specific communities – a direct reflection of decentralization.
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