Bitcoin Is ‘Absolutely a Tool for Social Justice,’ According to a Former Federal Reserve Regulator
Bitcoin is “definitely an instrument for social justice,” according to a former US government regulator turned crypto advisor.
Charlene Fadirepo, a former audit manager at the Federal Reserve Board of Governors, said in an interview with Yahoo Finance that Bitcoin is “definitely a vehicle for social justice,” especially in respect to Black Americans.
Fadirepo, who is now a Bitcoin consultant, said that Bitcoin would enable people to accumulate generational wealth: “When it comes to African Americans, we feel that Bitcoin enables [us] to create generational wealth. And not only African-Americans… Latino Americans, members of the LGBT community, and indigenous peoples. It enables communities to develop wealth in areas that have been excluded from the current discriminatory banking system.”
Fadirepo said that 2021 will be a “breakout year” for Bitcoin, citing the growing number of high-net-worth individuals and large organisations investing in cryptocurrency.
Additionally, she told Yahoo: “Bitcoin’s long-term prospects are quite good… Bitcoin has achieved annualised returns of 200 percent over the last decade, and 400 percent during the last two years of this epidemic age. Gold returned around 15%, whereas the S&P 500 returned 42%. Thus, they are extraordinary returns for any asset class, but especially for Bitcoin.”
She continued, saying: “You saw the FDIC and the Fed collaborate on intra-agency guidelines, and we anticipate further progress and regulatory clarity… And, as we all know, regulatory certainty fosters confidence and security, encouraging more individuals to invest and, perhaps, more institutions to do so.”
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