The Black Blockchain Summit: Challenging Assumptions and Building a Pan-African Movement
The Opening Scene: Brother Sinclair Skinner Sets the Stage
The music transitions from soft elevator tunes to Usher, marking the beginning of an eventful day. The cofounder of the Black Blockchain Summit, Brother Sinclair Skinner, commands attention as he enters the auditorium. With his charismatic persona, Skinner’s presence demands respect. Sporting his signature “I ♥️ Black People” T-shirt, he exudes a blend of Clark Kent and P-Funk Mothership with his cat-eye glasses tinted pink. After delivering a brief welcome, Priest Nana Akua N. Zenzele offers libations, invoking blessings for the successful use of blockchain technology in supporting people worldwide. The attendees join in singing along to a beautiful rendition of “Lift Every Voice and Sing” by a talented Howard University student.
From Nonbeliever to Optimist: Skinner’s Journey into Crypto
As a self-proclaimed nonbeliever, I initially harbor concerns that the Black utopian narrative surrounding crypto neglects the challenges faced by our community. However, Brother Sinclair Skinner’s presence on stage shifts my perspective towards optimism. His credibility stems from his activism at Howard University and involvement in organizing protests, including the Million Man March in 1995. Additionally, Skinner founded the first Black super PAC for Barack Obama’s 2012 campaign and witnessed the power of cryptocurrencies during the DC Occupy movement. Inspired by this experience, he embarked on a bus tour of historically Black colleges and universities, promoting the potential of this new technology to young Black minds. Skinner’s journey culminated in Zimbabwe, where political turmoil interrupted the tour. Through this remarkable story, Skinner presents crypto as a means to advance a pan-African movement.
The Birth of the Black Blockchain Summit: Fostering Collaboration and Protection
In 2018, Skinner founded the Black Blockchain Summit as a platform for Bitcoin enthusiasts, currency creators, artists, and government representatives to envision the future of Black communities worldwide. During the early wave of crypto, luminaries like Nipsey Hussle were busy advocating for the digital revolution. However, as the market boomed and scams proliferated, Black investors found themselves increasingly marginalized. The Black Blockchain Summit emerged as a “safety net” to facilitate mutual learning and protection among Black individuals. Despite the challenges faced by the crypto market, Skinner remains steadfast in his belief that traditional finance and Silicon Valley have failed to uplift Black people. Taking risks with crypto emerges as a necessary path when alternatives seem scarce.
The Allure of Crypto for Black Investors: Contextualizing the Numbers
The statistics reveal a strong attraction to crypto among Black Americans. Compared to their white counterparts, Black Americans are significantly more likely to invest in and make crypto their first investment. Last year, an estimated 25 percent of Black Americans owned cryptocurrency, and this percentage jumped to 38 percent for individuals under 40 years old. Curiously, Black individuals tend to perceive crypto as less risky and falsely believe that it is regulated by the government—an assumption partly influenced by endorsements from Black celebrities who collaborate with white-led crypto companies.
Challenging Assumptions: The Enduring Optimism at the Black Blockchain Summit
While these statistics may suggest vulnerability within the Black community, the atmosphere at the Black Blockchain Summit challenges this assumption. Despite the fallout from the previous year’s market crash, the attendees remain enthusiastic and bullish about crypto. The question lingers: What opportunities and possibilities remain for us to explore?