The Black Wall Street Wallet: Creating The Black Wall Street Through Crypto

The Black Wall Street Wallet: Creating The Black Wall Street Through Crypto

September 29, 2021 0

The Black Entrepreneurship Summit hosted its 25th annual summit for 2021, kicked off by Black Enterprise CEO Earl “Butch” Graves Jr. and Chris Igodan, VP of Nationwide Financial which sponsored the virtual summit. For 2021, they invited Hill Harper and Najah Roberts, Chief Visionary Officer of Crypto Blockchain plug to discuss a variety of topics related to Black wealth and cryptocurrency. 

Graves Jr. starts off by mentioning that 53% of Black business owners lost half of their revenue since the pandemic began in the US vs only 37% for their white counterparts. This is obviously yet another sign of inequality in the US economy that can be seen between entrepreneurs of different races. Graves Jr. asserts that corporate America needs to invest in Black enterprises. Not only would this investment be a huge benefit to Black entrepreneurs and the Black community at large, it would also add

$290 billion annually to the US economy if Black owned businesses achieved revenue parity with white owned businesses. 

One of the biggest issues is the wealth gap between Black and white households. Black household wealth is headed towards zero by 2053, which is actually being accelerated by the pandemic. Hill Harper recommends that Black people move out of cash now or we’ll be relegated to matching the same wealth disparity numbers or worse. The Black Wall Street Wallet addresses this by giving Black people a platform to learn about, buy, and trade cryptocurrency. The app also provides the necessary tech platform for Black businesses to use and thrive from. The app gives our people the opportunity to own something, and to diversify our portfolio which is critical for building wealth.

Afterwards, Najah Roberts spoke on the importance of keeping Black dollars circulating in our community. Using the Black Wall Street Wallet app is the best opportunity available to finally utilize our spending power as a community. She mentions that if we don’t get this platform right, the community’s dollars will leave the community within four or five seconds. As soon as people are paid, they are sending money to Zelle, Cashapp or other platforms. By giving our people a new way to send and request money through the Black Wall Street Wallet app, it allows us to keep our money in our community even longer.

Hill Harper points out that the wealthiest individuals do not park their money in cash, but put it in ascending value asset classes such as Bitcoin, stock and mutual funds. By learning about and investing in cryptocurrency such as Bitcoin through the Black Wall Street Wallet app, the Black community can have easy, secure, and fair access to an ascending value asset class, fighting against the wealth inequality in the US. Harper also suggests families should buy and hold Bitcoin instead of selling it to truly build wealth. This is so that the value from the cryptocurrency can be passed down like any other asset and borrowed against if need be. 

You can find The Black Wall Street Wallet app on iOS and Google app stores.

BMI Staff
BMI Staff