Bitcoin good savings ‘Plan B’ for Black investors: Isaiah Jackson

Bitcoin pro Isaiah Jackson told CNBC on Tuesday that the cryptocurrency is a key way to fix economic injustice, and urged Black investors to get in on the digital coin as a way of long-term saving.

“For the first time in history, we have a Plan B option to the current financial system which has seen years of redlining, racial discrimination and other egregious acts by retail banks to the Black community, and in my opinion, the Black community has the opportunity to shift our mindset and our money,” said Jackson, co-founder of KRBE Digital Assets Group and author of “Bitcoin & Black America.”

“We can shift our energy into Bitcoin and cryptocurrency because there is no barrier to entry, it’s unconfiscatable, which is something we have not seen in the history of the United States for the Black community, so I think Bitcoin is a step in the right direction and it can definitely help in the long term,” Jackson said in an interview with “Squawk Alley.”

Bitcoin’s value vs. the U.S. dollar has more than tripled since mid-October, but dropped more than 10% on Monday, echoing the extreme volatility seen in 2018.

However, Jackson doesn’t view this week’s drop as a concerning move for long-term holders.

“The drop that we’ve seen recently is nothing more than market cycles,” Jackson added. “If you’re in Bitcoin as a savings account, as a way to preserve your wealth, then this volatility should not scare you at all.”

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