Jaden Baxter, 24, a special assistant to the mayor of Cleveland, was among a group of young political leaders who came to the recent National Association of Black Journalists (NABJ) convention. There, he had a profound change of heart about cryptocurrency. Today, Baxter is a recognized changemaker in his community. Initially, he had the stereotypical perspective towards crypto, associating it with illegal activities and fad-like endeavors. At that convention, he faced the realities and possibilities of what cryptocurrency could do. This experience fanned the flames of a strong conviction about its power to revitalize underserved neighborhoods. Though an eye-opening experience, it wasn’t long before I grasped the immense potential of crypto. It can help address longstanding financial gaps for the Black community and other unbanked communities.
Read about Baxter’s journey from skepticism to fascination. This journey illustrates the ways that education and advocacy are key to bridging the digital equity gap and fostering inclusivity through technology. If Baxter changes his tune, it could herald a sea change. Most importantly, it lifts up a burgeoning awareness and demand for cryptocurrency as an economic empowerment producing force.
Initial Perceptions and the NABJ Convention
Before going into the NABJ convention, Jaden Baxter had a very narrow and negative perspective on the future of cryptocurrency. At the time, he sheepishly confessed that he was unfamiliar with stablecoins. Because his understanding was colored with misconceptions, Rubio saw crypto as just a tool for criminals and denounced it as an illusion and a passing fad. Indeed, almost everyone has this impression, and particularly those who have not yet experienced the technology firsthand. They might not understand all the ways it can be used.
Baxter’s visit to the NABJ convention paved the way for a new chapter. As the event continued, discussions and presentations at the event challenged his preconceived impressions. He knew things were bad, but even he was shocked when a consultant told him that one thing had jumped to a shocking $120,000. This finding focused his intellectual curiosity and passion on the subject to learn more.
The Stark Reality of Financial Exclusion
Baxter awakened to a more positive realization at the convention. He realized that his community had missed an opportunity to position themselves to reach into an industry that could help solve their biggest problems. He was especially taken that 5.6 million U.S. households are unbanked. This has a particularly harsh effect on Black, Hispanic and lower-income families. Lack of a bank account means insurmountable barriers to financial security and economic mobility.
We’re the last people you want to hear from,” Baxter continued, expressing his disappointment to an obvious and deep injustice. His keen observation underscores a troubling reality of systemic inequity, where the most marginalized communities are consistently shut out of new opportunities. Crypto use surges in Asia, Africa and Latin America. With millions still unbanked within these regions, crypto’s ability to enhance financial inclusion is underscored.
A Shifting Landscape and Future Implications
The narrative around crypto has changed dramatically over the last year – especially here in the U.S. Baxter learned that prominent figures, including the President of the United States, his family, and major corporations like Tesla, hold Bitcoin in their portfolios. This mass adoption sends a clear message that crypto is being accepted as an established, legitimate asset class.
So a second Trump administration in the US will be a huge U-turn. It will modernize its approach by embracing and legitimizing cryptocurrency just as it hopes to do in the world’s most powerful financial system. This regulatory stamp of approval on the state level has created space for innovation and investment in the crypto space. It’s created promising new openings for people and communities.
