Former Fed Regulator Says Bitcoin Is ‘Absolutely a Tool for Social Justice’

A former U.S. government regulator turned crypto adviser claims that Bitcoin is “absolutely a tool for social justice”.

Speaking in an interview with Yahoo Finance, Charlene Fadirepo, a former audit manager at the Federal Reserve Board of Governors, said that Bitcoin is “absolutely a tool for social justice,” particularly in relation to Black Americans.

Fadirepo, who now works as a Bitcoin adviser, said that Bitcoin would allow individuals to build generational wealth:

If you think about Black Americans, we believe that Bitcoin allows [us] to build generational wealth. And not just Black Americans … Latino Americans, the LGBT communities and Indigenous communities. It allows communities to build wealth in communities that have been left out of the discriminatory banking system that we have today.

Fadirepo claimed that 2021 was a “breakout year” for Bitcoin and touted the number of high-net-worth clients and major corporations that had invested in Bitcoin.

She also told Yahoo:

The big picture is so bright for Bitcoin… If you look at Bitcoin on a 10-year basis, they’ve had annualized returns of 200% and if you look at Bitcoin in the past two years of this pandemic era, Bitcoin had returns of 400%. Gold had a return of roughly 15% and the S&P delivered 42%. So those are amazing returns for any kind of asset class and incredible returns for Bitcoin.

She went on to say:

You saw the FDIC and the Fed work together for inner-agency guidance and we expect to see more and more movement and more regulatory clarity… And as we know when regulatory clarity is here, that builds trust, that builds security and that will encourage more people to invest and hopefully more institutions to invest.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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