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Policy: Technology

ThinkProgress: Bitcoin is racist

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Beltway Confidential,Opinion,Ashe Schow,Technology,Bitcoin

I've got to hand it to ThinkProgress -- they needed to find an original reason to disparage popular cryptocurrency Bitcoin, and they found one: Bitcoin is racist.

How is a digital currency racist? Because white privilege, that's how.

“[T]here's a fair amount of privilege built directly into the currency: In order to buy the sometimes wildly expensive currency, Bitcoin users need to be wealthy. And they can afford to put their wealth into a currency that isn't widely accepted or even recognized. Plus, they move easily through the financial and digital space -- the process of ‘mining' Bitcoins demands it; it is all about knowing coding and decryption and how to use an exchange. The sum total of these things -- advanced knowledge of computer science, wealth -- are also markings of the young, white male.”

If being able to afford something makes it racist, why does ThinkProgress peddle global warming policies, especially when the only people that can afford them are the very wealthy?

The Bitcoin Foundation has not yet responded to a request for reaction.

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