Former Federal Reserve official says bitcoin is the best tool for social justice
A former government official became a Bitcoin supporter advisor and appreciated the existence of Bitcoin.
Despite huge volatility and lack of regulation, people are moving toward the adoption of this crypto industry. The majority of the people are looking at these assets to fight against the critical financial ecosystem. Besides all these, there is a big population that is supporting bitcoin as a tool outside the control of any government agency.
Recently Charlene Fadirepo, a former audit manager at the Federal Reserve Board of Governors, appeared in an interview with Yahoo finance. In the whole interview, she appreciated Bitcoin as healthy support to people’s life financially.
Charlene pointed out that the backward communities of America like Black Americans, the LGBT community can get better support with bitcoin. And also said that almost every community can get better advantage of it.
“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..”
Charlene also noted that 2021 was for this crypto industry. And the people who invested in Bitcoin grabbed an advantage in 2021.
Further, she shared her analysis on Bitcoin. She said that in the past 10 years, Bitcoin has resulted in 200% profit per year, and in the past 2 years it has given around 400% profit. While Gold like traditional Investment resulted in very less profit in the same time frame with 15% or less.
“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.”
On the anxiety of regulatory uncertainty, she said that FDIC and FED are working together to create more clarity and better rules for this industry.
Charlene believes that huge regulatory clarity will give more confidence to Bitcoin believers.
“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.“
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