Why The Navajo Are Mining Bitcoin

At nearly 400,000 people, the Navajo Nation is one of the largest Native American tribes in the United States. It’s also one of the most impoverished, with poverty statistics closer to the world’s least developed countries than its neighboring cities of Phoenix, Arizona, or Santa Fe, New Mexico.

Nearly 50% of Navajo are unemployed, 40% don’t have running water, 32% live without electricity, and over 30% live below the poverty line, according to an April 2021 testimony before Congress.

Generational poverty for Native American populations has been the focus of an abundance of government research and spending. Most solutions for the issues center on injecting federal dollars into local economies through subsidies, special business licenses and community work.

What these solutions don’t propose, however, is giving tools for lasting individual empowerment to these indigienous populations. Indeed, the Navajo Nation is one of the most visible representations of living in a split monetary system: One with access to American capital, but lack of formal control over capital deployment.

Source link Bitcoin Magazine

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