Cobalt, Cryptocurrency, and the Congo
How is cobalt, cryptocurrency and the Congo related? Cobalt is the mineral used to make many products that make our lives easy, and more exciting. Some of these products are jet engines, gas turbines, cell phones, and electric cars just to name a few. Cobalt, like several other minerals, comes from the mineral rich Republic of the Congo. Cryptocurrency, or better yet, the blockchain technology that runs cryptocurrency has the ability to make things right. According to Amnesty International cobalt mining has come under fire for several human rights violations. By using blockchain technology the public would have the ability to track the mineral from the mine all the way to the consumer. This transparency and technology is greatly needed. Africa is abundant in riches but is being looted by foreign interests.
It is no wonder that Belgium, a major stakeholder in the Congo, recently constructed a brand new embassy. Or that Apple has decided to buy directly from the mines. I predict that cobalt will keep the mining industry bullish for several years to come. What I am more interested in seeing is the interplay of politics with this topic. Will Apple do the right thing and pay fair market price? Will this cause the dark colonial regime of Belgium to tumble? Will this shed international attention on all that has been stolen from Africa?
Salika Angel is creating Commentary, Future Forecasting, and Lifestyle optimization. Follow her on Patreon.
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