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Black Main Street Crypto Investors Want Their Wall Street Respect

  • 7 mths ago

Early Black crypto advocates want to maintain a seat at the table they helped to set, as Wall Street eyes big opportunities in the digital currency sector. People who did some of the earliest work spreading cryptocurrency’s message to the Black community are being increasingly pushed out of the space. With Just under one in four, about 23%, of Black people owning this caché currency, compared to 11% of White Americans, and 17% of Hispanics, how important is it for the Black community to be included as more legacy financial institutions increasingly enter the arena?

The Breakdown You Need To Know:

About 2 in 5 Black adults are likely to purchase or invest in Bitcoin, compared to roughly 3 in 10 adults overall, according to Morning Consult data. CultureBanx reported that many people question whether or not cryptocurrency is helping to democratize finance and the economy, or is it a volatile asset that puts Black communities at particularly high risk. Especially now that Large financial institutions that once looked down upon digital currencies, are now investing huge amounts of money to meet the demand for customers. 

In some ways cryptocurrencies offer a new decentralized financial model allowing Black communities to grow their own wealth, after being ostracized for so long from traditional banking institutions. The number of crypto investors is on track to double as a new generation of Black traders emerge, with 44% of cryptocurrency traders being investors of color.

Continue reading: https://www.forbes.com/sites/korihale/2022/01/04/black-main-street-crypto-investors-want-their-wall-street-respect/?sh=5c6894871388

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