Bitcoin may have taken a serious hit in the past year, but for the black community, the dream is still very much alive, and bitcoin presents just as much opportunity as ever. The Black Community Still Believes in Crypto The idea is that many individuals in black America have not garnered the same chances as so many others. The narrative is that standard financial institutions often shut African Americans and other minorities out of the picture when it comes to offering tools and products for everyday use. However, bitcoin and digital currencies can instead give them what they need to survive and stay afloat. This has been the idea behind crypto ever since it first came about roughly 15 years ago. Digital currencies will take into account all the unbanked or
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Bitcoin may have taken a serious hit in the past year, but for the black community, the dream is still very much alive, and bitcoin presents just as much opportunity as ever.
The Black Community Still Believes in Crypto
The idea is that many individuals in black America have not garnered the same chances as so many others. The narrative is that standard financial institutions often shut African Americans and other minorities out of the picture when it comes to offering tools and products for everyday use. However, bitcoin and digital currencies can instead give them what they need to survive and stay afloat.
This has been the idea behind crypto ever since it first came about roughly 15 years ago. Digital currencies will take into account all the unbanked or underbanked individuals out there that cannot garner what they need to live. They don’t do background checks or financial checks to see if you have late payments or other discrepancies in your past. They don’t care about that.
Instead, all you really need is an internet connection and a digital address, and boom! You can start trading, buying, and selling crypto whenever you wish. Lamar Wilson – founder of Black Bitcoin Billionaire, a crypto-focused network – commented in a recent interview:
A lot of our history with America has not been the greatest. Whenever black people have put their money into things in the past to build wealth in this country, it has been coerced out of their hands, it has been taken from them, it has been burned down or destroyed… Bitcoin is an asset that you can store and hold yourself and no one can take you. This provides a way to be part of an asset that is globally liquid around the world.
While the number of unbanked people in America has certainly gone down in recent years (it’s presently at 4.5 percent of the country’s population according to an FDIC survey), there are still heavy divisions between the black and white communities, with the latter allegedly receiving far more opportunities and product offerings than the latter.
Courtney Robinson – Block’s global head of financial inclusion and policy development – mentioned:
The things that we see in our financial system that are meant to protect and hold banks accountable can also end up being a double-edged sword that causes exclusion to certain populations in the financial system.
Investing Is Quite Common
A recent survey suggests low-income people often use bitcoin and crypto for transactional purposes over investing, though Wilson doesn’t agree. He said:
I do work in these communities as far as education. I stay around this community as well, and it’s where I’m from. I haven’t heard anybody saying that they’re using bitcoin or any other cryptocurrency just for transacting and it just doesn’t make sense.