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Black Americans Turning To Cryptocurrencies To Dodge Racism In Financial Services

An estimated 23% are using crypto to build wealth.

Black folks are turning to cryptocurrencies as a new path to wealth at a higher percentage than the general population, according to USA Today.

An estimated 23 percent of Black Americans own cryptocurrencies, like bitcoin, compared to 13 percent of the general population, the newspaper reported, based on surveys by Harris Poll.

Black people are not alone. The survey found that marginalized groups disproportionately own crypto. About 25 percent of the LGBTQ community and 17 percent of Hispanics are in the crypto market, compared to 11 percent of white Americans.

What many in those groups have in common is a belief that the banking and loans industry mistreats them. 

In the survey, 43 percent of Black people had that sentiment, compared with 28 percent of the general American population.

"There has been a long history of discrimination in investments,'' Harris Poll CEO John Gerzema told USA Today. "And that could be why we have seen a wide demography of interest and inclusivity in crypto - because it's new, open and seemingly has fewer barriers to entry."

RELATED: CEO of OneUnited Bank Announces Campaign To End The Racial Wealth Gap

Unlike traditional currencies, there are no centralized institutions that oversee cryptocurrencies. That’s appealing because it appears to level the playing field, experts say.

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