Black Americans Turning To Cryptocurrencies To Dodge Racism In Financial Services

PARIS, FRANCE - FEBRUARY 09: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course's graph on February 09, 2021 in Paris, France. The value of Bitcoin (BTC) has exceeded the threshold of 48,000 dollars for the first time in history. Electric vehicle maker Tesla has invested $ 1.5 billion in the virtual currency and will begin accepting it as payment for the purchase of its cars, the group said. The move comes days after Elon Musk temporarily changed his Twitter mini-description to simply #bitcoin.  (Photo illustration by Chesnot/Getty Images)

Black Americans Turning To Cryptocurrencies To Dodge Racism In Financial Services

An estimated 23% are using crypto to build wealth.

UPDATED ON : AUGUST 17, 2021 / 10:30 AM

Written by BET Staff

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.

(Photo by Chesnot/Getty Images)

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