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Minority communities investing in crypto to avoid financial discrimination

3 min reading

A recent survey conducted provided to USA Today by Harris Poll has revealed that Black, Hispanic and LGBTQ Americans are most likely going to own crypto assets. 

Based on the survey at least 2,010 and 2,003 U.S adults conducted during June and July, 23% of Black Americans and 17% of Hispanic Americans pointed out that at the present they are invested in digital assets, in contrast to only 11% of white Americans, and 13% of the general public. 25% of LGBTQ respondents mentioned that they hold crypto.

Knowledge about cryptocurrency is vast and is also increasing in between the minority groups, with half of Black Americans, Hispanic Americans and Asian Americans speaking about their connection with cryptocurrency whereas only 37% of White Americans answered the same. The poll also stated that 43% of Black Americans think they have been treated poorly by the banking and loans industries and this opinion was shared and felt by 39% of LGBTQ respondents. Nevertheless, only 28% of the general pubic said that they have been treated poorly by the finance sector. 

Harris poll CEO, John Gerzema believe that many marginalized communities have gone through financial discrimination which is connected with increased interest to know more about decentralized assets. “There has been a long history of discrimination in investments 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.” Tyrone Ross, CEO of the investment advisory firm, Onramp Invest, supported Gerzema’s sentiment saying. “Crypto is very big with Black millennials and LGBTQ Americans because it represents freedom.”

“There is very much a social movement…representation and equality are what crypto promotes, evokes and distributes,” he added. 

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