Minority communities invest in crypto to escape financial discrimination

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A survey provided to USA Today by Harris Poll found that black, Hispanic and LGBTQ Americans are much more likely to own crypto assets.

According to surveys of 2,010 and 2,003 American adults in June and July, 23% of black Americans and 17% of Hispanics indicated that they are currently invested in digital assets, compared to only 11% of white Americans. and 13% of the general population. Public. 25% of LGBTQ respondents also reported holding crypto.

Cryptocurrency awareness is also higher among minority groups, with half of black Americans, Hispanics, and Asian Americans expressing familiarity with cryptocurrency, while only 37% of Americans whites responded in the same way.

The poll also found that 43% of black Americans believe they haven’t been treated fairly by the banking and lending industries, a sentiment shared by 39% of LGBTQ respondents. In contrast, 28% of the general public say they have been treated unfairly by the financial sector.

According to Harris Poll CEO John Gerzema, many marginalized communities have experienced financial discrimination, which likely contributed to their increased willingness to explore decentralized assets:

There has been a long history of discrimination in investing and perhaps that is why we have seen a broad demographic of interest and inclusiveness in crypto, as it is new, open, and apparently has fewer barriers to entry. the entrance.

Related: How Will Blockchain And Crypto Improve The Lives Of LGBTQ + People? Expert response

Tyrone Ross, CEO of investment advisory firm, Onramp Invest, echoed Gerzemas’ sentiment, saying: Crypto is very important with black millennials and LGBTQ Americans because it represents freedom.

“It’s really a social movement […] representation and equality are what crypto promotes, evokes and distributes, he added.

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