Black Community Still Believes in Crypto: A Chance to Build Wealth & No One Can Take It
• The black community still stands with crypto, as it offers a financial opportunity for those who are unbanked or underbanked.
• Bitcoin does not require background checks or financial checks for users, and provides global liquidity.
• Despite progress in the inclusion of unbanked individuals in America, there is still an economic divide between black and white communities.
The Black Community Still Stands With Crypto
Bitcoin may have taken a hit recently but the dream is still alive for the black community, as Bitcoin presents an opportunity to gain access to everyday tools and products that otherwise would be inaccessible. Traditional banking institutions tend to be exclusionary of African Americans and other minorities. Therefore crypto can provide what these individuals need to survive and stay afloat, without requiring background checks or financial history.
Lamar Wilson’s View On Crypto
Lamar Wilson – founder of Black Bitcoin Billionaire – commented on the potential impact of crypto: “A lot of our history with America has not been the greatest…Bitcoin is an asset that you can store and hold yourself and no one can take you” providing a way to feel part of an asset that is globally liquid around the world.
Underbanked Populations In America
The FDIC survey suggests that although 4.5 percent of America’s population remain unbanked, there remains a large gap between white communities who receive more opportunities than their African American counterparts. Courtney Robinson – Block’s global head of financial inclusion – commented on this: “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 In Crypto Common In Black Communities
Investing in cryptocurrency appears to be quite common in African American communities as they look for ways they can increase their wealth while avoiding traditional banking systems which previously had been oppressive towards them. There are numerous bitcoin conferences, meetups, and investment clubs which have been specifically designed for this purpose.
Increasing Access To Financial Services For All
Cryptocurrency provides equal access for all regardless of previous credit history or lack thereof; something which traditional banking does not offer due its stringent requirements from applicants from minority groups across America. It’s hoped that crypto will continue to bridge this divide by providing much needed access to essential services such as loans, insurance products etc., particularly amongst those within lower income brackets or minority groups who traditionally have faced barriers when accessing these services through conventional means