African-Americans on the lead towards cryptocurrency investments
A recent poll conducted by Harris had revealed that 23% of African-Americans own cryptocurrency.
A recent poll conducted by Harris had revealed that 23% of African-Americans own cryptocurrency. This is high compared to white Americans and Hispanics who roughly own 11% and 17% of crypto respectively.
African-American on the lead
The survey poll, conducted on over 1000 young adults (aged 18-29) reveals that approximately 34% were people of colour. University of Chicago was behind the poll and realised the 34% had actively purchased cryptocurrencies in the last one year.
Now, many African-American have decided to venture into the world of Cryptocurrency. Most of these people want new investment alternatives that could provide wealth easily with little struggle. Additionally, they also want to advance to digital banking systems and respite from traditional banking ways.
According to a study conducted by McKinsey & Co, very many African-American families were underserved by the US banks. Moreover, they had to face additional difficulties in acquiring general services like banking. The report also brought to record the wealth gap that hand expanded over the years. It indicates that the wealth of an average White family was ten times greater than that of an average Black family. An average White family boasts a networth of $171, 000 while that of an average Black family is somewhere around $17,600
African-Americans discriminated traditional banking systems
African-Americans use Bitcoin after being left out of traditional banking methods. Infact, this is according to Ramona Ortega, founder of My Money, My Future. So with the emerging Cryptocurrency space, even people without bank accounts can create Crypto wallets. This is even easier and helps transfer funds online through Bitcoin low fee debit cards like Bitpay or Paxful.
“When we look back at how wealth is built in this country, so many of those opportunities were not available to us at that time or were taken away through regulation and redlining” Ortega says.
There is a plethora of currencies available, however, Bitcoin is a bit over the top. You might wonder why we say this, now, Bitcoin is a decentralized digital asset that doesn't require any intermediary to process transactions. Instead, the currency operates on a specialized block chain network. It's this block chain network that acts as a digital ledger recording the details of each transaction with complete accuracy.
Cryptocurrency maintains a high valuation
Cryptocurrency maintains a high valuation in terms of prices and is particularly attractive to investors. To add, it's finite quantity even makes it more and more attractive than other currencies. Because it's available in limited numbers, there's only 21 million Bitcoin in total. Out of the total figure, 18.77 million is already mined. As of October 2021, the asset's current market valuation is somewhere around $60, 500.
Bitcoin is for sure very volatile, however, it has managed to break multiple price records. Still, it continues to prove as the best investment alternative for many new and professional investors.
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