Compared to White Americans, Black and LBGTQ Americans are more than twice as likely to invest in crypto.
According to a survey conducted by Harris Poll and released to USA Today, Black, Hispanic, and LGBTQ Americans are substantially more likely than the general population to hold cryptocurrency assets.
A survey conducted in June and July found that 23 percent of Black Americans and 17 percent of Hispanic Americans said they are currently investing in digital assets, compared to only 11 percent of white Americans and 13 percent of the general public.
The surveys were conducted among 2,010 and 2,003 adults in the United States. Twenty-five percent of LGBTQ respondents also stated that they have cryptocurrency.
The awareness of bitcoin is also higher among minority groups, with half of Black Americans, Hispanic Americans , and Asian Americans stating that they are familiar with cryptocurrency, compared to only 37 percent of White Americans.
According to the poll, 43 percent of Black Americans believe that they have not been treated properly by the banking and lending businesses, a position shared by 39 percent of LGBTQ respondents as well. In contrast, 28 percent of the general public claimed that they had been unfairly handled by the financial sector.
In the words of John Gerzema, CEO of Harris Poll, many marginalised communities have been subjected to financial discrimination, which has likely contributed to their increasing inclination to investigate decentralised 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.”
According to Tyrone Ross, CEO of Onramp Invest, cryptocurrency is very popular with Black millennials and LGBTQ Americans because it signifies freedom. Gerzema agreed, saying, “Crypto is very big with Black millennials and LGBTQ Americans because it represents freedom.”
“This is very much a social movement […] representation and equality are what crypto promotes, evokes and distributes,” he added.
