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By Sabrina Lynch

  • 23% of African-Americans own cryptocurrency and 44% of them are investors of color
  • Cryptocurrency Market Triples in less than a year from $770B to $2.7T

Black-owned businesses' finances were disproportionately impacted by COVID, but now the tides are turning as this demographic is utilizing the technologies behind blockchain to own the cryptocurrency market.Just under one in four, about 23% of Black people own this cache currency, compared to 11% of White Americans, and 17% of Hispanics. Last year, approximately 13% of Black households in the U.S. were unbanked which left them financially vulnerable. Cryptocurrencies offer a new decentralized financial model allowing Black communities to grow their own wealth, after being ostracized for so long from traditional banking institutions.

Why This Matters: The number of crypto investors is on track to double as a new generation of Black traders emerges, with 44% of cryptocurrency traders being investors of color. In addition, there has been a steady increase of non-traditional investors, those who have no academic credentials or professional training in finance, turning to crypto to escape barriers created by traditional banking methods.

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