• Bitcoin provides an opportunity for underbanked individuals in the black community.
• The idea is that traditional financial institutions shut out African Americans and other minorities from accessing tools and products.
• Lamar Wilson, founder of Black Bitcoin Billionaire, believes that crypto can provide a way to store and hold wealth without fear of it being taken away.
The Black Community’s Belief in Crypto
Bitcoin may have taken a hit in the past year, but for the black community, the dream is still very much alive. Many individuals in black America have not had access to the same opportunities as others due to standard financial institutions often shutting them out of products and tools. However, bitcoin and digital currencies offer a chance to survive by providing access without needing background or financial checks. This has been seen as revolutionary since its inception roughly 15 years ago.
Unbanked Individuals
According to an FDIC survey, 4.5 percent of Americans are unbanked or underbanked – meaning they do not have access to what they need for everyday life through traditional means. Bitcoin allows anyone with an internet connection and digital address the opportunity to trade, buy, and sell crypto with no discrimination against certain populations or their past financial history.
Lamar Wilson’s Perspective
Lamar Wilson – founder of Black Bitcoin Billionaire – spoke on this concept: “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… This provides a way to be part of an asset that is globally liquid around the world.“
White vs Black Communities
Though there has been progress in lowering those who are unbanked or underbanked in America, there remains heavy divisions between white communities receiving more opportunities than their black counterparts. Courtney Robinson – Blocks‘ Global Head of Financial Inclusion & Policy Development – commented on this stating: „The things that we see in our financial system…can also end up being a double-edged sword that causes exclusion to certain populations.“
Investing Is Common
Despite these issues however investing within crypto is becoming increasingly popular among African Americans according to recent reports from The Wall Street Journal – which suggests many believe this could be their ticket into building wealth without fear of it being taken away from them again.