Minority communities are investing in crypto to escape financial discrimination

Black and LBGTQ Americans are more than twice as likely to invest in crypto than white Americans.

A survey provided to USA Today by Harris Poll has found that Black, Hispanic and LGBTQ Americans are significantly more likely to own crypto assets.

According to surveys of 2,010 and 2,003 American adults conducted during June and July, 23% of Black Americans and 17% of Hispanic Americans indicated they are currently invested in digital assets, compared to only 11% of white Americans and 13% of the general public. About 25% of LGBTQ respondents also said they hold crypto.

Cryptocurrency awareness is also higher among minority groups, with half of Black Americans, Hispanic Americans and Asian Americans expressing familiarity with cryptocurrency, while only 37% of white Americans answered the same.

The poll also found that 43% of Black Americans believe they have not been treated fairly by the banking and loans industries, a sentiment echoed by 39% of LGBTQ respondents. By contrast, 28% of the general public said they had been treated unfairly by the finance sector.

According to Harris Poll CEO John Gerzema, many marginalized communities have experienced financial discrimination, likely contributing to their increased willingness to explore decentralized 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.”

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Tyrone Ross, CEO of investment advisory firm Onramp Invest, echoed Gerzema’s sentiment, stating, “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.