The promise of crypto failed Black investors. Sold as “a lifeline to Black communities,” crypto was presented as a new way to build wealth outside of the systems that have historically worked against people of color for centuries. Because of this, “many Black investors picked up what marketers were putting down, investing in cryptocurrency at higher rates than their white counterparts — especially Black investors under 40.” But following the crypto crash last year, many are left with nearly valueless currencies like NFTs. The director of race and economic justice at the Center for Economic and Policy Research has spoken out about the risks of crypto in the Black community and says the industry is merely concerned with itself, not about Black wealth—yet young BIPOC are still investing. YPulse’s Fintech report data shows that 60% of BIPOC young consumers agree: “Even though cryptocurrency crashed recently, it is still a valuable investment” compared to 47% of their White / non-Hispanic peers. (Vox)
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