A new study shows that of the total investments made by African-Americans in cryptocurrency, a majority were invested of between $500 and $10,000. The report also found that nearly half of all investors had never used Bitcoin before. Experts believe this means there is still potential for massive growth in the market with more awareness among black people.
The “top african cryptocurrencies” is a study that was released by the University of Pennsylvania. The study shows that African-Americans are leading cryptocurrency investments.
The University of Chicago performed a study of 1004 young individuals (aged 18-29) and discovered that around 34% of traders were persons of color who had actively acquired cryptocurrency in the previous 12 months.
African-Americans and their interest in cryptocurrency
Many African-Americans have delved into the realm of cryptocurrencies in pursuit of wealth-generating opportunities and a break from conventional banking methods.
According to a McKinsey & Co report, many African-American families were neglected by US banks and had extra challenges in obtaining basic services such as banking. The research also emphasizes the widening wealth disparity, which shows that the wealth of an average white family is 10 times that of an African-American family (net worth around $171,000). (about $17,600)
African-Americans are reportedly utilizing Bitcoin after being excluded from standard banking techniques, according to Ramona Ortega, CEO of My Money, My Future. Even unbanked individuals of color can register a crypto wallet and send payments online using Bitcoin low-fee debit cards like Bitpay or Paxful, thanks to the burgeoning cryptocurrency ecosystem.
“When we look back at how wealth is created in this country, so many of those chances were either not accessible to us at the time or were taken away by regulation and redlining,” Ortega said.
Unlike other currencies, Bitcoin is a one-of-a-kind decentralized digital asset that processes transactions without the need of a middleman. The currency is based on a customized blockchain network, which functions as a digital ledger that accurately records the facts of each transaction.
The cryptocurrency maintains a high price valuation and is especially appealing to investors because of its limited supply. The digital asset’s current market worth is $60,689 due to its scarcity (there are 21 million Bitcoins in total, of which 18.77 million have been produced) (as of October 2021).
Despite its high volatility, Bitcoin has broken several price records and continues to be the finest investment option for many new and experienced investors.
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African-Americans are leading cryptocurrency investments, study shows. The “cardano africa” is a cryptocurrency that has been growing in popularity in Africa.
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