A survey by Harris Poll, for USA Today, detailed that minority communities are increasingly holding more crypto assets. The poll shows that members of the LGBTQ, Hispanic, and Black communities have a greater likelihood of owning crypto.
Two surveys were conducted during June and July, each of which surveyed over 2,000 people each. Based on the results, 17 percent of Hispanic Americans responded that they have invested in digital assets. A large chunk of African American respondents, specifically 23 percent, said that they have holdings in digital currencies.
In contrast, only 11 percent of Caucasian Americans stated that they diversified their portfolio. Similarly, only 13 percent of the general public considered crypto a lucrative investment. Meanwhile, a surprising one-fourth of LGBTQ respondents mentioned they have crypto investments.
But even if we look past ownership and evaluate awareness, minority groups rank higher. Half of Asian, Americas, Hispanic Americans and African Americans were familiar with crypto. On the other hand, only 37 percent of Caucasian Americans stated that they were familiar with digital currencies.
In addition, the poll asked minority group, respondents, how the financial system has treated them. To this, a shocking 43 percent of African American respondents said they experienced financial discrimination. They explained that the loan and banking industries had treated them unfairly. 39 percent of respondents belonging to the LGBTQ community said they experienced something similar. This shows that many minority groups are considering crypto investments as a way to avoid discrimination at the hands of the financial system.
It’s true that marginalized communities experience more discrimination from banks. That’s because only 28 percent of the general public responded that the financial sector had treated them unfairly.
The SEO of Harris Poll, John Gerzema, stated that numerous marginalized communities are showing interest in decentralized finance. The reason for this is that crypto seems like a far more lucrative opportunity. Traditional investment vehicles hold a long history of discriminating against minorities. In contrast, cryptocurrencies are a new innovation that allows them to get a headstart in building wealth. When entering the crypto investment domain, minority groups also face fewer barriers.
The CEO of Onramp Invest, Tyrone Ross, reiterated the same thing. He expressed that crypto is gaining immense popularity among LGBTQ Americans and young African Americans. The reason behind this is that the lack of centralization represents financial freedom.
He added that while the social phenomena may seem like a monolith, it’s not. Rather, it’s a whole movement. In his opinion, cryptocurrencies and digital assets promote equality and representation. As crypto becomes a widespread availability, more and more members of minority groups can access it.