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A survey has been conducted by USA Today which talks about the growing interest of minority communities, Black Americans and LGBTQ Americans in the crypto industry. Black Americans are investing more than White Americans in crypto-assets and are likely to own more assets than White Americans or the general public.
USA Today has conducted a survey recently under which it has observed that the Black Americans and LGBTQ are likely to invest more in cryptocurrency than White Americans. The poll was conducted by Harris Poll which has found that Black, Hispanic, and LGBTQ Americans are significantly more likely to own crypto assets.
The survey was conducted on 2,010 and 2,003 U.S. adults in June and July. out of which 23% of Black Americans and 17% of Hispanic Americans showed their interest in crypto assets and have currently invested in cryptocurrency. On the other hand, only 11% of White Americans and 13% of the general population have invested in Crypto assets. 25% of LGBTQ also said that they hold crypto.
Minority groups in the country are also aware of cryptocurrency and its benefits. Half of Black Americans, Hispanic Americans and Asian Americans have expressed their familiarity with cryptocurrency, while only 37% of White Americans have answered the same.
Reason for investing in Crypto
According to the poll, 43% of Black Americans believe that they have been given bad treatment from the financial sector since there is a lot of discrimination observed by the banking and loan industries. Similarly, LGBTQ echoed the same sentiments. 38% of respondents from the LGBTQ community said that they are treated badly by the financial industry. 28% of the general public said that they had been unfairly treated by the financial sector.
John Gerzerna, CEO of Harris Poll said that many marginalized communities have experienced financial discrimination, likely contributing to their increased willingness to explore decentralized assets. There has been a long history of financial discrimination in investments and that is the reason why many people from minority and other origins are interested in investing in crypto and showing a massive interest in the crypto industry. It is because the industry is new, open and has fewer barriers to entry.
Tyrone Ross, CEO, Onramp Invest, an investment advisory firm agrees with Gerzerna stating that Black Americans invest a lot in crypto. It is very big among them and LGBTQ Americans. It is because it represents freedom, equality. This is what crypto promotes, evokes and distributes.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
