Into America

Is Black Crypto Freedom? Or Fad?

Archival Recording:: I’m just excited about bein’ here. Why are we celebrating and talking about cryptocurrency in the Black and brown community?

Trymaine Lee: Last week, there was a small rally on Capitol Hill to raise awareness among the Black and Latino community about the power of cryptocurrency.

Archival Recording:: It is time out for the same thing we’ve doin’ the last 157 years. We have got to do somethin’ different or we’re gonna get and continue to get what we’ve always gotten. (MUSIC)

Lee: Speakers at the rally talked about the potential this new technology could have on the communities that have long been kept out of traditional banking, investing, and wealth accumulation.

Archival Recording:: And the reason I’m so passionate about this is because if we don’t do it, nobody is comin’ to save us. And we’ve gotta understand that it is time to get self-sovereign. It is time for us to take our finances into our own hands. (MUSIC)

Lee: These activists represent a sizable part of the crypto community. The data show that Black and Latino Americans have invested in these digital currencies at higher rates than other groups. Almost a quarter of all Black adults say they already own some cryptocurrency, compared to just 11% of white Americans, according to a Harris poll that surveyed 2,000 people last year.

At its most basic level, cryptocurrency is a digital currency. It’s money that lives completely online. But crypto lacks much of the regulation and control from banks or governments, institutions that we normally associate with our money.

Bitcoin is the most famous and established of these currencies. But there’s other ones too, including ones made by Black people to benefit the Black community. Crypto has been around for over a decade. But recently it’s become a lot more visible in the mainstream. (MUSIC)

Megan Thee Stallion: Hey, hotties. Let’s talk about Bitcoin.

Lee: In the last few years, celebrity endorsements of crypto, like this one from…

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