Crypto has been marketed heavily to Black Americans as a form of currency that allows for greater financial freedom.
What are the issues with it right now, and is crypto a safe investment for Black investors?
The recent cryptocurrency crashes have resulted in over $700 billion in losses for crypto investors. Wealthy investors will recover but for many Black Americans who invested their money in crypto, the results have been devastating.
Additionally, one of the largest criticisms surrounding crypto's promotion is its wealth of celebrity endorsements. For example, Jay-Z recently announced plans to start a “Bitcoin Academy” in Brooklyn’s Marcy Houses complex to teach classes on cryptocurrency.
But with so few protections on crypto and markets crashing, is it smart to promote it to our people right now?
Crypto may be having a rough moment, but it's too early to tell whether or not it is truly a viable form of investment.
It could rebound, but the truth is it will likely get far worse before it gets better.
For now, crypto crashing is leaving many Black Americans who believed in the currency early with nothing. Only time will tell if it recovers. Our best bet for now is to watch closely and if we choose to invest, do so with caution.