In the United States, a survey found that a higher proportion of people from minority and LGBTQ communities own crypto assets than white Americans.
According to a poll from USA Today, some 23% of Black Americans along with 16% of Hispanic Americans own cryptocurrencies. Both are notably higher than the 11% owned by white Americans.
Crypto awareness is also more prevalent among people of color. Nearly half of Black, Asian, and Hispanic Americans said they were familiar with crypto, compared to 37% of white Americans.
Apart from racial minorities, other marginalized communities also see greater potential in cryptocurrencies. Roughly 25% of LGTBQ Americans own crypto as opposed to only 13% of the general public.
While those identifying exclusively as white made up roughly 60% of the U.S. population, Americans of a Hispanic background accounted for 18%, with Black Americans at 13%, according to a 2019 US Census Bureau estimate. The surveys according to two surveys of 2,010, and 2,003 U.S. adults performed in June and July.
More equitable finance
Having been ignored or manipulated by traditional financial institutions, marginalized communities see cryptocurrencies as a new opportunity for equitable finance. Some 43% of Black Americans say the banking and loans industry has treated them unfairly.
Meanwhile, 39% of the LGBTQ community feel the same, in contrast to 28% of the general public. Additionally, 58% of Black Americans, 66% of Hispanic Americans, and 59% of LGTBQ Americans believe that traditional systems “are not meant for people like me.” Cryptocurrencies thus enable them to invest their money outside the more conservative outlets.
However, despite their enthusiasm, many are still concerned about their investments losing value. Half of Black crypto owners surveyed reported being “very” concerned about crypto losing its value, compared to only 30% of white crypto owners. Notably, LGBTQ Americans were slightly more optimistic than the general public, with 20% saying they are “very” concerned about their crypto losing value versus 33% respectively.
Still, investors believe that the potential of cryptocurrencies outweighs their risk. Over 75% of Black crypto investors are more likely to hold those assets long-term, compared with 63% of white crypto investors.
Crypto representation
As cryptocurrency ownership becomes more diverse as it spreads throughout the United States, the same cannot be said for the United Kingdom. The country’s financial watchdog the Financial Conduct Authority (FCA) recently released the results of its latest quantitative study on cryptocurrencies.
The most substantial finding of the study is that 2.3 million people now own cryptocurrencies in the UK. Additionally, in light of the increased ownership of cryptocurrencies, the relative level of understanding has declined. However, as ownership grew the average demographic remained largely the same, middle to upper-middle-class males over the age of 35.
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