can lfap attract crypto purchases?
Cryptocurrencies have become an investment craze, the stuff of memes, tweets and subreddits as celebrities, athletes and billionaires tout their favorites and pour money into the digital currencies. They are created and traded over a decentralized computer network and have a particular appeal to younger investors.
But the digital assets are more popular with some groups of investors than others, according to data from Harris Poll given exclusively to USA TODAY. While only 11% of white Americans report owning cryptos, 23% of Black Americans and 17% of Hispanic Americans own such assets, according to two surveys of 2,010, and 2,003 U.S. adults in June and July.
?Awareness of crypto is also much higher among people of color. Half of Black Americans, half of Asian Americans and 49% of Hispanic Americans say they are familiar with it, versus 37% of white Americans.
And people of color aren’t the only marginalized groups with a strong interest in decentralized currencies. One-quarter of LGTBQ Americans own crypto compared with only 13% of the general public.
Marginalized communities tend to worry they will lose money because they've experienced bias and unfair treatment, says Yosef Bonaparte, associate professor of finance and the director of external affairs in finance at the University of Colorado Denver.
But for groups that have experienced discrimination, currencies that are freely exchanged and not backed by a single government appear more equitable, experts say.
“There has been a long history of discrimination in investments,'' says John Gerzema, CEO of the Harris Poll. "And that could be why we have seen a wide demography of interest and inclusivity in crypto – because it’s new, open and seemingly has fewer barriers to entry.”
