Black Americans Are Urged to Increase Their Cryptocurrency Investments
African-American investors in the United States are being advised to increase their knowledge and dollar-cost average their way into bitcoin and other cryptocurrencies. This is rather than keeping their money in cash as a safeguard against inflation.
Hill Harper is an actor and entrepreneur who founded The Black Wall Street, a finance website focused on bitcoin investment. Harper believes that owning bitcoin, even fractions of a coin, may be used to create generational wealth.
“If we can get every African American in this nation to own at least one million Satoshis, I think we will have laid the groundwork for future wealth creation,” he told CNBC.
“You have to keep in mind that over 62% of all Americans do not have even $1,200 in the bank. And that figure increases when we include the African American community.”
Harper started his company a year ago. This year marks a century since Black Wall Street – the heart of black commerce in Tulsa’s Greenwood neighbourhood – was demolished in a racist assault.
Recently, black firms have surreptitiously raised funding from sources other than the conventional banking system — initiatives such as the online simulation game Vibranium.
Andre Villeroy is the founder and chief executive officer of Beyorch, a hybrid private equity company. According to him, many black American company owners are considering the use of coins as a means of raising funds or even selling ownership in their businesses.
“You’ve accomplished things that you would not have been able to achieve otherwise. Thus, by harnessing the power of blockchain – by leveraging your own token – you can now acquire more funds more quickly.”
“Cryptocurrencies are expanding investing choices for a broader range of investors, which is a really positive thing,” said Angela Fontes of the University of Chicago. “There is a lot more information at the fundamental level in crypto since it is not as mature as conventional stock investment,” she told Forbes.
According to Morning Consult statistics, around 2 in 5 Black Americans are inclined to acquire or invest in bitcoin, compared to roughly 3 in 10 persons overall.
Cryptocurrencies are seen as providing people of colour with equal access to a varied financial marketplace.