Most crypto investors are white males, earning six figures. However, Survey shows that could be changing.
Crypto is starting to broaden its appeal away from investors with more significant assets. The future of crypto looks bright. We are excited about a more diverse audience 24% of cryptocurrency owners are Hispanic. Other minorities comprise a smaller share of crypto owners 70% of crypto owners are male, and only 30% are female.
Hispanics are the leading minority of crypto owners because places like Argentina and Mexico have higher inflation than the US. Many Hispanics who want to send money to other countries utilize cryptocurrency. Hispanic workers are an underserved market—many Hispanics use stable coins, which has their bitcoin go directly to a wallet. Cryptocurrency is more convenient than a traditional bank account. This service allows their salary to get sent home to their families automatically. Other countries offer a minimal fee compared to other more conventional money transfers. Payment processors like strike are allowing employees to convert their paychecks to crypto.
The cryptocurrency industry has been one of the fastest-growing markets. Although the dollar’s value continually decreases due to inflation, cryptocurrency has a higher chance of going up. As a result, it has been said that cryptocurrency is the new digital gold.
Historically there have been barriers for minority investors with financial investment institutions that hold options like the stock market and real estate. There is an attraction for more and more minorities to invest in crypto where there are no gatekeepers. Our communities have been locked out of financial systems we have not been able to participate.
Cryptocurrency has paved the way for us to have opportunities without any barriers to entry. Cryptocurrency is not under control and is not regulated by formal traditional financial institutions. With a bit of diligence, we can learn the fundamentals of cryptocurrency through free podcasts and YouTube. Many Latinos are drawn to cryptocurrency because it is a unique opportunity for us to build wealth and gain financial independence away from other financial institutions that have historically failed us.
By Diane Revilla
