• In the United States, minorities and LGBTQ people are more likely to use cryptocurrency

  • According to a USA Today study, among minorities in the US, approximately 23% of Black Americans, 25% of LGBTQ Americans, and 16% of Hispanic Americans are more likely to use cryptocurrency. Both are significantly higher than white Americans’ 11 percent.

    Cryptocurrency Use Is More Common Among Minorities and LGBTQ People

    A poll conducted in the United States found that people from minority and LGBTQ groups are more likely to use cryptocurrency than white Americans.

    People of color are more aware of cryptocurrency as well. Compared to 37 percent of white Americans, nearly half of Black, Asian, and Hispanic Americans were familiar with cryptocurrency.

    Other marginalized groups, in addition to ethnic minorities, see greater potential in cryptocurrency. Approximately 25% of LGTBQ Americans are more likely to use cryptocurrency, compared to only 13% of the general population.

    According to a 2019 US Census Bureau estimate, white people made up roughly 60% of the US population, Hispanic Americans made up 18%, and Black Americans made up 13%. According to two June and July polls of 2,010 and 2,003 U.S. adults.

    Finance that is more equitable

    After being ignored or exploited by traditional financial institutions, underprivileged groups now see cryptocurrency as a new avenue for equitable financing. The banking and lending sector, according to 43% of Black Americans, has treated them unfairly.

    Meanwhile, 39% of the LGBTQ community agrees, compared to 28% of the general population.

    Furthermore, 58% of Black Americans, 66% of Hispanic Americans, and 59% of LGTBQ Americans believe that traditional systems are “not designed for individuals like me.” Cryptocurrencies enable people to invest their money in places other than the more conservative ones.

    Despite their enthusiasm, many people are concerned that their investments will depreciate. Half of the black cryptocurrency owners polled were “very” concerned about the value of their cryptocurrency, compared to only 30% of white crypto owners.

    Notably, LGBTQ Americans were somewhat more optimistic than the general population, with 20% saying they are “very” concerned about their cryptocurrency losing value, compared to 33%.

    Nonetheless, investors believe that the promise of cryptocurrencies outweighs the risk. Compared to 63 percent of White crypto investors, over 75 percent of Black crypto investors are more likely to keep those assets for the long term.

    Depiction of Cryptography

    While Bitcoin ownership in the United States is becoming more diverse, the same cannot be said for the United Kingdom.

    The Financial Conduct Authority (FCA), the UK’s financial watchdog, has released the results of its most recent quantitative analysis of cryptocurrencies.

    The most important finding of the study is that 2.3 million people in the UK already own cryptocurrencies. Furthermore, as the number of people who own cryptocurrencies has increased, so has the proportional level of awareness.

    However, as ownership increased, the typical demographic, which consisted of middle- to upper-middle-class males over the age of 35, remained virtually unchanged.

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