- February 21, 2022
- |Bitcoin, Crypto News, Cryptocurrency
In America, traditional banking institutions have developed a discriminating system against people of color. From charging higher rates to denying loans regardless of qualifications, it has been difficult for generations of Black and Latino Americans to gain wealth equality. However, crypto is establishing itself as the solution, and these Black investors embrace it.
A 44-year-old Black woman in crypto, Tani Chambers is not just an investor. She regards herself as an Economic Equity Advocate and a Champion of Women in Business. She founded Black Women Who Invest; a group focused on learning investment strategies that currently has over 30K members and climbing.
Her mother taught her about saving money. That was the old-school way. While saving money is an acceptable and safe method for planning your retirement, Chambers has come to an entirely different conclusion over the years. “That’s not enough, especially for Black women,” she says. Chambers now boasts the founding of a FinTech company. In addition, she is also a well-known social media personality who inspires other Black women to enter the crypto space.
The founder of Black Wealth Matters with a membership reaching 90K, Ross Mac, used to be a Wall Street sales analyst. Now, his group inspires Black men and women to invest. But also teaches them how and provides members with valuable tips. When reflecting on what crypto means to the Black community, “This is the new civil rights movement.”
That’s a huge statement considering that the civil rights movement was a struggle to obtain justice and equality for Black Americans. Comparing crypto to the civil rights movement means that Mac sees it as the solution to obtain wealth equality. Historically, far fewer Black Americans invest in stocks than White Americans. However, research indicates they are more open to investing in crypto. A Harris Poll survey concluded that 30% of Black investors hold crypto while only 17% of White investors do. Additionally, 27% of Latino investors have added crypto to their portfolios.
While Chambers and Mac are adamant about teaching investment strategies and offering pro tips, these two are crypto evangelists bringing attention to the space. They’re not your typical investors. They are enthusiasts. Crypto has turned their lives around, and they’re passionately trying to get the message out.
Lamarr Wilson For Wealth Equality
Lamarr Wilson is one of the co-founders of Black Bitcoin Billionaires. The 41-year-old says when he read a technical manual about Bitcoin, he loved it because of what it symbolized, “All it did was represent the opposite of what goes on in this county. They say we’re a capitalist society, yet they always bail out the biggest ones of us and don’t allow the little guy to compete.”
Wilson holds an opinion that is very common among people of color. It’s a fact that Black applicants are traditionally charged higher interest and heavier fees than White borrowers with similar credit. There is also the practice known as redlining, when a loan officer denies an applicant a loan based on where they live. These practices have given the Black community little reason to trust traditional banking systems.
That’s why Black investors like Lamarr Wilson see Bitcoin as the solution for wealth equality. Of course, being a decentralized currency is very appealing. But also, an investor doesn’t need a minimum amount to invest, which often keeps people from investing in the first place when they don’t have the funds. This fact is just one more reason why the Black community is embracing crypto more now than ever.
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