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Minorities and LGBTQ are More Likely to Use Cryptocurrency in the US

cryptoknowmics.com 17 August 2021 02:41, UTC
Reading time: ~3 m

According to a USA Today study, amongst the minorities in the US around 23% of Black Americans, 25% of LGBTQ, and 16% of Hispanic Americans are more likely to use cryptocurrency. Both are significantly greater than the 11% held by white Americans.

Minorities And LGBTQ People Are More Likely To Use Cryptocurrency

According to a poll conducted in the United States, a larger number of persons from minority and LGBTQ groups are more likely to use cryptocurrency than white Americans.

People of race are also more aware of cryptocurrency. Nearly half of Black, Asian, and Hispanic Americans were familiar with cryptocurrency, compared to 37% of white Americans.

Other marginalized populations, in addition to ethnic minorities, see more promise in cryptocurrency. Approximately 25% of LGTBQ Americans are more likely to use cryptocurrency, compared to only 13% of the entire public.

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

More Equitable Finance

After being neglected or exploited by established financial institutions, underprivileged groups now see cryptocurrency as a new avenue for egalitarian financing. According to 43 percent of Black Americans, the banking and lending sector has treated them unjustly.

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

Furthermore, 58% of Black Americans, 66% of Hispanic Americans, and 59% of LGTBQ Americans feel that traditional systems are "not designed for individuals like me." Cryptocurrencies allow individuals to invest their money in places other than the more cautious ones.

Despite their enthusiasm, many people are afraid that their investments may lose value. Half of the black crypto owners questioned were “very” anxious about the value of their cryptocurrency, compared to only 30% of white crypto owners. 

Notably, LGBTQ Americans were somewhat more hopeful than the overall population, with 20% stating they are “very” anxious about their cryptocurrency losing value, compared to 33%.

Nonetheless, investors think that cryptocurrencies' promise exceeds their danger. Over 75% of Black crypto investors are more inclined to keep those assets for the long term, compared to 63% of White crypto investors.

Cryptographic Depiction

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

The Financial Conduct Authority (FCA), the country's financial watchdog, has revealed the findings of its most current quantitative analysis on cryptocurrencies.

The study's most significant conclusion is that 2.3 million people in the UK already possess cryptocurrencies. Furthermore, as the number of people who hold cryptocurrencies has grown, the proportional degree of awareness has decreased. 

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

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