cryptocurrency

Some Black Investors Are Not Very Happy With Cryptocurrencies

Cryptocurrency is widespread Described as a way to help Black Americans get financial opportunities they wouldn’t otherwise have. However, there are many skeptics who say that encryption does not do what it claims.

Some Black Investors Don’t Think Cryptocurrency Is Enough

Cryptocurrency is built on the concept of financial freedom. It is widely reported that those who are cut off by standard banking or similar institutions can find use through cryptography and access the services and products they need to survive. He also mentions that cryptocurrency can greatly help minorities.

However, not everyone believes this last statement. Samson Williams, for example, had been in the mortgage lending industry for about eight years when a colleague told him about cryptocurrency. He got hooked right away and decided to invest $200 of his own money into the growing world of digital assets to see what would happen.

Williams said:

No one knew what it was, but it was going to change the world, so I’ve been drinking a lot of crypto Kool-Aid.

His investment paid off and about two years ago, he cashed out his bitcoin and ethereum earnings and bought a house for his mother. While he said he has done well in his cryptocurrency decisions, he is concerned that many investors are seeking to bridge the wealth gap between them and the many black Americans seeking access to the growing landscape.

One problem appears to be that black investors do not consider crypto as risky as white investors according to a recent study by Charles Schwab and Ariel Investments. Additionally, the survey indicates that many of these black investors make buying decisions based on social media posts and other sources that are considered lesser known.

Williams, a law professor, said in a recent interview that cryptocurrency does not address the many daily problems people in his community deal with. He said:

Cryptocurrencies do not solve a living wage. They do not treat unemployment. Black people are so passionate and thirsty for financial inclusion and economic opportunity that we virtually [riper] for being exploited.

Despite his bleak and doomed words, there are many examples of successful black investors lucky in cryptocurrency. One of those success stories is Terrance Leonard, who invested only $2K in Bitcoin in 2019. By 2021, he was able to make over $1M in profits. He bought himself a house in the Washington, D.C. area and sold some cryptocurrency to use as serious money.

get while you can

He said:

It’s going to be scary, and you’ll be nervous because there’s money in the game and more often than not, people invest more money than they can afford to lose, but dive in.

Tags: bitcoin, black investors, samson williams

#Black #Investors #Happy #Cryptocurrencies

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