The Truth About Crypto: What Black Investors Should Know

(WIB) – The global cryptocurrency market is projected to reach $1.6 trillion by 2030, signaling advancements in virtual banking systems and potential gains for investors. The market has expanded to thousands of cryptocurrencies since their introduction in the early 2000s. As alternatives to physical cash, they have shifted the value of products. Yet, their legitimacy as a viable path to wealth generation has been in question for a long time. “They’re really a bad type of investment in that, generally speaking, there’s no real product or service behind it,” says Algernon Austin, director for race and economic justice at the Center for Economic and Policy Research. “When you buy crypto, you’re really just betting that other people are going to buy crypto. The hype has brought in a lot of people who don’t fully understand it.” A 2022 survey found that 11% of Black Americans said they first started investing through cryptocurrencies. That’s compared to 31% of survey respondents who said they began investing through 401k plans. Those entering the cryptocurrency market tended to be younger and open to more volatile investments, which is typical among other kinds of investments.In the United States, the concept of a virtual currency has...