A Word: Black Crypto Boom

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Business, News, Society & Culture

3.9 • 1.1K Ratings

🗓️ 10 June 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

The market for cryptocurrency crashed in May, losing billions of investor dollars. That’s a special concern for African Americans, who are twice as likely as white people to invest in crypto. On today’s episode of A Word, Jason Johnson is joined by economist Darrick Hamilton to discuss the unique appeal of cryptocurrency among Black Americans, and whether the potential rewards outweigh the risks. Guest: Darrick Hamilton, the founding director of the Institute for the Study of Race, Power and Political Economy at The New School. Podcast production by Jasmine Ellis and Eric Aaron You can skip all the ads in A Word by joining Slate Plus. Sign up now at slate.com/awordplus for just $1 for your first month. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a word a podcast from Slate from your host, Jason Johnson.
0:07.3	Given the racial wealth gap and barriers in traditional financial systems, it's not surprising
0:12.2	that interesting cryptocurrency has surged amongst African Americans.
0:16.6	But after a multi-billion dollar crash in its value, many are wondering if cryptocurrency
0:21.1	is the path to riches or ruin in the black community.
0:25.3	The rise and risk of cryptocurrency coming up on a word with me, Jason Johnson.
0:30.9	Stay with us.
0:37.7	This episode is brought to you by Kraken Pro.
0:40.1	With all new trading features and a fully customizable interface, its Kraken's most powerful
0:44.3	crypto trading platform, well ever, head to pro.kraken.com and trade like a pro.
0:50.3	Cryptocurrencies are unregulated in the UK.
0:52.3	Your profits may be subject to capital gains tax and the value of cryptocurrencies can
0:55.7	go down or up.
0:59.8	Welcome to a word, a podcast about race, impolitics and everything else.
1:03.3	I'm your host, Jason Johnson.
1:05.3	The American dream seems increasingly out of reach for many people in the nation and
1:10.0	it has always been a tough climb for African Americans.
1:12.6	Even middle-class black people with good jobs and education can struggle because of the
1:18.1	systematic barriers to building and passing down intergenerational wealth.
1:23.1	That may be one reason why non-traditional methods of building wealth have been so attractive
1:27.1	in the black community, including one of the latest cryptocurrency.
1:30.8	It has been endorsed by celebrities like Spike Lee, Lebron James and Megan Thee Stallion.
	...

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