A Word: Black Crypto Boom

Slate News

Slate Podcasts

News Commentary, Politics, News

4.5 • 6K Ratings

🗓️ 10 June 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

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, 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.
0:38.4	Welcome to a word, a podcast about race, impolitics, and everything else.
0:41.9	I'm your host, Jason Johnson.
0:43.9	The American dream seems increasingly out of reach for many people in the nation, and
0:48.7	it has always been a tough climb for African Americans.
0:51.3	American middle class black people with good jobs and education can struggle because of
0:56.7	the systematic barriers to building and passing down intergenerational wealth.
1:01.7	That may be one reason why non-traditional methods of building wealth have been so attractive
1:05.8	in the black community, including one of the latest cryptocurrency.
1:09.0	It has been endorsed by celebrities like Spike Lee, LeBron James, and Megan Thee Stallion.
1:14.6	Why the cash in your wallet is issued and regulated by governments.
1:17.6	Bitcoin is a cryptocurrency.
1:19.9	Like a wild stallion, it can't be controlled by anyone.
1:23.3	That means that no one person or organization gets to decide how much of it is used, how
1:28.4	much of it is in circulation, what is worth.
1:31.5	And the marketing of Bitcoin and other cryptocurrency to the black community seems to be working.
	...

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