The promise and peril of crypto for Black investors

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 29 June 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Black consumers are more likely to own crypto than white consumers and crypto enthusiasts laud the crypto world as a driver for racial equity. In today's show we explore that premise. If you're interested in learning more, listen to the episode and check out Terri Bradford's article on Black crypto ownership.

Transcript

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0:00.0	NPR.
0:11.8	Back in 2014, Samson Williams got some advice from a coworker that would change the trajectory
0:17.1	of his life.
0:18.1	He was like, Samson, here's three things improve your life.
0:21.6	Get on LinkedIn, wear better socks, and buy some Bitcoin.
0:25.4	So I got on LinkedIn, bought myself some Hello Kitty socks, and bought some Bitcoin in
0:29.7	2014.
0:30.7	And it was that last thing, buying $200 worth of Bitcoin that sent Samson down a rabbit
0:37.0	hole.
0:38.0	A few years later, by 2017, he saw hundreds of other new cryptocurrencies being created.
0:43.7	He saw the world's first Bitcoin billionaire get minted, and it felt like it was becoming
0:50.1	a mainstream thing.
0:51.6	Samson became a true believer in the coming cryptocurrency revolution.
0:57.2	Samson is black, by the way, and he says one thing he was particularly excited about was
1:01.8	this growing idea in some parts of the crypto community that crypto could be a driver for
1:07.5	racial equity.
1:08.5	We're going to change the world here.
1:12.2	That was a few years ago, and since then, Samson's view of crypto has changed a lot, and
1:18.2	that was even before the massive crypto crash this year.
1:22.5	Retail investors, particularly in black and brown communities, they've been sold the
1:26.4	sizzle, but there ain't no stake there.
1:29.0	And where the first group who loses out.
	...

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