Advocates for cryptocurrency say it can help close the racial wealth gap. But others aren’t so sure.
The racial wealth gap in this country between Black and white Americans is vast. Centuries of violent theft and racist policies mean that white families have, on average, eight times the wealth of Black families. But a sizeable number of people, like Lamar Wilson, the founder of Black Bitcoin Billionaires, say there’s a new way to help close this gap: cryptocurrency.
There are even cryptocurrencies made by Black people to benefit the Black community, like Guapcoin, run by technologist Tavonia Evans.
But while some people see freedom and opportunity, others, likeDr. Jared Ball of Morgan State University, worry that crypto is volatile and speculative, and warn that this new space is not the place to build Black wealth.
This week on Into America, Trymaine Lee dives into the world of Black crypto users, to understand the promises, the hype, the potential drawbacks, and ultimately, whether crypto could equal freedom for Black folks in this country.
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