NEW YORK—Black Americans are more likely than White Americans to invest in cryptocurrency, a new study reveals.
The report from Charles Schwab and Ariel Investments shows Black investors are less likely than White investors to believe cryptocurrency is a risky investment, CNN said.
Despite the extreme volatility of cryptocurrency, Black people, the study says, are also more likely to make investment decisions based on social media or other less-credible sources, CNN noted in its analysis.
“The disparity leaves Black investors disproportionately vulnerable when the cryptocurrency market collapses,” CNN said. “Critics argue that Black Americans lag behind their white counterparts in financial literacy, which they say is key to making smart investment decisions with cryptocurrency. Still, social media influencers, Black celebrities, athletes and conference organizers continue efforts to lure more Black investors into cryptocurrency, touting their own financial gains.”
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