After a market crash, is crypto a savior for the traditionally “underbanked?”
Can cryptocurrency become an alternative financial system for people of color who have historically faced discriminatory banking practices? Some crypto enthusiasts of color who spoke with ABC News say they believe so, even despite the crash in the price of digital currencies.
Worries about the volatile cryptocurrency market also leave some wondering whether turning to digital currency could financially hurt people of color, who generally have less net worth and generational wealth than white people, rather than help them.
Prejudice in banking
Black and brown people have a history of being "underbanked" and discriminated against by traditional financial institutions.
Many low-income Hispanic and Black households have little-to-no bank access, according to research from the Federal Deposit Insurance Corporation.
At least 40% of Black Americans are under or unbanked – 13% are without a bank account and 27%...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...