Traditional U.S. lenders have themselves to blame for turning off people of color. Among those with annual incomes under $50,000, 23% of Hispanic and 13% of Black individuals said they had been denied service, compared with 6% of whites, according to an.
One result is that less well-treated groups find alternative platforms more attractive, including cryptocurrencies. A recent Harris poll for USA Today showed that 23% of Black people and 17% of Hispanic respondents own digital assets, compared with 11% of white Americans. Meanwhile, 37% of the underbanked also bought bitcoin and the like, compared with 10% of those with full banking access, according to.
El Salvador’s adoption of bitcoin is unlikely to be copied widely, least of all the United States. But it is driven by similar trends. President Nayib Bukele said the move will help his citizens save $400 million a year in remittance commissions and provide financial services for residents who don’t have a bank account. A huge downside is that digital assets can be risky investmentsEstablished U.S. banks are missing out on giving these folks safer options.
- A majority of Black Americans said they faced discrimination in the financial services industry, including mortgage companies, credit card firms and banks, according to an August 2021 study by Edelman. The report also said 23% of Hispanics and 13% of African-Americans with annual income under $50,000 were denied service, compared with 6% of white individuals in that same wage bracket.
- Separately, a Harris poll showed that 23% of Black Americans reported owning cryptocurrencies, along with 17% of Hispanic respondents, compared with 11% of white individuals, according to surveys in June and July given to USA Today.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
GinaChon All due respect The first point stated I strongly believe is False By a looooong shot(Black and Latinos are the Top U.S.A.’s owners of digital currencies) at least as found on Wikipedia & CoinDesk..!