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Report: 40% of African-Americans say they use crypto Report: 40% of African-Americans say they use crypto

Report: 40% of African-Americans say they use crypto

In a recent poll, 42% of all Americans between 18 and 34 years old said they have traded or used crypto, while 40% of all African-Americans do the same.

Report: 40% of African-Americans say they use crypto

Cover art/illustration via CryptoSlate

A new poll conducted by NBC News shows that 40% of all African-Americans said they have traded or used crypto, while 42% of all Americans aged between 18 and 34 have traded or used crypto.

According to NBC News, the poll shows that digital assets continue to get more popular even as lawmakers warn of market risks and work to regulate the industry. To this point, half of all men between the ages of 18 and 49 said they had used crypto, the highest share of all demographic groups.

Looking at the whole population, regardless of demographics, 21% of the 1,000 Americans polled said they have used or invested in crypto at least once. Moreover, digital assets have spread even though U.S. legislators and appointed officials work to introduce new legislation and rules for the crypto industry. The report said this points to a rising adoption trend among the younger generation.

The report said that people have a favorable view of cryptocurrencies — like bitcoin (BTC), ether (ETH), and stablecoins — because they offer better transaction speeds, privacy, security, and lower cost. They also provide access to financial services for underbanked communities.

Only 19% view crypto positively

The lack of clarity from U.S. legislators and public comments from politicians —  like Elizabeth Warren and Gary Gensler — may be why only 19% of those polled said they view crypto positively, and 25% indicated they view it negatively.

However, roughly 56% of people polled said they feel neutral or are unsure about the crypto industry. Crypto’s popularity has grown to be too big to ignore. The market is so large that it has caught the attention of the highest political level, shown not the least by President Joe Biden’s recent executive order directing relevant government agencies to study its risks and benefits.

While the administration voiced concerns about potential fraud and the financing of illegal activities, it also clarified that the U.S. has a geopolitical interest in developing the infrastructure and oversight to monitor crypto.

Other recent polls confirm the finding made by NBC News. For example, as reported by CryptoSlate on April 7, 40% of 18 to 35-year-old consumers expressed an intent to use cryptocurrencies to pay for goods or services within the next 12 months.

Inflation key adoption driver in unstable economies

The report — dubbed “Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022” — was presented at the Bitcoin 2022 conference in Miami on April 6 by payments provider Checkout.com. It points to an increasingly positive trend in adopting cryptocurrencies for online payments. The report reads:

” [The trend] marks a substantial shift in attitude from digital currencies being seen as solely an investment vehicle to a means of doing business on a regular basis.”

In other parts of the world, where economies and currencies are less stable, inflation is a crucial driver for crypto adoption, as reported by CryptoSlate on April 8. While there are many use cases for the crypto industry, the most popular use appears to be as a hedge against rising inflation.

A recent Twitter thread by CoinMarketCap revealed that citizens of countries in emerging economies battling inflation mostly use their crypto holdings as a hedge against their falling national currency.

According to this poll by CoinMarketCap, Venezuela’s inflation rate is at a record high of 472%, which has forced many residents to turn to crypto. Per the report, there are 2.9 million crypto users in the country, which amounts to 10.23% of its population.

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