This has left many economists asking the question of what crypto means for the global economy?Īkon was perhaps one of the first celebrities to openly discuss cryptocurrency and its ramifications, as early as 2018, when he declared his own cryptocurrency, Akoin. Cryptocurrency has also become a force to be reckoned with on the forefront of the global community. But cryptocurrency has implications that span far larger than just Black America. This enables folks with less disposable income to get in on the fun whereas the stock market has traditionally excluded these population groups.
Investors can purchase cryptocurrency at a painfully low entry point - you only need a dollar to buy crypto as you can fractionally invest in currencies like Bitcoin or Ethereum buying a minute fraction of the coin.
Accessibility is another reason for cryptocurrency’s success within the Black community. To many, cryptocurrency will serve as the great equalizer that education was once viewed as in this country. The Bitcoin logo is displayed on the side of a Bitcoin ATM on Novemin Los Angeles, California. Although the Winklevoss brothers seemed to have lost the Facebook war, they continue to prove themselves as formidable opponents to Mark Zuckerberg in the “Metaverse”- going on to found one of cryptocurrency’s leading exchanges. If you ever watched The Social Network, you will remember the Winklevoss Twins - the two brothers that infamously founded HarvardConnection, a social media network on Harvard’s campus that predated Facebook.
Gemini is particularly interesting because of its founders, Tyler and Cameron Winklevoss, who started the company in 2014. The benefit of blockchains is that its technology is spread across many different computer operating systems, thus arguably making them more secure than existing payment systems.Įasily accessible crypto-wallets like Coinbase, Robinhood, and Gemini, have made it easy to buy and sell over 50 different cryptocurrencies. It is impossible to demystify the secret of cryptocurrency without answering the infamous question - what is blockchain? Often discussed in tandem, many mix up the idea of cryptocurrency with blockchain, and others simply don’t know the difference.īlockchain is a decentralized technology that is incredibly secure (think of the root of the word crypto - as in encryption). Some experts believe cryptocurrency is all about timing and crypto-believers argue that cash and the USD is archaic and truly the inferior form of currency … but are these investors right? The challenging part is understanding that cryptocurrency fluctuates rapidly and can be volatile - sparking the interest of investors and micro-investors throughout the world who are looking for ways to diversify their portfolios.
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