Cryptocurrencies may be a viable option for minorities in the United States to pay their bills

The prototypical cryptocurrency owner is a middle-aged white male who makes a lot of money. Other segments, notably minorities, are, however, turning to bitcoin and other cryptocurrencies, according to study.

According to a recent Morning Consult survey, only 62% of bitcoin owners are white, compared to 69% of all U.S. adults.

At the same time, 24% of bitcoin owners are Hispanic, compared to only 16% of U.S. adults as a whole.

African-Americans own 8 percent, Asians and other ethnicities 6 percent, and other minorities make up the rest.

Cryptocurrency owners by race and ethnicity

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Also, 70% of crypto owners are men, vs 30% of female owners.

Although white people make up the bulk of cryptocurrency owners, Morning Consult financial services expert Charlotte Principato notes that the Hispanic population is significantly higher.

Asian, Black, and Hispanic persons are more likely than white adults to have invested in, traded, or used cryptocurrencies, according to a Pew Research Center study.

Hispanics are more likely to possess cryptocurrencies as an asset in their investment portfolio, but they are also more likely to use it to pay for goods and services than white cryptocurrency owners, according to Principato.

Principato stated, “There are communities who need better ways to pay.” That’s a key promise of cryptocurrencies, particularly bitcoin.

Cryptocurrency may be popular in Latin America because of the region’s higher inflation than the United States, particularly in Argentina and Mexico. According to Principato, this could entice Hispanics in the United States who wish to contribute money to those nations or who are just inspired by the passion.

CEO Jonathan Chester said Bitwage’s Latin American business has grown significantly in the previous two years, particularly in Argentina, Brazil and Mexico.

To avoid using a regular bank account, employees in the United States can sign up to get their paychecks in either stablecoin or bitcoin and have the funds sent straight to the wallet they own.

Users of alternative financial services in December

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It is possible that these services will benefit underrepresented markets, such as Hispanic workers who wish to have a portion of their paychecks automatically remitted to relatives back home. Chester predicted that Bitwage might charge a fraction of what other companies charge for regular money transfers if it implemented these kinds of services.

People who hold cryptocurrencies tend to use alternative financial services, such as money orders and payday loans from businesses that don’t belong to traditional financial institutions.

In Principato’s words, “they are the people who know how to get what they need done.”

Their willingness to accept cryptocurrencies is understandable, given that the methods of transaction they prefer may be more expensive or inconvenient at other times. Principato stated, “They’re looking for better methods to pay.

The CEO of bitcoin ATM business CoinFlip, Ben Weiss, stated that the company’s mission is to ensure that everyone in the United States has equal access to cryptocurrencies.

As a result, he said, the company is placing its kiosks in communities around the country, regardless of how rich or poor they are.

CoinFlip does not keep track of the ethnicity of its users. It is estimated that the gender split is 50/50, with an average age of 40, based on Weiss’ research.

To facilitate investments, rather than day-to-day transactions, most consumers are relying on the company’s machines.

There is no distinction between those who are banked and those who aren’t: “We just want the regular individual to receive crypto,” Weiss stated. Inequality of wealth is a problem that must be addressed.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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