About 63 million Americans remain unbanked or underbanked in the United States. They do not have access to traditional financial systems like banks and credits. It is a stain on the economic structure and democracy of this country. Today the centralized finance system remains out of bound for a large part of native, rural and urban communities. They are seeing a hope in cryptocurrencies to achieve their economic empowerment goals. Recent data indicates Black and Latino communities will be the force that will increase mainstream crypto adoption. It is notable that while only 11 percent white Americans said they own cryptocurrencies, the percentage was 23 percent for Black American people and 17 percent for Hispanic Americans.
Inclusiveness Increases with More Options
Rather than force everyone to choose a few select financial options, more people can be onboarded to the financial system if more options are available. However, it still requires some financial skills and literacy. Right now there is a big opportunity to prepare new technological solutions to make life easier for key demographics. It is important for local, state and federal governments to become more proactive so the disadvantaged groups can feel a part of the main financial system.
Blockchain and Web 3
No one should feel being left out from the emerging innovation and digital economy. Black, Brown and many other groups see the decentralized blockchain and web 3 solutions as a great protection for their economic stability. Creative industries are coming up that leverage NFTs. NFT platforms provide everyone the same opportunity at creations, investments, deposits and profits.
It is time to seize the momentum of cryptocurrencies to help disadvantaged groups. However, they need some skills and training to take advantage of the emerging digital solutions. Many jobs that do not require college degrees or advanced skills are coming up in the crypto industry. It is important for all stakeholders to invest in future solutions to make economic opportunities available to everyone.