If you’ve kept up to date with developments in the crypto space, you’ve probably seen just how lucrative it can be. Tokens like Bitcoin are worth over $100,000 per unit, and it was even named the best-performing asset of the 2010s, beating out gold. It seems that every other day, a crypto fortune is being made, whether by speculative trading or developing new projects.
However, it is clear that this prosperity is not being distributed evenly. Crypto is clearly very white and male, leaving many black people questioning whether their communities can reap the rewards. Luckily, they can, should they apply the following steps:
Investing in Tokens
The first step towards making money for the black community from crypto is, unsurprisingly, investing in tokens to start with. A major factor in the gap in crypto profit between communities is the lack of participation from many black people. So, individuals are encouraged to put a reasonable amount of money into promising cryptos. Finding the right ones to invest in will take some time, but it can be done.
Coinspeaker, for example, offers a list of the best crypto coins worth buying, and these highlight not just the tokens themselves but the factors making them a good buy. By starting off on your individual crypto journey, you can get a slice of the billion-dollar crypto pie for yourself. Of course, you should be cautious of scams and only invest an amount of money you are willing to lose.
Creating Investor Communities
A lot of black people and communities feel shut out of the crypto sector because there is limited representation or community to be found in it. To combat this (and encourage more black crypto investment), we should strive to create investor communities specifically for black people. This could be something as simple as a Telegram group chat that highlights investment opportunities, job availability, and other relevant information.
These groups will, in turn, lead more black investors into the crypto space and combat the lack of representation within it. If the resources are available, these communities could hold meetups, which is common practice within the industry. These will offer the chance for black investors to not only connect with one another socially but also consolidate resources to grow their individual and collective wealth.
Starting Crypto Businesses
While investing in crypto has created individual wealth for investors, the biggest earners from crypto have proven to be the entrepreneurs. This includes those who create top cryptos, crypto exchanges, data platforms, and so on. Creating large-scale wealth for the black community will include having ownership of prominent businesses in the space.
While it won’t be a walk in the park, it can be done. Through entrepreneurship training, grants, loans, and other points of access, black entrepreneurship in the crypto space can become more prominent. Not only will the individual founders benefit, but other black non-entrepreneurs can obtain employment and other benefits from the companies they create.
Blockchain-Based Skills
Because the crypto and blockchain industries are fast on the rise, jobs within them are more plentiful and thus, more lucrative. This is especially true during crypto bull runs, with many companies paying top dollar for developers, designers, and much more. To funnel some of this money into black communities, individuals can either obtain blockchain-specific skills or apply their existing ones to the industry.
Like any other industry, getting a job will require a bit of research and networking, but it is very much worth it for the individual and community benefits.
Leveraging Blockchain For Community Benefits
Outside of monetary benefits, the black community can benefit from the crypto and blockchain sector by leveraging the technology for the common good. It is not unheard of for blockchain projects to be used for conservation efforts, fundraising for good causes, permanent historical documentation, and so on. Blockchain entrepreneurs can ensure that even as they pursue various ventures, they keep the community’s benefit at the forefront of their minds.
In a bid to secure black wealth, entrepreneurs can also make sure that the community does not bear the brunt and, instead, can benefit from it in tangible yet non-material ways.
The crypto sector has been on the rise for a while and shows no signs of stopping. But so far, it seems the black community has been underrepresented when it comes to reaping the benefits. This doesn’t have to be so, as there are several ways to drive wealth into it. For starters, more black people can look to invest in the crypto space or seek jobs within it. Entrepreneurs can also try their hands at crypto ventures, creating opportunities for both themselves and the community. If these can be applied, the black community will benefit materially and socially from the great crypto boom.
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