Black investors, a recent survey suggests, have a higher investment rate in crypto than white investors.
New York Mayor Eric Adams makes the State of the City address in New York on Jan. 26, 2023. Adams startled the world by asking that his first three paychecks be converted into bitcoin and ethereum, two popular cryptocurrencies.
All of which began to sound to me like a Ponzi scheme, a form of fraud in which belief in the success of a bogus enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. I felt somewhat vindicated when the crypto scandals began to erupt, most famously in the form of Sam Bankman-Fried, founder of FTX, a cryptocurrency trading platform and its hedge fund arm, Alameda Research. His reported net worth of $16 billion in early November was gone a few days later when he filed for Chapter 11 bankruptcy protection.
And the Black investors appear to be bigger risk-takers in this risky investment. They’re more than twice as likely to say crypto was their first investment .
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