The collapse of two crypto-friendly banks this month, Silvergate Capital Corp. and Signature Bank, caused a setback for crypto companies that relied on the banks to convert digital currencies to U.S. dollars.
the oldest and most popular digital currency, by reinforcing a distrust in the banking system that helped give rise to cryptocurrencies in the first place.
But the drawbacks of crypto played out dramatically after prices cratered in 2022, wiping out millions in investments and leading to a cascade of bankruptcies and layoffs at crypto exchanges, lenders and other companies. Along with its volatility, crypto lacks protections such as deposit insurance since it’s not controlled by any single institution. Largely unregulated, the industry is susceptible to scams, hacks and fraud.
Black and Latino crypto enthusiasts have formed social media groups, written books and organized summits to promote minority developers in the space and champion blockchain technology’s potential to create more equitable systems in finance and beyond. Carmona considers crypto’s marketing to racial minorities part of a legacy of “predatory inclusion” in the tradition of payday loans and subprime mortgages — risky services that promise access to financing that would otherwise be out of reach.
Her disillusion deepened when crypto couldn’t help her family in Tigray during the conflict there from 2020 to 2022 because the lack of infrastructure and access to electricity made transfers impossible. When she tried to point out these realities to some in the crypto community, she was dismissed as “negative” by social media posters breezily celebrating that the hashtag #eth, for Ethiopia, was introducing people to the digital coin Ether.
Bario said Bitcoin Academy’s workshop at the Marcy Houses complex was his first meaningful introduction to personal finance, though he graduated last spring with a degree in economics from Lafayette University. Growing up, he said, investing was not a realistic possibility in his family, which relied on income from his father, who worked as taxi driver back in Honduras.
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