Two years ago, cryptocurrency was all the rage, as companies quickly jumped into digital currency and rapper celebrities jim jones to the actress Reese Witherspoon touted fintech and their currencies.
Since then, things have changed. From May until today, over $700 billion has been lost as the value of the cryptocurrency plummeted. Worse still, these losses were felt disproportionately by black investors.
Black Americans have embraced cryptocurrency as a means of circumventing the American banking system and its regulations, which have discriminated against and marginalized them for generations. However, a lack of oversight has allowed many users to be taken advantage of.
But as MSNBC reports, it didn’t have to be that way. Ever since cryptocurrency went mainstream, there have been opportunities to have meaningful conversations about the future of digital currencies. However, celebrities and actors in the entertainment industry have silenced these voices to promote their products.
Now that the cryptocurrency has hit rock bottom, it’s time for those meaningful conversations. Digital currency isn’t going away, and the technology used to track transactions, known as blockchain, is designed to work best in the Metaverse, which is still largely in development.
True financial literacy and learning the ins and outs of cryptocurrency as creators and consumers is paramount to avoiding another billion dollar loss. Teaching those interested in fintech will not only protect users, but it can create opportunities for experts to make money sharing fintech and how to avoid falling victim to another crash.
Digital currencies, like cryptocurrency and NFTs, are the foundation of the economy of the future, but if we don’t learn the basics and how to use them effectively, it will have the same effect as payday loans and the like. credit scams – taking advantage of those who need it most.