Skip to content

Young Black Americans Wary of the Stock Market Are Turning to Crypto

  • Many see digital tokens as best overall investment choice
  • Ariel, Schwab survey finds distrust of market, finance sector
A cryptocurrency ATM in San Francisco.
A cryptocurrency ATM in San Francisco.Photographer: David Paul Morris/Bloomberg

Young Black Americans are embracing cryptocurrency to counter a distrust in stock markets and financial institutions.

About 38% of Black investors under 40 years old own digital tokens, compared with 29% for their White counterparts, according to a survey by Ariel Investments and Charles Schwab Corp. issued Tuesday. Overall, twice as many Black respondents than those who are White ranked crypto as the best investment choice overall.