How crypto empowers underserved communities for financial inclusion

As cryptocurrency continues to gain momentum, its potential to benefit underserved communities continues to be a major topic of interest. Roundtable host Rob Nelson, Bitcoin Bros co-host Aaron Williams, and Formidium co-founder and Chief Growth Officer Shalin Madan explore the untapped potential and challenges facing these groups in the crypto space. Their discussions shed light on how digital assets can offer a path to economic empowerment for those historically excluded from traditional finance.

Nelson kicked off the conversation by highlighting the low participation of the Black community in crypto, despite its potential benefits. He noted that many in poor communities, regardless of race, tend to be unbanked. He emphasized that the Black community in America has faced systemic financial exclusion for decades, making crypto a promising solution. “Crypto would be a great solution, but they’re still getting the least of the message,” Nelson noted.

Williams echoed Nelson’s sentiments, noting that lower-income areas often have fewer assets, including crypto. But he shared an interesting observation: “They’re actually more likely to own crypto because it’s seen as cool,” he said, citing the influence of popular culture, including rappers mentioning crypto in their songs. Williams emphasized the importance of encouraging low-income individuals to invest in bitcoin and crypto, even in small amounts, to build wealth over time.

Nelson continued by drawing parallels with the Latino community, where the utility of cryptocurrency is evident. He noted that many Latinos use crypto to send money across borders, benefiting from faster and more affordable transactions. He noted the broader utility of bitcoin, particularly for those outside the mainstream financial system, suggesting that bitcoin could be a savior for the unbanked and underbanked.

Shalin Madan offered a different perspective, focusing on the risks and appeal of bitcoin as a superior, barrier-free asset. “There have been some bad middlemen in the digital asset space over the last few years,” Madan acknowledged. He emphasized bitcoin’s established regulatory status and its potential to generate big profits, especially as other assets become increasingly expensive. Madan emphasized the early adoption factor that can lead to significant financial gains.