The world of cryptocurrency is heating up again, but for immigrant communities—so often left out of financial innovation—the stakes are higher than ever. In a recent national briefing hosted by American Community Media, a panel of experts unpacked the complex world of crypto through the lens of inclusion, equity, and consumer protection.
At the heart of the conversation was a critical question: Is crypto a lifeline—or a landmine?
“I Grew Up Unbanked”: Why Crypto Feels Personal
Tyrone Ross, a seasoned financial professional and co-founder of Turnkey Labs, brought passion and purpose to the table. “I grew up in a home that didn’t have a bank account,” Ross shared. “When I saw Bitcoin, I couldn’t unsee the opportunity.”
For Ross, crypto assets—distinct from the broader term “cryptocurrency”—represent a form of financial self-determination. His analogy was simple yet powerful: handing a dollar to someone in the street. “Crypto is just like that. No names, no banks, no hours of operation—just peer-to-peer value transfer.”
He stressed that the U.S. financial system often punishes the poor, noting that many Americans pay as much as $35 in monthly bank fees unless they meet requirements like maintaining a minimum balance or setting up direct deposit—luxuries many immigrants and low-income workers don’t have.
“Crypto doesn’t solve every problem,” Ross admitted, “but it exposes just how broken and unequal the current financial system really is.”
A Global Perspective: From Guyana to Real-Time Remittances
Ross also highlighted crypto’s potential for streamlining remittances—lifelines for many immigrant families. “My dad is from Guyana,” he explained. “Now, I can send him Bitcoin and it converts in real time into local currency. No middlemen. No 3.5% tax. No delays.”
And yet, crypto’s accessibility remains lopsided. Technologies like FedNow, the U.S.’s real-time payment system, are only available to those with traditional bank accounts—a catch-22 for the very people most in need of faster, fairer financial options.
“Crypto Is Not What It Seems”: A Consumer Advocate’s Warning
But with great potential comes significant peril. Cantrell Dumas of Better Markets shared data that painted a sobering picture.
“Crypto is being sold as a vehicle for generational wealth, especially to Black and Latino communities,” Dumas said. “But only 1% of users report using it for purchases. For most, it’s a speculative investment—and a dangerous one.”
The volatility is staggering. One day Bitcoin is worth $112,000; the next, it drops by thousands. For those without financial safety nets, even small losses can be catastrophic.
Worse, scams are rising. “In 2024 alone, $9.3 billion was lost to crypto fraud,” Dumas reported. “And these scams often target older adults and low-income communities, many through culturally tailored messages and influencers.”
Dumas pointed to Bitcoin ATMs as an example of predatory accessibility. Found disproportionately in Black and Latino neighborhoods, these machines often charge over 20% in fees and don’t even allow cash withdrawals.
“Once It’s Gone, It’s Gone”: Tips to Avoid Crypto Scams
Elizabeth Kuo, a former Federal Trade Commission official, added practical advice and a consumer protection lens. “Treat crypto like cash,” she warned. “Once it leaves your hands, it’s out of reach.”
Kuo emphasized that many crypto scams recycle old tactics—urgent messages, family impersonations, technical jargon—just wrapped in new digital packaging. “If someone pressures you to pay in crypto, or says it’s too technical to explain, walk away.”
She also noted that despite crypto’s growing profile, it’s not yet a reliable or widely accepted form of payment. “Most vendors still immediately convert crypto to dollars. It’s not replacing fiat currency anytime soon.”
Trump, Bitcoin, and the Politics of Profit
Perhaps the most explosive revelations came from investigative journalist Zeke Faux, author of Number Go Up. Faux chronicled how former President Trump and his family have flipped from crypto skeptics to full-fledged entrepreneurs in the space.
“They raised $20 million from Bitcoin advocates, and suddenly Trump was calling it the future,” Faux said. The Trumps then launched multiple crypto ventures, including a coin that funneled 75% of profits directly to their pockets—netting an estimated $400 million.
“This is a huge conflict of interest,” Faux noted. “They’re setting crypto policy while profiting from it. That should concern everyone.”
What It All Means for Immigrant Communities
As this candid and sometimes heated conversation revealed, crypto is not just a tech trend—it’s a battleground of access, equity, and exploitation.
For immigrant communities, the technology holds real promise: cheaper remittances, flexible banking, financial dignity. But without strong regulation, transparent education, and grassroots empowerment, it can also deepen inequality and drain hard-earned savings.
The takeaway? Be curious. Be cautious. And most importantly, be informed.
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