National

Nonprofits are working to prepare young people of color, those formerly incarcerated and tribal college students for career growth, especially in fields where they remain underrepresented.

Why it matters: Despite years of promises by companies, people of color are still not proportionally represented in a number of industries, including tech, media and venture capital firms. 

By the numbers: Black and Latino workers make up 12.8% and 17.4% of the total workforce, respectively, but only 10% and 9.8% of the professional workforce, according to the Economic Policy Institute and the Department for Professional Employees, AFL-CIO.

Black workers have only 9% of all STEM jobs, and Latino workers have 8%, the Pew Research Center found in a study published last year. 

A Washington Post review of the country’s leading businesses that pledged to address racial inequality in 2020 found that only 8% of “C-suite” executives were Black last year. 

Yes, but: Several companies are trying to buck those trends by offering training programs and by collaborating with companies to ensure that people of color are hired and thrive. 

America on Tech gives young students of color access to the technology sector by teaching them web design and development skills. The bicoastal organization says it has helped around 4,000 students since 2014.

Homeboy Industries, a Los Angeles nonprofit that says it's the world's largest gang intervention, rehab and reentry program, has trained thousands of Latino and Black workers in culinary and small-business skills. The group also helps with job placement.

US First Lady Jill Biden next to Homeboy Industries founder Father Gregory Boyle, helps make pastries during a visit to the Homeboy Bakery and Homegirl Cafe in Los Angeles.

First lady Jill Biden with Homeboy Industries founder Father Gregory Boyle during a visit to the Homeboy Bakery and Homegirl Cafe in Los Angeles. Photo: Robyn Beck/AFP via Getty Images

Justice Through Code, a Columbia University program founded by Aedan Macdonald — who spent four years in federal prison for selling marijuana — teaches coding to formerly incarcerated Black and Latino Americans. 

Center for Employment Opportunities (CEO) provides employment services for people released from incarceration, focusing on jobs including in construction and warehouses in parts of the U.S.

The St. Louis-based Cortex Innovation Community and Per Scholas train people of color and women in cybersecurity. Applicants learn how to set up computer networks and firewalls and defend against cyber threats, St. Louis Public Radio reports.

What they're saying: Nonprofits are filling a void left by companies for years in training people of color to succeed in a variety of fields, DiversityInc CEO Carolynn Johnson tells Axios. 

"An employer, a decision-maker absolutely needs to make sure that no stone goes unturned in giving people an opportunity to fairly compete. And yes, that also includes people who were incarcerated," Johnson says. 

Some companies, including Target, are taking advantage of the programs, she adds. The retailer places formerly incarcerated people who have been through certain programs in entry-level positions. 

Plus, many former participants in nonprofit programs return as mentors or help shape policy work to help with DEI initiatives. 

The bottom line: "You need an all-together approach on DEI where we look and interrogate our privilege, where we look at those who are not in the room and make sure that they are in the room," CEO's Christopher Watler tells Axios.

Editor's note: This piece was corrected to show the acronym for the Center for Employment Opportunities is CEO (not CEOWorks).

Nonprofits fill void in training people of color

Despite years of promises by companies, people of color are still not proportionally represented in a number of industries.

Illustration of a construction worker, programmer and chef.

Deep Dive: Hard Truths - DEI

Nonprofits are working to prepare young people of color, those formerly incarcerated and tribal college students for career growth, especially in fields where they remain underrepresented.Why it matters: Despite years of promises by companies, people of color are still not proportionally represented in a number of industries, including <a class="gtmContentClick" data-vars-link-text="tech" data-vars-click-url="https://www.pewresearch.org/science/2021/04/01/stem-jobs-see-uneven-progress-in-increasing-gender-racial-and-ethnic-diversity/" data-vars-content-id="4ff0ef9f-5368-41a1-8765-7abf1908208b" data-vars-headline="Nonprofits fill void in training people of color" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.pewresearch.org/science/2021/04/01/stem-jobs-see-uneven-progress-in-increasing-gender-racial-and-ethnic-diversity/" target="_blank">tech</a>, <a class="gtmContentClick" data-vars-link-text="media " data-vars-click-url="https://www.axios.com/2022/09/27/latino-representation-media-film-tv-study" data-vars-content-id="4ff0ef9f-5368-41a1-8765-7abf1908208b" data-vars-headline="Nonprofits fill void in training people of color" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/09/27/latino-representation-media-film-tv-study" target="_self">media </a>and <a class="gtmContentClick" data-vars-link-text="venture capital firms" data-vars-click-url="https://www.axios.com/2017/12/15/the-slowly-changing-face-of-vcs-next-generation-1513306334" data-vars-content-id="4ff0ef9f-5368-41a1-8765-7abf1908208b" data-vars-headline="Nonprofits fill void in training people of color" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2017/12/15/the-slowly-changing-face-of-vcs-next-generation-1513306334" target="_self">venture capital firms</a>.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Nearly 30% of educators in red states that limit discussions of Black history say they've altered their curriculum, according to a new survey of teachers.

Why it matters: Conservative-led states' and school districts' bans on so-called critical race theory have led some teachers to scrap once-noncontroversial Black history lessons for fear of being fired or shamed on and social media. 

By the numbers: A quarter of all teachers reported that limitations placed on how educators can address race or gender had influenced their choice of curriculum materials or instructional practices, an American Instructional Resources Survey by the RAND Corporation found.

That percentage includes teachers who live in red states where new restrictions have been imposed and in states where no limitations have been introduced -- highlighting the overall anxiety from teachers.

About 41% of Black teachers in states with limitations say they have changed lessons. Around 28% of white teachers in those same states say they altered their curriculum.

The intrigue: Teachers told researchers they didn't teach critical race theory, but changed their lessons over concerns they could still be accused of doing so, Ashley Woo, a RAND assistant policy researcher, told Axios.

"I think it's really important for all of these leaders to really take stock of what their teachers think about these restrictions, to really understand their experiences with how it's impacting their working conditions."

 Woo said teachers told researchers that they worry new restrictions on diversity and gender lessons could affect critical thinking skills and students' development of empathy toward others. 

Background: At least 18 states enacted legislation to limit the teaching of "divisive concepts" or CRT from 2022 to 2023, according to data from the National Conference of State Legislatures, the American Instructional Resources Survey, and an Axios analysis of recent stories.

Citizens for Renewing America, a group led by a White House budget director under President Trump, offers conservative activists model legislation to craft bans in their states.

It says that equity, intersectionality, social justice, and "woke" terms are racist ideas, and falsely claims that critical race theory teaches that "one race or sex is superior to another race or sex."

Reality check: Critical race theory — which holds that racism is baked into the formation of the nation and ingrained in our legal, financial and education systems — was developed in law schools in the 1970s and 1980s and isn't really taught in grade school.

Flashback: Pushes to limit lessons diversity in schools came in the aftermath of the 2020 death of George Floyd as teachers brought up systemic racism. 

It also came after Trump lost the presidency, and conservative activists used critical race theory fights to organize right-leaning parents. 

Beginning in 2021, school boards saw intense meetings where educators were threatened and harassed. College professors also received death threats. 

Between the lines: Limitations and fears of repercussions have made it unclear for educators what they can teach during Black History Month. 

New restrictions in Arkansas, for example, add doubt if teachers can even bring up '"The Little Rock Nine" -- the nine Black teens who integrated Central High School in Little Rock, Arkansas, in 1957 thanks to National Guard soldiers. 

 Lorraine Hansberry's play "A Raisin in the Sun" and works by Dr. Martin Luther King, Jr. also have become targets of scrutiny or removal in some schools.

What they're saying: Limiting the education of Black history has been consistent with the oppression of Black people in the U.S. for centuries, Sharif El-Mekki, founder and CEO of the Center for Black Educator Development, tells Axios.

Some policymakers are using white supremacy to limit and stop teaching Black history, and educators need to push back against this, El-Mekki said.

"We shouldn't think of ourselves as only limited as the educators that teach, while during our 8 a.m. to 4 p.m. jobs and roles." 

What's next: Lawsuits over limiting diverse education are coming. 

Atlanta

Atlanta Alerts

Atlanta Members

A daily look at the most significant and interesting stories affecting Atlanta. Written by Emma Hurt, Kristal Dixon and Thomas Wheatley.

Axios Atlanta Thought Bubble

Axios Atlanta

Nashville

Nashville Members

Nashville Alerts

A daily look at the most significant and interesting stories affecting Nashville. Written by Nate Rau and Adam Tamburin.

Axios Nashville Thought Bubble

Axios Nashville

Phoenix

Phoenix Members

Get a daily digest of the most important stories affecting your hometown with the Axios Phoenix newsletter.

Axios Phoenix Thought Bubble

Phoenix Alerts

Axios Phoenix

Miami

Miami Members

Miami Alerts

A daily look at the most significant and interesting stories affecting Miami.

Axios Miami Thought Bubble

Axios Miami

Tampa Bay

Tampa Members

Axios Tampa Bay Deep Dive

Axios Tampa Bay Thought Bubble

Picture of the Tampa Bay skyline with TPA written across it.

Get smarter, faster about what’s happening in your backyard with local reporter Ben Montgomery.

Axios Tampa Bay

Black History Month arrives as teachers' fears mount

Conservative-led states' pushes for so-called critical race theory bans have led teachers tp scrap Black history lessons.

Illustration of a Black teacher's hand erasing the word "history."

Black History Month

Politics & Policy

The impacts of a teacher shortage across the country are particularly stark for bilingual students and English learners, advocates say.

The big picture: The Latino population has ballooned in the past decade, especially in cities in the South and East with historically lower numbers of Hispanics. 

Meanwhile, data shows that the number of people who speak a language other than English nearly tripled in the last 40 years. 

But teacher vacancies — driven by low pay, burnout, and compounded by the pandemic — are sky high, and advocates say they can't find educators who can teach bilingual and English learner courses.

Zoom in: There's no national data on the number of bilingual teachers in the country or how many more are needed, but advocates say school districts struggle to find sufficient staffing. 

School leaders are getting creative in attracting more bilingual teachers.

In Arkansas, some school districts are helping bilingual teachers aides get their teaching license through a federally funded project at the University of Arkansas, says Diana Gonzales Worthen, who oversees the project and similar ones dedicated to increasing the number of bilingual teachers.

In Houston, the national nonprofit group Latinos for Education offers a fellowship to help Latino teachers get bilingual certification, says Armando X. Orduña, executive director for the Houston branch of the organization.  

School districts in Houston and the rest of Harris County, where data shows the Latino population grew from 2010 to 2020, often move bilingual specialists from school to school, which leads to instability for students, Orduña adds. 

Yes, but: District leaders should consider cultural competency and not just language when hiring bilingual teachers, says Feliza Ortiz-Licon, chief policy and advocacy officer at Latinos for Education. 

Additionally, bilingual teachers often feel unsupported because their talents are being "capitalized" by schools, but they're not provided opportunities for leadership, Ortiz-Licon says.

"Bilingual educators are facing a lot more demands, what we call the invisible tax," she adds. 

That includes being asked to translate, helping parents who only speak one language, and providing support for students, all with little training, Ortiz-Licon says. 

"It's just adding to a lot of the stress of being an educator. There's so many demands."

 Subscribe to Axios Latino to get vital news about Latinos and Latin America, delivered to your inbox on Tuesdays and Thursdays.

Teacher shortage hits bilingual students

The Latino population has soared in the past decade, particularly in cities in the South and East.

Illustration of two overlapping speech bubbles, with an exclamation point in the middle. 

Education

Latin America and Latinos

The impacts of a <a class="gtmContentClick" data-vars-link-text="teacher shortage" data-vars-click-url="https://www.axios.com/2022/09/13/natiional-teacher-shortage-burnout-pandemic-education-deficit" data-vars-content-id="d651e6e4-da05-4c08-9e5c-1d6874a514e5" data-vars-headline="Teacher shortage hits bilingual students" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/09/13/natiional-teacher-shortage-burnout-pandemic-education-deficit" target="_self">teacher shortage</a> across the country are particularly stark for bilingual students and English learners, advocates say.The big picture: The <a class="gtmContentClick" data-vars-link-text="Latino population" data-vars-click-url="https://www.axios.com/2022/11/01/us-latinos-immigration-diversity" data-vars-content-id="d651e6e4-da05-4c08-9e5c-1d6874a514e5" data-vars-headline="Teacher shortage hits bilingual students" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/11/01/us-latinos-immigration-diversity" target="_self">Latino population</a> has ballooned in the past decade, especially in cities in the <a class="gtmContentClick" data-vars-link-text="South and East" data-vars-click-url="https://www.axios.com/2021/09/23/latino-population-growth-us-census-demographics" data-vars-content-id="d651e6e4-da05-4c08-9e5c-1d6874a514e5" data-vars-headline="Teacher shortage hits bilingual students" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2021/09/23/latino-population-growth-us-census-demographics" target="_self">South and East</a> with historically lower numbers of Hispanics.

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.

World

House Republicans have angered Democrats by disbanding subcommittees aimed at protecting civil rights and the environment, while focusing others on investigating the Biden administration.

Why it matters:  Democrats say Republicans are ignoring social and environmental crises in their zeal to target Biden — though it's not unusual for a new majority to reshape the lineup of subcommittees.  

Driving the news: Since taking over the House a month ago, Republicans have disbanded the Subcommittee on Civil Rights and Civil Liberties and the Oversight Committee's environmental panel. Other changes:

The House Financial Services panel eliminated its Diversity and Inclusion Subcommittee, which under Democrats had examined inequalities and discrimination in workplaces. Republicans replaced that panel with one focused on digital assets and cryptocurrency.  

The Judiciary Committee — home to GOP-led probes of Biden's border security efforts and the government's response to threats to school officials — signaled a strict approach to immigration by renaming the Immigration and Citizenship Subcommittee. Its new name: the Immigration Integrity, Security and Enforcement Subcommittee.

A House Oversight spokesperson told Axios the moves are designed to “root out waste, fraud, abuse and mismanagement” in government. 

What they're saying: Democrats are particularly critical of Republicans' axing of the civil rights panel. It held hearings on police departments' use of force, sentencing and incarceration; the threat of domestic extremism; and the deportation of critically ill children. 

They say the killing of Tyre Nichols by Memphis police underscored the need for such panel to examine inequities in how police treat people of color.

Video images of Nichols and others being abused by police should have been "enough" to keep the civil rights subcommittee alive, Rep. Jasmine Crockett (D-Texas), who was on the panel, told Axios. 

The panel's demise is "more pandering of the right, to the white supremacists," Crockett added. "Those of us on my side understand that until we decide to make these systems work for everyone, they work for no one."

Between the lines: Rep. Ro Khanna (D-Calif.), former chair of the environmental subcommittee, said that "two-thirds of Americans think that Congress should do more to address climate change. By getting rid of the subcommittee, Republicans are refusing to even engage in a dialogue."

The environmental panel, working with the full oversight committee, had done a two-year investigation into how oil and gas companies misled the public about climate change to cover the role their products play. 

The other side: New House Financial Services chair Patrick McHenry (R-N.C.) , told The Carolina Journal that his committee took aim at its diversity and inclusion panel because Republicans believe that under Democrats, it “was sidetracked by far-left social policy pet projects.”

What's next: "I don't think the restructuring and renaming should deter us from trying to bring up the issues and problems that are most important to America, including things like climate change," Rep. Katie Porter (D-Calif.) told Axios.

"What we're going to have to do is find ways to connect with Republicans to get them to hold hearings on these issues."

GOP infuriates Dems by erasing key investigation panels

Democrats say GOP ignoring crises while targeting president.

Illustration of an elephant trunk with a marker scribbling out a name plate with the word "committee" on it

House GOP investigations

House Republicans have angered Democrats by disbanding subcommittees aimed at protecting civil rights and the environment, while focusing others on investigating the Biden administration.Why it matters: Democrats say Republicans are ignoring social and environmental crises in their zeal to target Biden — though it&#x27;s not unusual for a new majority to reshape the lineup of subcommittees.

The bear market in cryptocurrencies hasn’t entirely scared off some Black investors, who originally embraced the sector as a means to build wealth.

Why it matters: Overnight, battered bitcoin surged back above $20,000 after languishing for weeks close to $16,000. But crypto's winter has wiped billions off the market capitalization of digital currencies; meanwhile, the unfolding FTX scandal has contributed to a lack of trust in financial institutions, and crypto itself. 

Surprisingly, some hardcore enthusiasts are not rushing to leave crypto, and plan to keep investing in the battered sector. 

Zoom out: In 2020 and 2021, the volatile asset class became a hot topic among Black social media users. They viewed digital currencies as a path to bridging the economic gap, creating wealth, and democratizing the global financial system. 

The wealth gap to other races, some Black investors believe, could be closed through investing in cryptocurrency, according to a report from the Kansas City Federal Reserve published in 2022.

13% of Americans have reported either buying or trading crypto, while of that 44% were non-white, according to a survey by NORC at the University of Chicago published in 2021. 

State of play: To be sure, retail crypto buyers are hardly ignoring the mounting risks (it's hard not to). Yet Black investors are slightly more bullish on crypto than their white counterparts, according to a survey conducted by Ariel Investment and Charles Schwab in April 2022, around the time the crypto rout picked up speed. 

It showed 25% of Blacks investing in digital coins, compared to 15% of whites. 

The study also showed that Black traders are “twice as likely to rank cryptocurrency as the best investment choice overall” (8% vs. 4% of whites).

What they’re saying: Deidra McIntyre, founder of Black People & Cryptocurrency, a discussion group rooted in Bitcoin's technology, told Axios in a statement that crypto crime and trading losses are dominating public opinion. That may be hindering their ability to see crypto’s longer-term potential. 

"What is happening in crypto pre-exists in the finance and corporate sector but it [should not be ] indicative of how all crypto business is or should be done,” she said. “We will move in crypto's knowledge base of more equitable, global, trustless, peer-to-peer global transactions.” 

Yet investors like Ivan Eberhart are still hodlers. The Atlanta resident bought Bitcoin back in 2017, then invested in Binance coin and Chainlink. Eberhart  will continue in the space because of what he sees as a bright future.

Blockchain technology is the biggest upside to cryptocurrency, and is poised to change how the world operates, the 35-year-old tells Axios. 

Cryptocurrencies like Bitcoin and Ethereum are a longer term store of value, Edwardo Jackson, CEO and founder of Cinema Draft LLC tells Axios.

The cryptocurrency consultant, who created Blacks in Bitcoin, tells Axios know anyone affected by the FTX debacle. Yet Jackson embraces educating investors on cryptocurrency so they fully understand it, he explained.

Yes, but: FTX's stunning downfall burned a lot of investors, with more shoes still to drop. It put celebrities under the microscope for their role in amplifying crypto to small investors.

Algernon Austin, Director for Race and Economic Justice at the Center for Economic and Policy Research, tells Axios too much emphasis is placed on crypto’s positives to Black investors, instead of its (high) risks. 

"I suspect the high rate of Black investment in crypto is this very heavy marketing of crypto, often by Black celebrities. The difference that we see with crypto and with more traditional investing is…that crypto has been very, very aggressively marketed." 

The bottom line: With mistrust in crypto soaring among investors of all races, Black crypto buyers are like everyone else: Struggling to figure out the next move. And while interest remains high, it’s not clear if that will continue. 

Some Black investors 'hodling' crypto amidst carnage

Despite the bear market in cryptocurrency, some Black traders still see value.

Illustration of a pixelated coin sticking out of a pixelated wallet.

Cryptocurrencies

The <a class="gtmContentClick" data-vars-link-text="bear market in cryptocurrencies" data-vars-click-url="https://www.axios.com/2022/12/10/how-crypto-billions-evaporate" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/10/how-crypto-billions-evaporate" target="_self">bear market in cryptocurrencies</a> hasn’t entirely scared off some Black investors, who originally embraced the sector as a means to build wealth.Why it matters: Overnight, battered bitcoin <a class="gtmContentClick" data-vars-link-text="surged back above $20,000" data-vars-click-url="https://cointelegraph.com/news/bitcoin-price-blasts-past-21k-as-3-day-short-liquidations-near-300m" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://cointelegraph.com/news/bitcoin-price-blasts-past-21k-as-3-day-short-liquidations-near-300m" target="_blank">surged back above $20,000</a> after languishing for weeks close to $16,000. But crypto&#x27;s winter has <a class="gtmContentClick" data-vars-link-text="wiped billions" data-vars-click-url="https://www.axios.com/2022/12/10/how-crypto-billions-evaporate" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/10/how-crypto-billions-evaporate" target="_self">wiped billions</a> off the market capitalization of digital currencies; meanwhile, the <a class="gtmContentClick" data-vars-link-text="unfolding FTX scandal" data-vars-click-url="https://www.axios.com/economy-business/ftx" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/economy-business/ftx" target="_self">unfolding FTX scandal</a> has contributed to a lack of trust in financial institutions, and crypto itself. <ul><li>Surprisingly, some hardcore enthusiasts are not rushing to leave crypto, and plan to keep investing in the battered sector. </li></ul>Zoom out: In 2020 and 2021, the volatile asset class became a hot topic among Black social media users. They viewed digital currencies as a path to bridging the economic gap, creating wealth, and democratizing the global financial system. <ul><li>The wealth gap to other races, some Black investors believe, could be closed through investing in cryptocurrency, according to a <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/8843/PSRB22Bradford0601.pdf" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/8843/PSRB22Bradford0601.pdf" target="_blank">report</a> from the Kansas City Federal Reserve published in 2022.</li><li>13% of Americans have reported either buying or trading crypto, while of that 44% were non-white, according to a <a class="gtmContentClick" data-vars-link-text="survey" data-vars-click-url="https://www.norc.org/NewsEventsPublications/PressReleases/Pages/more-than-one-in-ten-americans-surveyed-invest-in-cryptocurrencies.aspx" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.norc.org/NewsEventsPublications/PressReleases/Pages/more-than-one-in-ten-americans-surveyed-invest-in-cryptocurrencies.aspx" target="_blank">survey</a> by NORC at the University of Chicago published in 2021. </li></ul>State of play: To be sure, retail crypto buyers are hardly ignoring the mounting risks (<a class="gtmContentClick" data-vars-link-text="it&#x27;s hard not to" data-vars-click-url="https://www.axios.com/2023/01/12/sec-genesis-gemini-earn" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/01/12/sec-genesis-gemini-earn" target="_self">it&#x27;s hard not to</a>). Yet Black investors are slightly more bullish on crypto than their white counterparts, according to a <a class="gtmContentClick" data-vars-link-text="survey conducted by Ariel Investment and Charles Schwab" data-vars-click-url="https://www.schwabmoneywise.com/tools-resources/ariel-schwab-survey-2022" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.schwabmoneywise.com/tools-resources/ariel-schwab-survey-2022" target="_blank">survey conducted by Ariel Investment and Charles Schwab</a> in April 2022, around the time the crypto rout picked up speed. <ul><li>It showed 25% of Blacks investing in digital coins, compared to 15% of whites. </li><li>The study also showed that Black traders are “twice as likely to rank cryptocurrency as the best investment choice overall” (8% vs. 4% of whites).</li></ul>What they’re saying: Deidra McIntyre, founder of Black People &amp; Cryptocurrency, a discussion group rooted in Bitcoin&#x27;s technology, told Axios in a statement that crypto crime and trading losses are dominating public opinion. That may be hindering their ability to see crypto’s <a class="gtmContentClick" data-vars-link-text="longer-term potential. " data-vars-click-url="https://www.axios.com/2022/10/19/blockchain-blooms-crypto-winter" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/10/19/blockchain-blooms-crypto-winter" target="_self">longer-term potential. </a><ul><li>&quot;What is happening in crypto <a class="gtmContentClick" data-vars-link-text="pre-exists in the finance" data-vars-click-url="https://www.axios.com/2022/12/03/ftx-bankman-fried-crypto-trust" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/03/ftx-bankman-fried-crypto-trust" target="_self">pre-exists in the finance</a> and corporate sector but it [should not be ] indicative of how all crypto business is or should be done,” she said. “We will move in crypto&#x27;s knowledge base of more equitable, global, trustless, peer-to-peer global transactions.” </li></ul>Yet investors like Ivan Eberhart are still hodlers. The Atlanta resident bought Bitcoin back in 2017, then invested in Binance coin and Chainlink. Eberhart will continue in the space because of what he sees as a bright future.<ul><li>Blockchain technology is the <a class="gtmContentClick" data-vars-link-text="biggest upside to cryptocurrency" data-vars-click-url="https://www.axios.com/2022/10/19/blockchain-blooms-crypto-winter" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/10/19/blockchain-blooms-crypto-winter" target="_self">biggest upside to cryptocurrency</a>, and is poised to change how the world operates, the 35-year-old tells Axios. </li></ul>Cryptocurrencies like Bitcoin and Ethereum are a longer term store of value, Edwardo Jackson, CEO and founder of Cinema Draft LLC tells Axios.<ul><li>The cryptocurrency consultant, who created Blacks in Bitcoin, tells Axios know anyone affected by the FTX debacle. Yet Jackson embraces educating investors on cryptocurrency so they fully understand it, he explained.</li></ul>Yes, but: FTX&#x27;s stunning downfall burned a lot of investors, with more shoes still to drop. It put celebrities <a class="gtmContentClick" data-vars-link-text="under the microscope" data-vars-click-url="https://www.sec.gov/news/press-release/2022-183" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.sec.gov/news/press-release/2022-183" target="_blank">under the microscope</a> for their role in amplifying crypto to small investors.<ul><li>Algernon Austin, Director for Race and Economic Justice at the Center for Economic and Policy Research, tells Axios too much emphasis is placed on crypto’s positives to Black investors, instead of its (high) risks. </li><li>&quot;I suspect the high rate of Black investment in crypto is this very heavy marketing of crypto, often by Black celebrities. The difference that we see with crypto and with more traditional investing is…that crypto has been very, very aggressively marketed.&quot; </li></ul>The bottom line: With <a class="gtmContentClick" data-vars-link-text="mistrust in crypto" data-vars-click-url="https://www.axios.com/2022/12/17/mistrust-is-back-at-the-center-of-the-cryptoverse" data-vars-content-id="f3f3e5da-ab5d-48ab-a0e7-f499ffa7f618" data-vars-headline="Some Black investors &#x27;hodling&#x27; crypto amidst carnage" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/17/mistrust-is-back-at-the-center-of-the-cryptoverse" target="_self">mistrust in crypto</a> soaring among investors of all races, Black crypto buyers are like everyone else: Struggling to figure out the next move. And while interest remains high, it’s not clear if that will continue.

Keldy Ortiz

Stories

GOP infuriates Dems by erasing key investigation panels

Teacher shortage hits bilingual students

Black History Month arrives as teachers' fears mount

Some Black investors 'hodling' crypto amidst carnage

Nonprofits fill void in training people of color