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Since Bitcoin’s 2009 debut, cryptocurrency has been hailed as a revolutionary tool, capable of building wealth, bypassing traditional banks, and empowering marginalized communities. But as adoption grows, so does the debate over whether crypto is truly a path to financial inclusion or a high-risk gamble targeting the most vulnerable.
That question was at the heart of a national panel discussion hosted by American Community Media Weekly, where experts laid bare the competing narratives shaping crypto’s role in society.
Tyrone Ross, CEO of Turnqey Labs and Principal at 401 Financial, offered a passionate and personal case for crypto as a bridge to economic equity. Reflecting on his upbringing in an unbanked household, Ross said Bitcoin represented something he had never experienced: access.
“I grew up in a home that lacked financial knowledge and access,” Ross said. “When I was introduced to Bitcoin, I couldn’t unsee the opportunity.”
Ross, who once worked on Wall Street, said the disconnect between financial institutions and underserved communities was stark. “Even at the center of the financial world, I saw how difficult and expensive it is just to be banked in America,” he said, referencing high fees, limited access, and systemic barriers.
Ross believes the term “cryptocurrency” itself adds confusion. “The original sin was calling them currencies. They’re crypto assets,” he emphasized. For him, crypto isn’t just about investment, it’s about creating direct, permissionless value exchange.
“If I hand someone a dollar and walk away, no name, no paperwork, that’s crypto. It’s about removing the gatekeepers,” he said.
He pointed to global financial disparities to underscore the stakes: more than 1.4 billion people worldwide remain unbanked, including millions across the U.S. “Crypto shines a flashlight on these inequities. It forces us to ask: Who gets access?”
Ross credited Bitcoin’s disruptive potential for prompting changes in the traditional system. “Japan had real-time payments in 1973. The U.S. got FedNow in 2023. Don’t tell me Bitcoin didn’t influence that,” he said.
In discussing remittances, Ross said crypto offers families a faster, cheaper alternative to traditional services. “I send money to my relatives in Guyana using crypto, it’s instant and low-cost,” he said.
However, he acknowledged that solutions like FedNow are still inaccessible to the unbanked. “If you don’t have a bank account, you’re omitted. Crypto has the potential to change that.”
Ross closed with a vision of a more equitable system: “Everyone deserves financial services, regardless of race, income, or ZIP code. Crypto is one tool that can help unlock that future.”
But not all experts are convinced. Cantrell Dumas, Director of Derivatives Policy at Better Markets, delivered a hard counterpoint. While acknowledging crypto’s potential, he warned of risks that disproportionately harm the very communities crypto claims to uplift.
“Cryptocurrency is often pitched as a solution for financial inclusion,” Dumas said. “But we must ground that promise in facts, not just hype.”
According to a Better Markets fact sheet, crypto usage among U.S. adults peaked at 10% in 2022 but dropped to 7% in 2023. Only 1% of users utilized crypto for everyday purchases. “It functions more as a speculative asset than a practical currency,” Dumas said.
That speculative nature, he warned, makes crypto risky for communities already grappling with wealth disparities. “The median white household has six times the wealth of the median Black household and five times that of Latino households,” he said. “Crypto volatility can widen that gap.”
Dumas also sounded alarms over rising fraud. “In 2023, crypto scams cost Americans $5.6 billion. In 2024, that jumped 66% to $9.3 billion,” he said, citing FBI data.
He called out Bitcoin ATMs as a growing problem, especially in low-income areas. “These machines are often placed in predominantly Black and Latino neighborhoods,” Dumas said. “They charge fees up to 20%, don’t allow cash withdrawals, and have been linked to $65 million in fraud in just the first half of 2024.”
Aggressive crypto marketing, often led by celebrities, further complicates the issue. “The messaging is empowerment and innovation,” Dumas said. “But the reality is often misaligned with those promises.”
On the regulatory front, Dumas expressed concern over proposed legislation like the GENIUS Act and FIT21, which he characterized as too lenient. “The CFTC is being positioned as the main regulator for crypto,” he said. “But it’s not a consumer protection agency. That’s not its mandate.”
Instead, Dumas championed stronger oversight through the Consumer Financial Protection Bureau (CFPB), which he credited with progress in combating discriminatory lending. “The CFPB was on a path to restore trust,” he said. “But efforts to weaken it threaten to undo that work.”
His final message was clear: “The goal of financial inclusion is noble. But it must be pursued responsibly, not by exposing vulnerable communities to unregulated, high-risk financial products.”