Surprisingly, this challenge Americans faced led many individuals to try financial technologies. Technologies such as CashApp, Square, Venmo, PayPal, Bitcoin, Ethereum, and many other similar technologies, have helped ordinary people of all backgrounds and economical means access financial services in a more accessible way and participate in commerce without the myriad barriers imposed by banks and other financial services. FinTech fosters economic inclusion by making better financial services more accessible and easier to use than regular banks presently. There are substantial advantages to using cryptocurrencies, especially for those countries around the world where there are few opportunities to access a sound financial infrastructure. Bitcoin and other cryptocurrencies by those who lack a banking system make good economic sense.

A recent study conducted in the United States by the Pew Research Center found, “Asian, Black, and Hispanic adults are more likely than White adults to say they have invested in, traded or used a cryptocurrency. There are no statistically significant differences by household income” (Pew Research Center Survey, 2021). This vital technology is satisfying a need that is not being filled by governments and, until recently, has not been feasible by anyone. Cryptocurrencies are already driving economic growth among populations traditionally marginalized by the legacy financial system who have historically engaged in discriminatory practices and perpetuated the status quo through the control of capital and credit.

Numerous countries have citizens who have no bank accounts, so the use of cryptocurrencies is a way to store financial value for those who live in countries and states where there is a high rate of threat from the authorities in charge or have other imposed barriers success. People who have no access to banking services are described as unbanked and lack reliable and safe financial services are considered underbanked. Being unbanked means having no access to banking services due to either having no access to any banks or unreliable access to secure banking. Frequently, an individual cannot just go to a bank and withdraw or deposit money reliably while having confidence that they will be able to go to the bank and withdraw their money later.

For example, in Afghanistan, after the takeover of the Taliban, when the state was in chaos and people had no money, an enormous portion of the population was in crisis and could not afford necessities. Women, in particular in Afghanistan, could not go to the bank if they did not have a husband, father, or male relative who would allow them to access their finances (Chandran 2021). According to estimates by the United Nations, over 85% of Afghanistan is considered to be unbanked after the collapse of the country and its economic system following the U.S. withdrawal in 2021 and subsequent Taliban takeover.

In the United States, where banks are quite secure and plentiful, one-third of small businesses (32%) currently accept cryptocurrencies, according to a study by the global accounting firm SkyNova (SkyNova 2021). Interestingly, recent polling consistently found that U.S. crypto adoption is significantly higher amongst people who self-identify as Black or Latinx than those who identify as White or Caucasian. A sting operation looking to acquire data on occurrences of discrimination in COVID-19 PPP loan applications by regional bank branches conducted by the National Community Reinvestment Coalition found that “. Black and Latino testers who inquired about PPP loans were not given the same treatment as their White counterparts. In Los Angeles, 35% of the tests resulted in the White testers being favored over testers of color. In Washington, D.C., 43% of the tests resulted in White testers being favored over testers of color.”. Another poll by USA Today found that those who identify as LGBTQ have a much higher rate of cryptocurrency adoption than other groups, with 23% owning or using cryptocurrencies as a means of financial freedom.

A report 2019 report conducted by the Board of Governors of the Federal Reserve stated, “The unbanked and underbanked were more likely to have low income, have less education, or be in a racial or ethnic minority group. Fourteen percent of those with incomes below $40,000 were unbanked, versus 1 percent of those with incomes over that threshold. Additionally, 14 percent of black adults and 10 percent of Hispanic adults were unbanked, versus 6 percent of adults overall”. Thus the information is captured by the constant stream of economic polling data from governments and central banks. This and other reliable economic data prove that even in the United States, which is often cited as having a near-perfect financial system, those who are marginalized and underbanked are adopting the use of cryptocurrency at higher rates than those who have enjoyed easy access to the more historically specific financial services and credit markets.

In the future, these innovations will continue to open doors for those lacking access to financial services, such as migrant workers and marginalized individuals who suffer from poverty and more limited access to reliable and non-predatory financial services. Cryptocurrencies such as Bitcoin, Ethereum, and Stablecoins are global, decentralized, immutable ways to store and transfer value. The only countries with higher levels of grassroots adoption of cryptocurrencies than the United States are Nigeria, Vietnam, India, Pakistan, Kenya, and Venezuela.

These countries have extremely high levels of income inequality and widespread political unrest. In addition, they also lack sound financial infrastructure and reliable currencies. With the continued and increased use of digital currencies, unbanked and underbanked people across the globe will be given the necessary tools to own their own financials. Digital currencies have become a lifeline for many in the USA and these many countries.

As society continues to grapple with the shortcomings of our government in ensuring equal access to safe and adequate financial services, policymakers, on both the state and federal levels, must consider the fundamental importance that these cryptocurrencies have across the globe and here at home, by cutting off access to these technologies the government would be taking away, what is for some, their only means of financial stability. Rules and regulations that protect consumers are needed, but even more, required is financial literacy education that is available to all people.

In other countries, such as Venezuela, Argentina, and Columbia, there are high rates of hyperinflation and a lack of stable and reliable financial services. In these South American countries, people have been experiencing hyperinflation and economic stress for decades due to internal and external factors outside the realm of control by the average person or business. These trends have led to a myriad of crises, ranging from food insecurity, civil unrest, and government corruption of financial aid and international assistance. In recent years, the adoption of cryptocurrencies has risen alongside the inflation rate in these countries and has only accelerated after their governments attempt to ban it or rein it in.

According to a 2017 report by the World Bank, 1.7 billion people around the world do not have access to a bank account, and a whopping 3.5 billion people are considered underbanked (someone who has limited access to financial institutions, i.e., those who can not get a bank account, loan, or investment opportunity). That means 31% of adults were underbanked when the World Bank released its report in 2017. Promoting these innovations while educating all levels of society on their importance is paramount. This can only occur if people across all areas of our government and society begin to understand and utilize innovations that expand access to the millions of Americans, and others around the world, who are either underbanked or unbanked.

This process has begun to accelerate here in the United States among both Congress and the Biden Administration, with productive conservations on the furthering of financial inclusion through these technologies occurring across political lines with both prominent Democrats and Republicans in the U.S. House and Senate championing these technologies as a solution to many of the issues Americans face with the broken financial system, and others on both sides who falsely believe there is no regulation, when in fact cryptocurrency companies have been regulated in the United States since 2014 by both state and federal financial regulators. According to a 2019 report by the Congressional Black Caucus Foundation, “Crowdfunding, Crowdsourcing, and Cryptocurrency are viable alternatives to traditional funding sources that allow African American entrepreneurs and business owners to access startup and growth capital that is vital to achieving entrepreneurial success.”

Recently, the American Bankers Association has come out against these emerging technologies, falsely claiming that they have zero regulation and are primarily scams, widely overstating their actual illicit use as a percentage of the market and also understating the ability of regulators in an attempt to have regulations protecting large financial services companies from being displaced by computer networks owned by anyone.

The CBCF report also explained the findings from a study comparing outcomes from interacting with banks for white and black entrepreneurs while trying to receive a small business loan. While 23% of white entrepreneurs received a follow-up meeting, only 8% of black entrepreneurs did. The report also broke down other forms of current racially discriminatory practices occurring at financial institutions across the country.

While people who have access to banking and other financial services may dismiss these technologies as just another fad, they continue to grow and become adopted by those who have an inherent need for financial services and the liberty to make their own financial decisions. The U.S. must look to harness the creative and diverse people who make up the United States to rebuild our broken economic system and a lopsided economy that favors the already rich and hyper-wealthy while ignoring the exclusion of large parts of our nation from accessing adequate financial services.

Bitcoin and other cryptocurrencies are technologies to be shared by all Americans regardless of who you are and what class you are born into. Issues ranging from the implementation of universal basic income to the need for a digital-cash equivalent are now within range of solving. As our country grapples with the mistakes and prejudices that have overshadowed our nation since its birth, the future looks promising as long as everyone is considered, not just the wealthy few, when creating the future financial systems.