Why Is It Economic Bigotry to Compare Crypto Trading to Gambling?

Despite the crypto community’s rapid rise into the mainstream, naysayers and the uneducated keep equating investing in crypto to gambling. It is high-risk and requires no expertise compared to investing in traditional assets. This comparison conveys an unfair and negative connotation laced with economic bigotry. This economic chauvinism penetrates popular media and discourages curious spectators. Historically, traditional finance has left these people behind, possibly profiting from one of this generation’s most exciting investment prospects. Higher education was formerly considered ‘unnecessary’ for women, and the few existent ‘women’s colleges‘ inferiors. In the same vein, they sometimes vilify crypto investments, which are open to everyone. Classist Connotations: Gambling Vs. Investing It is investing when a rich person believes in a risky asset. Gambling happens when a low-income or working-class individual does the same thing. Why? This dichotomy hides classism, prejudice, and economic bigotry. Historically, there’s been a restriction on the working-class populations from traditional investment markets due to a lack of financial and educational resources. Meanwhile, the rich have exploited their access to these resources to invest and build their wealth disproportionately. Investing involves risks, but there is a general idea that only the rich can judge which risks are worthwhile. This link suggests that the financial decisions made by individuals with established wealth are the norm, and others who want to build their fortune should follow this standard. It doesn’t seem to matter that many of these investments (such as venture capital funds) are exclusively available to the rich. It also discredits investment strategies that are more available to the average person, like buying and trading crypto. Despite the potential benefits that crypto trading may provide for these groups, their rising participation and past lack of substantial wealth infuriates the classist narrative that their rightful quest for riches is akin to gambling. The Evolution of Crypto Trading Over the Years While others try to caution the poor off from ‘risky’ crypto investments, these marketplaces provide a once-in-a-lifetime opportunity that is generally not easily accessible. Unlike traditional investment, the decentralized system of the crypto market allows investors from all spheres of life to engage equally. The markets provide a once-in-a-lifetime opportunity for historically marginalized groups to increase their fortunes. According to a University of Chicago survey published in 2021, more than 1 in 10 Americans invested in crypto between 2020 to 2021. Among crypto traders, 44% are investors of color, 41% are women, and 35% have annual incomes of less than $60,000 — higher shares than the 38%, 35%, and 27% who traded stocks. The Narrative Is Changing Finally, the crypto market has the potential to reach out to a wider demographic in ways that traditional financial markets have not been able to. Many blockchain and crypto platforms are working to ensure that everyone has equal access. It is undeniable that the traditional financial industry usually alienates ordinary investors. However, with the development of cryptocurrency and blockchain technology, we now have the opportunity to break down economic barriers. Hence, we can now welcome a new class of investors into the world financial order. However, we must demolish the classist narrative around the crypto market and its regular investors. This is to ensure optimal participation and access in this ever-evolving ecosystem. So now, a penny for your thoughts. If crypto is like gambling, which is more dangerous: playing a game you know you can’t entirely control? Or playing a game where you have the delusion of control?

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