I went to the National Association of Black Journalists (NABJ) convention expecting to dissect the usual suspects: the next election cycle, the AI revolution in newsrooms, the usual. Instead, crypto was everywhere. Not as an afterthought, but as part of the main course. It sparked a question that’s been nagging at me: Is this "financial revolution" actually reaching, and benefiting, the Black community, or is it just another gilded cage?

Is Crypto the Promised Land?

We hear that crypto is democratizing finance, making it more available to people of all walks of life. Jaden Baxter, a smart, go-getting, 24-year-old with the Cleveland mayor’s office who reflects that hope. He sees the promise, the hope, the opportunity to finally escape his circumstances. And he’s tired of “always missing the train.” Is the train actually going where we expect it to go?

The truth is uncomfortable. The media, including yours truly, has failed to live up to that responsibility and communicate clear, neutral information. Until now, we’ve presented the blockchain with a platinum gloss. It’s all true—decentralized, transparent, secure—but we haven’t swum in the deep, murky waters under the surface. Smart contracts with no bias, unicorns, rainbows Great smart contracts are indeed bias-free, but code is only as unbiased as the coder. And who's writing that code? Where are the Black coders?

Crypto might be the solution that saves the unbanked. The statistics are damning: Black and Hispanic households are disproportionately excluded from traditional banking. Accessibility isn't the only hurdle. It's about knowledge, security, and protection.

Where's the Safety Net, Really?

That’s my biggest fear. Where's the FDIC insurance in crypto? Where are the consumer protections? The answer? They don’t exist. And who suffers the worst when the rug gets pulled out from under them? Those who can least afford it.

The omission of government insurance and consumer protection is a particularly glaring oversight. We’re not just discussing train service — we’re discussing whether to continue trusting our hard-earned money to an unregulated, unchecked system. It’s akin to constructing a home on top of quicksand and wishing for solid ground.

We can't ignore the dark side. Scams are rampant in the crypto world. Pump-and-dump schemes, rug pulls, outright fraud. One of the questions I wanted to answer was, are these scams disproportionately impacting Black community members. It’s a question that we should be asking and answering with concrete, hard data.

I can’t help but think of my grandmother, a generation of women who had to scrimp and save their whole lives. Just the idea of her investing her retirement in Bitcoin though gives me sleepless nights. The anxiety is real. The fear of exploitation is justified.

Beyond Crypto, What Are the Options?

Here's the inconvenient truth: crypto isn't a magic bullet. It's not a shortcut to wealth. It’s an extremely high-risk, volatile asset that requires extensive caution and, frankly, a financial literacy that many individuals lack. The global data shows the highest adoption in regions with limited traditional banking, but that's a necessity-driven adoption, not necessarily a success story.

Rather than pushing for crypto just because, wouldn’t it be better to dig deeper into real, tangible solutions. Expanding access to traditional banking services. Recommit to investing in relevant financial literacy programs designed specifically for the unique needs of our community. Standing up against systemic racism in lending practices that has long been keeping us from thriving.

Perhaps the solution isn’t to get rid of the old infrastructure but to renew it.

What about the environmental impact? With its staggering energy use, bitcoin mining is a driver of climate change. And do you know who’s more severely impacted by environmental pollution? Communities of color. It’s an inconvenient truth that, because of the rush to welcome the “future,” is too often brushed aside.

Are We Being Deliberately Misled?

Baxter pushed back against the drumbeat of bad news about crypto. He asked if it’s an intentional strategy to keep Black people from wealth accumulation. It’s a fair question, and one that hurts. It gets to a core, primal fear of being left behind, of being shut out from opportunities.

I believe the issue is deeper than intentional erasure. It's a combination of factors: lack of information, the allure of quick riches, and the failure of institutions to provide adequate safeguards. It's a perfect storm of vulnerability.

At least, that’s how a hypothetical second Trump administration would cast the U.S. government’s going-forward approach to crypto. Yet this possible move to legitimize the industry is something we should all be concerned about. Or, are we being played, and led down a path that only serves a special few, and harms the majority?

We should be wary of the crypto craze. Do your research. Understand the risks. Only invest what you can afford to lose, and don’t get in over your head. And, most importantly, don't let anyone pressure you into something you don't understand.

The potential of crypto is exciting, but that’s a promise we can no longer afford to accept at face value. Let’s not get left at the station again, but let’s be sure it’s the right train, bound for the right future. Let's build wealth responsibly, sustainably, and equitably. Our community’s future hinges on it.