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E3c Racial Disparities in Cryptocurrency: Diversity or Bias?
Short Description
The growing crypto market with high volatility has been noticed by researchers nowadays. However, given the limited knowledge about racial/ethnic disparities in holding cryptocurrencies, this study mainly answers this question from a racial/ethnic perspective using the 2021 Survey of Households Economics and Decision-making (SHED). The specific question about cryptocurrencies was asked for the first time in the 2021 wave. This study offers two overarching literature contributions. The first contribution is to examine the determinants of cryptocurrency investing through logistic regression. Given the racial/ethnic disparities in supporting the crypto market, the second contribution is using a Fairlie decomposition technique (2005) to demonstrate which factor contributes the most in explaining the racial/ethnic gap. In conclusion, the current study provided evidence that Black investors were more likely to hold crypto as an investment than Whites. Moreover, crypto investors tended to be young, male, and high-risk tolerant. More importantly, the current study indicated that total investment and savings amount and stock ownership might be considered to narrow the gaps between Whites and Blacks.
Type of presentation
Accepted Oral Presentation