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Yes, I wouldn't be surprised if crypto holders started off as wealthier. They're certainly overly-represented amongst the wealthy now. But they'll be under-repr

Yes, I wouldn't be surprised if crypto holders started off as wealthier. They're certainly overly-represented amongst the wealthy now. But they'll be under-represented amongst the centralized establishment. Some interesting facts about crypto asset holders: Nearly half of Millennial millionaires have more than 25% of their wealth in crypto. Millennials have otherwise been floundering relative to older generations in terms of wealth. Crypto is a rare bright spot for the younger generations, so it's unsurprising much of the older establishment wants to crush it. Also, 44% of crypto holders in the US are non-white: https://archive.md/slVPj https://archive.md/slVPj I recall crypto ownership is 2X more common amongst hispanic Americans, and 3X more common amongst black Americans, relative to white Americans.

pjc50 5y ago
> have more than 25% of their wealth in .. highly volatile assets? Where has all this money come from, other than people bidding each other up?
- CryptoPunk 5y ago
  Wealth is not always zero sum.. it could very well be a case of the pie getting larger.
imustbeevil 5y ago
> With regard to lottery play for respondents of various racial/ethnic groups, non-Hispanic whites and Native Americans had the highest proportion of gambling on the lottery (51% for each group); however, with regard to mean levels of gambling on the lottery, blacks and Native Americans had the highest averages (20.6 and 25 days, respectively). > Those in the lowest fifth in terms of socioeconomic status (SES) had the “highest rate of lottery gambling (61%) and the highest mean level of days gambled in the past year (26.1 days). The wealthy people are the ones selling the lottery tickets (/crypto). https://journalistsresource.org/economics/research-review-lotteries-demographics/ https://journalistsresource.org/economics/research-review-lo...
- CryptoPunk 5y ago
  Lottery tickets don't store value. Crypto assets do. The analogy therefore fails.
  - deleted 5y ago
    [deleted]
ac29 5y ago
> Also, 44% of crypto holders in the US are non-white Depending on how Hispanic people are counted, thats almost exactly in line with the 2020 census, which puts the non-hispanic white population at 57.8% [0]. I think if you adjust for the average age of cryptocurrency holders, 56% white would actually be more white than the demographics of the overall age group, which I think is not the point you were trying to make. [0] https://en.wikipedia.org/wiki/Demographics_of_the_United_States https://en.wikipedia.org/wiki/Demographics_of_the_United_Sta...
- CryptoPunk 5y ago
  The proportion of the US population that is white is 72% if hispanic whites are included. That would be more in line with the statistics I saw showing black and hispanic Americans are over-represented among crypto holders.

pjc50 5y ago

> have more than 25% of their wealth in .. highly volatile assets? Where has all this money come from, other than people bidding each other up?

CryptoPunk 5y ago
Wealth is not always zero sum.. it could very well be a case of the pie getting larger.

imustbeevil 5y ago

> With regard to lottery play for respondents of various racial/ethnic groups, non-Hispanic whites and Native Americans had the highest proportion of gambling on the lottery (51% for each group); however, with regard to mean levels of gambling on the lottery, blacks and Native Americans had the highest averages (20.6 and 25 days, respectively). > Those in the lowest fifth in terms of socioeconomic status (SES) had the “highest rate of lottery gambling (61%) and the highest mean level of days gambled in the past year (26.1 days). The wealthy people are the ones selling the lottery tickets (/crypto). https://journalistsresource.org/economics/research-review-lotteries-demographics/ https://journalistsresource.org/economics/research-review-lo...

CryptoPunk 5y ago
Lottery tickets don't store value. Crypto assets do. The analogy therefore fails.
- deleted 5y ago
  [deleted]

ac29 5y ago

> Also, 44% of crypto holders in the US are non-white Depending on how Hispanic people are counted, thats almost exactly in line with the 2020 census, which puts the non-hispanic white population at 57.8% [0]. I think if you adjust for the average age of cryptocurrency holders, 56% white would actually be more white than the demographics of the overall age group, which I think is not the point you were trying to make. [0] https://en.wikipedia.org/wiki/Demographics_of_the_United_States https://en.wikipedia.org/wiki/Demographics_of_the_United_Sta...

CryptoPunk 5y ago
The proportion of the US population that is white is 72% if hispanic whites are included. That would be more in line with the statistics I saw showing black and hispanic Americans are over-represented among crypto holders.