Online Bitcoin Investment Clubs Aim to Fill Crypto Knowledge Gaps
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Here's your Money Briefing for Friday, December 17th. I'm J.R. Whelan for The Wall Street Journal. There's no shortage of information about Bitcoin and other cryptocurrencies out there, but how reliable is it? Eh, that's questionable. And many people still don't really understand how it works or what the risks are. Stepping in to fill the information gap is a crop of online investment groups that aim to help everyday investors learn the rules of the road.
People have heard of all of these other cryptocurrencies and they tend to put them all in the same bin. I think that's the part that is the biggest learning curve and the gap, because people just think that because they're digital assets, they're all the same. And it could be further from the truth.
On today's show, we'll talk with Lamar Wilson. He co-founded a cryptocurrency investment group that aims to educate investors who may have missed out on the early crypto craze, but still want a piece of the pie. That's after the break.
This podcast is brought to you by ReliaQuest. Cyber criminals are constantly attacking. They want your data. They want your identity. They want your innovation. ReliaQuest fortifies your business with agentic defense, AI that detects, contains, and eliminates cyber threats in minutes. It helps your security team move faster at the work that matters most to protect the business now and delivers insights to help them predict what's next. ReliaQuest, agentic defense for the enterprise. Learn more at ReliaQuest.com. That's R-E-L-I-A-Q-U-E-S-T.com.
Every time the price of Bitcoin spikes, a new wave of buyers enters the market.
What is the podcast overview and why does crypto information reliability matter?
In the first half of 2021, for example, the number of people who own cryptocurrency doubled to more than 220 million, according to Crypto.com. But there's still a large information void, especially for individual investors who either own crypto or are on the outside looking in. Lexington, Kentucky resident Lamar Wilson saw the need to fill in that knowledge gap and co-founded the Black Bitcoin Billionaires Group. It's one of many groups on social media that aims to break down the complexities of cryptocurrency and make it more understandable and accessible. Lamar, thank you so much for being with us.
Hey, how you doing?
I'm very good. So Lamar, tell us, why did you create the Black Bitcoin Billionaires Group?
Well, I've been in the Bitcoin space for a while and I noticed that there was an actual void of people who look like me when I went to conferences. So I would go to a conference and there may be two or three black people at the conference. And I realized that it wasn't from the for the fact that black people couldn't understand Bitcoin. It was for the fact that they weren't intentional about inviting black people to the conference. So I said, you know what? If I'm going to learn about this amazing technology, I'm going to have to get this word out here myself and be very intentional about who I get the word out there to. So I started a group on Facebook that was pretty large. It wound up going to about twenty six thousand people.
And one of those members told me about Clubhouse. And I was like, well, to continue the mission, what I have to do is get on the clubhouse and start the same thing.
How did online investment groups emerge to fill crypto knowledge gaps?
And so I found a black Bitcoin billionaire and asked my friend Bitcoin Zay to come along. so that we could both found it together. And that's why we did it, so that we could actually be intentional about getting the information about Bitcoin to the black community.
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