Professor Tonya M. Evans, a highly regarded fintech jurist at Penn State University's Dickinson Law Firm and a prominent figure in digital asset strategy, says that while cryptocurrencies can be profitable for Black investors, It states that you must know the risks.
Mr. Evans, owner of Advantage Evans, LLC and director of Digital Currency Group, is “deeply invested” in guiding Black investors through the complex world of cryptocurrencies.
She was recently interviewed for the Forbes article “Can the crypto industry survive Trump’s Agenda 47 and Project 2025?”
She highlighted the friction between government regulatory initiatives that prioritize national sovereignty and the decentralized ideals at the heart of digital currencies like Bitcoin.
Evans encouraged Black investors to seek a clear understanding of cryptocurrencies, noting that education is key.
“There are several reliable resources that can help investors learn more about the risks and rewards of cryptocurrencies,” she advised.
“Thorough research and skepticism of ‘get rich quick’ schemes are essential to protect yourself from scams.”
Evans notes that the potential for cryptocurrencies to close the racial wealth gap remains a hot topic among Black investors. While barriers to entry are low and cryptocurrencies promise ease of access, there are no “serious” consumer protections and they remain “risky,” Evans says.
Mr. Evans emphasized the need for Black investors to adopt strategies to minimize losses amidst volatility and advised establishing backup plans to protect investments.
For Black families, the largely unregulated market for cryptocurrencies can make it difficult to avoid financial pitfalls, so staying up to date on new regulations is essential.
“Cryptocurrency was marketed as a tool for economic freedom for Black Americans, a way to bypass banks, build wealth, and close the racial wealth gap,” Evans said.
But after the 2022 market crash, that promise disappeared for many. While Bitcoin remains a significant player, the lack of robust consumer protections leaves Black investors vulnerable to further risk cycles.
Political dynamics further complicate the situation. In the 2024 election, crypto-supporting super PACs raised millions to maintain light regulation. Evans said the impact of cryptocurrencies in Washington benefits those who can bear the economic risks, highlighting an unequal playing field that often excludes marginalized communities.
As Donald Trump prepares to be re-elected as president, he has moved from condemning cryptocurrencies as a “scam” to launching his own platform, World Liberty Financial (WLFI). was converted.
Critics argue that Trump's crypto efforts are more political and personal than financial innovation, especially since Trump has positioned WLFI as a breakthrough platform despite the involvement of controversial figures. It is argued that it may be intended for personal gain.
Evans, who says it's his mission to help Black communities build wealth in the digital economy, emphasizes the importance of consumer education and vigilance, and urges Black investors to be optimistic and He advised people to approach virtual currencies with a balance of caution.
With a Republican-led administration and a conservative Supreme Court, the regulatory landscape may change, and Black investors need to stay informed to protect their financial futures.
Evans provides knowledge about the cryptocurrency industry to the Black community through his weekly podcast, “Tech Intersect.”
“(I am) committed to ensuring that Black families are prepared to navigate this evolving landscape and build generational wealth with knowledge and care,” she said.
“Cryptocurrencies offer immense potential for building wealth, but they also come with real risks without clear protection. Our power lies in knowledge. and make informed choices that will truly benefit you in the future.”
