This transcript was prepared by a arrangement service. This version may not be in its final mannequin and may be updated. J.R. Whalen : here ‘s Your Money Briefing for Friday, December 17th. I ‘m J.R. Whalen for the Wall Street Journal. There ‘s no deficit of information about bitcoin and other cryptocurrencies out there, but how reliable is it ? That ‘s questionable, and many people even do n’t very understand how it works or what the risks are. Stepping in to fill the information gap is a crop of on-line investment groups that aim to help casual investors learn the rules of the road. Lamar Wilson : People have heard of all of these other cryptocurrencies, and they tend to put them all in the same bank identification number. I think that ‘s the part that is the biggest learning wind and the col because people merely think that because they ‘re digital assets, they ‘re all the lapp, and it could be promote from the truth.
J.R. Whalen : On nowadays ‘s testify. 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 fad but still want a assemble of the proto-indo european. That ‘s after the break. Every time the price a bitcoin spikes, a new wave of buyers enters the market. In the inaugural half of 2021, for case, the phone number of people who owned cryptocurrency doubled to more than 220 million according to crypto.com, but there ‘s placid a large information invalidate, particularly for person investors who either own crypto or on the outdoor looking in. Lexington, Kentucky nonmigratory, Lamar Wilson, saw the indigence to fill in that cognition opening and co-founded the Black bitcoin Billionaires Group. It ‘s one of many groups on sociable media that aims to break down the complexities of cryptocurrency and make it more apprehensible and accessible. Lamar, thank you sol much for being with us. Lamar Wilson : Hey, how are you doing ? J.R. Whalen : I ‘m identical good. indeed Lamar, tell us, why did you create the Black bitcoin Billionaires Group ? Lamar Wilson : Well, I ‘ve been in the bitcoin space for a while and I noticed that there was an actual invalidate of people who look like me when I went to conferences. So I would go to a conference and there possibly two or three black people at the league. And I realized that it was n’t for the fact that black people could n’t understand bitcoin. It was for the fact that they were designed about inviting black people to the conference. So I said, “ You know what ? If I ‘m going to learn about this amazing engineering, I ‘m going to have to get this word out here myself and be very designed about who I get the give voice out there to. ” So I started a group on Facebook that was reasonably large and wound up growing to about 26,000 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 lapp matter. ” And then I founded 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. J.R. Whalen : How many members does the group have nowadays, and what are the members ‘ backgrounds ? Lamar Wilson : man, the group has about 138,000 members right nowadays. So it continues to grow. So it ‘s grown a draw within a year. The makeup of the group is credibly around 40 % black. The rest of the group is a odds and ends of all types of individuals. We have black people, Latinx, people from Nigeria, people from El Salvador. We have people from all over the world in the group. So it ‘s a identical, very, identical diverse group. And I like to say it ‘s probably one of the most diverse groups on the stallion application of Clubhouse. J.R. Whalen : And tell me about the ages of people that belong to the group. Lamar Wilson : Oh man, again, arsenic divers as it is culturally and ethnically, the boastfully diversity besides comes in from an long time position. We have teenagers in the group, people equally young as 16, 17, and then we have there ‘s a young dame in our group, I believe she ‘s 91 years old that comes in, and then we have crypto granny who ‘s I think 74, 75. then you have people along the stallion spectrum. I think the majority of the people rest between their 20s and 50s, but we silent have that huge spectrum of people throughout the entire group. It ‘s a very bombastic group so you ‘re going to have a lot of different people.
J.R. Whalen : immediately, what are you hoping members will learn about investing in bitcoin and cryptocurrency by being in the group ? Lamar Wilson : The idea for us is to basically focus more on the self reign and the generational wealth aspects of bitcoin. The fact that bitcoin is this asset that can not become impound once you own it yourself, it ‘s highly mighty for the black community because in this nation, when we ‘ve been able to build wealth, many times that wealth has either been burned down, taken from us, confiscated, thus on and indeed away. And so with bitcoin being an asset that you can not confiscate once you own your own keys, no one else can confiscate, it makes it highly powerful. And so we try to focus on that separate of bitcoin as an alternate to a fiscal system that has n’t always worked in our favor. J.R. Whalen : What have you noticed are the biggest cognition gaps when it comes to the group members and investing in cryptocurrency ? Lamar Wilson : The biggest opening I think normally comes from the fact that people have heard of all of these other cryptocurrencies and they tend to put them all in the same bin. So they make bitcoin the lapp as, say, a Shiba Inu or something like that. That ‘s a meme mint that ‘s meant to be playfulness and precisely be a meme. I think that ‘s the depart that is the biggest determine crook and the gap, because people just think that because they ‘re digital assets, they ‘re all the same, and it could be far from the accuracy. And so we spend a batch of meter educating on why bitcoin is completely unlike than something like a Shiba Inu. J.R. Whalen : Lamar, bitcoin is one of the hazardous investments out there. That ‘s not a surprise to anybody, but what kinds of pitfalls about investing in crypto do you try to inform the group members about ? Lamar Wilson : A distribute of times, we ‘ll say alone invest what you can afford to lose. And sol the reason why we say that is because we know it ‘s extremely fickle, and we besides realize that because of its volatility that people will credibly sell before they even get the benefits of actually holding on to it. And so we say, “ Listen, use this as a write account that you ‘re never going to touch. It ‘s about like buy a piece of land in Manhattan in the 1700s. If you could put $ 5 a week towards a piece of state in Manhattan in the 1700s, it would behoove you to hold on to it and to keep it for generations to come and allow your family and friends and everyone else that you love to partake in that state moving forward and be able to use it as collateral. ” So that ‘s what we talk about in bitcoin. We say, “ Listen, use the money that you can afford to lose, the money you were going to buy your coffee with or the extra money you were going to spend on Netflix or whatever. This extra measure of money. Do n’t go putting your life sentence savings in it, your mortgage money, none of that. Do n’t make those huge bets. ” And if you want to, you can, but we precisely say it ‘s probably better for you to dollar monetary value average in and make sure that you own it, own a little spot of it over time and not try to equitable wholly take a huge count on it. Because if you put the money you need into it, you ‘re more probably to get rid of it before it even gets the rate that we think is going to be shown in the future. J.R. Whalen : indeed what have you heard back from member in terms of what they ‘ve learned and has it paid off ? Lamar Wilson : Yeah. many members are extremely happy. We did a solid campaign to tell people like, “ Listen, if you want go become a satoshi millionaire ” … indeed a satoshi is the smallest whole of bitcoin. And then our boastfully push was during what we called Black Future Month, not Black History Month, it ‘s Black Future Month of February, our whole goal in concentrate was to see how many people we could get to become satoshi millionaires, which is to buy a million satoshis. And at that clock time, when we foremost started the campaign, buying a million satoshis with us was about $ 200. It was $ 180 to $ 220, something like that, in December. We continued to push that up into February, and that ‘s when we did the campaign. And at that meter, I think being a satoshi millionaire may have monetary value you about $ 280 to $ 300. now, of course, becoming a satoshi millionaire is around $ 500. sol those people who became satoshi millionaires at the begin of the class, they feel in truth well, proper ? Their satoshis have gone up well. The actual dollar sum has gone up well, and they start to understand what we mean by holding it for the long term. And so a set of those members are extremely happy about that, and they tend to keep coming bet on to learn more about the engineering and about how it works within the macroeconomic arrangement. so, yeah, I think a bunch of the members are highly happy.
J.R. Whalen : All properly. That ‘s Lamar Wilson, co-founder of Black Bitcoin billionaires. Lamar, thanks then much for being with us. Lamar Wilson : thank you. J.R. Whalen : And that ‘s Your money Briefing. I ‘m J.R. Whalen for the Wall Street Journal .