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Behind the Resurging Crypto Craze—Huge Profits, Risks & Scams
Supporters argue that crypto can empower individuals, particularly in minority communities.
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Ritu Marwah - Thu, 19, Jun 2025
- 22:56 EDT
- 9
Representative Image. / Pexels
About 1.4 billion people globally are considered unbanked of which 5 million are in the United States of America. There's 12 million people who would be considered living in a banking desert in the United States of America, which means people that are not within 10 miles of a bank. Since Bitcoin’s launch in 2009, cryptocurrencies have been hailed as a new frontier for building wealth and exchanging value outside the traditional financial system.
Blockchain or crypto as we know is the ability to send value anywhere in the world, at any time, to anyone, without the approval, or lack thereof, of a third-party bank.
Supporters argue that crypto can empower individuals, particularly in minority communities that have long been underserved by banks, by offering new paths to financial inclusion and economic agency. “It is very expensive to have a bank or checking account. Some fees could go as high as $35 a month for a bank account. Free bank accounts are for people who can maintain a minimum balance or have a direct deposit coming into the account,” said Tyrone Ross, CEO & Co-founder of Turnqey Labs and Principal at 401 Financial, at an American Community Media briefing. He grew up in a banking desert. His parents could not afford a bank account.
“What bitcoin and crypto ultimately does is, it acts like a big flashlight on the existing inequities that exist in the current financial market and infrastructure not only in the United States with the world,” he said
Some advocates even see it as a tool to challenge and reform the entrenched U.S. financial structure.
Critics warn of serious pitfalls
But critics warn of serious pitfalls: extreme volatility, lack of oversight, and a pattern of targeting vulnerable populations with high-risk promises. Add to that an uptick in scams, environmental concerns over energy use, and ethically murky endorsement, even from members of the First Family, and the picture becomes far more complicated.
“One of the most significant crypto risks is volatility,” said Cantrell Dumas, director of derivatives policy at Better Markets. “Prices have shown dramatic fluctuations, rising or falling by double digits in very short time frames for investors with little to no financial cushion.”
“Another area of concern is fraud and scams,” he continued, “including Ponzi schemes, fake investment platforms, phishing scams and impersonation tactics, all often delivered through mobile apps, social media channels … or Bitcoin ATM deposits directed by scammers impersonating government or tech support representatives.”
Estimated losses in cryptocurrency-related scams surged 66% from an estimated $5.6 billion in 2023 to $9.3 billion in 2024 with over 140,000 complaints filed, according to FBI data.
One in five U.S. adults, or 55 million, use cryptocurrency
The largest-ever study of U.S. cryptocurrency holders, conducted in 2025, finds that one in five U.S. adults, or 55 million, are using cryptocurrency; 76 percent of respondents said it had a positive impact on their lives, 21 percent were neutral and only 3 percent said the impact was negative.
Of the 10,000 respondents, 52 percent said they were most interested in using cryptocurrency to invest in their future and 39 percent said they use it to pay for goods and services.
Globally crypto currencies, crypto assets, bitcoin, blockchain are not going away. Folks are using them for different purposes aka remittances, wealth management and banking. The ease of use and the ability for people to access this whether it’s on the phone or anywhere in the world in real time and the ability to get access to funds in real time is very seductive.
“If I need to pay my rent or buy food today and my money clears in my bank account on Monday, and God forbid it is a holiday and I get that money on Tuesday, it means I’m getting evicted today and my things outside on the road on a Saturday! So that’s what this is about,” said Tyrone Ross.
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