CBX Daily 7/5/2024

Author

Sabrina Lynch
July 05, 2024

Today agriculture’s future could be in blockchain’s ranks, but let’s start with how a bitcoin boom could be a financial doom for banks…

Cultural Intelligence Download

Bitcoin Boom In Black Communities Could Bust Banking Institutions

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After 100 years of systematic racism, fewer African- Americans are investing in stocks, instead turning to the profitable benefits of cryptocurrency and its decentralized model to bring in the big bucks. With 1 in 3 African American investors owning cryptocurrencies compared to 17% of white investors, digital coins, blockchains and NFTs (non fungible tokens) are experiencing exponential growth due to a severe lack of trust in legacy firms. Black Millennials, Gen Z, and teen digital natives changing the financial landscape are turning to online and social media channels to grow their own wealth; leaving traditional banking institutions in their wake. This begs the question, are banks redundant for the Black community?

Is Blockchain Important To The Future of Agriculture?

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Agriculture has grown into a multi-trillion dollar industry. However, there are many challenges currently facing the sector and food security remains a global issue with the global blockchain in agriculture and food supply chain market size is projected to reach $948 million by 2025. How big could the impact of blockchain become in overcoming the mounting problems and shaping the future of agriculture?

What's Next For Artists & Collectors After Gallery Closures?

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Gagosiar, Simon Lee, Betty Cuningham are just some of the art galleries that have taken a hit and sunset their services. The closure of art galleries has had a significant impact on artists and collectors alike, with both groups now having to navigate new challenges in the industry. The art industry has been taking a hit notably falling 4% to lows of $65 billion which has been the lowest in the last three years.

The Highs & Lows Of Luxury As Kering’s Gucci Falls While Others Soar

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Kering (KER.PA -3.13%) , the French luxury group that owns Gucci, Yves Saint Laurent, Bottega Veneta, Balenciaga, and other luxury brands, warned that first-quarter revenues are expected to decline 10% from last year’s $5.5. billion. The announcement is rare for Kering, number two in the global luxury market. The conglomerate projects its flagship brand, Gucci, to be off nearly 20%, down from $2.8 billion.  

Digital Banks Diving Deep Into Niche Underserved Markets

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As a number of neobanks, also known as digital banks, come online they are building products catered to very specific markets. When you consider the Black community makes up 30% of the underbanked group in the U.S., according to the Federal Deposit Insurance Corporation, neobanks can be a real game-changer for this demographic. Is it possible for these new digital banks to make a measurable impact on financial inequality and address issues of access, fairness, and fees that have often had a discriminatory legacy?

Vibes of the Week

It’s “Hot Uptown” as Bitcoin takes over traditional banks. Camilla Cabello and Drake team up for this banger. Get into it in our CBX Vibes!