By CultureBanx Team

• Early Black crypto advocates want to maintain a seat at the table as more financial institutions enter the sector
• More than 3 in 10 Black adults are likely to invest in cryptocurrencies
  

Early Black crypto advocates want to maintain a seat at the table they helped to set, as Wall Street eyes big opportunities in the digital currency sector. People who did some of the earliest work spreading cryptocurrency’s message to the Black community are being increasingly pushed out of the space. With Just under one in four, about 23%, of Black people owning this caché currency, compared to 11% of White Americans, and 17% of Hispanics, how important is it for the Black community to be included as more legacy financial institutions increasingly enter the arena?

Why This Matters: About 2 in 5 Black adults are likely to purchase or invest in Bitcoin, compared to roughly 3 in 10 adults overall, according to Morning Consult data. Many people question whether or not cryptocurrency is helping to democratize finance and the economy, or is it a volatile asset that puts Black communities at particularly high risk? Especially now that Large financial institutions that once looked down upon digital currencies, are now investing huge amounts of money to meet the demand for customers.

By CultureBanx Team

• Shaquille O’Neal and Serena Williams SPACs fall 77% and 32% respectively
• 21 out of 33 SPACs tied to famous public figures have posted negative returns for 2021
  

Things look very grim for SPACs spearheaded by some of your favorite athletes, as these special acquisition blank check companies tied to notable sports figures have been severely trailing the S&P 500. Shaquille O’Neal, Colin Kaepernick, Jay-Z, Serena Williams, Alex Rodriquez and Steph Curry have all recently gotten into the SPAC game without much success. Specifically, 21 out of 33 SPACs tied to famous public figures have posted negative returns for 2021, according to Bloomberg.

Why This Matters: The De-SPAC Index, a group of 25 companies that went public by merging with a SPAC, is down more than 40%. Let’s break down exactly whose SPACs are underperforming. ​​Beachbody (BODY +0.82%), backed by Shaquille O’Neal, is down over 77% since going public in a $2.9 billion deal in January. Metal 3D-printing company Velo3D (VLD -2.29%), which Serena Williams helped take public, has fallen nearly 32% since its January SPAC merger.

By CultureBanx Team

• Barbados is proposing giving its citizens universal basic income, a system of wealth distribution where people receive a guaranteed livable amount of money
• Citizens of Barbados who earn less than $12,386, are eligible for a reverse-tax-credit grant of $644 a year
  

After crowning Rihanna its 11th National Hero, the island nation of Barbados is proposing giving its citizens a universal basic income (UBI) stipend. The Barbadian government intends to regularly give some of the income produced by the country back to its adult citizens. Could this be the true path to economic parity and a path out of poverty for citizens of Barbados?

Why This Matters: UBI is a system of wealth distribution where people receive a guaranteed livable income that would meet basic human needs. Barbados, like many countries in the Caribbean and Latin America, has suffered financially from the pandemic, and it's looking to provide a cushion for struggling households. It's unclear how much the UBI would be, but Barbadians who earn less than 25,000 Barbadian dollars a year, about $12,386, are eligible for a reverse-tax-credit grant of 1,300 Barbadian dollars, or about $644 a year, according to Insider.

By Richard Johnson

• Love (Sean Diddy Combs’ new name), has put in a bid to buy his Sean John brand out of bankruptcy for $3.3M
• Global Brands Group, which owns 90% of the Sean John brand through a joint venture with Love, filed for Chapter 11 in New York
  

Love (Sean Diddy Combs’ new name), has put in a bid to buy his Sean John brand out of bankruptcy for $3.3 million. In July, the North American arm of Global Brands Group, the Hong Kong-based company which owns 90% of the Sean John brand, through a joint venture with Love, filed for Chapter 11 in New York and sought to sell its assets.

Why This Matters: From b-boys in tracksuits, large chains and kangol hats, to trap artists drenched in high fashion and designer brands, the hip hop industry has long been at the forefront of mainstream fashion since its inception in the 70’s, but not without a price. This is the reason that Combs dragged Sean John owner GBG to court back in February with a $25 million lawsuit over licensing disputes, including "unlawfully trading off of his name, image, likeness, and persona, without his approval, permission, or consent, and to recover the damages for the injuries they have caused him."

By CultureBanx Team

• Goldman Sachs states that Bitcoin has the potential to cross the $100K milestone in the coming years
• Bitcoin has a $700B market cap, compared to gold’s nearly $2.6T owned as an investment
  

Wall Street titan Goldman Sachs (GS +0.20%) seems to be all in now when it comes to Bitcoin and claims the cryptocurrency currently has a 20% share of the "store of value" market. This means the asset, Bitcoin, can maintain its worth over time without depreciating, in comparison to precious metals or some currencies. Even though the digital currency remains highly volatile, trading above $46,000, it’s far from the all-time high in November 2021 of  $69,000. Will Goldman Sachs' cosign of Bitcoin as digital gold, increase confidence in other major financial institutions to do the same?

Why This Matters: With the price of gold currently around $1,800 per ounce, Bitcoin has the potential to cross the $100,000 milestone in the coming years, according Goldman Sachs analyst Zach Pandl. He wrote that within a few years if its share of the store of value market were to “hypothetically” reach 50% the cryptocurrency could reach this six-figure milestone.