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Fresh Data Indicates Americans Are Buying Crypto With Stimulus Checks

Catherina Ploumidakis

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Fresh Data Indicates Americans Are Buying Crypto With Stimulus Checks

American citizens are beginning to receive their $1,200 stimulus checks in an effort to alleviate COVID-19’s economic consequences. However, fresh data suggests that Americans are now using their stimulus checks to buy crypto.

Americans are buying crypto with their $1,200 stimulus checks

Specifically, a recent chart from Brian Armstrong, CEO of the US crypto exchange Coinbase, suggests Americans are flocking to crypto, Armstrong shared the following chart, which demonstrates buys and deposits of $1,200 on Coinbase during the past months.

Moreover, a huge spike, constituting a fourfold increase, is seen at the tail-end of the chart. Although Armstrong does not explicitly link the stimulus check to this surge, this is the likely conclusion.

The US stimulus check will be worth $1,200 and is now beginning to reach the American populace. Interestingly, the stimulus checks will reportedly begin reaching those most adversely economically affected by the COVID-19 coronavirus pandemic.

Nevertheless, the apparent decision by stimulus check recipients to purchase cryptocurrencies is an interesting development. Although the intention is to support citizens facing economic hardship, using the funds to purchase crypto defeats the government’s aim.

At the same time, however, this is indicative of a bullish outlook on the crypto market and mistrust in the government’s economic policy.

“People will be holding crypto after the stimulus package”

The US decision to issue stimulus checks of $1,200 to a large portion of its population is proving somewhat controversial. Although these stimulus checks aren’t without precedent, numerous financial analysts are questioning their long-term effectiveness.

Moreover, others are suggesting that the Federal Reserve’s “quantitative easing forever” strategy could be exacerbating issues relating to the dollar. Nevertheless, it would seem US citizens are now increasingly looking towards crypto in these uncertain times.

Wayne Chen, founder of virtual currency platform Coincurve, recently said that the US stimulus package would boost the crypto market. However, Chen said that he did not believe the stimulus package on its own would dramatically move the crypto market, even though he did suggest the long-lasting crypto effects would be substantial:

“I think people will generally still be holding crypto even after the stimulus package… I don’t think an extra [thousand dollars] of extra pay into their bank account is going to trigger a huge buy activity in the whole cryptocurrency market.”

With the Bitcoin halving event looming less than a month away, it will be extremely interesting to keep an eye on the Bitcoin market.

Catherina previously worked as a journalist for several local newspapers until she realized the potential of internet for news reporting. She joined the team as a contributor which provided her a platform to dedicate her experience and knowledge for a wider range of audience. She excels in curating business news for the website.

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Citi Field hit with ‘junk’ rating over debt fears

Erin Fox

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Citi Field hit with 'junk' rating over debt fears

Citi Field, which has been closed due to the coronavirus, has been slapped with a “junk” rating amid fears that it won’t be able to pay its debts.

Ratings agency Standard & Poor’s on Thursday downgraded Citi Field from an investment grade “BBB” rating to “BB+”, or junk status, saying it may need to tap its debt reserve to make a $22 million payment due in December — and warning that it could run out of money next year if there’s a baseball strike.

Citi Field makes two $22 million payments annually to the New York City Industrial Development Agency, which issued $612 million in bonds to build the stadium, completed in 2009 as home to the Mets.

The Wilpon family-owned Mets are technically separate from the stadium, which is paid for through sales of luxury suites, party suites, club seats, concessions and merchandise.

S&P says the Mets may seek to help the stadium make the December payment to keep its lease intact.

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Retailers beef up security as looting fears continue to rise

Erin Fox

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Retailers beef up security as looting fears continue to rise

It might be safer to rob a bank.

Retailers across the country are boosting their defenses to protect against looting, including by hiring armed guards, planting scouts to keep watch out front and securing storefronts with barbed wire, The Post has learned.

As The Post reported on June 2, iconic department store Saks Fifth Avenue has fortified its New York City flagship with a razor wire-topped fence and security guards outfitted with attack dogs.

But sources say the trend is becoming more widespread and even hitting the normally peaceful suburbs.

Security professional Michael Sapraicone, head of Squad Security, says he’s received multiple requests by retailers looking to protect against a spate of high-profile ransackings by people looking to take advantage of nationwide civil unrest. Some of the requests are too risky to even consider, he said. “We are turning down the calls we are getting to put armed guards inside unopened stores at night,” Sapraicone told The Post.

The former NYPD detective has, however, agreed to station a security officer outside the posh Americana Manhasset shopping center in Manhasset, NY, in a parked car at the request of one of its retailers, which he declined to name.

Americana Mall in Manhasset.
People walk their dog in the empty parking lot of Americana Mall in Manhasset.Getty Images

“We are there as a deterrent and to record whatever might happen,” Sapraicone said.

This week, stores inside the tony Long Island shopping center, which boasts tenants like Tiffany & Co., Gucci, Fendi and Chanel, boarded up their windows while the shopping center’s entrances were blocked off by the Nassau County police. Restaurant operators are instructing customers to pick up their meals before 7:30 p.m., when the center now closes, including for curbside pick-up.

For shoppers, the increased security can make for an eerie day at the mall. One Orlando, Fla., resident told The Post she popped into the posh Mall at Millenia on Monday only to be met with emptied-out stores. Luxury retailers like Tiffany, Cartier and Chanel were shuttered and their merchandise yanked, said the shopper, who asked not to be named. The Chanel store had a security guard stationed inside, she added.

It’s unclear whether these stores were cleared out due to fears of looting or the coronavirus pandemic, however, and the mall didn’t immediately respond to a request for comment.

Back in the Big Apple, one large retailer that asked not to be identified has quietly planted scores of armed guards inside its perfumed halls in case of a break-in, a source with direct knowledge told The Post.

But security professionals warn this approach can be risky, especially if it costs lives.

“It’s a terrible idea to have armed security in your stores,” said Anthony Roman, president of Roman & Associates, a risk management firm. “The risks to personnel are too high, with security becoming a target if people get inside the building.”

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Business

Adweek magazine sold to Shamrock Capital

Erin Fox

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Adweek magazine sold to Shamrock Capital

Adweek has a new owner, its fourth in six years.

Shamrock Capital, which traces its roots back to the family of Roy Disney, wrapped up an acquisition of the print, Web and events business from Toronto-based buyout firm Beringer Capital.

“Beringer came in with guns blazing and big plans for expansion, but once they realized how hard the business was, they turned into sellers,” said a source familiar with the company. Adweek has quietly been on the block for the past year, the source added.

Jeff Litvack is expected to remain as Adweek chief executive, as are Stephanie Paterik, executive editor, and Lisa Granatstein, editor and SVP of programs.

“We look forward to working with Adweek to continue to drive strong growth, both organically and through acquisitions.” said Laura Held, Partner at Shamrock Capital.

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