Latest news with #Bros
Mint
26-06-2025
- Business
- Mint
Crypto gains foothold in Bolivia as small businesses seek currency alternatives
Bolivians using crypto as hedge against currency devaluation Crypto ATMs, stores accepting Bitcoin or Tether pop up in cities Economists warn trend is not a sign of stability Other Latam countries have also been adopting crypto By Santiago Limachi and Lucinda Elliott COCHABAMBA, Bolivia, June 26 (Reuters) - In the busy shopping district of the Bolivian city of Cochabamba, ATMs let shoppers swap coins for cryptocurrency, beauty salons offer cut-price deals if you pay in Bitcoin, and people use Binance accounts to buy fried chicken. Bolivians are facing a rising economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. Some Bolivians are now turning to crypto exchanges like Binance, cryptocurrencies like Bitcoin, and stablecoins like Tether as a hedge against the depreciation of the boliviano. Official data is patchy, and cryptocurrency was outlawed in Bolivia until last year, but the most recent central bank figures showed transactions of digital assets at $24 million in October. Analysts estimate it has since risen significantly. In the speed of uptake, "Bolivia is now comparable to countries like Argentina and Venezuela," said Mauricio Torrelio from the Bolivian Blockchain Chamber. The overall size of the market, though, remains well behind those South American neighbors and other transactions domestically. Jose Gabriel Espinoza, former head of Bolivia's central bank, estimated that daily USDT volumes hover around $600,000, a fraction of the $18-$22 million in the formal financial sector and $12-$14 million in the cash-based black market. "While crypto is growing, it's still a nascent market," he said. Torrelio said Binance was the most popular platform locally, for its relatively low transfer fees and peer-to-peer trading. The world's largest cryptocurrency exchange, Binance has come under scrutiny globally. It agreed to pay a fine of over $4.3 billion in 2023 after pleading guilty to violating U.S. laws against money laundering. In Cochabamba, Pablo Unzueta's steakhouse Bros allows customers to pay via Binance accounts or buy Bitcoin using an ATM linked to Blink, a crypto wallet developed in Central American country El Salvador - which made waves in 2021 when it made Bitcoin legal tender. "If you go to the banks today, they don't have dollars," Unzueta told Reuters. "Paying for a chicken with Bitcoin or saving in Bitcoin is the most innovative and promising thing a city like Cochabamba can do." Unzueta demonstrated how the ATM works, feeding a one-boliviano ($0.14) coin into the machine. "The idea is to move away from the piggy bank and instead use this technology." Carla Jones, a local spa and salon owner, offers incentives to customers who pay with crypto assets, which she said both attracted younger customers and acted as a savings safeguard. "If you buy three tanning sessions, you get a discount if you pay with Bitcoin," she said. "It's a way to keep my money safe and also try to grow my wealth." 'THIS IS NOT A SIGN OF STABILITY' Bolivia is facing its most acute economic crisis in a generation. Dwindling domestic gas production has forced it to import costly fuel, eroding its foreign currency reserves, and making it hard to continue to pay for imports. The lack of dollars has spawned a black currency market, with a wide gap between the formal and parallel FX rates. On the street, you need over 16 bolivianos to buy a dollar versus the largely symbolic official rate of around 6.9 per dollar. Crypto proponents have pushed blockchain-based tokens as an answer. On June 7, Tether chief executive Paolo Ardoino posted photos from a duty-free shop in the Bolivian city of Santa Cruz, showing items like sunglasses and Oreo cookies priced in USDT, the firm's dollar-pegged stablecoin. "A silent revolutionary shift: digital dollars powering daily life, commerce, and economic stability," he said on X. Economists, however, warned it was not so rosy. "This isn't a sign of stability," said former central bank head Espinoza. "It's more a reflection of the deteriorating purchasing power of households." Peter Howson, assistant professor in international development at Northumbria University in Britain, warned that Bolivians would be vulnerable to crypto's constant fluctuation in value. "We've seen in Bolivia and across Latin America, what we call 'crypto-colonialism'. Crypto companies try to convince the rural poor to invest what little real money they have in a cryptocurrency," he told Reuters. "When it goes down in price, no vendor wants to accept it." But in Cochabamba, 35-year-old Andree Canelas is a Bitcoin enthusiast, helping install crypto ATMs in shops and cafes. "More and more people have understood that if they save bolivianos and keep them in their tills for too long, they're going to lose purchasing power," Canelas said. Cryptocurrencies did come with risk, he said, but added: "They may see some volatility in the short or medium term, but long term it's a good store of capital." (Reporting by Santiago Limachi in Cochabamba and Lucinda Elliott in Montevideo; Additional reporting by Monica Machicao in La Paz, Elizabeth Howcroft in Paris, and Ipa Ibáñez in Santa Cruz; Editing by Adam Jourdan and Rosalba O'Brien)
The Star
26-06-2025
- Business
- The Star
Crypto gains foothold in Bolivia as small businesses seek currency alternatives
COCHABAMBA, Bolivia (Reuters) -In the busy shopping district of the Bolivian city of Cochabamba, ATMs let shoppers swap coins for cryptocurrency, beauty salons offer cut-price deals if you pay in Bitcoin, and people use Binance accounts to buy fried chicken. Bolivians are facing a rising economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. Some Bolivians are now turning to crypto exchanges like Binance, cryptocurrencies like Bitcoin, and stablecoins like Tether as a hedge against the depreciation of the boliviano. Official data is patchy, and cryptocurrency was outlawed in Bolivia until last year, but the most recent central bank figures showed transactions of digital assets at $24 million in October. Analysts estimate it has since risen significantly. In the speed of uptake, "Bolivia is now comparable to countries like Argentina and Venezuela," said Mauricio Torrelio from the Bolivian Blockchain Chamber. The overall size of the market, though, remains well behind those South American neighbors and other transactions domestically. Jose Gabriel Espinoza, former head of Bolivia's central bank, estimated that daily USDT volumes hover around $600,000, a fraction of the $18-$22 million in the formal financial sector and $12-$14 million in the cash-based black market. "While crypto is growing, it's still a nascent market," he said. Torrelio said Binance was the most popular platform locally, for its relatively low transfer fees and peer-to-peer trading. The world's largest cryptocurrency exchange, Binance has come under scrutiny globally. It agreed to pay a fine of over $4.3 billion in 2023 after pleading guilty to violating U.S. laws against money laundering. In Cochabamba, Pablo Unzueta's steakhouse Bros allows customers to pay via Binance accounts or buy Bitcoin using an ATM linked to Blink, a crypto wallet developed in Central American country El Salvador - which made waves in 2021 when it made Bitcoin legal tender. "If you go to the banks today, they don't have dollars," Unzueta told Reuters. "Paying for a chicken with Bitcoin or saving in Bitcoin is the most innovative and promising thing a city like Cochabamba can do." Unzueta demonstrated how the ATM works, feeding a one-boliviano ($0.14) coin into the machine. "The idea is to move away from the piggy bank and instead use this technology." Carla Jones, a local spa and salon owner, offers incentives to customers who pay with crypto assets, which she said both attracted younger customers and acted as a savings safeguard. "If you buy three tanning sessions, you get a discount if you pay with Bitcoin," she said. "It's a way to keep my money safe and also try to grow my wealth." 'THIS IS NOT A SIGN OF STABILITY' Bolivia is facing its most acute economic crisis in a generation. Dwindling domestic gas production has forced it to import costly fuel, eroding its foreign currency reserves, and making it hard to continue to pay for imports. The lack of dollars has spawned a black currency market, with a wide gap between the formal and parallel FX rates. On the street, you need over 16 bolivianos to buy a dollar versus the largely symbolic official rate of around 6.9 per dollar. Crypto proponents have pushed blockchain-based tokens as an answer. On June 7, Tether chief executive Paolo Ardoino posted photos from a duty-free shop in the Bolivian city of Santa Cruz, showing items like sunglasses and Oreo cookies priced in USDT, the firm's dollar-pegged stablecoin. "A silent revolutionary shift: digital dollars powering daily life, commerce, and economic stability," he said on X. Economists, however, warned it was not so rosy. "This isn't a sign of stability," said former central bank head Espinoza. "It's more a reflection of the deteriorating purchasing power of households." Peter Howson, assistant professor in international development at Northumbria University in Britain, warned that Bolivians would be vulnerable to crypto's constant fluctuation in value. "We've seen in Bolivia and across Latin America, what we call 'crypto-colonialism'. Crypto companies try to convince the rural poor to invest what little real money they have in a cryptocurrency," he told Reuters. "When it goes down in price, no vendor wants to accept it." But in Cochabamba, 35-year-old Andree Canelas is a Bitcoin enthusiast, helping install crypto ATMs in shops and cafes. "More and more people have understood that if they save bolivianos and keep them in their tills for too long, they're going to lose purchasing power," Canelas said. Cryptocurrencies did come with risk, he said, but added: "They may see some volatility in the short or medium term, but long term it's a good store of capital." (Reporting by Santiago Limachi in Cochabamba and Lucinda Elliott in Montevideo; Additional reporting by Monica Machicao in La Paz, Elizabeth Howcroft in Paris, and Ipa Ibáñez in Santa Cruz; Editing by Adam Jourdan and Rosalba O'Brien)
Wales Online
07-06-2025
- Entertainment
- Wales Online
Matt Goss claims Luke Goss was 'jealous' of him as he was lead singer of Bros
Matt Goss claims Luke Goss was 'jealous' of him as he was lead singer of Bros Matt Goss believes his twin brother Luke 'resented' him for being the lead singer of Bros Matt Goss and Luke Goss in Bros (Image: BANG Showbiz ) Matt Goss says he believes that his brother Luke "resented" him for being the lead vocalist of their band Bros. The 56 year-old twins, who rose to fame alongside school friend Craig Logan in 1986, faced band tensions leading to their eventual split six years later with Matt feeling a hidden tension from drummer Luke over not being in the limelight. Speaking to Loaded magazine Matt admitted: "I felt like there's always been that underlying resentment from my brother as I was the singer." Reflecting on the past the When Will I Be Famous? star now thinks the group made a premature decision to disband. "In hindsight I don't think we should have split the band – it was a mistake. "Any bands listening to this – don't break up." Matt suggested an alternative instead, adding: "Just take a break. It's much healthier." After Bros disbanded Matt was taken aback by the separation but went on to achieve success in America including an 11-year engagement performing in Las Vegas hotels and casinos. Despite the thrill of playing to full stadiums with Bros Matt holds his Vegas performances in the highest regard as they offered not only fame but invaluable learning experiences. Article continues below He said: "I think Vegas trumps most things I've done in my life – the billboards, the people, the A-listers who come and see you. "I did four shows a week for 11 years. Vegas was the closest I've ever come to getting a proper job and I learned more there than anywhere else. "It taught me composure, that I had more time than I thought to communicate with my audience – you can just stop and chat. "It taught me so much about the energy of an audience. You've got to check your ego at the door – you're their night out. "What a privileged position that is." Despite Matt and Luke no longer being on speaking terms they reunited without Craig in 2017 for a 30th anniversary show at London's O2 Arena with their preparations featured in documentary Bros: After the Screaming Stops. And although the film showcased disputes between the twins and some unintentionally humorous comments from Matt – such as declaring he had "made a conscious decision, because of Stevie Wonder, to not be superstitious" – the singer is very "proud" of it due to its authenticity. He said: "I feel very proud of the documentary. It's honest. There's no fluff in it. It's not an: 'Aren't we great?' documentary. It's f****** real. "We have problems, you know, we're dysfunctional. That Stevie Wonder comment – I can see the comedic side of it. Article continues below "But as I always say, I stand by those words – I read the lyrics when I was a kid. "In those days the lyrics and the liner notes were like a religion to us."
Yahoo
24-05-2025
- Business
- Yahoo
Was Jim Cramer Right About Dutch Bros Inc. (BROS)?
We recently published a list of . In this article, we are going to take a look at where Dutch Bros Inc. (NYSE:BROS) stands against other stocks that Jim Cramer discusses. Back in 2024, on May 17, a caller asked about Dutch Bros Inc. (NYSE:BROS), highlighting its impressive recent sales growth. Cramer strongly agreed and said he has liked it since 2014. Here's what he said back then: 'I completely agree with you. Ever since my daughter introduced me to Bros back in 2014, I have been a confirmed user and a buyer of the stock — a recommender of the stock for you. It's a little bit junior-to-junior for my trust, but I really like it.' A closeup of a customer tasting a freshly-made cold brew coffee product from the company's shop. This was a great call by Cramer, as the stock surged by 95.13% since his recommendation. Dutch Bros Inc. (NYSE:BROS) has reawakened enthusiasm among growth investors as store expansion and loyalty surge across the U.S. Overall, BROS ranks 10th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of BROS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BROS and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Was Jim Cramer Right About Dutch Bros Inc. (BROS)?
We recently published a list of . In this article, we are going to take a look at where Dutch Bros Inc. (NYSE:BROS) stands against other stocks that Jim Cramer discusses. Back in 2024, on May 17, a caller asked about Dutch Bros Inc. (NYSE:BROS), highlighting its impressive recent sales growth. Cramer strongly agreed and said he has liked it since 2014. Here's what he said back then: 'I completely agree with you. Ever since my daughter introduced me to Bros back in 2014, I have been a confirmed user and a buyer of the stock — a recommender of the stock for you. It's a little bit junior-to-junior for my trust, but I really like it.' A closeup of a customer tasting a freshly-made cold brew coffee product from the company's shop. This was a great call by Cramer, as the stock surged by 95.13% since his recommendation. Dutch Bros Inc. (NYSE:BROS) has reawakened enthusiasm among growth investors as store expansion and loyalty surge across the U.S. Overall, BROS ranks 10th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of BROS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BROS and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
