(NEW YORK) — Victoria’s Secret has unveiled ads for its latest collection of bras and panties, called Love Cloud, featuring women of different shapes, sizes and backgrounds.
The Love Cloud collection announced last year, features ads with images of accessories designer Slyvia Buckler holding her pregnant stomach, and Nez Perce Tribe-Wildland Firefighter, Celilo Miles.
The ads also feature familiar faces such as top models Hailey Bieber, Adut Akech and Paloma Elsesser as well as Valentina Sampaio who became Sports Illustrated’s first transgender model to be featured in the publication’s swimsuit issue.
“Love Cloud Collection is a major moment in the brand’s evolution,” said Victoria’s Secret head creative director Raúl Martinez. “From the cast of incredible women that bring the collection to life, to the incredible inclusive spirit on set, this campaign is an important part of the new Victoria’s Secret standard we are creating.”
Officially available to shop in-stores and online, the new Love Cloud collection features a wide selection of bras and panties sized 32A-40DDD and XS-XXL. The pieces include cloud-like padding as well as a soft fabric that consists of smoothing technology to give a sleek appearance, according to the company.
“After listening to and being inspired by the real needs of our consumers, Love Cloud has been created as a collection that fits everyday comfort without sacrificing functionality or sexiness,” said Victoria’s Secret chief design officer Janie Schaffer.
She continued: “With this new line, we are launching high-quality bras and panties in shapes that fit women’s daily needs, in our ongoing effort to develop products that champion women and support their individual journeys.”
(NEW YORK) — The leading global producer of avocados is temporarily banned from sending the sought after fruit from Mexico to the U.S.
Despite the demand for imported avocados, the U.S. government announced a ban “until further notice” after a U.S. plant safety inspector in Michoacán — the only state with U.S. market access — received a threatening message to an official cellphone, Mexico’s Agriculture Department Mexico’s Agriculture Department said in a statement, according to the Associated Press.
“U.S. health authorities … made the decision after one of their officials, who was carrying out inspections in Uruapan, Michoacán, received a threatening message on his official cellphone,” the department wrote.
Michoacán has been the site of drug cartel turf battles where avocado growers have experienced extortion, the AP reported.
Despite challenges with the supply chain and harvest due to COVID-19, the Office of Agriculture Affairs for Mexico reported that production and exports from Michoacán were forecast to grow this year.
“Avocados are a significant agricultural product for Mexico, and one of the primary beneficiaries of the U.S.,” the department said in its annual report. “Mexico agricultural trade under the North American Free Trade Agreement (now United States- Mexico- Canada Agreement), with Mexican avocado trade values increasing over 455 percent since its implementation.”
The Office of Agriculture Affairs for Mexico did not immediately respond to ABC News’ request for comment.
Over the past few decades, domestic production of avocados has dropped more than 45%, according to the Avocado Institute of Mexico. The organization reported that avocado consumption in the U.S. skyrocketed from 1.5 pounds to 7.5 pounds from 1998 to 2017.
(NEW YORK) — Black students are much more likely to incur the largest average student loan debt out of any group in the United States, including their white peers, according to a recent study from nonprofit The Education Trust.
It’s a situation Dr. Shamell Bell knows well. Even though she had scholarships, Bell, who is now a Harvard lecturer and single mother, took out multiple student loans to pay for her living expenses while she pursued higher education.
Bell told ABC News’ Good Morning America the stress from her college debt has significantly impacted her life.
“Every single night, I’m not getting sleep because I’m worried about my bills. I’m worried about loan payments. I’m worried about my credit,” she said.
“We were sold a lie with the educational system. I went all the way to the top and I still feel like I failed,” she added.
Bell isn’t alone. A 2021 report from the American Association of University Women, based in part on federal data, shows that women not only make less than men after graduating from school, they hold more debt, an average of $31,276 more. Black women also borrowed an average of $37,558, more than other racial and ethnic groups overall.
Financial aid expert Jessica Brown, author of How To Pay For College When You’re Broke, told GMA there are several keys to tackling college debt. Here are her recommendations:
Financial advice for incoming students
– Apply for grants, loans and other aid as soon as possible with the Free Application for Federal Student Aid (FAFSA).
– Research prospective schools.
– Understand the cost of attendance at different schools.
– Make a financial blueprint with your family.
Financial advice for current students
– Use apps to look for “unclaimed” scholarships. Apps like Scholly and the HBCU Hub can help you identify these funds. You can also look into community organizations and see if they offer any scholarships you qualify for.
– Build relationships with your college’s financial aid office.
– Maintain academic excellence. Many scholarships award strong academic performance.
Financial advice for graduates
– Build a relationship with your loan servicer. This way, you can identify the best repayment plan for you that’s realistic and feasible for you to maintain.
– Inquire about consolidating federal student loans and see if that would be best for your situation.
– Check your eligibility for public service loan forgiveness. Some jobs, in sectors such as education and the federal government, offer loan forgiveness for employees.
(NEW YORK) — Before the cherry trees bloom this spring with their beautiful pink petals, one beloved sparkling beverage has a new product inspired by the blossoms.
LaCroix announced Monday its newest flavor Cherry Blossom will hit shelves at select retailers next month.
“LaCroix is all about unique flavor, good health and love! We can think of no better time to announce this innovative new flavor than on Valentine’s Day,” the company said in a press release. “Cherry Blossom is a botanical twist of sweet and just a ‘kiss’ of tart, the dazzling taste of blossoming Spring!”
The brand said the blossom represents “freshness, splendor and delicate beauty” and the new LaCroix flavor will evoke a similar fragrance and “calming essence of this brilliant flower” to convey the taste of spring.
(NEW YORK) — Walk into a Lamborghini dealership and brace yourself for the bad news.
The wait time for the new Huracan STO supercar, a track weapon with a conspicuous carbon-fiber wing, air ducts and shark fin, is at least a year. Same goes for the Italian marque’s brawny Urus sport utility vehicle. The Aventador LP 780-4 Ultimae, the automaker’s last supercar with a naturally aspirated V-12 engine, sold out instantly when it was revealed last July.
Lamborghini, Cadillac, Porsche and Mercedes are building some of their best sports cars before hybrid powertrains and electric power rule the road. Industry watchers say consumers are racing to buy performance cars with mighty V-8, V-10 and V-12 engines for one reason: a boycott of electrification.
“After 130 years of internal combustion engines, these companies have to write one last love letter to the industry, to their fans, and go out with a bang,” Tyson Jominy, vice president of data and analytics at J.D. Power, told ABC News. “Battery cars cannot replicate the sound, vibration and feeling of an ICE sports car.”
Cadillac, the luxury brand of General Motors, will exclusively make electric cars by 2030, with the futuristic Lyriq crossover SUV the first to go on sale in spring of 2022. Before that happens, Cadillac has offered performance fans one final hurrah: the street predators CT4-V Blackwing (472 horsepower) and CT5-V Blackwing (668 hp), two sport sedans with boosted V-6 and V-8 engines that provide a visceral and exhilarating experience behind the wheel.
“The reception has been so incredible, beyond what I would have expected,” Tony Roma, Cadillac’s chief engineer, told ABC News. “It’s a testament to how good these cars are. Not that many cars reward the driving experience.”
These cars mark an end to an era for Cadillac, Roma said, adding that neither he nor his team realized their significance until halfway through the development process.
“The Blackwings are a swan song to the internal combustion engine and the V-8,” he said. “The pressure was weighing on us. Clearly these cars were designed for the ultimate enthusiast. We obsessed about lap times and metrics.”
He added, “But performance is not going away with EVs.”
Karl Brauer, executive analyst at iSeeCars.com, said enthusiasts are frantically buying ICE sports cars — even used ones — before they’re gone. The extensive wait times for new Porsches and Lamborghinis in addition to the absurd markup on car prices send a signal to automakers that electrification has its drawbacks, he argued.
“There are two opposing forces — the die-hard enthusiasts, which are a small fraction of the market — and government,” Brauer told ABC News. “Usually enthusiasts lose.”
He pointed to Ferrari’s 458 Speciale, a mid-engine sports car with a naturally aspirated V-8 powerplant that was produced from 2010 to 2015.
“That car had no electrification and everyone wants one now,” he said. “It represented the last generation of traditional Ferrari engineering.”
Brauer said he’s closely watching to see if any sports car makers hold out on electrification.
“I don’t see it as an asset. Electrification is not fully evolved yet,” he argued. “I genuinely believe there is a number of enthusiasts who are starting to panic about EVs.”
Andrea Baldi, CEO of Lamborghini America, conceded that owners are still clamoring for gas-powered thrills.
“There is still a huge appetite for internal combustion engines,” Baldi told ABC News. “Today there is no question — everyone prefers them. This is what they consider the purest expression of a super sports car.”
The STO, the newest addition to the Huracan family, sprints from 0-62 mph in 3 seconds and bellows when the driver stands on the accelerator. The hardcore supercar’s naturally aspirated V-10 engine produces 630 horses and will likely be the last from Lamborghini; a plug-in hybrid successor arrives in 2024.
The next generation of the Aventador, Lamborghini’s flagship model with a ferocious V-12, will come with a cord for charging an electric battery in 2023. A fully-electric Lamborghini launches in the second half of the decade.
Baldi, however, said the storied automaker is not abandoning its legendary V-10 and V-12 engines. But the company has realized that it cannot continue producing gas-guzzling sports cars in an era of increasing regulation.
“What we will see in the Huracan and Aventador successors will be dramatically disruptive,” Baldi said. “The V-10 and V-12 engines will reach full their potential soon.”
German automaker Mercedes-Benz will go all-electric by 2030, with a battery-powered option for every vehicle by 2025. Until then, Philipp Schiemer, CEO of Mercedes-AMG, said the company will offer more V-8 sports cars like the completely redesigned AMG SL roadster, which replaces the GT AMG coupe.
“There are still three years to go and there are some more interesting projects yet to come,” he told ABC News. “There is a persistently high demand for our V8 models. I’m pretty sure we will see, feel and drive the V-8 still for a while.”
The seventh generation SL, an automotive icon since its launch in 1954, got modern updates like all-wheel-drive and a power-folding fabric top in this iteration. Two potent engine configurations are also available: a twin-turbo 4.0-liter V-8 with 480 hp in the SL 55 or 560 hp in the SL 63. A plug-in hybrid SL arrives next year.
“Mercedes-AMG is right in its transition phase and well prepared for a pure electric future,” Schiemer said. “The V-8 is not dead. It will survive also in combination with our E Performance hybrid technology.”
Porsche’s nimble 718 Cayman and Boxster mid-engine sports cars are going electric by 2025, according to a report from Car and Driver. That may explain the massive demand for the 2023 Cayman GT4 RS, a naturally aspirated, 493 hp road rocket with a 9,000 RPM redline. Even longtime Porsche owners can’t get an allocation for one. A Porsche spokesperson would not confirm the 718 report, telling ABC News: “As a matter of policy we are not able to comment on speculation about future products.”
Ralph Gilles, chief design officer at Stellantis and a serious enthusiast, has pledged that Dodge’s Charger and Challenger muscle cars will still appeal to fanatics when they go electric. Dodge is preparing to launch an electric muscle car by 2024, according to CEO Tim Kuniskis, with production of the revered supercharged Hellcat V-8 engine ending next year.
“We are pretty confident that we have several good solutions that will be an alternative visceral stimulus. We’re going to thrill in a different way,” Gilles told ABC News.
Brauer is skeptical; Hellcat muscle cars “selling like crazy” and collectors are “scrambling” to get one, he said. Jominy, however, disagrees.
“The muscle car segment is shrinking rapidly. An electrified powertrain brings it relevance,” he said.
Cadillac’s Roma acknowledged that building performance EVs are more challenging and engineers are struggling with the nascent technology.
“Can you cool the battery, can you make the car light enough? All that becomes more difficult,” he said. “There is no defined recipe for an EV performance car.”
Enthusiasts will have to accept that internal combustion engines are not going to make a comeback, Jominy explained.
“The train is not stopping. Electrifying cars is the way to go in terms of performance — not just for emissions,” he said.
There is a silver lining, though: this recent crop of sports cars will at least satiate the desires and wants of performance die-hards and muscle car fans.
“Automakers are going out with their best-ever engines. These will be some of the most-sought after vehicles,” Jominy said.
(NEW YORK) — You may not know Ralph Gilles by name but you may have owned (or admired) his cars: the Dodge Viper, Jeep Grand Cherokee and Ram truck, to name a few.
Gilles, the 52-year-old chief design officer of Stellantis, the automotive giant that owns the Chrysler, Peugeot and Fiat brands, has been sketching cars and trucks for more than 30 years. He started as a designer in 1992 and quickly climbed the ladder at Chrysler, becoming president and CEO of Dodge and the SRT Brand. He now oversees the Chrysler, Dodge, Jeep, Ram and Maserati marques, shaping future product and directing a large team of designers.
He has another mission at company: to make it more inclusive. Gilles, who is Black, serves as the executive sponsor of the Stellantis African Ancestry Network Diaspora (STAAND) and is active on the Stellantis Global Diversity Council.
The company announced last month that it was launching two new programs to attract diverse talent and train Black and multicultural employees for future leadership opportunities. Stellantis was also recognized as a top diversity leader by DiversityInc magazine.
In 2019, Black employees accounted for 17.2% of workers in automotive manufacturing, higher than the overall labor market, according to government data. But the industry lacked gender and racial diversity at the leadership level, the report from the U.S. International Trade Commission said.
“I think our industry doesn’t seem to attract people of color as much as others because it’s a little more of a clandestine thing that we do,” he said.
Gilles, an award-winning designer and industry visionary who continues to push the limits, spoke to ABC News about his trajectory in automotive, his attempts to hire more women and people of color and whether the Dodge Viper will return as an electric sports car.
The interview below has been edited and condensed for clarity:
What obstacles did you face as a Black man?
A: I didn’t face any impassable obstacles. If anything, my color made me stand out, sometimes for the better actually. I was a leader very young at my age; at 30 years old I was a director so [race] didn’t hold me back. It was quite the opposite if anything. I was very keen and aware that everything I did was being watched but in a good way. In every action I took I felt I would be representing an entire culture, not just myself. So that was something I was aware of from a very early stage.
Tell me how you’re trying to increase diversity at the company.
A: We’ve been trying to create a wonderful environment for people of color. I’ve been part of our business resource group [Stellantis African American Network Diaspora] for over 10 years and what I find fascinating about the group is that it went from being an internal support group to more of a recruiting device. When the Black Lives Matters stuff really lit up, our CEO at the time, Mr. [Mike] Manley, wanted to understand more so he called on the team to sit with him and that started this desire to create a diversity group. Just having these conversations has opened the minds of all of our execs [to] think about recruitment differently. Once you set up a tolerant place to work it naturally attracts people to the company.
How would you describe the makeup of the design team?
A: We have quite a bit of diversity in certain areas. Our infotainment team is pretty diverse. The exterior design team not as much. We’re finding though that the schools are not generating the pool that we need. We’re trying to get kids in middle school excited about this type of career and educate them about the possibilities and the outstanding life you can have as a designer or an engineer. So getting the word out there that it’s an awesome job is working slowly but surely.
What is the biggest change you’ve seen in the industry since you started?
A: When I started in the industry we were known as the Big 3. Today I laugh, it’s more like the Big 7 or 8. Every company seems to offer a full suite of vehicle types. The competition is really intense. The modern automobile is so technologically laden it’s hard just to call it a car anymore. It’s really rolling technology. And we are feeling more and more like a tech company.
We have software and coding people who are now attracted to the auto industry. The electrification movement, the infotainment movement, the autonomous movement — it’s getting more interesting. You look at it as a mature industry but it’s actually quite the opposite. It’s evolving more than ever.
What will move the needle on electric vehicle sales in the U.S.?
A: I think it’s a combination of more delicious offerings, which is what I am trying to do. To me it should be a choice. Have people say that’s the better, more attractive car. The current suite of EVs out there tend to be a little bit bland and uninspiring — great performing vehicles but not necessarily heart-pumping in the cultural or aesthetical sense. So trying to find a way to make them desirable and affordable. The other thing is going to be the infrastructure. Governments are working quite hard on helping the infrastructure catch up because it is a very different system from what we have today. So trying to make the pain points of owning an electric car go away is something everyone has to collaborate on. It’s not just a Stellantis problem. It’s a societal thing.
How would you respond to criticisms that Stellantis has been slow to produce EVs?
A: I think we’re not interested in just making an EV. We want to make the best EVs. We’re taking our time and developing them properly. We may not have one on offer today but it’s going to be coming very, very soon. We’re going to have several coming at the right time. A lot of the first EVs have very modest ranges that aren’t really solving the problem for the real consumer. So affordability, range, function — that’s what we’re putting in our calculus right now. We’re launching them in Europe. We’re leaders, we’re No. 1 in Europe. As a company we’re actually not laggards. We’ve been quite aggressive. We’re trying to match the society’s take rate.
How is designing an EV different from a gas-powered vehicle?
A: Some of the things we’re running into is trying to give the vehicle a personality. Trying to give it an emotional quotient. EVs don’t make a sound. Part of an excitement of a vehicle, especially with our Dodge brand, is the aural part of it. It’s something we’re intrigued about.
On the Jeep side, it’s creating an EV that looks futuristic but still capable. Aerodynamics are absolutely paramount. The EV gives us a benefit — we have frunks now. We have good packaging solutions. The center of gravity is in a good place. It’s more giving the car personality while balancing the needs of physics.
The Dodge Viper sports car was discontinued in 2017. Could it return as an EV?
A: I can’t talk about future product. I love that people talk about this nameplate so much. So that’s inspiring to us.
What is your daily driver?
A: I have a mixture of vintage cars because I do like the analog. I like to time warp back to the analog times. I have a Grand Cherokee, with a plug-in coming, and I steal my daughter’s [Alfa Romeo] Stelvio because I love that car. I have a few Alfa Romeos, a Lancia Delta and a cute little Peugeot 205 that I restored myself.
Looking back, is there one vehicle you would have tweaked before production?
A: (He laughs). OMG I need a couch now. Are you asking about my failures? (laughs again). I would have fought harder to make the wheelbase of the Chrysler 200 another 2 inches longer. Let’s put it that way.
(NEW YORK) — Raising membership fees can generally be chalked up as “the price of doing business.” But as inflation, demand and supply chain issues continue to dictate an increase in prices, consumers are left to consider the value of using services like grocery deliveries and big-box retailers.
Retail analyst and financial expert Hitha Herzog shared her insights with “GMA” on increases in membership fees as well as how individual lifestyle is a key driving factor for cost-benefit analysis.
“It always leads back to the consumer, because the consumer will have to eat the cost somehow,” Herzog explained. “It’s in the form of membership prices.”
Amazon recently announced a price hike for its membership to Prime services, which includes discounts for Whole Foods and grocery deliveries, due to “the continued expansion of Prime member benefits as well as the rise in wages and transportation costs.”
“We’re going to start seeing more and more of these memberships to retailers, especially larger online retailers — go up in price as well — if you’re going to increase the number of goods sold on the site and what you offer to your customers, you’re going to have to cover those overhead costs.”
Guggenheim analyst John Heinbockel predicted in a new research note earlier this week that popular big box retailer Costco is close to increasing its annual membership fees.
“We believe we are now 8 to 9 months away from a likely membership fee increase, a historical catalyst for the shares. As is well known, Costco has increased its annual membership fee every five and a half years by $5 to 10. On this timetable, the next hike would come in August-September 2022.”
Herzog explained that bulk stores like Costco increase their membership price cyclicly “about every five and a half years.”
Costco has bifurcated membership options, Gold Star and Executive, the first costs $60 a year and the latter $120 a year, currently.
“I think the crux of this is that this is something typical of these bulk stores. The fact that they’re only doing it every five and a half years — as opposed to other stores or services that are increasing the price of products because of inflation,” Herzog said. “So I think this price increase is already baked into their business model we already knew that this was coming.”
According to Heinbockel’s analysis, he predicts the Gold Star fee would go to $65 while the Executive membership would move to $130. The warehouse retailer’s increased fee could potentially help keep overall product cost down for members amid labor shortages, supply chain issues and inflation.
Costco did not immediately respond to “Good Morning America’s” request for comment.
How should consumers weigh the value of pricier memberships?
“I think it really you have to examine your life, a little bit,” Herzog said. “What I mean by that is you have to assess, what is going to cost you less? So if you are seeing an increase in product [prices], which we’re definitely seeing across the board with everything from staple items in your refrigerator to the price of gasoline — Is it worth it to you to spend more on gasoline to drive to a store to try to get a cheaper product? Or is it worth it for you to spend a little more on a membership to potentially get free delivery, so you can spend a little more on the product?”
She continued, “Overall, consumers are going to have to pay for the price increase due to inflation and due to supply chain issues still existing.”
“As much as we hear government officials saying, ‘it won’t impact the consumer … manufacturers are going to eat the cost,’ it’s never the case,” she said. “At some point, the consumer is going to have to pay.”
(INGLEWOOD, Calif.) — Seeing a need to promote Black-owned businesses, longtime Inglewood, California, resident Keokia Childress helped start a community-organized food festival to showcase what their neighborhood had to offer.
But what began with only a handful of food trucks in 2017, the Taste of Inglewood will have a super-sized spotlight and more than 100 Black-owned food and retail vendors this year as tens of thousands of NFL fans descend on the neighborhood for Super Bowl weekend.
Childress said she created the event after noticing a movement of Black-owned food trucks popping up throughout the neighborhood.
“I said to myself, ‘I wish there was something we could do to help promote these businesses because they do not get the recognition they deserve.'” Childress told ABC News.
After networking with some of her friends and community members, she gathered a few food trucks and curated an event to bring more publicity to their businesses.
“We were able to find a niche in creating an environment where urban food vendors, as well as retail vendors, could get the same publicity that a bigger business would,” Childress said.
After the first event’s success, Taste of Inglewood continued to grow, only to have COVID-19 halt its plans in 2020.
Childress, who lost her husband Jan. 2021 of over 20 years due to COVID-19, said as she and her daughters continued to grieve, she decided now was the time for her to get back into the community, get the dust off her shoulders and bring Taste of Inglewood back in time for Super Bowl weekend.
The three-day festival, which takes place less than five minutes from SoFi Stadium, where the Los Angeles Rams will be taking on the Cincinnati Bengals in Super Bowl LVI, will also include Latin, R&B, and hip-hop artists as part of a concert series.
Some of the businesses participating in the festival include All Flavor No Grease, A Hint of Moss, Sweet Red Peach, and Not Ya Mama’s Kitchen.
Vendors like Not Ya Mama’s Kitchen said they are filled with pride to see their neighborhood in the spotlight.
“When we sit back and think of the Super Bowl coming to Inglewood, the only words that come to mind are wealth and long overdue,” Angie Dillard-Miller, owner of Not Ya Mama’s Kitchen, told ABC News. “Inglewood has shaped us into hardworking and dedicated members of this community and for others to see what’s been here all along is truly astounding.”
“The taste of Inglewood is such a great opportunity not only for our family-owned business, but for the many other Black-owned businesses that are being showcased out here as well,” Dillard-Miller said.
The festival will also be incorporating a special moment where Issa Rae, the creator of the hit series “Insecure,” will be receiving the key to Inglewood for her hard work and positive recognition that she brings to the city.
The festival kicks off Thursday, Feb. 10 at 2 p.m. local time and will end Saturday, Feb. 12 at 10 p.m.
(PIGEON FORGE, Tenn.) — Dolly Parton’s signature Tennessee theme park and resort, Dollywood, has announced a new program to help employees further their education.
Dollywood’s operating partner, Herschend Enterprises, is piloting a program that will pay for 100 percent of tuition, fees and books for employees who decide to pursue higher education, according to the Dollywood website.
The program, which is named GROW U and launches Feb. 24, will be open to all team members on the first day of their employment and applies to employees at all levels, including those who are part-time, full-time and seasonal.
It will be available to all 11,000 employees across Herschend’s 25 attractions, including The Harlem Globetrotters, Missouri’s Silver Dollar City, New Jersey’s Adventure Aquarium and Georgia’s Wild Adventures, according to a press release.
This is the latest education-focused enterprise Parton has embarked on over the course of her decades-long career. Notably, she previously launched the Imagination Library, which provides free books to children under the age of 5.
Most recently, Parton donated $1 million to research at Vanderbilt University which led to the creation of Moderna’s COVID-19 vaccine.
(NEW YORK) — Caroline Altagracia, a college student at the University of Albany, said she became interested in cryptocurrency while still in high school.
“It’s definitely been an empowering journey,” Altagracia. “I feel like when I initially was intimidated, I had to kind of get past that and really understand that, you know, I can invest in this, I can learn about it throughout the entire process.”
Cryptocurrency and NFTs (non-fungible tokens) may be attracting more minority investors who have historically had barriers to traditional financial investment options like the stock market and real estate, according to some in the space.
“Our communities have been locked out of the financial system, we have not been able to participate, when you look at what’s happened in the banking sector, and even Wall Street. So … decentralization is an opportunity for us to not have any barriers to entry and also participate and be producers as well,” said Cleve Mesidor, who leads the advocacy group, National Policy Network of Women of Color in Blockchain, told ABC News.
Decentralization means that cryptocurrency — which is digital money — is not under the control and regulation of standard financial institutions.
Through crypto boot camps, Altagracia, who is Latina, said she learned most of the ins and outs of digital currency from Carlos Acevedo, her former high school teacher who held cryptocurrency boot camps through his organization, the Crypto Community Project.
Originally from the Bronx, New York, Acevedo, a Latino man and former English teacher, said he entered the crypto world after investing in dogecoin — another digital currency — in 2014 to help raise money for Jamaica’s Olympic bobsledding team.
Two years later, Acevedo said he began investing in Bitcoin and Ethereum (two other crypto platforms) after learning the fundamentals of cryptocurrency through podcasts and YouTube.
As his confidence built, he said he decided to take another challenge — pass on his crypto knowledge to his students.
“During my lunch break, [students] saw me watching YouTube videos, they saw me listening to podcasts, reading and they wanted to make money on Bitcoin,” Acevedo told ABC News.
“And so my lunch club kind of organically became a way for students to learn about it because I began teaching it. It really solidified my own understanding,” he said.
Acevedo said minority groups are drawn to the crypto world due to opportunities to build wealth and gain financial independence from other financial institutions.
“Younger people, minorities, people who may have not been quote-unquote, educated, on the traditional finance system,” Acevedo said. “They might see this, especially the anti-establishment in the crypto sphere as more attractive to become engaged with,” he said.
“Not only are people looking at this as a way to become financial literate, but really to take advantage and build wealth that they feel like that they have missed out on.”
Sheika Reid, is an African American woman who works in human resources for a tech software company, and also mints NFTs (non-fungible tokens) for Black artists.
NFTs are a form of currency with an intrinsic value which run on the Ethereum blockchain. Reid told ABC News that NFT pieces can be purchased and sold using different forms of crypto.
Reid said NFTs give Black artists a platform for their work to be recognized.
“Specifically for Black artists … there’s this opportunity where people who’ve never made money from their art before are making, you know, six, seven figures,” she said. “I knew that this was a unique opportunity to get people who are being excluded from the conversation involved but who bring a lot of value to the crypto space,” she added.
Digital platforms like Open Sea — considered the largest NFT marketplace, allow a diverse range of artists to profit off their work.
“Creatives can now first protect their intellectual property, monetize their work, and also create a marketplace. Creatives across the nation have made more money in the last two years than they have in the last decade. And that’s a boom to local cities and their economies,” Mesidor said.
The accessibility to all users is the appeal of crypto, according to Mesidor.
With no need of a bank account or a college degree, Reid said cryptocurrencies give marginalized groups autonomy over their investments and peer-to-peer transactions.
“It’s up to us to figure out what are some ways for us to build wealth intergenerationally so that we can, you know, have the opportunity to prosper economically,” Reid said.
As the government starts looking at the regulatory framework for cryptocurrencies, Mesidor said Black and Latino innovators, entrepreneurs and small businesses need to have a seat at the table and participate in those conversations.
“Too often we are not just left out of the traditional financial system, we are left out of the policymaking, so, therefore, we end up with the same laws perpetuating the same inequities,” Mesidor said.
The financial empowerment of Latinos, according to Acevedo, is one of the main reasons he continues to teach cryptocurrencies and shape the young generation of investors.
He said what students learn in the classroom can potentially leave impact beyond borders.
“What you have here is the ability for Latinos in the U.S. to create crypto enclaves and knowledge that will then, I hope, transfer back to their home countries,” he said.
“I’m of the firm belief that if to give prosperity to people and their families, you know, I trust them more to do so than what the institutions have demonstrated in the last 10 years.”
The ability to create generational wealth with cryptocurrencies is a long-term goal for many Black and Latino investors, according to Mesidor.
The road to achieving the goal, however, it’s not easy.
“Generational wealth is something that takes a long time to build, especially for communities that have been historically disadvantaged, and historically excluded,” she said. “What we can do is move towards financial inclusion [and] focus on economic empowerment, which is anchored in financial literacy.”
And the road to financial empowerment still has its downsides. The crypto market collapsed at the end of January, wiping out more than $1 trillion.
“Never risk money that you are not willing to lose,” Acevedo said.
Yet, as her college graduation approaches, Altagracia said investing in cryptocurrencies is a stepping stone to building wealth for years to come.
“Crypto has been the opportunity for us to finally take control of our financial lives, for us to apply the knowledge that we have and find ways where it’s a benefit, not just us in our future, but our families as well,” Altagracia said.
“When it comes to minorities investing in crypto, there has been a lack of trust in the systems, but I do feel like crypto has provided a new opportunity for us to be involved.”
