Why Millennial Women in Beauty Are Embracing Bitcoin

Long gone are the days when content creation used to consume the mind of Michelle Phan. Her years as a full-time YouTuber were spent filming, producing, and conceptualizing beauty tutorials and vlogs almost nonstop. But these days, Phan dreams of decentralization.

The beauty mogul began investing in Bitcoin (a digital currency that’s part of a decentralized system, operating independently of banks) as a way to diversify her portfolio. In learning more about Bitcoin, she noticed similarities between the cryptocurrency market and the beauty industry.

“The beauty space that I’m a part of is decentralized,” explained explains Phan. “It’s no longer having this middle person.” Where fashion magazines and big beauty brands once served as authorities that would set the vast majority of trends and standards for others to follow, Phan spearheaded an influencer movement weakening that hierarchy. Now, thanks to YouTube and other social media platforms, “you can find every face in this beauty space,” she says.

“You’re talking about a generation that actually created the gig economy.”

Phan has integrated Bitcoin into her own business model by investing in Lolli, a Bitcoin rewards application where users can earn the cryptocurrency when they shop online. Phan’s beauty brand, Em Cosmetics, is one of the dozens of participating retailers listed under “Health & Beauty.”

Bitcoin remains a millennial favorite, even during the COVID-19 pandemic. Moreover, the number of women interested and/or involved in cryptocurrency and blockchain technology (which powers cryptocurrency networks)  has been on the rise in 2020. And because the cryptosphere is still technically in its infancy (the Bitcoin network came into existence in 2009), there’s a chance to ensure diversity and inclusion are part of the industry’s growth, says Cleve Mesidor, who leads the National Policy Network of Women of Color in Blockchain.

Blockchain technology and cryptocurrency offer the opportunity to “really close the financial inclusion gap,” says Mesidor. Blockchain is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” Luxury beauty brands like Parfums Christian Dior are using the technology to trace the authenticity of their products and prevent counterfeiting.

Millennial enthusiasm for adapting to cryptocurrency and blockchain technology “just makes sense,” says Mesidor. “You’re talking about a generation that actually created the gig economy, the sharing economy,” she explains. “The generation, specifically millennials, that had to find a different way because when they graduated from college, there were no jobs, so they actually had to forge their own path.”

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PayPal to allow use of bitcoin, other cybercurrencies for shopping on its network

The San Jose-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop, chief executive Dan Schulman said in an interview.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.

The ability to make payments with cryptocurrencies will be available from early next year, the company said.

U.S.: Chinese company uses forced labor

The United States said it found “conclusive evidence” that a Chinese company used forced labor to make extracts of the sweetener stevia, with American ports now directed to seize any shipments.

Customs and Border Protection has “conclusive evidence” that Inner Mongolia Hengzheng Group Baoanzhao Agriculture, Industry and Trade used convict, forced or indentured labor to make the products and that they are being or are likely to be imported to the United States, the agency said in a statement Tuesday.

Previously, in 2016, the agency temporarily detained these shipments based on “reasonable but inconclusive proof” of forced labor.

The move is the latest in a string in which the United States is raising pressure on China over some companies’ alleged ill treatment of workers. In September, CBP said it planned a so-called withhold release order, or WRO, covering all cotton, textile and tomato products from the country’s northwestern Xinjiang region, where predominantly Muslim minority groups are allegedly being repressed. China’s Foreign Ministry has denied the allegations.

In a statement to Bloomberg News on Wednesday, the Foreign Ministry spokesperson’s office said it wasn’t aware of the situation and accused the United States of previously “cooking up so-called forced labor issues against the facts.”

A Boeing plant in Arizona that builds Apache attack helicopters is under scrutiny by more than two dozen Army personnel after the company reported quality problems it says were caused by a negligent technician. The Army is evaluating whether the quality concerns involving testing and installation of potentially unsafe parts — which temporarily grounded 11 attack helicopters and prompted a delivery halt — were limited to the actions of the now-fired technician or are more systemic at the Mesa, Ariz., plant.

The U.S. Food and Drug Administration has declined to approve Zosano Pharma’s experimental treatment to relieve pain after the onset of migraine headaches, citing issues with its delivery during clinical trials, the company said on Wednesday. Zosano’s Qtrypta, a treatment containing microneedles that deliver a drug called zolmitriptan directly into the bloodstream through skin, was expected to compete with oral and injectable treatments for migraine headaches.

J.C. Penney believes it will emerge from bankruptcy protection before Christmas under a new ownership agreement that would save tens of thousands of

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