Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
With Congress struggling to pass a second stimulus plan, Mark Cuban has doubled down on his plan from May to help provide relief to those who need it and help stimulate the economy.
Cuban’s Plan: Cuban, who is also the owner of the NBA’s Dallas Mavericks, is calling for $1,000 stimulus checks to be sent to every house in America. The checks would be sent every two weeks for the next two months.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Cuban told CNBC during an interview that the U.S. now has two economies: one for those able to stay afloat and one for those who are unable to stay afloat.
“We need to get them help,” Cuban said of the second group.
In March, Congress passed the Coronavirus Aid, Relief, and Economic Security Act at a cost of $2 trillion.
Cuban estimated his plan would cost $500 billion and help boost the demand for non-essential products.
See also: How to Invest Your $1,400 Stimulus Check
Use It Or Lose It: One of the important pieces of Cuban’s stimulus plan is a “use it or lose it” concept that would give people 10 days to spend their stimulus check in an effort to help businesses stay open and stimulate the economy.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
“I don’t care what they spend it on. It could be candy, it could be rent, it could be their mortgage, it could be anything they deem necessary or that they want,” Cuban said in May.
The Sectors That Would Benefit: Cuban's relief plan would help struggling families with items like rent, groceries and bills.
The plan would also put unplanned cash in people’s hands with a spending deadline, potentially leading to an increase in spending on big-ticket items.
Amazon.com Inc (NASDAQ:AMZN), Wal-Mart (NYSE:WMT) and Target (NYSE:TGT) stand out as three large retailers that could benefit from $1,000 checks spent on groceries, consumer goods and other large ticket items.
Best Buy Co (NYSE:BBY) could see an increase in sales from people buying appliances, computers, or other electronics with their stimulus money.
Appliances have already seen a spike in demand due to more people working and learning from home.
Cuban's stimulus idea could also result in more appliances purchased as they become more of a need than a want, benefiting a company like Whirlpool Corporation (NYSE:WHR).
Since households wouldn’t be able to save the money, perhaps it would be spent on future activities like a trip to one of The Walt Disney Company’s (NYSE:DIS) theme parks, on a cruise or toward a vacation flight. This would benefit beleaguered sectors like hotels, theme parks, cruises and airlines.
ETF plays on this theme include the Invesco Dynamic Leisure and Entertainment ETF (NYSE:PEJ) and US Global JETS ETF (NYSE:JETS).
Photo by Gage Skidmore via Wikimedia.
.jpg){kind=link}
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.