“DoorDash and Pizza Arbitrage,” about the time he realized that DoorDash was selling pizzas from his friend’s restaurant for $16 while paying the restaurant $24 per pizza, and proceeded to order dozens of pizzas from the restaurant while pocketing the $8 difference, stands as a classic of the genre.)

But it’s hard to fault these investors for wanting their companies to turn a profit. And, at a broader level, it’s probably good to find more efficient uses for capital than giving discounts to affluent urbanites.

Back in 2018, I wrote that the entire economy was starting to resemble MoviePass, the subscription service whose irresistible, deeply unprofitable offer of daily movie tickets for a flat $9.95 subscription fee paved the way for its decline. Companies like MoviePass, I thought, were trying to defy the laws of gravity with business models that assumed that if they achieved enormous scale, they’d be able to flip a switch and start making money at some point down the line. (This philosophy, which was more or less invented by Amazon, is now known in tech circles as “blitzscaling.”)

There is still plenty of irrationality in the market, and some start-ups still burn huge piles of money in search of growth. But as these companies mature, they seem to be discovering the benefits of financial discipline. Uber lost only $108 million in the first quarter of 2021 — a change partly attributable to the sale of its autonomous driving unit, and a vast improvement, believe it or not, over the same quarter last year, when it lost $3 billion. Both Uber and Lyft have pledged to become profitable on an adjusted basis this year. Lime, Bird’s main electric scooter competitor, turned its first quarterly profit last year, and Bird — which recently filed to go public through a SPAC at a $2.3 billion valuation — has projected better economics in the years ahead.

Profits are good for investors, of course. And while it’s painful to pay subsidy-free prices for our extravagances, there’s also a certain justice to it. Hiring a private driver to shuttle you across Los Angeles during rush hour should cost more than $16, if everyone in that transaction is being fairly compensated. Getting someone to clean your house, do your laundry or deliver your dinner should be a luxury, if there’s no exploitation involved. The fact that some high-end services are no longer easily affordable by the merely semi-affluent may seem like a worrying development, but maybe it’s a sign of progress.

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Louvre Gets Its First Female Leader in 228 Years

The Louvre is to have a female president for the first time in the Paris museum’s 228-year history.

Laurence des Cars, who is currently president of two other Paris institutions, the Musée d’Orsay and Musée de l’Orangerie, will take over the job — one of the most important in the art world — on Sep. 1, France’s culture ministry said in a news release on Wednesday.

She will take over the museum — which has an annual budget of 240 million euros (about $291 million), more than 2,000 employees and a regional outpost in northern France — at a difficult time. The pandemic has put a break on international tourism. Before it hit last year, the Louvre was getting about 10 million annual visitors, making it the most visited museum in the world.

Her mission will include drawing more young people into the museum, the news release said, and an increased focus on international partnerships.

Des Cars, 54, is something of a Louvre insider, having studied art history at the École du Louvre, the museum’s school. She oversaw the development of Louvre Abu Dhabi, a museum in the United Arab Emirates that leases the Louvre’s brand and which opened in 2017.

Black Models: From Géricault to Matisse,” which focused on previously overlooked Black figures in French art and was developed with the Wallach Art Gallery in New York, is considered a landmark of her tenure.

“A great museum must face history, including by looking back at the history of our own institutions,” she told Agence France-Presse in an interview in April.

Des Cars is among few women to have led major French museums. That dearth is “a consequence of official institutions not reaching out to women enough, or not giving them enough confidence,” des Cars said in a 2018 interview with The New York Times. But there is also “the issue of self-censorship — of women thinking, ‘I’m not up to that kind of job,’” she said.

“Women need to overcome their personal doubts, and to tell themselves: ‘I’m capable of this. It’s coming at the right time in my life and in my career. I’m ready for this,’” des Car added.

The Louvre belongs to the French state, so France’s president appoints the museum’s leader.

A few months ago, it was assumed that Jean-Luc Martinez, the Louvre’s president since 2013, was assured a third, three-year term. Under his tenure, the Louvre grew visitor numbers past 10 million for the first time. Its landmark Leonardo exhibition, which ended a few weeks before France went into a nationwide lockdown last year, drew rave reviews and a record million visitors.

partnerships with brands like Uniqlo, allowing a couple to spend a night in the museum as part of a marketing campaign for Airbnb and leasing the space to Beyoncé and Jay-Z to film the music video for their song “Apes**t.” (The Louvre also features prominently in the Netflix hit “Lupin,” one of the platform’s most-watched series.)

In March, after a dispute over a new color scheme in one of the Louvre’s galleries became a weekslong talking point in France’s news media, Henri Loyrette, a former president of the museum, threw his weight behind Martinez’s critics. He and another high-ranking former Louvre official gave testimony in a lawsuit brought by the Cy Twombly Foundation, which said the new paint job had disfigured a ceiling mural by the abstract American painter.

Martinez will continue at the museum, which reopened on May 19 after months of being closed, until Aug. 31. He will then become a heritage ambassador, responsible for coordinating France’s participation in international projects, the news release said.

Des Cars did not immediately respond to a request for comment.

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What Digital Nomads Need to Know About Taxes Abroad

It’s risky. Employers need to know where their employees work in case their presence leads to corporate tax obligations abroad. The risk is higher when employees are bringing in revenue for companies, such as in sales positions, said David McKeegan, who co-founded Greenback Tax Services, an accounting firm for U.S. expatriates.

Still, many companies are operating on a “don’t ask, don’t tell” policy. A science writer in his 50s from California, who was granted anonymity because he did not want senior managers to know he had worked from Costa Rica for a few months, said his human resources department discouraged employees from working outside of California, but did not say anything explicit about working abroad. His setup from an Airbnb by the beach worked perfectly until he lost power because of a hurricane and had to work from a bar a few times. He used his company’s Zoom background, but colleagues started asking about where he was when they heard ocean waves and music. “At a restaurant,” he would tell them, without elaborating.

As more people work from abroad, it may be harder for companies to turn a blind eye. About 10.9 million Americans last year described themselves as digital nomads — people who work remotely and tend to travel from place to place — up from 7.3 million in 2019, according to MBO Partners, which provides services for self-employed workers.

“The tax system globally right now is not prepared for what the work force is going through,” Mr. McKeegan said. “I think at some point we’ll see a system where people are asked on the way in or out if they were working and countries will try and get some more tax revenue from this very mobile work force.”

Potentially. If you qualify for the Foreign Earned Income Exclusion, your first $108,700 is exempt from U.S. income tax. But keep in mind that this applies only if you’re a U.S. citizen who resides in a foreign country for more than 330 days within 12 consecutive months, not including time on planes, or if you are a bona fide resident of a foreign country. (You would still have to pay federal and state taxes on unearned income including interest, dividends and capital gains.)

It is important to track the number of days abroad to be able to prove to U.S. tax authorities that you were there.

Paige Brunton, 30, a Canadian website designer based in Hannover, Germany, learned about how complicated the tax rules are for expats the hard way: One year, she had to file tax returns in three countries. The situation was unavoidable, since she had lived and worked in Germany, Canada and the United States during that tax year, but her biggest advice for others who may have complicated situations is to get an accountant who specializes in international tax right away.

“Don’t congregate in Facebook groups and Google, it’ll really stress you out,” she said.

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As Restrictions Loosen, Families Travel Far and Spend Big

Properties that cater to large-scale gatherings are feeling the windfall. At Woodloch, a Pennsylvania family resort in the Pocono Mountains, multigenerational travel has always been their bread and butter. But bookings for 2021 are already outpacing 2019, with 117 reservations currently on the books (2019 saw 162 bookings total). “Demand is stronger than it has ever been,” said Rory O’Fee, Woodloch’s director of marketing.

Salamander Hotels & Resorts, which has five properties in Florida, Virginia, South Carolina and Jamaica, has seen 506 family reunions already booked in 2021, accounting for $2.47 million in revenue. In the full calendar year of 2019, they saw only 368 events total, worth about $1.31 million. Club Med said that 16 percent of its 2021 bookings are multigenerational, compared with 3 percent in 2019.

Guided tours are also newly becoming more popular with families looking to reunite: Guy Young, president of Insight Vacations, launched several new small private group trips — which can be booked for as few as 12 people and include a private bus and travel director — after noting that extended families accounted for 20 percent of his business in March and April, compared to a prepandemic average of 8 percent. “Coming out of Covid, with families separated for many months, we saw a significant increase in demand for multigenerational family travel,” he said.

Mr. Belcher hopes his family’s reunion trip to Williamsburg, which will require a nearly nine-hour drive from his home in Livonia, Mich., will offer an opportunity to mend some of the tensions that have built up in the past year. Mr. Belcher and his wife, Stephanie, a financial educator, have been strict about mask-wearing for themselves and their children, who are 9, 5 and almost 6 months. Other family members have been more relaxed, which is one of the reasons they have spent so many months apart. “I am hoping to make some post-Covid memories, starting to hopefully put some of this behind us,” Mr. Belcher said, noting that all the adults attending the reunion will be vaccinated, and as long as there are no additional strangers in the room, they will allow their children to be unmasked, just like the adults, at indoor family events. “Before all of this happened, we were a very close family.”

Traveling together will also offer families a chance to reconnect offline after many months of Skype and screen time.

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Stocks Rally but End the Week With a Loss

Wall Street ended Friday higher at the close of a broad rally, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy did battle with mounting inflation jitters.

All three major U.S. indexes built on Thursday’s gains, when the S&P 500 notched its biggest one-day percentage bump in over a month.

“It’s a ‘buy everything’ day,” said Chuck Carlson, senior vice president at Wealthspire Advisors in New York.

Still, the indexes suffered their biggest weekly declines since late February.

Big swings this week were stoked by economic data, which fanned concerns that near-term price spikes could translate into long-term inflation, despite assurances to the contrary from the Federal Reserve.

Economic data released on Friday showed retail sales growth stalling and consumer sentiment dipping as prices continue to rise, suggesting that while the demand boom might be taking a breather, inflation has not.

But in an indication that economic activity could return to normal, revised guidance this week from the Centers for Disease Control and Prevention said fully vaccinated people no longer needed to wear masks outdoors and could avoid wearing them indoors in most places.

The S&P 500 gained 1.5 percent on Friday, but ended the week 1.4 percent below last week’s close. The Nasdaq composite jumped 2.3 percent on Friday.

All 11 major S&P sectors ended the session green, with energy, boosted by rebounding crude oil prices, enjoying the largest percentage gain.

Walt Disney Company shares dropped after the subscriber additions to its Disney+ streaming service fell short of expectations.

Airbnb reported a 52 percent jump in bookings, driving its stock higher.

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How to Deal With the Rental Car Crunch

“These extra steps are annoying,” but essential, he said, especially in Hawaii, where the state’s Department of Commerce and Consumer Affairs told a local television station that it is launching an investigation into the high cost of rentals that have been listed for as much as $600 a day.

In lieu of hunting yourself, you can use AutoSlash, which uses rental car company coupons and discount codes to sort through search results that it says would take consumers considerable time. The free service also uses things like wholesale store and airline frequent flier program memberships and affiliations with organizations like the American Automobile Association and AARP to find deals.

The service then tracks the rental to ensure it remains the best value, emailing travelers to rebook in the event of a price drop.

There are, of course, transit alternatives to renting a car, including ride share services, bike share systems and public transportation.

For those seeking the privacy and control of an auto, Turo acts like Airbnb for cars, allowing individuals to list their vehicles for rent on the platform, where choices range from $20-a-day older subcompacts to luxury cars like a Lamborghini in Miami for more than $1,000 a day. Vehicle owners set the terms for things like daily mileage limits.

“In summer, when we started seeing people getting anxious to get out of their homes, we saw a boom in local travel and local destinations,” said Andre Haddad, the chief executive of Turo. “The local travel boom was advantageous to our hosts because people needed cars to get to these destinations and less so planes.”

For Justin Villa and Meagan Malcolm-Peck, Turo is a side gig through which they rent five Jeeps in the Denver area, which cost between $73 and $98 a day (they also have a heavy-duty pick-up truck for $184). After an initial three-month crash at the start of the pandemic, business has been steady with drivers and rental periods have extended beyond weekends. They encourage guests to rent about a month in advance.

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Restaurants Fought for Covid Survival, With Some Tech Helpers

The past year has crushed independent restaurants across the country and brought a reality to their doors: Many were unprepared for a digital world.

Unlike other small retailers, restaurateurs could keep the tech low, with basic websites and maybe Instagram accounts with tantalizing, well-lit photos of their food.

For the past decade, Krystle Mobayeni had been trying to convince them that they needed more. Ms. Mobayeni, a first-generation Iranian-American, started her company, BentoBox, in 2013 as a side job. She wanted to use her graphic design skills to help restaurants build more robust websites with e-commerce abilities. But it was a hard sell. For many, she said, her services were a “nice to have,” not a necessity.

Until 2020. The pandemic sent chefs and owners flocking to BentoBox, as they suddenly needed to add to-go ordering, delivery scheduling, gift card sales and more to their websites. Before the pandemic the company, based in New York City, had about 4,800 clients, including the high-profile Manhattan restaurant Gramercy Tavern; today it has more than 7,000 restaurants onboard and recently received a $28.8 million investment led by Goldman Sachs.

“I feel like our company was built for this moment,” Ms. Mobayeni said.

The moment opened a well of opportunity for companies like BentoBox that are determined to help restaurants survive. Dozens of companies have either started or scaled up sharply as they found their services in urgent demand. Meanwhile, investors and venture capitalists have been sourcing deals in the “restaurant tech” sector — particularly seeking companies that bring the big chains’ advantages to independent restaurants.

“A lot of what’s happening is reminiscent of what we’ve seen in the broader retail sector in the past decade,” said R.J. Hottovy, a restaurant industry analyst and an investor at Aaron Allen & Associates. “Covid accelerated the transformation quite a bit. This is a once-in-a-lifetime chance to redefine the experience.”

Part of what Ms. Mobayeni offers restaurants is a one-stop shop and the ability to own their customer data. Many restaurants rely on third-party vendors, such as DoorDash or UberEats, to handle delivery. But those companies charge significant fees and retain customers’ data because the transactions go through their websites. That’s not such a big deal when delivery is 20 percent of a restaurant’s income stream, but it’s a game-changer when delivery becomes 100 percent of income — and you can’t contact any of your customers.

“Restaurants realized they had to think of themselves as larger businesses and brands,” said Camilla Marcus, co-founder of TechTable, which connects the hospitality and tech industries. “You have to expand into other things: e-commerce, delivery, products. You have to think outside the four walls.”

Helping restaurants deepen relationships with customers is where Sam Bernstein saw an opportunity. Before the pandemic he ran a tech start-up that connected students to housing, similar to Airbnb; when universities sent students home last spring, his revenue fell to zero.

He went to his board of directors and offered to return what investment was left and close down. Instead the board suggested he regroup with a smaller team and new vision.

“It was an existential crisis, as you can imagine,” he said.

Mr. Bernstein laid off all but 10 employees and took them for a brainstorming retreat. They considered dozens of business models, looking for the right problem to solve. The more they discussed options, the more the members of the team realized they were all interested in food and hospitality and wanted to help restaurants.

They hit upon the idea for a site that would allow customers to “subscribe” to their favorite restaurants. The new firm, Table22, would help chefs develop and market subscriptions for monthly meal kits and wine clubs, for example, and then manage the sales, recurring billing, scheduling, data analytics and more. In exchange, Table22 takes a percentage of each transaction.

Table22, which is based in New York, went live with its first restaurant in May. Since then, it has grown to more than 150 restaurants in 50 cities. Late last year, the company received about $7 million from investors, who include David Barber, owner of Blue Hill farm and restaurants.

Shelby Allison signed up her Chicago bar, Lost Lake, for the service on a cold email from Table22. She was hesitant at first, planning to listen just long enough to learn how to create a cocktail subscription service herself.

“We get lots and lots of calls from these tech companies trying to help — or prey upon — us struggling businesses,” she said.

But she was impressed by the low service fee and the fact that Table22 shared customer data. She started the service in October, hoping for 30 sign-ups; 100 people joined. Ms. Allison now has 300 subscribers and five employees working on the make-at-home cocktail boxes.

“This will 100 percent stay in the future,” she said. “I love this program. I thought it might cannibalize my to-go business, but it hasn’t at all.”

Ping Ho considered signing up with Table22 to host the wine and meat clubs she offers at her Detroit restaurant and butcher shop, Marrow, and wine bar, the Royce. She decided against it, however, because her existing subscription platform, Zoho, gave her the essential tools.

“It’s a bit more work, but there’s more agency,” she said.

But because her website was mostly informational, she realized she did need help offering online ordering and a delivery system for the butcher shop. So Ms. Ho turned to Mercato, which enables e-commerce for independent grocers. In a bit of fortuitous timing, she had signed up a month before the pandemic struck. When stay-at-home orders were issued, she was able to quickly begin offering grocery items, such as milk and eggs, in addition to meats.

Her sales jumped “tremendously” she said, although they have flattened out in recent months. Still, Ms. Ho intends to maintain the service.

Mercato began in 2015, but 2020 was its year. In February 2020, the service had 400 stores across 20 states; it quickly ramped up to more than 1,000 stores in 45 states. It continues to grow and has added some big-name clients, including the Ferry Building Marketplace on San Francisco’s Embarcadero, with dozens of merchants.

“We’re trying to give independent grocers a sustainable competitive advantage,” said Bobby Brannigan, founder and chief executive of the company, which is based in San Diego.

It’s a mission that he has been training for all his life. Mr. Brannigan’s family owns a grocery store in the Dyker Heights area of Brooklyn, where he started working when he was 8, stocking shelves and delivering groceries.

“It’s ironic that I’m back to doing what I was doing as a kid in Brooklyn,” he said.

Last March and April, Mercato brought on hundreds of new grocers each week — clients that weren’t used to having online orders or weren’t used to the sudden volume of orders. Some stores that were accustomed to 10 orders in a day were flooded with hundreds, Mr. Brannigan said. Thankfully, his dad already had him build tools into the system that would allow grocers to limit the pace of orders and schedule them.

Mr. Brannigan is also adding more data analytics to help his clients better understand what their customers want. They can now see what was bought and what customers searched for.

“You’re amassing a valuable treasure chest of data that lets you sell the products they want today and that they want tomorrow,” he said.

Of course, not all solutions are tech-centric; sometimes, it’s just a grass-roots community of chefs helping chefs. Alison Cayne, for example, has been giving free advice to chefs looking to create packaged goods, like her line of Haven’s Kitchen sauces. Having that extra revenue stream was critical when she shuttered her Manhattan restaurant and cooking school last spring, and she wants others to have the same options.

“This is all very much from my perspective, not the supercapitalized, venture capital-backed, cool-kids business,” she said. “I just want to help them take a brick-and-mortar business and develop a product and build a brand that makes sense and is sustainable.”

In Detroit, the grocer Raphael Wright and the chefs Ederique Goudia and Jermond Booze developed a “diabolical plan,” as Mr. Wright called it, to offer a weekly meal kit cooked by Black chefs during Black History Month.

“Black food businesses are hurting in the city, so we thought, what if we created this meal box in a way that celebrates Black food and Black contributions to American cuisine?” Mr. Wright said.

They named the project Taste the Diaspora Detroit and brought together Black chefs and farmers to create the weekly dishes — like gumbo z’herbes and black-eyed pea masala. The three organized all of the e-commerce and scheduling, which allowed chefs to participate even if they weren’t tech-savvy, and created the packaging and inserts that told the history of the meal. They topped it off with a paired Spotify playlist.

“Being a part of this project woke everyone up and made them think they have a little hope they can push through,” Mr. Wright said.

They hope to reprise the service for Juneteenth and are currently talking to funders to support the effort.

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5 Things to Know About Booking a Summer Rental

“There are a lot of operators and owners who aren’t accustomed to being fully booked, and it can be tough to make sure they’re sorting out cleaning schedules and things like that,” said Jeremy Gall, a vacation-rentals industry veteran and the chief executive and founder of Breezeway, a property care and cleaning operations platform.

But, he added, “I think it’s all generally good news, especially in the context of the last 12 months. I don’t think there’s an owner, host or manager who would trade off the uncertainty that they felt this time last year for a fully booked summer.”

According to Transparent, a vacation-rentals data company, the countywide average nightly rate for Airbnb vacation rentals in July and August is expected to be around $220. Last year, it was $194; in 2019, it was $185.

At Evolve, a hospitality company that manages more than 14,000 short-term rentals around the United States, nightly rates are up 27 percent in July and 19 percent in August, over those same months in 2019.

“I’d be remiss to say that we didn’t raise our rates significantly,” said Jon Mayo, whose Airbnb in Palm Springs has more nights booked this summer than ever before, despite the sure-to-be-sweltering desert temperatures. “I’m renting at rates I wouldn’t have even dreamed of three years ago.”

Across the 1,000 vacation homes managed by Twiddy & Company, a hospitality and asset management firm in North Carolina’s Outer Banks, weekly summer rates have risen 8 percent since 2019, from $8,406 to $9,152. On StayMarquis, a luxury vacation-property management company, average rates in the Hamptons this summer — around $1,360 a night — are up 12 percent over 2019. Nightly rates across the 270 rentals managed by Hawai’i Life, a luxury brokerage and rental management company in Hawaii, are up 11 percent from 2019.

The elongated travel patterns that emerged last summer, from monthlong stays to four- and five-night “weekends,” are back in full force this year.

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Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

SAN FRANCISCO — Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.

Traditional banks are helping investors put their money into cryptocurrency funds. Companies like Tesla and Square are hoarding Bitcoin. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT.

On Wednesday, digital or cryptocurrencies will take their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq. Coinbase shares received a reference price of $250 each on Tuesday evening, which would value the company at $65 billion based on all its outstanding shares.

Call it crypto’s coming-out party. Coinbase, founded in San Francisco, is the first major cryptocurrency start-up to go public on a U.S. stock market. It is doing so at a valuation that tops that of Capital One Financial Corporation or Moody’s, the ratings agency.

plan to “create an open financial system for the world” and “increase economic freedom.”

But so far, cryptocurrency is mostly a vehicle for financial speculation and trading. Few people want to use Bitcoin for everyday purchases like coffee because its price is so volatile. Many early buyers have become wildly rich by simply holding their crypto or “buying the dip” when prices fall. Others ruefully relay tales of the sushi dinner they bought with Bitcoin years ago that would be worth $200,000 today or the million-dollar pizza.

Coinbase eases that trading by acting as a central exchange. Before it and similar services were created, people had to set up their own digital wallets and wire money.

“Can it be anything more than an asset class?” Mr. Tusk asked. “That’s still very much up in the air.”

Silk Road, a marketplace for buying and selling drugs and weapons with Bitcoin until the federal authorities shut it down, and Mt. Gox, a crypto exchange that collapsed under accusations of theft and embezzlement, further tarnished the young industry.

Coinbase tried to change that. The company joined Y Combinator, a prestigious start-up program, and raised money from top venture capital firms including Union Square Ventures and Andreessen Horowitz.

Mr. Armstrong was one of the few people in the industry who seemed prepared to comply with inevitable regulations, rather than cut corners to avoid them, said Nick Tomaino, who dropped out of business school to join Coinbase in 2013.

Coinbase also persuaded well-known retailers to accept Bitcoin. “It was good for credibility when people saw you could actually use a Bitcoin to buy a mattress at Overstock,” Mr. Tomaino, who left in 2016, said. Coinbase earned money on transaction fees.

But Bitcoin’s wildly volatile price and a slow computer network that managed it made transactions difficult, and people began to see the currency as an investment. In 2015, Ethereum, a cryptocurrency network with more tech abilities, was introduced, enticing enthusiasts to build companies and funds around the technology.

Soon after, a flood of “initial coin offerings,” where companies sold tokens on the promise of the technology they planned to build, created a new boom in cryptocurrency trading. But it quickly deflated after many projects were found to be frauds and U.S. regulators deemed the offerings to be securities, requiring that they comply with financial rules.

Tesla to buy $1.5 billion worth of Bitcoin and the payments company Square to spend $170 million. In March, Morgan Stanley began offering its wealthy clients access to three Bitcoin funds, and Goldman announced that it would soon offer similar access. The mayor of Miami has proposed that the city accept tax payments in Bitcoin and invest city funds in the asset.

The stock trading app Robinhood announced that 9.5 million of its customers had traded cryptocurrency in the first three months of the year — up more than fivefold from the previous three months. Venture funding for crypto-related start-ups surged to its highest-ever level in the first quarter to $3 billion, according to PitchBook.

PayPal recently added a crypto trading and shopping feature for its customers in the United States. The company was motivated by consumer interest and advances in the technology that made transactions faster. It plans to quickly expand the offering to customers around the world.

“It feels like the time is right,” said Jose Fernandez da Ponte, head of PayPal’s blockchain, crypto and digital currencies group. “We think this has the potential to revolutionize payments and financial systems in general.”

Still, the so-called revolution faces some challenges. Coinbase has sometimes struggled to keep up with demand, with some customers who lost access to their accounts complaining that the company has been unresponsive. It has also received criticism for its treatment of female and Black employees.

Treasury Secretary Janet L. Yellen has threatened harsher regulation of the currencies, including limiting their use.

And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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In Empty Amsterdam, Reconsidering Tourism

Support for the prostitutes and coffee shop owners was echoed in several interviews with Amsterdam residents, including Roy Van Kempen, a 31-year-old marketing manager who has lived in Amsterdam since 2008.

“Paris has the Eiffel Tower, and we have the Red Light District and this idea that everything is possible in Amsterdam. And I would like to keep it like this, actually,” he said.

But Irina, Mr. Helms, Mr. Van Kempen and half a dozen other Amsterdammers interviewed agreed that the city center has a major problem: A tourism “monoculture” has taken root, and residents are being pushed out. Businesses and services that used to cater to locals — high-quality bakeries, butcher shops, and the like — have been replaced by trinket shops, ice-cream parlors and “Nutella shops,” which serve takeaway waffles and other treats smeared in the hazelnut spread, mainly to tourists. Meanwhile, rising housing prices — due, in part, to the rise of Airbnb and other vacation rental platforms — have made the city center unaffordable for many locals.

This monoculture has been thrown into the spotlight over the past year, Ms. Udo said, adding that she had been struck by how deserted the city center has felt during the pandemic, especially compared to other parts of Amsterdam. “That was a real eye-opener,” she said. “There are not enough people living there and working there to get this liveliness back in the neighborhood when the visitors are gone.”

Alongside the restrictions proposed by the mayor’s office, city officials and some residents have also tried softer approaches to tackling the problems associated with tourism, some of which were rolled out with success before the pandemic.

One critical strategy has been to try to reach visitors before they even arrive. Amsterdam’s Enjoy and Respect campaign, which launched in 2018, targeted the primary source of the behavior problems — Dutch and British men between the ages of 18 and 34 — with messages about the fines they could incur by urinating in the street, littering or getting drunk in public areas. A subsequent survey showed that the messages had reached at least part of that audience, but measuring the campaign’s effectiveness has proved to be a challenge.

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