Bitcoin believers can be one-eyed and highly emotion (good on them), but when major institutions, banks and powerful voices buy in – the argument against crypto is losing steam.
Whether you believe in Bitcoin or not, it’s almost impossible right now to suggest the digital-currency has no future. The wave of momentum, conversation and now institutional adoption is genuinely hard to keep up with.
“There’s huge institutional adoption. Earlier today Morgan Stanley picked up one million shares in Grayscale Bitcoin Trust, that’s a private bitcoin fund tracker. It’s a huge deal, particularly for this sort of institution.”ISABELLE LEE, BUSINESS INSIDER
The Morgan Stanley holdings were first noticed by a Twitter user before being picked up by crypto-focused publication DC Forecasts.
Cryptocurrencies were mostly lower on Thursday (U.S. time) as bullish sentiment waned just slightly, but the last two weeks have been a completely different story as major institutions continue buying the hype.
Bitcoin then rose along with stocks on Friday after a week of consolidation below the $50,000 resistance level. The cryptocurrency was trading at around $48,000 at press time and is up about 2% over the past 24 hours.
“Micro strategy also purchased Bitcoin and now its total holdings is up to five billion dollars. So you see these institutions piling into bitcoin, embracing it, whether wholeheartedly or by force, whether you like it or not.
Whether you’re a sceptic or a believer, I think that it can’t be denied that the crypto space is really growing.”ISABELLE LEE, BUSINESS INSIDER
50K IS THE NEXT BARRIER
“We reached a resistance point at 50K (USD). It’s a pretty good psychological barrier. On the whole the market looks really good for further top side in my eyes over coming weeks. We’ve firmly established a clear daily uptrend.”
That’s Matt Harry from DigitalX who’s been a strong proponent for regulation and he continues to monitor the developing conversation in America.
“We have seen hash rate recover, post that China banning. Those miners have popped up in other parts of the world. That mining power is back online, so that’s a very good sign for a health network.”
Bitcoin swings wildly on sentiment and loves big powerful good news stories.
Part of the challenge is knowing where the coin will “settle”. Only weeks ago it dropped below the 30K USD mark and you could feel the anxiety of the 20K mark building. And now here we are, just this week tipping back over the 50k mark. So what on earth comes next?
Harry says “I think the market looks to hold around that 44.5 thousand dollar range, and I think we squeeze higher into the mid-50s in the coming weeks. somewhere up to the 55, 56 thousand dollar range on Bitcoin.”
IS THIS BAD NEWS FOR MUM AND DAD?
Have you read the book “Rich Dad Poor Dad” by Robert Kiyosaki? It’s worth a look.
Firstly let’s be clear, Kiyosaki is an acquired taste, but he’s also another booming global voice who’s digging Bitcoin right now.
In a recent tweet he suggested that while the digital assets price appreciation might be great news for Bitcoin holders, it’s bad news for “mom and pop.”
By “mom and pop,” Kiyosaki was presumably referring to the average investors that place their trust in the more conventional financial systems when making investment decisions.
So, where do you sit? Believer? Cynic? Or are you just trying to work out how to buy the stuff?
Want to find out more about Crypto? Hear the latest from our resident experts on Ticker Crypto
Disney withdraws ads from X amid tensions
Bob Iger, the CEO of Disney, faces a turbulent period as he navigates through challenges including activist investor pressure, plummeting stock prices, and declining consumer interest in Disney movies.
Amidst these struggles, Iger has taken a controversial step by publicly announcing the withdrawal of Disney’s advertisements from Elon Musk’s social media platform, X (formerly known as Twitter). This move aligns with a broader trend of progressive CEOs distancing themselves from platforms associated with figures like Musk and Donald Trump.
The decision to pull ads from X marks a significant shift in the digital advertising landscape. This platform, under Musk’s leadership, aims to transform from a ‘lefty safe space’ to a hub for unrestricted free speech. This pivot includes a commitment to allowing conservative voices and resisting influence from political entities, including those in the Biden administration. However, this transformation has placed Musk, the world’s richest man, in a vulnerable position, drawing intense scrutiny and criticism.
Musk’s situation worsened following his endorsement of a controversial tweet, perceived as antisemitic, suggesting a Jewish conspiracy behind a demographic replacement theory. This incident fueled antisemitic sentiments, especially in the wake of the tragic Oct. 7 Hamas attack in Gaza. Additionally, a report by Media Matters, a Soros-supported organization, accused X of juxtaposing major company ads, like Disney’s, with harmful neo-Nazi content. This allegation led to an advertising boycott, severely impacting X’s financial stability.
At the recent New York Times DealBook conference, Iger openly criticized Musk’s actions and X’s content policies, leading to Disney’s ad withdrawal. While Musk admitted his error, he and his team have countered Media Matters’ claims, accusing them of defamation and filing a lawsuit. Amid these controversies, stakeholders are questioning Iger’s strategic decisions for Disney, especially considering his legacy as a former long-term CEO and his role in shaping the company’s current direction under his successor, Bob Chapek.
Microsoft’s non-voting board seat in OpenAI revival
Microsoft has secured a non-voting board seat at OpenAI, marking a significant development as Sam Altman returns to helm the organization as CEO.
Microsoft’s new role within OpenAI comes as the tech giant continues to deepen its involvement in AI research and development. While the board seat is non-voting, it symbolizes Microsoft’s commitment to fostering collaboration in the AI community.
This move follows Sam Altman’s recent appointment as CEO of OpenAI, bringing him back into the fold after a brief stint at the helm of the startup in its early days.
With the resurgence of Altman as CEO, and Microsoft’s newfound presence on the board, the question arises: What synergies will this partnership unlock between two prominent entities in the AI domain?
As AI technologies continue to advance, what potential breakthroughs can we expect from this collaboration?
In summary, Microsoft has secured a non-voting board seat at OpenAI as Sam Altman returns as CEO, signaling a deepening alliance in the world of artificial intelligence.
Elon Musk’s X faces $75M loss as advertisers exit
Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.
The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.
The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.
This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?
In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.
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