According to the latest figures, Metaplanet, a company listed on the Japanese stock exchange, witnessed its share price soar by nearly 90% in just one day. This significant jump came on the heels of the company’s announcement regarding its intention to incorporate 1 billion yen in bitcoin into its balance sheet. Metaplanet Joins Forces With […]
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Per the CEO of Hut 8, a bitcoin mining company listed on the Toronto stock exchange, major financial institutions have made inquiries to purchase bitcoin directly from the firm. Additionally, the Hut 8 executive emphasized the forthcoming halving event’s “big impact,” noting a surge in demand juxtaposed with a reduction in available bitcoins. Financial Giants […]
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MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper.
In an email to customers obtained by CNBC on Thursday, MSC explained that for customer containers already on the water bound for the Port of Baltimore, cargo will be rerouted and discharged at an alternate port where it will be made available for pick-up.
“For these shipments, the contract of carriage will be declared terminated at this alternate port and storage, D&Ds and on-carriage costs to the initially intended destination will be for the sole cargo’s account,” the MSC advisory said.
MSC added that “passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months.”
CMA CGM, COSCO, and Evergreen were the first carriers to announce similar moves and in some cases formally declare “force majeure,” a legal term which refers to the right to waive contract duties when events beyond a party’s control occur.
MSC said in its customer communication that it “apologizes for the disruption caused by this contingency plan which is required in response to events beyond our control, but which is taken in compliance with the terms of the contract of carriage.”
MSC did not immediately respond to CNBC’s request for comment.
Maersk is the only major carrier to say it will provide transport from diverted ports for customers.
Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.
After the pandemic boom which led to historic profits, ocean carriers have been through a period of financial and operational challenges, with vessel overcapacity, declining earnings, and the Red Sea Houthi attacks and Panama Canal drought leading to costly diversions from major global trade routes.
Logistics companies have been scrambling since the accident to make alternate transport plans and keep up with carrier diversions, and executives told CNBC on Wednesday that the next few days will be critical in the movement of the diverted trade away from the Port of Baltimore.
The Port of Baltimore, the nation’s eleventh-largest port, is No. 1 in the U.S for auto/light truck and agriculture tractor imports and exports, in addition to handling clothing, household goods, construction materials, electronics and appliances, and produce.
Among the unresolved issues, logistics executives have cited ocean carriers not updating their vessel transits fast enough to alert them to the new diverted port so they can plan for their customer’s container pick-up.
Major ports up and down the East Coast, including Savannah, Brunswick, Virginia, Charleston, and New York/New Jersey, as well as the companies providing chassis for rail and truck transport, have told CNBC they have the capacity to ramp up operations to meet the needs of incoming cargo.
In a series of updates, MSC sent a list of 23 vessels arriving to the diverted ports from March 28-April 29. Eight have an unknown diverted port, 11 are headed to the Port of New York/New Jersey; three to Norfolk; and one to Philadelphia.
On Thursday, Transportation Secretary Pete Buttigieg had a meeting with supply chain professionals about the crisis and how to mitigate any congestion. The meeting included ocean carriers CMA CGM, Maersk, MSC, Evergreen, and railroads CSX and Norfolk Southern. The Port of New York/New Jersey, Georgia, Baltimore, Philadelphia, Jacksonville, South Carolina and Virginia were also in attendance. Shipping clients at the meeting included John Deere, Stellantis, Home Depot, Under Armour, and Volkswagen.
“We are much better equipped to mitigate supply chain disruptions than we were just a few years ago, thanks to increased coordination across the supply chain and new efforts to strengthen both our physical and digital infrastructure,” Buttigieg said, according to a readout from the meeting.
National Economic Advisor Lael Brainard, who was also in attendance, noted that in previous disruptions, the lack of complete information across different components of the private sector and the public sector hampered the decision-making capabilities and responses. She cited the recent DOT FLOW initiative as a difference maker. “It has already been activated to bring the full capacity of all the agencies in the federal government to make sure that we’re helping ocean carriers, port leaders, railroads, shippers, and unions to all come together to assess potential supply chain impacts and then work together to address them.”
Paul Brashier, vice president of drayage and intermodal at ITS Logistics, said the greatest challenges may be experienced by smaller companies that coordinate the bookings themselves and may not have relationships at these diverted ports. “You want to get your diverted container out of the port as soon as possible so you don’t incur any detention and demurrage fees. For some of these shippers they are starting from scratch,” Brashier said.
Once a container arrives at a terminal, the clock begins ticking on the free time allocated to a container. Once that free time expires, detention and demurrage fees start unless ports agree to waive them.
“We are looking to see if terminals will either give an extension of free time or waive the fees,” Brashier told CNBC on Wednesday. “That’s the rub right now.”
Gluwa, a platform for real-world assets, announced on March 7 its partnership with the Central Bank of Nigeria. The partnership arrangement aims to improve the functionality of the Nigerian central bank’s digital currency and promote financial innovation through blockchain technology. Improving the CBDC’s Utility Gluwa, a real-world assets platform, has entered into a partnership arrangement […]
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In a series of statements made on X (formerly Twitter), Marc van der Chijs, the CEO of the publicly traded Bitcoin mining firm Hut 8, shared an optimistic outlook on the future of Bitcoin, suggesting that the cryptocurrency may be on the brink of a ‘supercycle.’ “I think I have never been more bullish about Bitcoin than I am right now,” he remarked, pointing to the cryptocurrency’s recent performance and the absence of widespread hype as a prelude to what he terms a ‘supercycle.’
Understanding the concept of a ‘supercycle’ is crucial to grasping van der Chijs’ perspective. Unlike regular market cycles that see periodic rises and falls, a supercycle in the Bitcoin domain refers to an extended period of bullish growth over several years. This phase is characterized by a substantial increase in adoption, demand, and price, often leading to far-reaching economic implications.
In essence, a supercycle marks a paradigm shift where the asset’s value escalates dramatically, supported by a continuous inflow of investment and a growing consensus about its long-term viability. To come to this conclusion, Van der Chijs’ prediction hinges on several observations and trends within the Bitcoin sector.
First, he notes a significant shift towards Bitcoin ETFs by funds, including yesterday’s landmark announcement from Blackrock’s Strategic Income Opportunities Fund. This movement signifies a robust institutional interest that could feed a constant stream of investment into Bitcoin, setting the stage for a supercycle.
“This will be a constant flow of new money into the ETFs. […] The flows into the ETF are getting bigger, not smaller,” van der Chijs remarked. With financial advisors poised to recommend Bitcoin ETFs to clients following a regulatory settling period, van der Chijs sees a torrent of new capital on the horizon. This anticipation is not unfounded, considering the groundbreaking success of the Bitcoin ETF launch, which he cites as “the most successful ETF launch ever.”
Corporate strategies around Bitcoin also play a pivotal role in van der Chijs’ supercycle theory. He points to Microstrategy’s aggressive leverage-based Bitcoin purchases as a harbinger of a trend where companies increasingly view Bitcoin not just as an investment, but as a fundamental aspect of their financial strategy. This shift, according to van der Chijs, could prompt other CEOs to follow suit, further accelerating Bitcoin’s ascendancy.
Moreover, a critical mass of financial advisors is on the brink of recommending Bitcoin ETFs to clients, pending the expiration of regulatory and due diligence waiting periods. This opens the gates for substantial new investments from a segment traditionally cautious about direct cryptocurrency investments. “They can’t sell the ETF during the first 90 working days (internal regulations mostly because of DD), although they are fast tracking it for this ETF,” van der Chijs stated.
The speculation around unidentified large-scale Bitcoin acquisitions adds another layer to the supercycle narrative. Van der Chijs alludes to the intrigue surrounding a wallet that has been steadily accumulating Bitcoin, hinting at the involvement of a billionaire possibly akin to Jeff Bezos. “Since November 2023 a wallet has been adding on average about 100 BTC per day, the wallet now contains over 50,000 BTC,” he states, pointing to the potential for influential figures to catalyze broader market movements.
Another argument is potential purchases by nation-states. Although nation-state involvement in Bitcoin has been minimal, with El Salvador being a notable example, any increase in such activities could trigger a domino effect. The participation of nation-states in the Bitcoin market could significantly elevate Bitcoin’s status as a sovereign asset class.
Next, the retail sector remains largely on the sidelines in the current cycle, but van der Chijs anticipates a surge in retail interest following new all-time highs and increased media coverage. This could initiate a FOMO cycle, drawing more investment from traditional asset classes into Bitcoin.
Last, van der Chijs mentions the concept of a self-fulfilling prophecy: As Bitcoin continues to rise without significant dips due to constant new money inflow, more people and institutions will entertain the concept of a supercycle. This, in turn, could lead to increased capital allocation to Bitcoin, making the supercycle more likely.
Van der Chijs’ theory also touches on the potential macroeconomic implications of a Bitcoin supercycle, predicting a significant shift in wealth and power structures. The redistribution of wealth could see Bitcoin at the center of a new economic order, with traditional asset classes potentially losing ground.
In conclusion, Marc van der Chijs outlines a compelling case for a forthcoming Bitcoin supercycle, supported by a confluence of institutional, corporate, speculative, and retail trends. He acknowledged the speculative nature of his prediction, “Right now I think there is a chance of maybe 10% that this will happen and that chance is (very slowly) going up.”
However, the implications could be massive. “[I]t will change the existing world order. It will suck money out of the stock and bond markets, out of gold and other commodities, and even out of real estate (global housing prices could collapse). This will lead to BTC prices that we can’t even imagine today, potentially millions of dollars per BTC.”
At press time, BTC traded at $67,806.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Oliver Michel, founder and CEO of German-based venture capitalist firm Tokentus Investment AG, has given a bullish price prediction for the XRP price. According to him, XRP could hit $10 soon enough.
Michel mentioned during an interview with Der Aktionär, a leading German finance magazine, that he expects XRP to rise to between $5 and $10 in the first wave of its parabolic move to the upside. Interestingly, he added that XRP would eventually hit three to four figures and didn’t seem worried about XRP’s current price action.
Meanwhile, Michel revealed that he is invested in the XRP tokens as he has them both in his family office and with his company, Tokentus. The same applies to Ripple shares, which he stated he purchased through an SPV (Special Purpose Vehicle).
Michel is no stranger to the XRP ecosystem, considering that his company partnered with Ripple last year in an effort to grow and increase the adoption of the XRP Ledger (XRPL). During the interview, Michel also offered his thoughts on Ripple as a “professional company” and sounded so bullish on what the crypto firm was building with its Payment service.
He used the opportunity to elaborate further on how Ripple was simplifying cross-border transactions with the help of the XRPL and XRP tokens. Ripple is known to settle these transactions through its blockchain, with XRP serving as the utility token, and these XRP tokens are then converted to the fiat currency of the recipient’s choice.
Michel stated that XRP could become the “world reserve bridge currency” once countries implement their CBDCs (Central Bank Digital Currency). Ripple’s XRPL is already being touted as the go-to chain for CBDC settlements. The crypto firm had also revealed that they were already actively working with more than 20 Central banks on CBDC initiatives.
The Tokentus founder also believes it won’t be long before other Central banks fall back on Ripple to help them implement their CBDCs. He noted that the pressure was piling up on these banks to act now to avoid an impending economic collapse. XRP is expected to play an integral role when this all happens.
Ripple’s XRPL also looks set to act as the intermediary between all these CBDCs when the time comes. Bitcoinist once reported how the network’s clawback feature boosts the prospects of CBDCs being implemented on it.
At the time of writing, XRP is trading at around $0.58, down over 1% in the last 24 hours, according to data from CoinMarketCap.
XRP at $0.58 | Source: XRPUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Blockchain security firm Peckshield revealed on Feb. 26 that an exploiter labeled address associated with the Kyberswap hack had bridged approximately 800 ether tokens from Arbitrum to the Ethereum blockchain. On the same day, the Kyberswap team unveiled revised dates for reimbursing users impacted by the hacking. Kyberswap Hacker Starts Moving Funds Peckshield Alert, a […]
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Investors in the bankrupt cryptocurrency exchange Voyager Digital are suing the National Basketball Association (NBA), and New Jersey’s oldest law firm, McCarter & English. This emerging legal battle illustrates how even some of the largest and most reputable brands and companies can quickly become ensnared in controversy in an industry marred by a tangled web […]
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Founders Fund, a venture capital (VC) firm founded by the billionaire Peter Thiel, is believed to have acquired bitcoin and ethereum worth $200 million sometime in the second half of 2023. The VC firm reportedly began purchasing bitcoin when its price was still under $30,000. Founders Fund’s Renewed Interest in Crypto In the latter half […]
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BlackRock, the world’s largest money management firm, plans to announce layoffs in the coming days of about 3 percent of its global workforce, Fox Business has learned.
The job cuts of around 600 employees, which have yet to be reported, are being described internally as routine, according to a source familiar. Last year, BlackRock did a similar round of layoffs gauged on employee performance metrics, the source added.
Shares of BlackRock rebounded in 2023, up 6 percent after falling 21 percent in 2022. New customer money into BlackRock’s solid Exchange Traded Fund business exploded last year with $187 billion of inflows into the products that follow a basket of securities and trade like stocks on major exchanges.
On Wednesday, BlackRock is expecting approval from the Securities and Exchange Commission for its new Bitcoin “spot” ETF — the first time a crypto investment product tracking the daily price of the world’s most popular digital coin will be approved by securities regulators to trade on a public stock market. Other asset managers are also expecting approval for their ETFs.
BLACKROCK, STATE STREET FACE SUBPOENAS IN HOUSE ESG PROBE
A BlackRock spokesman would not comment on the layoffs. BlackRock is scheduled to announce fourth quarter earnings on Friday.
One possible impetus for the layoffs is that BlackRock, after years of wild growth in assets under management or AUM, is settling into a more mature phase in its business. Analyst consensus for earnings in its fourth quarter projects a 2.46 percent decline year-over-year to $8.71 a share.
BlackRock finished the third quarter of 2023 with $9 trillion in AUM though the firm has seen significant asset declines since it reached a peak of more than $10 trillion in 2022 amid wobbly financial markets. The decline in assets also came as BlackRock became a political lightning rod over its embrace of Environmental Social Governance investing, or ESG, which directs investment dollars into public companies in the sustainable energy space, or those that are taking steps to reduce their carbon footprint and advocate corporate governance measures such as boardroom diversity.
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The firm has been de-emphasizing its ESG business in the U.S. amid the controversy, Fox Business has learned. U.S. portfolio managers are no longer required to consider ESG metrics when not using ESG funds. In 2023, many so-called green investment funds have seen declines in asset amid weak performance as investments in sustainable energy products fail to produce significant returns.
Company founder and CEO Larry Fink told Fox Business he won’t use the mention of the letters E-S-G any longer because of the controversy it has stirred up in political circles.
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As top Republicans, including several running for the GOP presidential nomination, have attacked BlackRock and ESG, those running pension funds in red states have yanked about $6 billion from BlackRock funds as a form of protest.
Noticeably quiet from the BlackRock bashing is the GOP front-runner, former President Donald Trump. One reason may be because BlackRock once managed Trump’s fortune, estimated in the billions of dollars. In 2017, Trump said of Fink: “Larry did a great job for me. He managed a lot of my money. I have to tell you, he got me great returns.”
People close to BlackRock tell Fox Business that savings from the job cuts will be used to expand into growth businesses such as technology investing and investing in so-called alternative products as opposed to stocks and bonds.
ESG, meanwhile, remains a big business with BlackRock’s foreign customers, including large sovereign wealth funds in Europe and the Middle East. Mark Wiedman, head of BlackRock’s client business, speaking at a recent event sponsored by the news outlet Semafor, called ESG “a demand from clients,” with around $1 trillion in pure sustainable assets being managed by BlackRock.
Original article source: BlackRock layoffs coming as firm matures, ESG pullback and Bitcoin ETF approval
