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FameEX Morning Crypto News Recap | November 6, 2023
2023-11-06 12:07:15
Q3 Earnings Report Reveals Block's $2.42 Billion in Bitcoin Revenue, Reflecting 37% Yearly Expansion
Block Inc. posted robust Q3 earnings, reporting $5.62 billion in total net revenue, a 24% YoY increase. Excluding bitcoin operations, revenue reached $3.19 billion, up 16% from the previous year. Notably, bitcoin revenue surged to $2.42 billion, highlighting its significant contribution to the company's profits.
Director at Financial Powerhouse Fidelity Envisions Bitcoin as 'Exponential Gold'
Fidelity's Director of Global Macro considers Bitcoin as "exponential gold." He highlights that gold's deflationary nature and lack of suitability for everyday transactions lead investors to primarily view it as a store of value, similar to Bitcoin, which is often compared to the precious metal for these reasons.
Former SEC Official Cautions that SBF Conviction May Be the Start of Broader Concerns in the Crypto Industry The ex-SEC head of internet enforcement warns that ex-FTX CEO Sam Bankman-Fried's conviction is indicative of broader issues within the crypto industry, emphasizing that it is not safe to be involved. He characterizes the crypto, web3, and blockchain sectors as "nonsense" within what he views as a potentially precarious situation. Robert Kiyosaki Analyzes Rich Dad's Initial Lesson: Bitcoin Offers 'Lifetime Financial Security and Independence' Renowned author Robert Kiyosaki, known for "Rich Dad Poor Dad," has elucidated Rich Dad's first lesson on wealth accumulation. He explains that the wealthy grasp the significance of safeguarding tangible assets like gold, silver, and bitcoin, which provide enduring financial security and personal freedom. Surge in Central Bank Gold Demand during Q3 Amidst Global Turmoil During Q3 2023, central banks worldwide continued their gold buying streak, accumulating 337 metric tons, according to the World Gold Council's report. Analysts at the council interpret this consistent activity as a sign of enduring and robust demand for gold, possibly resulting in a strong total by the end of 2023. HSBC Introduces Tokenization Platform for Gold Market HSBC unveils a platform for tokenizing gold bullion, potentially tapping into a $525 billion market. HSBC will facilitate trading of these gold tokens while also providing custody services for the physical gold bars stored in its London vaults, according to Mark Williamson, the bank's global head of FX and commodities partnerships and propositions. Charlie Munger, Vice Chair of Berkshire, Likens Bitcoin to an 'Odoriferous Sphere' in Contrast to Established Currencies Charlie Munger, Berkshire Hathaway's Vice Chairman, expressed worry over rising Bitcoin prices, criticizing the cryptocurrency by comparing it to a "stink ball" disrupting the long-established currency system. The 99-year-old executive underscored his disapproval of introducing what he sees as an "artificial currency" to a well-functioning, traditional financial recipe. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
