BlackRock’s Bitcoin Dominance Grows

CRYPTO
BlackRock’s Bitcoin Dominance Grows

BlackRock recently hit a historic milestone, accumulating over 400,000 Bitcoin, now valued at around $26.98 billion. The asset management giant added another 34,085 BTC in just two weeks, worth roughly $2.3 billion, according to Lookonchain. This aggressive buying underscores the growing role of Bitcoin ETFs in institutional investments, as firms like BlackRock solidify their presence in the cryptocurrency market.

This significant accumulation is a promising signal for Bitcoin’s price. As Bitcoin ETFs gain traction, demand from large institutional players could drive prices higher, increasing mainstream credibility for BTC. Some speculate that with such dominance, BlackRock could shape Bitcoin’s future. The idea of a potential “Bitcoin war” has even emerged, where BlackRock might leverage its resources to push for a fork of the Bitcoin chain, promoting its version as the main one. While this remains speculative, it highlights the firm's increasing influence.

However, BlackRock isn't alone in the race. Major players like Michael Saylor’s MicroStrategy, mining companies, and millions of individual investors still hold substantial sway. The competition between these forces adds complexity to BlackRock’s path to dominance, leaving many to wonder what lies ahead for the future of Bitcoin.
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VaultCraft launches V2, TVL skyrockets above $100M

VaultCraft launches V2, partners with Safe, and secures $100M+ in Bitcoin

• Matrixport, Asia’s leading crypto providers, commits $100M+ in Bitcoin

• OKX Web3 to launch Safe Smart Vaults with $250K+ in rewards

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TESLA
Analysts Split on Tesla’s Future

Tesla stock surged after the company’s third-quarter earnings exceeded expectations, and CEO Elon Musk provided optimistic guidance. Wall Street analysts responded positively, with many reiterating buy ratings. Bank of America (BofA) raised its price target to $265 from $255, but Tesla’s shares quickly surpassed this, closing at $269.19 after a 3.3% gain on Friday.

BofA also increased its profit forecasts for 2024, 2025, and 2026, citing strong Q3 results and Musk’s comments on 20%-30% production growth next year, a new EV model, and advancements in Full Self-Driving (FSD) technology. Lower costs for the 4680 battery and potential sales of regulatory credits also contributed to the bullish outlook.

Morgan Stanley maintained its $310 price target and "top pick" designation, while Wedbush reiterated an outperform rating with a $300 target, highlighting growth prospects. However, JPMorgan rated Tesla stock as underweight with a $135 target, cautioning that the sale of regulatory credits may decline as competitors expand their EV lineups.

Despite mixed opinions, analysts generally see Tesla as a leader in EVs, supported by increasing demand, self-funding capacity, and innovations in FSD. Those factors contribute to a growth narrative that analysts say could drive the stock higher in the near term.
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OIL CEO
Norway’s CEO Praises U.S. Ambition

Nicolai Tangen, CEO of Norway’s $1.6 trillion oil fund, believes American workers have a higher “general level of ambition” than Europeans. He credits America’s approach to failure—where a business failure isn’t career-ending—as a key driver of its innovation and economic growth. Tangen’s Norges Bank Investment Management has increasingly invested in the U.S., where its holdings now make up nearly 47% of the portfolio, up from 30% a decade ago. Meanwhile, European investments dropped to 28.7% from 59.5% over the same period.

Tangen points to work culture differences, highlighting that Americans work an average of 38 hours a week compared to Europe’s 37.5 hours. He also notes differences in regulations impacting growth areas like AI, where he argues Europe’s heavy regulations are slowing progress. Despite favoring the U.S. market, Tangen criticizes the excessive CEO pay in America, calling it “daylight robbery.” Norges Bank remains committed to its U.S. investments, holding significant shares in the “Magnificent Seven” tech companies and large properties in key cities like New York and Washington. Tangen’s investment strategy focuses on long-term value in the face of shifting political landscapes and evolving industries like AI.

SAUDI ARABIA
Saudi Arabia Shifts Investment Strategy

Saudi Arabia’s Future Investment Initiative, its flagship economic conference, has drawn thousands of global financiers to Riyadh amid a push for domestic investment. While foreign investors once saw this event as a lucrative opportunity to secure Saudi capital, the atmosphere is shifting. With oil prices below the kingdom’s fiscal breakeven and production cuts in place, Saudi Arabia is being more selective about its investments.

Fund managers describe a more competitive landscape, noting the government’s emphasis on adding value beyond financial transactions. The kingdom’s Public Investment Fund, valued at $765 billion in 2023, has fueled local growth but also set stricter conditions for foreign firms seeking Saudi funding. The recently-updated investment law aims to attract more foreign capital, with a lofty $100 billion annual target by 2030. However, Saudi Arabia’s headquarters law requires foreign firms to establish regional HQs in Riyadh for government contracts, reinforcing the kingdom’s commitment to domestic growth and tighter control over foreign investments.
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Meme of the day

Word of the day
Disbursement

A disbursement is a payout of money from a fund that has been created for a special purpose. Disbursement can also refer to the money that is paid out.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.