U.S. Government To Auction $4.4B In Bitcoin

CRYPTO
U.S. Government To Auction $4.4B In Bitcoin

The U.S. government is preparing to sell 69,370 Bitcoin, worth approximately $4.4 billion, which were seized from the infamous Silk Road dark web marketplace. This auction comes after the Supreme Court declined to hear a legal case that could have changed the ownership of these assets. The U.S. Marshals Service will oversee the sale of these Bitcoins, now cleared for liquidation following a long legal battle over their rightful ownership.

The sale has the potential to create significant ripples in the Bitcoin market. Large-scale liquidations of this kind tend to create price volatility, as injecting billions of dollars worth of Bitcoin into circulation can put downward pressure on prices. A similar sale by the German government led to a short-term price dip.

There are also political implications tied to this event. Some have proposed alternative uses for these assets, including creating a "strategic Bitcoin reserve" for the U.S., an idea floated by former President Donald Trump.

This auction will be closely watched, not just by the crypto community but also by those observing how large governments handle their cryptocurrency holdings.
Source

ECONOMY
Hurricane Milton Could Cause $175B Losses

Hurricane Milton, potentially a once-in-a-century storm, is projected to cause over $50 billion in damages, with worst-case scenarios predicting devastation upwards of $175 billion. This would follow closely behind the destruction left by Hurricane Helene.

Jefferies analyst Yaron Kinar noted that if the storm makes landfall in Tampa, the impact could result in $175 billion in losses, while Fort Myers might see $70 billion in damage. The financial toll depends heavily on the storm’s timing and exact location, with comparisons drawn to Hurricane Ian’s $50 billion in losses two years ago.

Milton weakened a bit Tuesday but was still carrying winds of 145 mph. It is expected to hit Tampa on Wednesday morning and bring 10- to 15-foot storm surges to Tampa Bay.
Source

STOCKMARKET
S&P 500 hits all-time high

Major U.S. stock indexes closed higher Wednesday, adding to the previous session's big gains, as investors await key economic data and corporate news in the coming days. 

The S&P 500 and Dow Jones Industrial Average both hit record closing highs, rising 0.7% and 1%, respectively, while the Nasdaq Composite gained 0.6%. Major indexes have rebounded from a steep selloff to start the week as technology stocks have gained and oil prices have fallen.

Musk says robotaxis are key to Tesla’s future profits

Tesla has been hyping up the Robotaxi, its first fully autonomous vehicle, for a while now. Elon Musk originally planned to reveal the self-driving car in August but the “We, Robot” event is now scheduled to take place in the United States on October 10 at 7 PM PT.

Rumour also has it that Tesla could announce a partnership with Uber, which has been working with autonomous vehicle companies like Waymo, Cruise, Wayve and others. Apart from the Robotaxi, Tesla might also share details about the Model 2 which is said to be cheaper than the company’s other products.

Dive into Todd Graves
90-hour weeks in an oil refinery to save money for his business—now he’s worth $9.5 billion

Todd Graves founded Raising Cane's, a popular fast-food chain specializing in chicken fingers. Initially, his idea was met with skepticism, but Graves persevered by raising funds through manual labor, including working on an oil refinery and fishing in Alaska. He opened his first restaurant in 1996 near LSU in Baton Rouge. Focusing on a simple, high-quality menu and outstanding customer service, he grew the chain into a nationwide success, turning Raising Cane's into a billion-dollar business by maintaining consistency and building a loyal customer base.

He spent between $40,000 and $50,000 of his own money, plus roughly $100,000 from friends, family and a Small Business Administration loan.

Today, Raising Cane’s — named after Graves’ yellow lab Raising Cane — has more than 800 locations internationally and brought in $3.7 billion in net sales last year, a company spokesperson tells CNBC Make It. Graves owns more than 90 percent of the company, and has no plans to take it public or sell his stake to private investors, he said.

“I want my kids in the business to be able to carry our values on after their mom and I are gone,” said Graves. “They can turn this into a worldwide business and continue to grow.”

Meme of the day

Word of the day
Numinous

Numinous is a formal, often literary, word that typically describes things that have a mysterious or spiritual quality. It can also describe something holy or something that appeals to one's aesthetic sense.

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.