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MicroStrategy's Michael Saylor advocates for Bitcoin as a key asset for corporate treasuries, despite criticism labeling the company's model a "giant scam." Major firms like Marathon Digital, Tesla, and Coinbase are accumulating Bitcoin, while others like Microsoft remain skeptical. Shareholder proposals at Amazon and Genius Group reflect a growing trend of companies exploring Bitcoin's potential as a hedge against inflation and a strategic asset.
MicroStrategy's Michael Saylor advocates for Bitcoin as a corporate treasury asset, despite criticism labeling the company's model a "giant scam." Major firms like Marathon Digital, Tesla, and Coinbase hold significant Bitcoin reserves, while others, including Amazon and Genius Group, explore adopting similar strategies to enhance shareholder value amid economic uncertainties.
MicroStrategy's Michael Saylor advocates for Bitcoin as a corporate treasury asset, increasing holdings to 439,000 BTC, despite criticism labeling the business model a "giant scam." Other companies like Marathon Digital and Genius Group are adopting similar strategies, while Microsoft remains skeptical. Shareholder proposals at Amazon push for Bitcoin's inclusion to combat inflation and enhance value.
Craig Wright, who a UK court ruled is not Satoshi Nakamoto, faced contempt of court for continuing to assert his identity as Bitcoin's creator. He received a suspended two-year jail sentence, contingent on ceasing lawsuits in Nakamoto's name, after filing a new claim against Bitcoin developers. Legal experts suggest this ruling may mark the end of Wright's claims to Bitcoin's creation.
Craig Wright, who claims to be Bitcoin's creator, has been declared in contempt of court in the UK and received a one-year suspended sentence for filing a $1.2 trillion lawsuit against Block, violating a previous court order. A judge found overwhelming evidence that Wright is not Satoshi Nakamoto, dismissing his lawsuit and noting his likelihood of evading jurisdiction while living abroad. Wright plans to appeal the contempt ruling.
BlueSky, an alternative to X created by Jack Dorsey, has surpassed 25 million users as some abandon X amid controversies surrounding Elon Musk's ownership. While BlueSky aims for a decentralized discourse reminiscent of early web days, it faces challenges like misinformation and scams, similar to those encountered by X. The platform's growth has coincided with a notable exodus from X, with millions of users reportedly leaving since Musk's acquisition.
FDA Commissioner Robert Califf emphasized that the adoption of AI in healthcare is primarily driven by financial incentives rather than patient benefits, urging for continuous evaluation of AI tools to ensure their effectiveness. Meanwhile, Amazon is cautious about entering the GLP-1 market, prioritizing responsible practices over competition, while the DEA extends telehealth prescription allowances for controlled substances amid ongoing regulatory discussions.
Bluesky, led by CEO Jay Graber, has gained traction as a competitor to X and Threads, boasting over 21 million users. Graber emphasizes the platform's "billionaire proof" design, allowing users to retain their followers and migrate easily, contrasting with the turmoil seen at Twitter post-Musk's acquisition. The company, which became independent in 2022, plans to enhance its open-source model and expand its developer ecosystem while avoiding algorithm-driven advertising.
Fintechs Upstart and Toast surged following strong earnings reports, with Upstart's stock jumping 46% and Toast rising 14%. Upstart's revenue increased 20% to $162 million, while Toast's adjusted earnings forecast exceeded expectations. Meanwhile, Coinbase shares soared 48% amid a favorable political climate for crypto, while Robinhood rose 27%. However, Block's stock fell slightly after disappointing revenue results.
Jack Dorsey is scaling back his crypto ambitions at Block, previously focused on decentralized financial services and Web5. The company is winding down its TBD efforts while maintaining a significant bitcoin investment and exploring bitcoin mining and wallet initiatives. Amidst a challenging market and declining stock value, Dorsey has shifted focus to lending products, notably the buy now, pay later service from Afterpay, without mentioning crypto in his recent communications.
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