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☆ British regulators will soon announce competition remedies for the multibillion-pound cloud industry
▼ + stars: | 2024-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Igor Golovniov | Sopa Images | Lightrocket via Getty ImagesLONDON — Britain's competition regulator is preparing remedies aimed at solving competition issues in the multibillion-pound cloud computing industry. The sources, who preferred to remain anonymous given the investigation's sensitive nature, said that the cloud market remedies could be announced within the next two weeks. Amazon is the largest player in the market, offering cloud services via its Amazon Web Services (AWS) arm. Ofcom subsequently referred its cloud review to the CMA to address competition issues in the market. She is expected to outline plans for a review in 2025 into whether the CMA should more frequently use behavioral remedies when approving deals, the FT reported.

Persons: Igor Golovniov, there's, Sarah Cardell, Keir Starmer Organizations: Ofcom, Microsoft, Getty, Markets, CNBC, CMA, Amazon, Web Services, Google, Chatham House, Financial Times Locations: U.S, U.K

☆ Opinion | Democrats, It’s Time to Say Goodbye to Our Neoliberal Era
▼ + stars: | 2024-11-21 | by ( Antonio Delgado | ) www.nytimes.com time to read: +1 min

In the months ahead, Democratic Party officials and operatives will analyze election returns and voting patterns to try to make sense of what happened on Election Day. Like Goldwater after 1964, the Democratic Party can seize defeat to establish a new order — but the era of tinkering around the edges is over. Look no further than solid blue New York: Vice President Kamala Harris had the worst statewide performance for a Democrat since 1988. The contemporary Democratic Party emerged from the “greed is good” era of the 1980s in part by co-opting pieces of the Reagan agenda. President Bill Clinton built a coalition — part working class, part Wall Street — that led Democrats back to the White House without redefining the political system.

Persons: Goldwater, Ronald Reagan’s, Donald Trump didn’t, Kamala Harris, Joe Biden’s, Reagan, Bill Clinton, ” Organizations: Democratic Party, Democratic, Democrat Locations: York, New York City

☆ Next year will provide opportunity for mid caps and the financials: Goldman's Wilson-Elizondo
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNext year will provide opportunity for mid caps and the financials: Goldman's Wilson-ElizondoAlexandra Wilson-Elizondo, Goldman Sachs Asset Management co-CIO of multi-asset solutions, joins 'Squawk Box' to discuss if animal spirits from the election are rippling through the markets, how many variables there are in the new political environment, and much more.

Persons: Goldman's Wilson, Elizondo Alexandra Wilson, Elizondo, Goldman Organizations: Management

Comcast announced a plan Wednesday to spin off most of its cable television networks into a separate publicly traded company. The new company will include the USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and the Golf Channel. Comcast will retain key NBCUniversal assets, including the NBC broadcast network, NBC News, NBC Sports, the streaming service Peacock, and the cable channel Bravo. The move comes as the traditional cable television bundle faces stiff economic headwinds, most notably the rise of cord-cutting and the shift to streaming alternatives. Matt Strauss will become chairman of the NBCUniversal Media Group.

Persons: Mike Cavanagh, ” Cavanagh, “, Cavanagh, Mark Lazarus, Anand Kini, Dan Ives, ”, ” Rich Greenfield, ” Greenfield, Cesar Conde, Conde “, ” Donna Langley, Peacock, Matt Strauss, Mark Woodbury Organizations: Comcast, USA Network, CNBC, MSNBC, SYFY, Golf Channel, NBC, NBC News, NBC Sports, Bravo, Wall Street Journal, Wedbush Securities, LightShed Partners, Wednesday, NBCUniversal, Group, Telemundo, NBCUniversal Entertainment, Studios, NBCUniversal Media, Universal, General Electric, Netflix, Amazon Prime Locations: NBCUniversal

☆ Home prices may fall 20% as the housing market thaws — and help get baby boomers moving, research legend says
▼ + stars: | 2024-11-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

AdvertisementMeredith Whitney expects home prices to fall by 10% to 20% as the frozen housing market starts thawing. The veteran researcher said baby boomers aren't selling, restricting the number of homes available. Home prices are poised to fall by up to a fifth as the frozen housing market thaws — and that could help baby boomers sell at last and younger people to become homeowners, Meredith Whitney says. Advertisement"The problem is the baby boomers own 60% of the housing stock," she said, referring to single-family, owner-occupied homes. AdvertisementSeveral economists have predicted a "silver tsunami" as baby boomers sell their homes to downsize or move into care homes, increasing the available supply of single-family homes and reducing prices.

Persons: Meredith Whitney, It's, Price, Whitney, millennials Organizations: Meredith Whitney Advisory Group, Homeowners, Federal Reserve, National Association of Realtors, CNBC

☆ European Central Banks warns of trade tension risks to euro zone financial stability
▼ + stars: | 2024-11-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Rising global trade tensions present a risk to the euro area economy, the bloc's central bank found in its biannual Financial Stability Review out on Wednesday. The European Central Bank also said weak growth was now a bigger threat than high inflation in the 20-nation euro zone. The latest figures recorded euro zone economic growth at a two-year high of 0.4% in the third quarter, while headline inflation hit 2% in October. "Rising global trade tensions and a possible further strengthening of protectionist tendencies across the world raise concerns about the potential adverse impact on global growth, inflation and asset prices," the Financial Stability Review said. Economists say the knock-on impact of implementing these measures could drag on the euro, if a slowdown in exports spurs the ECB to cut interest rates further and faster.

Persons: Donald Trump's Organizations: European Central Bank, ECB, U.S Locations: U.S, China

☆ I became a millionaire at 28 but it took me a long time to find joy in my financial security
▼ + stars: | 2024-11-20 | by ( Kelly Burch | ) www.businessinsider.com time to read: +4 min

She wants her two daughters to break a family cycle and find joy in spending. Even when I immigrated to the US, I couldn't leave my family's money trauma behind. Calling myself a millionaire still feels very strangeThrough careful savings, planning, and good real estate moves, I was a millionaire by the time I turned 28. Now, I focus on the value of the things I'm spending on. I've been thinking about it since before they were born because I wanted to break my family's cycle of passing generational money trauma.

Persons: Hazel Secco, I'd, I've, I'm Organizations: Financial, Disney Locations: Korea, Manhattan

☆ Goldman says this uranium miner could rally on nuclear demand, low geopolitical risk exposure
▼ + stars: | 2024-11-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Canadian uranium miner Cameco Corporation is well positioned for growth on rising demand for nuclear power in the U.S. and less exposure to global geopolitical risk, according to Goldman Sachs. CCJ YTD mountain Cameco, YTD Cameco is integrated across uranium mining, conversion and fabrication as well nuclear services through its stake in Westinghouse, Mehta wrote. Cameco is also an attractive partner for Western utilities because the company has relatively low geopolitical risk. This puts the uranium price midpoint at around $100 which is well above current spot levels of about $80 per pound, according to Goldman. Cameco is still working through the financial impact of its Westinghouse acquisition, but the miner sees a 6% to 10% growth rate over the next five years for the nuclear services company.

Persons: Goldman Sachs, Goldman, Neil Mehta, Mehta, Cameco, Grant Isaac, Isaac Organizations: Cameco Corporation, Westinghouse Locations: U.S, Canada, Kazakhstan

☆ Trump’s Commerce secretary pick backas a crypto company that can’t seem to stay out of trouble
▼ + stars: | 2024-11-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It is effectively an unregulated, offshore bank that’s become a tent pole of the $3 trillion crypto industry. The tether token is known as a stablecoin, a kind of crypto that was created to hold its value steady while others, like bitcoin and ether, swing wildly minute to minute. The company is now one of the biggest players in crypto, with a daily trading volume that eclipses even bitcoin, the world’s most popular token. Tether told the WSJ in a statement that any suggestion it was involved in criminal activity was “outrageous” and that the company works actively with law enforcement to combat illicit activity. But Lutnick, a Bitcoin enthusiast whose Wall Street firm manages Tether’s stockpile of Treasury bills, has eagerly defended the stablecoin issuer.

Persons: New York CNN — Howard Lutnick, Cantor Fitzgerald, who’s, they’re, Brock Pierce, “, Giancarlo Devasini, “ There’s, we’ve, ” Lutnick, Donald Trump’s, —, didn’t, Lutnick, Gary Gensler, ” Faryar Shirzad, “ It’s, ” Organizations: New, New York CNN, US Commerce Department, Ducks, Street, Manhattan US, Treasury Department, Bloomberg, Economic, Commerce Department —, Treasury, Securities and Exchange Locations: New York, Russian, Davos, United States, bitcoin

☆ The 15 cities around the world with the most billionaires, ranked
▼ + stars: | 2024-11-20 | by ( Madeline Berg | ) www.businessinsider.com time to read: +2 min

AdvertisementNearly one-third of the world's billionaires live in just 15 cities, a new Altrata study says. New York City is home to the largest population of the world's uberwealthy. According to Altrata's 2024 Billionaire Census, which examined the high net worth population, 28% of the world's billionaires live in just 15 cities. AdvertisementNew York City maintained its position as the city with the most billionaires. Altrata reported a total billionaire population of 3,323, up 4% over last year.

Persons: Jackson, Xi, Jack Ma, Altrata Organizations: New Locations: New York City, New York, San Francisco, Palm, York City, China, Germany, Beijing, Shenzhen, Hangzhou, Hong Kong, India

☆ This is the best stock to play an SEC turning pro-crypto, according to Bernstein
▼ + stars: | 2024-11-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

President-elect Donald Trump's second term could spell big gains for Robinhood , according to Bernstein. Analyst Gautam Chhugani, who has an outperform rating on the stock, increased his price target by $21 to $51 and named it his top "crypto deregulation" trade. "But under a potentially new pro-crypto SEC, this looks set to change, and we expect HOOD to be the biggest beneficiary of crypto regulatory tailwinds." Among the 17 analysts covering Robinhood, nine have a strong buy or buy rating, according to LSEG data. On the other hand, seven have taken a neutral stance with a hold rating and one has an underperform rating.

Persons: Donald Trump's, Bernstein, Gautam Chhugani, skyrockets, Chhugani, Gary Gensler, HOOD, –, Oppenheimer, Teresa Goody Guillén –, BakerHostetler, Trump, Owen Lau Organizations: Robinhood, Securities and Exchange Commission, Trump, SEC Locations: HOOD

☆ Dollar sags to one-week low after safety bid, 'Trump trade' momentum wanes
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: +3 min

Bitcoin pushed to a fresh all-time peak above $94,000, carried by expectations for a friendlier regulator environment for cryptocurrencies under Trump. "The 'Trump Trade' that boosted the greenback is facing challenges from Trump's controversial cabinet nominations and the escalation in the Russian-Ukraine war," DBS strategists wrote in a client note. Traders continue to pare back expectations for an interest-rate cut at the Fed's next meeting in December. The dollar added 0.9% to 154.84 yen after falling sharply to 153.28 on Tuesday following the Russia news. The euro held steady at $1.0598 , having recovered from a drop to $1.0524 in the previous session.

Persons: Donald Trump's, Bitcoin, Trump, Howard Lutnick, Trump's, pare, CME's, Jerome Powell Organizations: U.S, Moscow, Trump, Treasury, Wall Street, Commerce Department, Trump Trade, DBS, Traders, Financial Times Locations: Russian, Ukraine, Russia

☆ Stocks making the biggest moves premarket: Target, Dolby Labs, Nio, Netflix and more
▼ + stars: | 2024-11-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Target – Shares plunged more than 17% after the Minneapolis-based retailer missed third-quarter earnings and revenue estimates and slashed its full-year guidance, just three months after raising that forecast. Delta Air Lines – The Atanta-based carrier fell more than 1% after reiterating its outlook for the fourth quarter . Nio – U.S. shares fell more than 2% after the Chinese electric vehicle maker posted lower-than-expected revenue for the third quarter. Dolby earned 61 cents per share in its fiscal fourth quarter, above analysts' estimated 45 cents per share, according to FactSet. Powell Industries – Shares of the electrical equipment company fell 13% after new orders in the fiscal fourth quarter fell to $267 million from $356 million in the third quarter.

Persons: NBCUniversal, Brian Roberts, Goldman Sachs, Morgan Stanley, Nio, Dolby, Robinhood, Needham, Keysight, Piper Sandler, Mike Tyson, Jake Paul, —, Alex Harring, Jesse Pound, Pia Singh, Sarah Min Organizations: –, Comcast, CNBC, MSNBC, Delta Air Lines, Delta, FactSet, Dolby, Technologies, Powell, BDO, Nasdaq, Netflix Locations: Minneapolis, Nio –

☆ Deloitte says jobs are at risk in its advisory division as challenges for the consulting sector continue
▼ + stars: | 2024-11-20 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The growth rate in Deloitte's global consulting division has fallen from 19% in 2023 to 1.9% in 2024. Deloitte plans to cut more staff from its advisory division as demand for consultancy services declines. "In the context of an ongoing challenging market, we have to carefully consider the shape of our firm," Deloitte told BI on Wednesday. According to its latest annual report, Deloitte's global consulting revenues grew by 1.9% in the 2024 financial year ending 31 May. AdvertisementDeloitte's global workforce expanded to 460,000 in the 2024 financial year, an increase of 3,000.

Organizations: Deloitte, Business, Financial Times, Equity

☆ A Chinese ship was near both subsea internet cables that were mysteriously cut, report says
▼ + stars: | 2024-11-20 | by ( Mikhaila Friel | Tom Porter | ) www.businessinsider.com time to read: +3 min

AdvertisementA Chinese ship was seen near severed Baltic Sea internet cables, the FT reported. Sweden is investigating the sighting of a Chinese vessel near where two Baltic Sea internet cables were severed, the Financial Times reported. AdvertisementThe Danish defense ministry said it was "in the area near" the Chinese ship in a statement on X Wednesday, amid unconfirmed reports that Danish officials had boarded the vessel. The International Union of Marine Insurance estimates that repairing damaged cables usually costs between $7 and $12 million. AdvertisementIt comes amid tensions between the West and China over its support of Russia in the war against Ukraine.

Persons: Boris Pistorius, Yi Peng, Erin Murphy, Murphy Organizations: Financial Times, FT, Danish Navy, Strategic, International, Russia, Foreign, International Union of Marine Insurance, Ukraine, Sweden's Ministry, Foreign Affairs, Marine, China's Embassy, Business Locations: Sweden, China, Lithuania, Sweden's Gotland, Russia, Ukraine, Germany, Finland, France, Italy, Poland, Britain, Egypt, Gulf of Finland, West

☆ Why the West's vital undersea cables are so vulnerable to attack
▼ + stars: | 2024-11-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

The vast networks of data cables that crisscross our world's oceans are crucial for almost every aspect of modern life. Related Video Ukraine's sea drones vs. Russia's Black Sea FleetDespite their importance, events this week have highlighted just how vulnerable the West's internet subsea cables are to attacks from hostile powers. Unlike Russia, whose internet cables mostly run overland, the cables Western countries rely on are deep under the sea — and it's an asymmetrical vulnerability Russia is signaling it could exploit. AdvertisementIn response to the threat, Western countries are trying to better protect existing cable networks or route data through satellites if they are disrupted. In the CSIS report in August, Murphy and other analysts called for the US to strengthen international coordination and enhance resources to protect existing undersea cable networks.

Persons: Boris Pistorius, Gregory Falco, KIRILL KUDRYAVTSEV, Falco, Erin Murphy, Sidharth, Murphy, Sybille Reuter, Henri Kronlund Organizations: German, Financial Times, Sibley School of Mechanical, Aerospace Engineering, Cornell University, Getty, AIS, Emerging, CSIS, General Staff, Directorate, Cinia, West Locations: Baltic, Russia, China, Germany, Finland, Sweden, Lithuania, Ukraine, Russian, Vladivostok, Western Europe, India, Emerging Asia, Washington ,, London, Iceland

Walmart’s CFO John David Rainey said the retailer would likely have to raise prices on some items if President-elect Donald Trump’s proposed tariffs take effect. “We never want to raise prices,” he said in an interview with CNBC on Tuesday. Beauty CEO Tarang Amin told CNBC in an interview earlier this month that the company could be forced to raise prices if the higher duties take effect. The majority of goods Walmart sells are not at risk of tariffs. The home improvement retailer addressed the potential levies as it reported earnings on Tuesday.

Persons: John David Rainey, Donald Trump’s, ”, “, ” Rainey, Wall, Matthew Shay, Tarang Amin, Steve Madden, Rainey, We’ve, Lowe’s, it’s, Brandon Sink, — CNBC’s Gabrielle Fonrouge Organizations: CNBC, National Retail Federation, Walmart Locations: China, U.S

Nebraska’s Dan Osborn is returning to work Tuesday as a steamfitter after his unsuccessful Senate run, but his political career isn’t over. Osborn, who ran as an independent, is launching a political action committee, called the Working Class Heroes Fund, to support working-class candidates of all parties. And he isn’t ruling out another run for office after his loss to GOP Sen. Deb Fischer. Osborn said his PAC will support candidates of any party, and he said he didn’t expect to have many policy litmus tests, apart from supporting campaign finance overhaul and rejecting corporate donations. His Senate campaign raised $7.9 million through mid-October, according to the latest campaign finance reports, and he said it ultimately raised more than $14 million.

Persons: Dan Osborn, Osborn, GOP Sen, Deb Fischer, ” Osborn, Pete Ricketts, Sen, Ben Sasse’s, Ricketts, “, “ Pete Ricketts, Kamala Harris, Fischer, Donald Trump, I’ve, we’ve, ” Organizations: GOP, Senate, Chicago Cubs, Nebraska, Republicans, Democrats, Marijuana, Party Locations: Nebraska

☆ 45 Hong Kong pro-democracy activists are sentenced to jail in city’s biggest national security trial
▼ + stars: | 2024-11-19 | by ( Jennifer Jett | Jennifer Jett Is The Asia Digital Editor For Nbc News | Based In Hong Kong. | ) www.nbcnews.com time to read: +7 min

HONG KONG — A Hong Kong court sentenced dozens of leading pro-democracy figures to up to 10 years prison Tuesday in the single largest trial under a national security law that critics say has been used to all but eliminate political dissent in the Chinese territory. Lawyers for the defendants have argued that such action was within the bounds of Hong Kong law. In March, Hong Kong’s opposition-free legislature also enacted local national security legislation. Among the 47 are “second-tier pan-democrats” who were previously active members of the Hong Kong legislature, Burns said. Hong Kong officials said last month that there was no time limit for prosecuting the cases, noting that it takes time to gather evidence.

Persons: Benny Tai, Tai, Carrie Lam, Hong Kong’s, Hong, Maya Wang, ”, Tai —, John Burns, Burns, Jimmy Lai, “, Jonathan Sumption, ” Sumption, Kong’s, of Organizations: University of Hong Kong, Hong, Authorities, Human Rights, University of Hong, Apple Daily, Pew Research Center, Financial Locations: HONG KONG, Hong Kong, Beijing, British, U.S, China, University of Hong Kong, Hong Kong’s

☆ Financial stocks could see a boost under Trump. These names offer solid dividends
▼ + stars: | 2024-11-19 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

Financial stocks are one corner of the market that's set to reap the benefits under a second Trump administration. The bank currently offers a 2.8% dividend yield, and has posted 10.2% dividend growth in the past year. Regions' dividend yield is at 3.8%, and the bank has grown its dividends by 18.9% in the past year. However, consensus price targets suggest a decline just shy of 1% could be in the cards for Regions Financial. Other financial stocks offering solid dividends include investment bank Goldman Sachs and credit card provider Discover Financial Services .

Persons: Trump, Donald Trump, Morgan Stanley, Wells, Mike Mayo, Mayo, Matt O'Connor, Bank of New York Mellon, Robin Vince, Brian Bedell, Goldman Sachs Organizations: Bank, P Bank ETF, Regional Banking, CNBC Pro, Financial, Deutsche Bank, Regions Financial, Bank of New York, Bank of New York Mellon, Discover Financial Services Locations: —

☆ Financials lead Trump trade, 'not directly impacted by tariffs', says RBC's Lori Calvasina
▼ + stars: | 2024-11-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancials lead Trump trade, 'not directly impacted by tariffs', says RBC's Lori CalvasinaThe 'Fast Money' traders talk the impact of Trump's reelection on the financial sector.

Persons: RBC's Lori Calvasina Organizations: Trump

☆ India central bank plans 2025 launch of cloud services, countering dominance of global firms
▼ + stars: | 2024-11-19 | by ( ) www.cnbc.com time to read: +2 min

India's central bank will launch a pilot program in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential. The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank. In December last year, RBI governor Shaktikanta Das announced plans to set up a public cloud for the financial services industry. Initial work on the cloud is being driven by the research wing of the central bank called the Indian Financial Technology and Allied Services. It will then be developed further in partnership with one or more private sector technology firms, according to the sources.

Persons: Shaktikanta Das, EY Organizations: Bank, Reserve Bank of, Amazon Web Services, Microsoft, Google, IBM, International Data Corporation, Indian Financial Technology, Allied Services, Reuters

☆ AI is hitting a wall just as valuations reach the stratosphere
▼ + stars: | 2024-11-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

The narrative from Silicon Valley is that the AI train has left the station and any smart investor had better hop on before these products become “superintelligent” and start solving all the world’s problems. Now, some of the leading language models appear to be hitting a wall, according to at least three reports last week. But if we have indeed hit a scaling wall, “it may mean that the the mega-cap technology companies have over-invested” and it’s possible that they could scale back in the near future. That’s the AI optimist/pragmatist view. For a less rosy outlook, I turned to Gary Marcus, NYU professor emeritus and outspoken critic of AI hype.

Persons: CNN Business ’, New York CNN — It’s, OpenAI, ”, that’s, “, Orion “, Ilya Sutskever, ” Sutskever, Marc Andreessen, Sam Altman, ” Gil Luria, Davidson, it’s, ” Luria, Gary Marcus, ” Marcus, “ LLMs Organizations: CNN Business, New York CNN, Nvidia, Tech, ” Bloomberg, ” Reuters Locations: New York, GPT

☆ Doubts mount over Britain’s ambitious growth plans — with warnings of further tax rises possible
▼ + stars: | 2024-11-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further, because overall revenues would be higher. The OBR now expects U.K. real GDP growth of 1.1% in 2024, followed by expansion of 2% in 2025, before falling to 1.5%. The Labour government did not immediately respond to CNBC's request for comment on further possible tax changes. 'Desperate' growth ratesThe U.K. economy barely grew in the third quarter, eking out a less-than-expected 0.1% expansion, data from the Office for National Statistics showed Friday. We've had 1% growth, or around 1% growth now since the Financial Crisis.

Persons: Rachel Reeves, James Smith, CNBC's, John Grieve, Reeves, Gieve, —, Labour's, ING's Smith, We've Organizations: Treasury, Getty, Labour, Finance, ING, of, CNBC, National Insurance, Office, National Statistics, Gross Locations: London, England

☆ Bitcoin has smashed records. Should you invest?
▼ + stars: | 2024-11-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

CNN —In the first quarter of this year, the price of bitcoin broke records in the wake of approval by the Securities and Exchange Commission for the first exchange-traded spot bitcoin funds. But in the past few years, education about crypto assets has been made more available to professionals. While it’s called a currency — and in some instances can be used like money — bitcoin is not legal tender in the United States or most other countries. He advises his clients who insist on exposure to limit their portfolio allocation to bitcoin to no more than 5%. Using a bitcoin ETF for exposure is the easiest option for most individuals who are not dedicated crypto investing experts.

Persons: bitcoin, Donald Trump’s, Michael Saylor, ”, Paul Brahim, Satoshi Nakamoto —, it’s, “, Trent Porter, Mike Turi, don’t, ” Turi, Matt, Elliott, Porter, Trump, you’ll, they’ve, ” Porter Organizations: CNN, Securities and Exchange Commission, CNBC, Financial, Association, SEC, Morningstar Locations: bitcoin, Bitcoin, United States

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