FameEX Morning Crypto News Recap | November 6, 2023

2023-11-06 12:07:15

Block's Q3 Earnings Unveil $2.42 Billion Bitcoin Revenue, Demonstrating 37% Annual Growth

Block Inc. announced strong Q3 results, with total net revenue reaching $5.62 billion, marking a 24% year-over-year increase. Excluding bitcoin operations, revenue amounted to $3.19 billion, reflecting a 16% growth from the previous year. Noteworthy is the $2.42 billion in bitcoin revenue, emphasizing its substantial impact on the company's overall profitability.

Fidelity's Director Views Bitcoin as the 'Gold of the Future'

Fidelity's Global Macro Director characterizes Bitcoin as "exponential gold," citing gold's deflationary properties and limited utility in daily transactions as reasons why investors predominantly perceive it as a store of value. Bitcoin shares these traits, contributing to its frequent comparison with the traditional precious metal.

Ex-SEC Official's Alert: SBF Conviction Could Signal Wider Issues in Crypto Sector
The former head of SEC's internet enforcement division alerts to broader concerns in the crypto industry stemming from ex-FTX CEO Sam Bankman-Fried's conviction. He underscores the perceived risk, deeming the crypto, web3, and blockchain sectors as "nonsense" in the midst of what he considers a potentially unstable situation.

Robert Kiyosaki Deciphers Rich Dad's First Lesson: Bitcoin Offers 'Eternal Financial Security and Autonomy'
Renowned author Robert Kiyosaki, famous for his book "Rich Dad Poor Dad," has clarified the initial lesson in wealth accumulation from Rich Dad. He underscores that the affluent understand the importance of preserving tangible assets like gold, silver, and bitcoin, which offer long-term financial security and individual autonomy.

Rise in Q3 Central Bank Gold Demand Amid Global Turbulence
In the third quarter of 2023, global central banks maintained their gold purchasing momentum, amassing 337 metric tons, as reported by the World Gold Council. Analysts from the council view this ongoing trend as evidence of sustained and robust gold demand, potentially leading to a strong overall figure by the year's end.

HSBC Unveils Tokenization Platform for the Gold Market
HSBC has launched a platform for tokenizing gold bullion, targeting a market potential of $525 billion. The bank will oversee the trading of these gold tokens and manage custody for the physical gold bars kept in its London vaults. This initiative was announced by Mark Williamson, HSBC's global head of FX and commodities partnerships and propositions.

Berkshire's Vice Chairman, Charlie Munger, Equates Bitcoin to a 'Foul-Smelling Orb'
Berkshire Hathaway Vice Chairman, Charlie Munger, voiced concerns about escalating Bitcoin prices, likening the digital currency to a disruptive "stink ball" in the realm of established monetary systems. At 99, he criticized the injection of this "artificial currency" into what he considers a historically effective financial framework.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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