CryptoCurrency
1 Top Cryptocurrency to Buy Before It Soars 700%, According to this Wall Street Executive and Billionaire
It seems that, eventually, everyone changes their tune on Bitcoin (CRYPTO: BTC). One of those people is none other than Larry Fink, billionaire chief executive officer of BlackRock, the world’s largest asset manager.
Fink was once a Bitcoin skeptic, dismissing it as worthless, but he has since done a 180 and is now leading the charge to integrate Bitcoin into traditional finance and bring the cryptocurrency to the masses. However, it is his most recent comments that truly shed light on just how far he thinks Bitcoin can go.
BlackRock and Larry Fink call their Bitcoin shot
Few companies are contributing to Bitcoin adoption quite like BlackRock. In January 2024, the firm launched its iShares Bitcoin Trust, one of 11 newly introduced spot Bitcoin exchange-traded funds (ETFs). These funds provide both institutional and retail investors with an easy way to gain exposure to Bitcoin through traditional stock markets.
While all of the spot Bitcoin ETFs have seen historic success, BlackRock’s fund stands out, leading the pack with more than $24 billion in assets under management (AUM) and solidifying its position as the frontrunner in Bitcoin investment vehicles.
More recently, BlackRock released a paper titled “Bitcoin: A Unique Diversifier,” outlining its belief in Bitcoin’s long-term value proposition. The report emphasizes how Bitcoin’s distinctive qualities (decentralization, security, and a finite supply) provide unparalleled risk diversification for investor portfolios, all of which could fuel increasing demand for the cryptocurrency as global debt levels rise and economic uncertainties persist. In many respects, BlackRock’s analysis echoes sentiments that Bitcoin advocates have asserted for years.
However, Fink hasn’t stopped there. On BlackRock’s most recent quarterly earnings call, he reinforced his bullish outlook on Bitcoin, delivering some of his most significant comments to date. Fink emphasized that Bitcoin is not just another asset, but an alternative to commodities, going so far as stating it “is an asset class in itself.” Yet the most striking comparison he made was when he likened Bitcoin’s potential to the early growth of mortgage-backed securities (MBS) in the 1980s.
Fink explained that, much like Bitcoin today, the MBS market began slowly, struggling for mainstream acceptance until data and analytics provided a clearer understanding of its value. Over time, mortgage-backed securities became a dominant force, now representing an $11 trillion market. Fink sees Bitcoin in a similar position, still in its early stages but poised for exponential growth.
If Bitcoin were to achieve a comparable market cap, it would be worth nearly $550,000 per coin — a staggering 720% increase from its current price.
Keeping things in check
These projections may sound outlandish, but it’s important to remember that Bitcoin has a long history of defying expectations. Just five years ago, Bitcoin was trading at $8,000, with many investors doubting it would ever reach $20,000, let alone surpass $60,000. Now, with Bitcoin trading around $67,000, Fink’s prediction of a $550,000 Bitcoin seems bold, but not impossible.
As BlackRock’s paper outlines, Bitcoin has the potential to become a global store of value in an economic landscape fraught with devaluation, soaring government debt, and policies that often leave the average investor behind. In such a scenario, Bitcoin’s finite supply of 21 million coins becomes even more attractive, driving increased demand and, eventually, much higher prices.
For investors, the message is clear: Bitcoin is no longer a fringe asset. With BlackRock leading the way and heavyweights like Fink throwing their weight behind it, Bitcoin presents a generational opportunity today.
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1 Top Cryptocurrency to Buy Before It Soars 700%, According to this Wall Street Executive and Billionaire was originally published by The Motley Fool
The habits of millionaires are a topic of interest when it comes to financial advice. After all, unless they received a large chunk of money as an inheritance or gift, most millionaires had to be smart with their money to get where they are.
Learning how millionaires accumulate wealth — and where they keep it — can provide valuable insights for anyone focused on growing their money. One common question is whether or not millionaires keep money in checking accounts.
Studies show that in recent years, millionaires are keeping a significant portion of their wealth in cash. According to CNBC’s , that portion was about 24% in 2023. While this doesn’t necessarily mean a quarter of a millionaire’s wealth is sitting in a checking account, it does indicate the importance of maintaining liquid assets. And a checking account can be a helpful tool for doing so — whether or not you’re a millionaire.
Anyone, regardless of net worth, can find value in a checking account. Checking accounts allow unlimited deposits and withdrawals, check writing, bill pay, and other features to help you manage your money day-to-day.
While millionaires may keep large portions of their wealth in other deposit accounts and investments, some may use a checking account to manage daily spending. Millionaires also recognize the importance of having liquid assets, like funds in checking and savings accounts. Accessible cash lets you cover unexpected expenses without needing to sell off investments, borrow money, or pay a penalty for tapping your retirement savings early.
The amount of money a millionaire keeps in their checking account is highly personal and depends on preference. However, because checking accounts rarely earn competitive — if any — interest, some millionaires intentionally limit their checking account balance. Some may choose to keep the bare minimum, such as a couple of months’ worth of essential expenses, in their checking accounts, keeping the rest of their wealth in more lucrative assets.
Regardless of preference, it would be surprising for a millionaire to keep more than $250,000 in a single checking account. That’s because the Federal Deposit Insurance Corp. (FDIC) only insures up to $250,000 in deposits per institution, per account holder.
While millionaires may use checking accounts for day-to-day financial transactions, they may also use some of the following accounts in addition to, or in place of, a checking account:
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Savings accounts: Like checking accounts, savings accounts provide a high degree of liquidity, allowing you to access your money as needed for regular or unexpected expenses. High-yield savings accounts, in particular, give millionaires an extra bang for their buck. Some of the best accounts currently offer rates upwards of 4% versus the national average savings account rate of 0.46%.
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Cash management accounts: Cash management accounts (CMAs) pay competitive interest rates while maintaining more accessibility than a savings account. Some CMAs come with a debit card and ATM access, and many provide extended FDIC coverage limits by “sweeping” additional deposits into partner banks. CMAs are available at brokerages, not banks, facilitating easy transfers between investment and cash accounts.
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Money market accounts: Similar to CMAs, money market accounts combine features of checking and savings accounts, often paying competitive interest rates and providing check writing and ATM access. Banks and credit unions offer these accounts, which are federally insured. Minimum opening deposit and minimum balance requirements are often higher than those for standard savings accounts.
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Retirement and tax-advantaged accounts: Millionaires understand the importance of investing for their later years, and retirement accounts such as 401(k)s and IRAs allow them to do so in a tax-advantaged way. Some retirement accounts, like 401(k)s, are offered by certain employers. Others, such as traditional and Roth IRAs, are available to anyone.
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Brokerage accounts: The IRS limits contributions to tax-advantaged accounts, and millionaires typically invest beyond these limits. They do so with taxable brokerage accounts, which can hold investments such as stocks, bonds, and mutual funds without contribution limits.
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Other investments, like real estate, commodities, and art: Some millionaires may decide to diversify their portfolio with other investment types. These could include real estate investments, such as investment properties or real estate investment trusts (REITs); commodities, such as metals or energy products; art; and more.
The amount of money millionaires keep in their checking accounts depends on personal preference. While some millionaires may keep six figures in their checking account to maintain a comfortable cash cushion, others may choose to keep the bare minimum in checking. You wouldn’t expect millionaires to keep more than $250,000 in a checking account, however, because balances over this threshold aren’t typically insured.
There’s no single bank that’s a favorite among millionaires; it’s another matter of preference. However, millionaires are likely to bank with institutions that offer private banking to those who meet specific financial requirements. Private banking may include wealth planning services, waived fees, dedicated bankers, and additional perks. J.P. Morgan Private Bank, Citi Private Bank, and Bank of America Private Bank are among some of the most popular banks for millionaires.
Billionaires may have checking accounts, but they likely use accounts that cater to ultra-high-net-worth individuals. These accounts may come with perks such as a dedicated banker, waived fees, and competitive interest rates. Alternatively, billionaires may opt for a cash management account with higher FDIC insurance coverage limits and checking account features.
No rule says you can’t have a million dollars in a checking account, but FDIC insurance typically only covers up to $250,000. Plus, you can get a bigger return on your investment by keeping $1 million elsewhere. One alternative is a cash management account, which acts like a checking account but generally earns higher interest. Plus, many cash management accounts insure more than the standard $250,000 by sweeping funds into multiple partner banks.
Lumen Technologies, Inc. (NYSE:LUMN) shares are trading higher on Monday after the company announced it is partnering with Meta Platforms, Inc. (NASDAQ:META) to significantly increase Meta’s network capacity and help drive its AI ambitions.
Lumen’s partnership offers Meta enhanced flexibility with secure, on-demand bandwidth, supporting its complex computing requirements and enabling it to serve billions daily.
Ashley Haynes-Gaspar, Lumen’s EVP and chief revenue officer, said, “We’ve transformed our company to meet this demand. As Meta’s customers use more AI services across its platforms, we’re helping provide Meta with a seamless, effortless, and flexible network that will meet its growing needs.”
Lumen Technologies said its Private Connectivity Fabric enables long-term network capacity for Meta’s AI.
Alex-Handrah Aimé, director of Meta’s Network Investments stated, “Our AI tools are performing increasingly more complex tasks including enabling conversations in a variety of languages and translating text to images in real time, while helping people interact with the world around them in new, immersive ways.”
Lumen will report third quarter 2024 results on November 5, 2024.
Investors can gain exposure to the stock via Invesco S&P SmallCap Utilities & Communication Services ETF (NASDAQ:PSCU) and First Trust Cloud Computing ETF (NASDAQ:SKYY).
Price Action: LUMN shares are up 9.50% at $7.38 at the last check Monday.
Image via Shutterstock
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This article Lumen And Meta Join Forces To Boost AI With Flexible, On-Demand Network Solutions originally appeared on Benzinga.com
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CoinShares said the United States and Bitcoin led crypto investment product dynamics last week amid growing optimism over a potential Republican election win in the US.
Bitcoin’s private keys won’t be breached any time soon, but the industry still needs to transition to “post-quantum cryptography.”
Despite record European inflows, Bitcoin has been unable to recover above the $70,000 psychological level since July.
Apechain mainnet launch and LayerZero’s integration translated to 100% price upside for APE in recent days.
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