Insider Finance - Business - Insider Today: Bitcoin’s big win

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August 30, 2023

Halfway there! If you’ve got some upcoming travel plans in Europe, don’t read this story about European pilots admitting to dozing off while flying.

In today’s big story, we’ve got big news out of crypto country.

What’s on deck:

Markets: Americans aren’t pumped about the economy.
Tech: Group chats killed social media.
Business: The loophole telemarketers are using to keep bugging you.

But first, don't call it a comeback.

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THE BIG STORY

Crypto FTW

Jonathan Gray, Blackstone's president and chief operating officer

NurPhoto / Contributor

Bitcoin is back.

The crypto community has been nothing short of a disaster over the past year, from the face of the industry getting arrested to high-profile bankruptcies.

But Tuesday marked a massive win for the space: Grayscale won a court case against the SEC over its rejection of the asset manager’s application to convert its bitcoin trust into an ETF.

The news sent various corners of the crypto community surging, including bitcoin, ether, and Coinbase, Insider’s Matthew Fox writes.

The excitement stems from the belief the door is now open for multiple bitcoin ETFs to get approved. Financial giants BlackRock and Fidelity are among those that have already filed bitcoin ETF applications.

The impact of an ETF on the price of bitcoin can’t be overstated. In July, investment research firm Fundstrat predicted a BlackRock ETF could help drive bitcoin as high as $180,000 by April 2024.

But why would a bitcoin ETF be rocket fuel for the entire market?

The most obvious answer is that it enables more people to invest in crypto. A bitcoin ETF, especially one managed by household names like BlackRock or Fidelity, might be a more palatable investment for people who have traditionally steered clear of crypto.

Of course, what’s good for crypto might not be good for crypto companies. Big players like BlackRock and Fidelity, if only due to their sheer size, are bound to suck up plenty of market share with their bitcoin ETFs. That could limit smaller, more crypto-centric players' growth potential.

To be fair, certain crypto-focused companies are bound to do well from the decision. Coinbase, for example, was listed as the custodian on BlackRock’s bitcoin ETF application.

More broadly, the court decision could serve as a reality check for the SEC and its chair, Gary Gensler. The regulator has been aggressive in its oversight of the crypto community, going as far as filing lawsuits against some of its biggest players. But a public defeat could lead it to change in its approach.

READ THE FULL STORY

TOP READS

3 things in markets

Before the opening bell: US futures fall Wednesday, after stocks finished Tuesday in the green off the back of jobs data.

people walking around in NYC's Financial District

Kike Calvo/AP

Here’s how Americans are feeling about the economy. In short: Not great! The Conference Board’s consumer confidence gauge for August dropped nearly 7% from the previous month. The top concern among consumers was rising prices, specifically for groceries and gasoline. These three charts illustrate how Americans are feeling.
Best bets in fintech. Fintech funding is in a rut, but VC investors still see some opportunities. From treasury management to helping non-financial companies offer banking products, behind-the-scenes tech remains a bright spot.
Inside Citadel’s internship. The 11-week program pays well — roughly $19,200 a month — but is ultra-competitive with an acceptance rate of less than 0.5%.

3 things in tech

gif of a chat bubble eating different social media icons

Arantza Pena Popo/Insider

RIP social media. Group chats and messaging apps are taking over instead. The fatigue people are feeling from posting publicly — which is flooded with seemingly-authentic, highly-curated content — has led more people to post privately and in closed channels.
The wild life of Twitter founder Jack Dorsey. Eating one meal a day. Ice baths. Fast cars. Dorsey now runs the financial services company Block. And he’s infamous for his unusual life of luxury.
Amazon VP takes a sudden leave of absence. Sukumar Rathnam is the former Uber CTO, and he’s worked at Amazon for under two years. His sudden leave comes amid a wave of high-profile exits at the company.

3 things in business

illustration of a green robot on the phone

Getty Images

One click on a website can invite spammers to blow up your phone. Robocall crackdowns have forced spammers to get creative. A deceptive website trick gets users to hand over their cellphone numbers under the pretense of free stuff or job leads — with consent in the fine print.
Former Microsoft VP of HR reveals traits of a bad manager. Chris Williams says he’s seen many bad managers throughout his career. And almost all of them had four common traits, including being self-centered and afraid of failure.
“Houses before spouses.” A beach house. A lake house. A ranch house. Two millennials bought multiple homes with their friends. And they’re part of a growing trend of young Americans purchasing homes with friends instead of spouses.

IN OTHER NEWS

Drones, zoo, & more

Ukraine says its cardboard drones damaged prized Russian jets.
Where young, wealthy people are moving to in the US.
One of the “worst roadside zoos in America” is closing.
Family’s two dogs died of heatstroke on an 8-hour military flight.
A near-death researcher is convinced there is life after death.
Google CEO Sundar Pichai talks up “momentum” as the company rushes to launch AI products.

WHAT'S HAPPENING TODAY

Earnings, climate, & birthdays

Earnings today: Salesforce, Crowdstrike, Okta, Five Below, and other companies.
Billie Eilish’s second annual climate event is today. Overheated brings activists, designers, and other notable people together to discuss the climate crisis. It’s held in London and hosted by BBC presenter Abbie McCarthy.
Happy birthday, Warren Buffet! Bebe Rexha, Andy Roddick, and Cameron Diaz were also born on this day.

LAST LOOK

Luxe van home

Left: a look at the van from inside. Right: the bathroom from the rear door

Courtesy of Edden Ram

Photos of a couple’s “Concrete Oasis.” After transforming a van into a luxe home, this couple is going to build a tiny-home village in Mexico.

The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.

Get in touch: insidertoday@insider.com.

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