“Pouring billions of dollars into China is now a tragic mistake,” he wrote. “They are likely to lose money to BlackRock customers and, most importantly, harm the national security interests of the [United States] and other democracies “.
Soros also believes the BlackRock initiative is a threat to democracies because “the money invested in China will help propel President Xi’s regime, which is repressive at home and aggressive abroad.”
BlackRock declined to comment. In the past, CEO Larry Fink has made it clear that he sees the Chinese market as a great opportunity that cannot be missed.
“Rapid economic development and the accumulation of wealth in the world’s second largest economy has driven the growth of China’s $ 9 trillion domestic asset management industry,” he told analysts in July. “We are now well positioned to expand the breadth of our investment solutions and expertise to all of our customer segments across China and help more people navigate their savings toward investments in China.”
“China’s long-term case is intact,” Luca Paolini, chief strategist at Pictet Asset Management, told Laura.
The S & P / BNY Mellon China Select ADR index, which tracks U.S. deposit earnings of major U.S. listed companies in the U.S., rose 8% last week, although it is still down a 19% in the last three months. But as Xi’s campaign against private companies continues, you see how Soros could start to gain more weight.
It’s “Bitcoin Day” in El Salvador
El Salvador has become the first country to adopt bitcoin as a legal tender in a risky bid by President Nayib Bukele to boost the country’s economy.
Lately: as of Tuesday, Bitcoin is a form of payment formally recognized in El Salvador along with the US dollar. Bukele announced Monday afternoon that his government now has 400 bitcoins, worth nearly $ 21 million at current trading levels.
Bukele, a right-wing populist who came to power in 2019, is working to make “Bitcoin Day” a national holiday. Salvadorans will be able to download the “Chivo Wallet,” a government-created app that will deliver $ 30 worth of bitcoins to people to promote their use.
“The #Bitcoin process in El Salvador has a learning curve,” Bukele tweeted. “Every step towards the future is like this, and we won’t achieve everything in a day or a month. But we have to break the paradigms of the past.”
The bottom line: cryptocurrencies remain in digital wallets, rather than in traditional bank accounts. This could give people in El Salvador’s poorest communities, which the World Bank claims suffer from “persistently low levels of economic growth,” greater access to their finances.
The country’s government is also betting that its bitcoin approach will attract foreign investment.
That said, the massive volatility of Bitcoin raises concerns. While the digital currency regained lost ground after a dramatic shock earlier this year, it remains well below the record high of nearly $ 65,000 set in April.
In a blog post in July, the International Monetary Fund said the use of cryptography as a national currency was “a step too far.” He warned that this policy would generate economic instability and wild prices and could lead to an increase in financial crime.
Regulators fear Kim Kardashian and crypto FOMO
Regulators are concerned about all people connecting cryptocurrencies online. This includes Kim Kardashian, a beauty and fashion mogul and an extraordinary influencer.
He began by suggesting that the Internet was full of excrement.
“Augean’s stables had not been cleaned for 30 years when Hercules was given the job of cleaning them. For 30 years, 3,000 animals had been doing in these stables what 3,000 animals have to do,” Randell said. . “The first website was released 30 years ago last month. And, like Augean’s stables, for the past 30 years, the Internet has been filled with a lot of … well, let’s say” content problematic “.
He then turned his attention to Kardashian, who, he noted, recently connected “Ethereum Max” to 250 million Instagram followers.
“In line with Instagram’s rules, it revealed it was a #AD,” Randell said. “But it didn’t have to reveal that Ethereum Max, not to be confused with ethereum, was a speculative digital token created a month earlier by unknown developers, one of hundreds of these tokens that fill cryptographic exchanges.”
Step back: Randell acknowledged that he cannot say whether this particular testimony is a scam. But he stressed that regulators needed to do more to curb such online activities. Platforms like Facebook, Twitter and TikTok, he said, also need to be “intensified”.
“The hype around [cryptocurrencies] it generates a powerful fear of getting lost from some consumers who may have little understanding of their risks, ”Randell said.
And he had a clear reminder to potential consumers: “These tokens are not regulated by the FCA. … If you buy them, you should be prepared to lose all your money.”