Bitcoin News and Finance: What You Need to Know

Financial giant ING has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” ING’s chief international economist detailed, noting that U.S. economic data confirmed that there’s “no need for any further Fed policy tightening.” ING’s Fed Rate Cut Prediction Global financial services firm ING’s chief international economist, James Knightley, published an article last week outlining why he expects the Federal Reserve to start cutting interest rates next year. Citing U.S. data showing modest growth, cooling inflation, and a cooling labor market, the economist emphasized that it’s “exactly what the Fed wants to see.” He described: This should confirm no need for any further Fed policy tightening … We expect rate cuts from the Fed from the second quarter onwards. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp i...

The CEO of Franklin Templeton, a $1.33 trillion asset manager, says there’s “obviously” a demand for bitcoin, noting that a spot bitcoin exchange-traded fund (ETF) is “a better way” to access the cryptocurrency. The executive added: “It’s going to unlock nontraditional, noncorrelated types of asset classes that are going to be interesting for our clients.” Franklin Templeton Sees Demand for Bitcoin Franklin Templeton Investments CEO Jenny Johnson shared her perspective on bitcoin and bitcoin exchange-traded funds (ETFs) in an interview with Fortune last week. The firm reported $1.33 trillion in assets under management as of Oct. 31. “I think it’s important that we differentiate bitcoin and blockchain. I think that there’s a demand for bitcoin. It has its own use case, and that’s why you’re seeing these ETFs,” she began. Franklin Templeton is among the asset managers who have filed to launch a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC)....

A U.S. Space Force major has urged the Department of Defense to integrate Bitcoin as an “offset” strategy. Emphasizing that “Integration of this technology could revolutionize national defense strategies in cyberspace,” he stressed: “Addressing this could be vital for the U.S. to maintain its position as a global superpower and leader among nations.” ‘Bitcoin Represents Not Just a Financial Innovation but a Paradigm Change in Cybersecurity’ Major Jason Lowery wrote an open letter to the Defense Innovation Board on Dec. 2 regarding “the national strategic importance of Bitcoin,” he described on Linkedin. Lowery is an astronautical engineer serving in the U.S. Space Force, the newest branch of the U.S. Armed Forces. The Defense Innovation Board provides independent recommendations to Department of Defense (DOD) leaders on emerging technologies and innovative approaches that the DOD should adopt to ensure U.S. technological and military dominance. “During my studies at the Department...

The bitcoin mining corporation Riot Platforms, a publicly traded firm within the industry, recently announced a significant expansion of its operations. The firm has completed its largest-ever acquisition of application-specific integrated circuit (ASIC) miners, securing 66,560 units of Microbt’s latest Whatsminer M66S models. This substantial purchase is set to boost Riot’s current mining capabilities by 18 exahash per second (EH/s). Riot Platforms Amplifies Bitcoin Mining Capabilities With Record $290.5 Million ASIC Acquisition Operating from Texas and listed on the Nasdaq, Riot revealed its monumental investment of $290.5 million in acquiring 18 EH/s of Microbt bitcoin miners, averaging a cost of $16 per terahash. This acquisition marks Riot’s most substantial investment to date. The company has also negotiated future options to purchase an additional 75 EH/s of hardware from the ASIC manufacturer. The newly ordered 66,560 units of Microbt’s Whatsminer M66S models represent a s...