Hello, dear reader, and welcome to our digest. Today, you can confidently set aside your valerian, because we’ve prepared some truly exciting news to brighten your day. We’ll be diving into why retail traders aren’t rushing to buy Bitcoin, exploring whether this is cause for concern. Additionally, we’ve delved into the world of ChatGPT, where some entities have joined forces to pave the way for an AI-driven future, promising a sweet life where AI handles everything. Elon Musk might have missed the AI party, but his project has already amassed an impressive amount of investments. Could he be leading the pack once more? Lastly, the return of the music legend, Michael Jackson, in the realm of blockchain. Intrigued? Let’s dive in!
Why Retail Investors Aren’t Buying Bitcoin?
In the wild world of markets, we’ve stumbled upon a curious paradox: Bitcoin’s price hit the stratosphere, yet your everyday traders aren’t exactly lining up for this sizzling deal. How come, you ask?
Seems like the retail crowd isn’t sprinting to grab Bitcoin because, when we peek at Google, the searches for “buy Bitcoin” and “buy crypto” haven’t really changed much in the last few weeks. Normally, when folks are diving into trading for the first time, they’re all over the web figuring out the hows and wheres of snatching up cryptocurrencies.
Even though Bitcoin’s value went up by 53% in the last 50 days and the S&P 500 stock market rose by 4.5% in the same time, the number of searches about buying these coins hasn’t gone up much.
Warning: there’s a whole lot of trading jargon and abstruse graphs coming your way.
- The stock market went up a lot in November, and the S&P 500 gained 8.9% because inflation wasn’t as much of a problem and more people got jobs. Analyst Ed Yardeni thinks the big stock market boost might’ve already happened.
Against this background, retail traders aren’t rushing to buy Bitcoin because even though things like wages and household money are hitting record highs in the US. But even with all this glitzy news, investors are tiptoeing. They’ve got about $6 trillion in safe corners, not being used for investments yet.
- Despite the market doing well lately, experts have noticed that retail demand remains with limited increases. Blame it on the price tags skyrocketing and folks running low on enthusiasm to borrow money when interest rates hover above 5.25%.
- We need a bunch of data sources to really figure out if regular traders are joining the Bitcoin trend. One way to tell if everyday people in China are buying a lot of cryptocurrency is by checking the price difference of Tether, between the Chinese yuan and the US dollar. When lots of people are buying, the yuan’s price shoots up against the dollar. But when things aren’t going well, more USDT gets into the market, and the price drops by 3% or more.
So, on December 5th, the price gap was a mere 1%, which, hey, is a bit better than before. Still, it hasn’t strutted over the 2% line in ages. People in China who want to invest in Bitcoin or other digital coins mainly have to change their cash into these assets, and this price difference helps us see if they’re doing that a lot or not.
This is the ambiguous reason that arises in the situation with traders. We’re all scratching our heads, thinking, “What are they waiting for? Buying at 100?”
Perhaps analyst Rajat Soni described the situation most correctly in his tweet (or in his X?). Briefly:
Retail investors aren’t paying attention to Bitcoin. They are more worried about whether or not they will be able to pay rent or put food on the table.
Elon Musk Sold $134 Million Worth of xAI Securities
Have you noticed how anything Elon Musk touches or mentions turns into pure gold? Well, his new AI startup wasn’t going to miss out on the action. The man behind Tesla, SpaceX, and the latest ruler of Twitter dropped the bomb about a fresh AI venture dubbed xAI. Their cosmic goal is to figure out the universe. Musk sealed the deal by registering X.AI back in April 2023, blending Twitter into his X Corp empire. Although it’s tied to his other ventures, the company insists it’s its own entity, vowing to “team up closely with X, Tesla, and the gang to steer us toward our grand mission.”
Elon Musk’s xAI aims to snag $1 billion in equity securities offering. They’ve bagged about $134.7 million and hunger for more. The SEC docs show that Musk is in charge at xAI. But don’t rush to throw your money on Elon’s table prematurely, as the minimum investment threshold amounts to a whopping $2 million.
But Elon won’t be the lone ranger glued to his computer, punching out codes for the new super AI. He’s got a dream team on board—real heavyweights in the biz. The crew at xAI hail from places like DeepMind, OpenAI, Google, Microsoft, Twitter, and Tesla. They’ve cooked up AlphaCode at DeepMind and birthed chatbots like GPT-3.5 and GPT-4 at OpenAI. Musk’s fresh-faced endeavor, xAI, looks primed to take on titans like OpenAI, Google, and Anthropic.
Seems like they’re worth trusting, so we’re eagerly awaiting something mind-blowing. If you happen to have a couple of spare millions lying around, you can try to risk. After all, we’re all dreaming of a weekend getaway on Mars, and that’s gonna need more than a billion in Musk’s piggy bank.
AI Titans Unite with $80B Annually for Discoveries
While Elon Musk delves into the mysteries of AI behind closed doors, the bigwigs of tech, think IBM and Meta, are teaming up to champion open-source AI initiatives. They’re joining forces to push for ethical and transparent advancements in AI. This fresh posse, dubbed the AI Alliance, aims to lay down the law, dive into projects, and partner up in the AI realm.
Over 50 tech companies, such as Sony Group, the Linux Foundation, Dell Technologies, and others, along with universities, startups, enterprises, scientific organizations, and non-profits from around the world, have joined IBM and Meta in the AI Alliance
IBM and Meta say the AI Alliance focuses on safety, teamwork, diversity, helping everyone, and creating economic opportunities. Even though lots of members like open-source work, it’s not a must to be part of the group. They mentioned the alliance represents more than $80 billion spent on research and development each year.
Michael Jackson’s Grand Comeback is Now on Blockchain!
We’re about to witness another mind-blowing fusion of art and blockchain. Flashback to July 13th, 1967: an 8-year-old Michael Jackson and his brothers recorded at One-Derful in Chicago. This iconic session captured young Michael’s first-ever studio singing, kickstarting the Jackson 5’s epic journey.
Fast-forward 56 years, and their track “Big Boy (One-Derful Version)” from that session is dropping (or has already dropped by the time you read this) as a digital vinyl on the musical blockchain platform Anotherblock.
But don’t think that art is with you forever, get ready for a limited-time groove. The track will drop for just 4 days, available in both regular and exclusive editions, accessible via the platform’s player alongside the original tape and song stems.
The song is under Recordpool’s ownership, teaming up with Anotherblock, a Swedish outfit rocking the music scene with blockchain. The co-founder Michel Traore says this song deserves a special place where it won’t get lost among tons of other tracks released every day.
To sum up
We hope this digest has sparked your curiosity and provided a glimpse into the fascinating world of Bitcoin, AI advancements, and the surprising return of a music icon.
Want to hear a secret? Our team ventured into the future and got you a link to Michael’s unique recording. Grab it and enjoy the art on the blockchain. But, whatever you do, don’t get too lost in the music, and make sure not to miss our next digest. See you as usual next week!
