Bitcoin could hit $100,000 by the end of 2024 (and its still going to be taxed 30% in India)

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1. HDFC Bank to acquire 20% or more in Griha Pte, gets Singapore regulatory nod

HDFC Bank has announced that it will acquire a 20% or more stake in private equity fund manager Griha Pte, a wholly-owned subsidiary of HDFC Investments. The acquisition is subject to regulatory clearance from the Monetary Authority of Singapore.

HDFC Bank had previously received permission from the Reserve Bank of India to increase its stake in HDFC Life and HDFC ERGO to over 50%. HDFC Bank posted a 19.8% YoY growth in net profit to INR12,047.5 crore ($1.6bn) for Q4FY23, with net interest income jumping 23.7% to INR23,351.8 crore.

2. Crypto winter is over — and Bitcoin could hit $100,000 by the end of 2024, Standard Chartered says

Standard Chartered has predicted that the top cryptocurrency, bitcoin, could reach $100,000 by the end of 2024, citing factors including improved profitability of crypto mining, a stabilisation of risk assets, and recent turmoil in the banking sector.

The bank said that bitcoin's gains this year represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022. JPMorgan also recently said that a technical change to the bitcoin blockchain in April 2024 could boost its price by making it more expensive to produce, causing a "positive psychological effect".

3. Twitter 'mysteriously' restores blue tick for some users

Twitter has come under fire for reinstating blue check-marks on high-profile accounts, including those of deceased celebrities, leading to speculation over whether they were automatically provided to accounts with a million subscribers.

Celebrities and public figures denied having paid for the $8-a-month subscription service, despite labels stating the "account is verified because they are subscribed to Twitter Blue and verified their phone number." Twitter has been criticized for changing policies and facing outages since Elon Musk took over as owner, and for removing labels describing news organizations as government-funded or state-affiliated.

4. Warren Buffett isn't worried about Berkshire Hathaway, but about pandemic & nuclear threat

Warren Buffett, the 92-year-old billionaire investor and CEO of Berkshire Hathaway, is not worried about the trajectory of his company amid current economic headwinds. During an interview on CNBC's "Squawk Box," he said that he worries about more significant issues, such as nuclear threats and pandemics.

Buffett's optimism is rooted in his supreme self-confidence, with 99% of his net worth invested in Berkshire Hathaway. He trusts the leaders at Berkshire's portfolio companies to make the right decisions and has already handpicked his successor, Greg Abel. Although he recognizes that there are things outside of his control, he is optimistic about the company's future.

5. Infosys founder Narayana Murthy on why ChatGPT can’t beat the human mind

Infosys founder Narayan Murthy believes that the human brain is better than ChatGPT, despite its ability to perform tasks such as coding and essay writing. Murthy argues that while ChatGPT is an excellent tool for knowledge generation and certain tasks, it can never offer a human touch to work. He believes that the human mind is the key differentiator between two works created by separate individuals using ChatGPT.

Murthy's comments come amid fears that the technology could disrupt the job market and take over human jobs, with technology leaders like Elon Musk and Steve Wozniak calling for a pause on training large-scale AI systems like ChatGPT.

6. Fantasy Sports generated investment worth Rs 15,000 crore until FY22; grew 31% to reach Rs 6,800 crore in revenue

According to a report titled 'Fantasy Sports: A catalyst for the sports economy', investments in fantasy sports, which fall under online gaming, reached Rs 15,000 crore, with foreign direct investment accounting for 66%, amounting to Rs 10,000 crore, until FY22.

The report also revealed that the fantasy sports market is currently valued at Rs 75,000 crore, and with about 300 fantasy sports platforms and 18 crore users, the industry in terms of revenue grew 31% to reach Rs 6,800 crore in FY22. The study suggests that the industry will reach Rs 25,240 crore by FY27. The report also stated that the industry created high-skill jobs for 12,800 people and indirectly employed 7,500 professionals in FY22, and is expected to generate 10,500 indirect job opportunities by FY27.

7. Elon Musk And Stephen King Clash Over Donating To Charity

Elon Musk, CEO of Twitter, has been criticized for several changes he has made on the platform. He recently removed blue verification badges from the handles of those who did not subscribe to Twitter's Blue subscription. However, he is also sponsoring the blue ticks of some prominent accounts, including that of author Stephen King.

King has called for the money spent on his verification to be donated to charity, which led Musk to announce a $100 million donation to Ukraine and question King's contribution. Twitter's coveted blue checkmark has been an issue of contention ever since Musk took control of the company in a $44 billion deal last year.

8. Russia to achieve the second position in Bitcoin mining

Russia has become the second-largest country in the world for cryptocurrency and Bitcoin mining, with 1 gigawatt (GW) power in the first quarter of 2022, according to Kommersant and BitRiver. This marks a change from Russia's third-place ranking at the end of 2021, and is attributed to limitations on mining activities in China and Kazakhstan. The unclear crypto regulations in the US are expected to contribute to further shifts in global mining power rankings.

9. Why are international investors showing a sudden interest in Japanese stocks?

Japanese stocks are expected to outperform global peers this year due to improving corporate governance standards and the potential policy normalization of the central bank. Jeffrey Atherton, head of Japanese equities at Man GLG, cited Warren Buffett's recent endorsement of the market and the end of global rate hikes as positive catalysts.

The Tokyo Stock Exchange's move to ask companies trading below book value to come up with capital improvement plans has also fueled optimism. Atherton favors "unloved" domestic-focused stocks in retail, real estate, and construction sectors. The next two BOJ decisions and corporate earnings are expected to be watched for signs of policy normalization.

10. LVMH becomes first European firm to cross market cap of $500 billion

LVMH has become the first European company to surpass a market capitalization of $500 billion on the back of strong first quarter sales in China and a stronger euro. The luxury retailer owns several prestigious brands including Louis Vuitton, Christian Dior, and Tiffany & Co.

The company is reportedly shifting resources out of Hong Kong and focusing on investing in emerging metropolises such as Shanghai, Chengdu, Guangzhou, and Shenzhen. LVMH CEO Bernard Arnault has also hinted at ongoing talks for a sponsorship contract for the 2024 Olympic Games in Paris. Pharrell Williams was recently named as Louis Vuitton's new menswear designer and is set to unveil his first collection during the Paris Fashion Week in June.