The four largest banks in the US now believe the Federal Reserve is about to cut interest rates amid rising recession fears. A Bank of America economist says a September Fed rate cut is a “virtual lock” following last week’s $6.4 trillion global stock market rout, reports Business Times. “The rate tide has quickly turned.” […]
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MicroStrategy’s stock value is up by 1,000% since its first Bitcoin purchase, while Warren Buffett and Berkshire Hathaway have missed the boat.
MicroStrategy purchased its first Bitcoin (BTC) stash on Aug. 10, 2020, becoming the first public-traded company to adopt the cryptocurrency as its primary treasury reserve asset. Four years later, the bold move has evolved into a defining strategy for the company that has outpaced even the returns of Warren Buffett's Berkshire Hathaway.
As of Aug. 10, 2024, MicroStrategy had 226,500 BTC worth $13.771 billion in reserves, which it acquired at an average cost of around $37,000. With Bitcoin currently trading at approximately $60,500, MicroStrategy is now sitting on unrealized profits of about $5.39 billion.
Despite the substantial gains, Michael Saylor's company has maintained its Bitcoin holdings, choosing not to liquidate any of its accumulated assets. It has expressed its intention to continue accumulating Bitcoin, further evidenced by its most recent purchase on Aug. 1.
JPMorgan Chase, Bank of America, Wells Fargo and other unnamed large banks are reportedly facing a federal investigation over scams and fraud on the billion-dollar instant payments platform Zelle. The Consumer Financial Protection Bureau (CFPB) is probing how the banks handle disputed transactions on the network, reports the Wall Street Journal. The agency is responding […]
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Wells Fargo, Morgan Stanley and Bank of America are among a group of Wall Street banks accused of bilking customers out of billions of dollars in interest payments, according to a new report. The U.S. Securities and Exchange Commission is probing the banks to determine whether they purposefully directed clients toward “cash sweep” accounts that […]
The post Wells Fargo, Morgan Stanley and Bank of America Accused of Cheating Customers Out of Billions of Dollars in Interest Payments: Report appeared first on The Daily Hodl.
Morgan Stanley is set to offer spot bitcoin exchange-traded funds (ETFs) to select clients through its 15,000 financial advisors starting next week. This marks a significant first for a major Wall Street bank. Advisors can pitch Blackrock’s Ishares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund to eligible clients, reflecting the growing acceptance of bitcoin […]
Berkshire Hathaway is now holding onto a record $277 billion in cash as the economy teeters. Second quarter results show the investing giant led by Warren Buffett sold $75.5 billion worth of stock on a net basis in the period. The new round of selling brought the total amount of stocks sold by Berkshire in […]
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JPMorgan Chase and Wells Fargo are refusing to reimburse the vast majority of customers who send their money to scammers, according to a new report. New numbers from the US Senate’s Permanent Subcommittee on Investigations show Chase reimbursed 2% of scams reported on the instant payments network Zelle in 2023. That compares to 4% at […]
The post JPMorgan Chase and Wells Fargo Reimburse 4% or Less of All Scams Reported by Customers on Billion-Dollar Payments Network: Report appeared first on The Daily Hodl.
JPMorgan Chase, Bank of America and Wells Fargo are boosting their financial defenses, preparing for customers to increasingly lose the ability to pay their bills. In their new Q2 2024 reports, the banks say they’re significantly increasing the amount of capital they’re holding to cover potential losses from credit card and loan insolvencies – collectively […]
The post JPMorgan Chase, Bank of America and Wells Fargo Quietly Brace for Customers’ Financial Fallout Amid Increasing Economic Uncertainty appeared first on The Daily Hodl.
A US Senate investigation is shedding light on just how often America’s big banks refuse to reimburse victims of fraud. The Permanent Subcommittee on Investigations says JPMorgan Chase, Wells Fargo and Bank of America collectively refused to reimburse $863 million in Zelle transactions that customers reported as fraud between 2021 and 2023. Specifically, the banks […]
The post JPMorgan Chase, Wells Fargo and Bank of America Refuse To Reimburse $863,000,000 To Customers, Accused of ‘Repeated, Relentless Failure’ To Protect Victims of Fraud appeared first on The Daily Hodl.
A group of banking giants led by JPMorgan Chase, Wells Fargo and Bank of America are playing a dangerous game with their customers’ money, according to US Senator Richard Blumenthal. The Democrat and Chairman of the Permanent Subcommittee on Investigations has released a statement as a Congressional hearing on millions of dollars in fraud on […]
The post JPMorgan Chase, Wells Fargo and Bank of America Playing ‘Heads I Win, Tails You Lose’ With Customers As Hundreds of Millions of Dollars Disappears on Zelle: US Senator Richard Blumenthal appeared first on The Daily Hodl.
