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BTC Might Touch $56,000 on BlackRock ETF Trigger, Tesla Puts Crypto Operations on Hold, Per Quarterly Report; Vitalik Buterin Confirms Plans for AI: Crypto News Digest by U.Today

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Fri, 20/10/2023 - 16:06
BTC Might Touch $56,000 on BlackRock ETF Trigger, Tesla Puts Crypto Operations on Hold, Per Quarterly Report; Vitalik Buterin Confirms Plans for AI: Crypto News Digest by U.Today
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U.Today presents the top three news stories over the past day. Take a closer look at the world of crypto!

Bitcoin (BTC) might touch $56,000 on BlackRock ETF trigger

In a new report by Matrixport, a crypto financial service platform, its team highlighted Bitcoin's chances to surge to highs of $56,000 in the long term. These chances are based on BlackRock Inc., the world's largest investment bank, potentially approving the Bitcoin spot ETF. Despite the report's definition of a conservative estimate as $42,000, Matrixport analysts predict that with the inflow of around $50 billion from Registered Investment Advisors (RIAs) that may embrace the BlackRock iShares ETF offering, Bitcoin may spike to $56,000. They also called BlackRock's involvement in the Bitcoin ETF race a "game-changer" and a key trigger for the SEC to approve the ETF product more quickly.

Related
Bitcoin ETF Race: BlackRock Debuts New Filing

Tesla puts crypto operations on hold, according to quarterly financial report

Tesla, the world-famous electric vehicle giant, has recently published its quarterly financial report. As stated in the company's documentation, in Q3, 2023, there have not been any Bitcoin purchases or sales, which marks the fifth straight quarter where Tesla has refrained from engaging in active BTC transactions. By the end of Q3, 2023, the company's Bitcoin holdings totaled approximately 9,720, with a valuation of around $275.6 million. Tesla's move of holding back from Bitcoin transactions coincides with a major shift in its overarching business strategies. In the report, the company summarized its prime objectives, emphasizing cost reductions per vehicle, maximizing delivery volumes, and a sustained commitment to investment in AI and growth projects.

Ethereum cofounder Vitalik Buterin confirms plans for AI

Three days ago, Vitalik Buterin, cofounder of Ethereum, took part in an AMA session hosted on the decentralized social protocol Warpcast. When asked what he is thinking about most of the time, Buterin replied that for the last couple of weeks, he has been thinking about AI and if/how the Ethereum community could productively engage in AI-related issues. Some of the issues he highlighted include X-risk, a concept that showcases how humanity can be harmed on a massive global scale. Thus, Buterin's response implies a potential integration of his brainchild AI in the mid- to long term.

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