Observe. Think. Chat. Do. Trade. Repeat…
Analysts had expected the 2.3% annual rate for the month, up from 2% in October.
Markets have fully priced in a 0.25% interest rate cut from the ECB in December 2024, which would mark the institution’s fourth cut of the year.
One factor contributing to the fall was investors capitalising on Bitcoin’s exceptionally high price, which increased the supply of Bitcoin. Long-term holders began to release substantial quantities of Bitcoin during the recent surge.
However, there are deeper reasons why some strategists remain uncertain about Bitcoin’s ability to reach the six-figure milestone. The $100,000 mark seems to have become a significant obstacle, if not an outright barrier, to further increases.
Indeed, the recent surge in Bitcoin’s value could be instilling a misleading sense of confidence among investors. Viewing Bitcoin as a speculative bet or a means to achieve returns, it appears that investors are flocking to Bitcoin primarily for potential capital gains rather than its intrinsic value or practical applications.
The recent introduction of options for spot Bitcoin exchange-traded funds could be influential. Options provide investors with a way to speculate on Bitcoin’s price fluctuations without the need to invest in Bitcoin directly.
It’s leveraged to the hilt and there most likely will be a correction anytime soon.
That being said, a correction does not equate to lasting deflation. Should even a portion of U.S. President-elect Donald Trump’s commitments to the cryptocurrency sector materialise, the $100,000 mark might not represent a peak, but merely another milestone that Bitcoin surpasses during its triumphant ascent.
But remember, in my opinion and for what it’s worth – it is just a punt, not an investment.
Core U.S. inflation recorded more robust figures, climbing 0.3% monthly and reaching an annual rate of 2.8%, but also in accordance with forecasts.
Consumer spending increased by 0.4% monthly, as expected, while personal income surged by 0.6%, exceeding the estimated 0.3%.
The Federal Reserve is now likely searching for economic clues on how to proceed at its next interest rate meeting.
He was a French novelist, essayist, and critic, best known for his monumental work “In Search of Lost Time” (originally titled “À la recherche du temps perdu”).
This seven-volume novel, published between 1913 and 1927, is considered one of the greatest achievements in modern literature1. It explores themes of memory, time, and society in late 19th- and early 20th-century France.
Proust’s writing is known for its intricate style and deep psychological insight. His work has had a lasting impact on literature and continues to be studied and admired today.
See Wikipedia for more information.
This decline represents the third consecutive month of falling profits, succeeding a 27% year-on-year drop in September 2024, which was the most significant decrease since March 2020.
Industrial profits serve as an important indicator of the financial health of China’s factories, mines, and utilities.
For the first ten months, profits at China’s industrial companies saw a 4.3% reduction from the previous year, as reported by the National Bureau of Statistics of China on Wednesday 27th November 2024. This is in contrast to a 3.5% decrease reported up to September 2024.
The statistics bureau reportedly noted that the less severe decline in October 2024 was due to the application of Beijing’s stimulus measures.
The second-largest economy in the world expanded at its most modest rate in the third quarter since early 2023, struggling with subdued domestic consumption and an extended slump in the housing market.
However, retail sales in October 2024 exceeded forecasts with a 4.8% increase compared to the same period last year, and there was an improvement in the unemployment rate.
From Isaac Newton’s reflecting telescope in 1668 to Frank Whittle’s jet engine in 1937 and Tim Berners-Lee’s creation of the World Wide Web in 1989.
British inventors have continually pushed the boundaries of science and technology. The development of penicillin by Alexander Fleming in 1928 revolutionised medicine, while Michael Faraday’s work on the electric motor and electromagnetic induction laid the foundation for modern electrical engineering.
Innovations like the steam engine, the world’s first underground railway, stainless steel, and the hovercraft have significantly advanced transportation and industry.
Contributions such as the structure of DNA by Francis Crick and James Watson, the MRI scanner by Sir Peter Mansfield, and the vaccination by Edward Jenner have had profound impacts on health and science.
These inventions reflect the ingenuity and creativity that have positioned the UK as a leader in innovation and progress.
The Reflecting Telescope (Isaac Newton, 1668)
The Seed Drill (Jethro Tull, 1701)
The Steam Engine (Thomas Savery, 1698; improved by James Watt, 1765)
The World’s First Underground Railway (The Tube) (1863)
Penicillin (Alexander Fleming, 1928)
The Jet Engine (Frank Whittle, 1937)
The Electric Light Bulb (Joseph Swan, 1879)
The World Wide Web (Tim Berners-Lee, 1989)
Stainless Steel (Harry Brearley, 1913)
The Electric Motor (Michael Faraday, 1821)
The First Programmable Computer (Charles Babbage, 1837)
The Thermos Flask (Sir James Dewar, 1892)
Television (John Logie Baird, 1925)
Vaccination (Edward Jenner, 1796)
The Steam Locomotive – (George Stephenson, 1814)
The Lawnmower (Edwin Budding, 1830)
The Hovercraft (Christopher Cockerell, 1955)
The Safety Bicycle (John Kemp Starley, 1885)
The Cat’s Eye Road Reflector (Percy Shaw, 1934)
The Structure of DNA (Francis Crick and James Watson, 1953)
Concorde (British and French collaboration, 1969)
The Fax Machine (Alexander Bain, 1843)
The Electric Transformer (Michael Faraday, 1831)
Electromagnetic Induction (Michael Faraday, 1831)
Radar (Sir Robert Watson-Watt, 1935)
The Spinning Frame (Richard Arkwright, 1769)
The MRI Scanner (Sir Peter Mansfield, 1971)
The ATM (John Shepherd-Barron, 1967)
The Marine Chronometer (John Harrison, 1761)
The Tin Can (Peter Durand, 1810)
The Hydrogen-Oxygen Fuel Cell (Sir William Grove, 1839)
The Floating Breakwater (Sir Samuel Bentham, 1804)
The Sinclair ZX80 (First Affordable Home Computer) (Sir Clive Sinclair, 1980)
The Universal Joint (Robert Hooke, 1667)
The Submarine Periscope (Sir Howard Grubb, 1914)
The Identity Card System (Sir Edward Henry, 1916)
The Collapsible Baby Carriage (Owen Maclaren, 1965)
Thermal Insulation (Lord Kelvin, 1894)
The Jet Engine (Sir Frank Whittle) – successfully tested in 1941
The Jet Engine Afterburner (Sir Frank Whittle, 1946)
Carbon Fibre (Sir Harold Kroto, 1961)
The Modern Ship Propeller (Francis Pettit Smith, 1836)
Automatic Windshield Wipers (Gladstone Adams, 1921)
The Computer From early mechanical computers to modern electronic computers by Charles Babbage, ADA Lovelace (1842) to modern electronic computers – Sir Clive Sinclair
The Fire Extinguisher (George William Manby, 1818)
The Postage Stamp (Rowland Hill, 1840)
The Flushable Toilet – Sir John Harrington (1596) – (Thomas Crapper, 1861)
Torpedo (Robert Whitehead, 1866)
The Triple Expansion Steam Engine (Arthur Woolf, 1804)
The Bicycle – Kirkpatrick Macmillan (1842)
IVF – Robert Edwards, Patrick Steptoe & Jean Purdy
The Telephone – Alexander Graham Bell (1876)
The Cat’s Eye – Percy Shaw (1934)
Pneumatic Tyre – Robert William Thompson (1847)
The Refrigerator – William Cullen (1755)
The Steam Engine – Thomas Newcomen (1712)
Cement – Joseph Aspdin (1842)
The Thermos Flask – Sir James Dewar (1892)
The Cat Flap – Sir Isaac Newton
The above are just a few examples of British ingenuity and creative inventive ability.
The significant shift in political dynamics is largely due to the substantial financial support from the cryptocurrency industry, which has strategically funded political campaigns to foster a legislative environment favourable to digital assets.
Recognising the existential threat of strict regulations, the cryptocurrency industry has deployed unprecedented resources to sway election outcomes. Data from the Federal Election Commission reveals that crypto-related Political Action Committees (PACs) and other industry groups have raised over $245 million. These funds were channeled to endorse candidates favourable to the industry’s interests and to challenge those critical of it.
A prominent example is Bernie Moreno’s election to the U.S. Senate. Moreno, a former car salesman with minimal political experience, succeeded in defeating Democratic incumbent Senator Sherrod Brown, a known critic of the cryptocurrency industry. Moreno’s campaign was bolstered by an impressive $40 million from the cryptocurrency sector, underscoring the industry’s commitment to influencing legislative representation.
The crypto lobby’s success is credited to its tactical approach, which extends beyond post-election lobbying to active involvement in the electoral process. This strategy included targeting pivotal states and backing candidates supportive or neutral toward the industry. Consequently, Congress now includes nearly 300 pro-crypto legislators, granting the sector substantial sway over legislative priorities.
The ramifications of this development are significant. With a Congress inclined toward cryptocurrency, the industry anticipates more accommodating regulations and clearer guidelines on matters like digital asset classification and the creation of regulatory sandboxes. This shift could be a catalyst for innovation and expansion within the cryptocurrency domain.
This development has also sparked concerns regarding the impact of money on politics. Critics contend that the cryptocurrency industry’s electoral success highlights the urgency for campaign finance reform to curb the potential of industries to purchase political sway. They caution that such tendencies could compromise the democratic process and result in policies that prioritise special interests above the common welfare.
As the newly elected Congress assumes power, attention is focused on its approach to the intricate domain of cryptocurrency regulation. The ensuing months are pivotal in deciding if the industry’s political contributions will yield substantial advantages for the cryptocurrency sector and its participants.
Whichever way you package this, for or against – money buys political influence. The bias is obvious. It likely will be a bad thing in the long-term. Let’s hope it helps the people and not just the profits of big business.
We’ll see.
And don’t forget, the biggest tech and business influence in the new U.S. government (to be) just happens to be the richest person in the world, Elon Musk. He’s in charge of the newly announced Department of Government Efficiency – DOGE.
Business and not just money is in charge of the U.S. government with very few obstacles in its way!
This ‘influential’ purchase is big!
Other altcoins are rallying too, basking in the aftermath of the SEC resignation news.
Gary Gensler, Chair of the Securities and Exchange Commission, will step down on 20th January 2025 (Trumps inauguration day), an announcement made by the SEC on Thursday 21st November 2024, which clears the path for President-elect Donald Trump to appoint a more crypto friendly successor.
During Gensler’s tenure, the SEC engaged in numerous high-profile conflicts with the cryptocurrency industry, including a lawsuit against Grayscale over Bitcoin ETFs – a case Grayscale won, leading to a significant influx of capital into these funds since their inception in January.
The SEC has also pursued legal action against several major digital asset firms concerning their crypto dealings, such as Coinbase, with varying outcomes.
Additionally, the SEC has been in conflict with Tesla CEO Elon Musk, particularly regarding his acquisition of the social media company Twitter, now known as X, for $44 billion in 2022. The commission is currently seeking sanctions against Musk for failing to appear for court-mandated testimony related to this matter.
Under Gensler’s leadership, the SEC has scrutinised Musk’s adherence to a previous settlement that mandated a securities lawyer review certain Tesla-related social media posts before they were published.
Musk, a vocal critic of the SEC who supported Trump’s election campaign with his time and a donation of at least $130 million and campaigned alongside him, is poised to join the incoming administration as a co-leader of the newly proposed Department of Government Efficiency (DOGE).
With Gensler’s impending departure and the upcoming expiration of the terms for two other commissioners, Trump will have the chance to significantly influence the future composition of the SEC.
A green light for crypto investors, but a worry (maybe) for the retail trader long-term?
Nvidia third-quarter earnings beat expectations, but shares dropped 2.5% in extended trading.
The company’s revenue surged 94% year on year to $35.08 billion in the quarter ended 27th October 2024.
Net income climbed 109% from a year ago to $19.3 billion. Sales of Nvidia’s next-generation chip Blackwell, will be limited by supply, not demand, the company reportedly said.
Nvidia didn’t disappoint in terms of third-quarter revenue and net income, but it wasn’t enough for Wall Street. The forecast for the fourth quarter indicates a year-over-year growth of approximately 70%, marking a deceleration from the 265% growth experienced in the corresponding period the previous year.
Nvidia has emerged as the main beneficiary of the current artificial intelligence surge. Its shares have almost tripled in 2024, positioning it as the most valuable publicly traded company.
Numerous end-customers of Nvidia, including Microsoft, Oracle, and OpenAI, have begun receiving the company’s latest AI chip, known as Blackwell.
The share price decline appears to be due to reserved guidance for Q4, with Nvidia’s management anticipating supply challenges for its next-generation Blackwell GPU. Investors were hoping for a more optimistic forecast, but the cautious outlook was disappointing.
It’s interesting to see how even strong earnings can sometimes lead to a drop in share prices if the future outlook doesn’t meet investor expectations.
One of the most watched metrics is the Buffett Indicator, named after the legendary investor Warren Buffett. This indicator compares the total market capitalisation of U.S. stocks to the country’s gross domestic product (GDP).
Historically, a ratio above 100% is considered overvalued. As of September 30, 2024, this ratio stands at approximately 208%, significantly above the historical average and suggesting that the market is strongly overvalued.
Another important metric is the Price-to-Earnings (P/E) ratio, which measures the price of stocks relative to their earnings. The cyclically adjusted P/E ratio (CAPE), popularised by economist Robert Shiller, provides a long-term view by averaging earnings over ten years.
The CAPE ratio for the S&P 500 is currently around 35, well above the historical average of 16-17. This high level indicates that investors are willing to pay a premium for stocks, which could be a sign of overvaluation.
Several factors contribute to these elevated valuations. Low interest rates have played a significant role, making bonds less attractive and pushing investors toward stocks. Additionally, the rapid technological advancements and growth in sectors like technology, AI, and healthcare have driven up stock prices. Companies in these sectors have experienced significant revenue growth, leading to higher valuations.
However, these high valuations come with risks. The market’s current levels are pricing in a lot of optimism about future growth and profitability. Any economic slowdown, policy changes, or unforeseen global events could trigger a market correction. Investors must remain cautious and consider the potential for volatility.
On the other hand, some analysts argue that the current valuation levels can be justified by the robust corporate earnings and strong economic fundamentals. They point out that the U.S. economy has shown resilience in the face of challenges, and many companies have adapted well to the changing environment.
In conclusion, while U.S. stocks are currently expensive and may be overvalued by historical standards, it’s essential to understand the underlying factors and potential risks.
Investors should stay informed, diversify their portfolios, and be prepared for possible market fluctuations. As always, a balanced approach to investing, considering both the potential rewards and risks, is crucial.
Always do your own and careful – RESEARCH! RESEARCH! RESEARCH!
An seek professional financial advice.
The increase was in part due to an increase in the regulator-set energy price cap that took effect in October 2024, which is expected to increase energy price inflation through the winter.
The Office for National Statistics (ONS), said while higher energy costs had contributed, this increase was offset by falls in live music and theatre ticket prices.
Elon Musk was a prominent advocate in the business sector for Trump’s re-election campaign leading up to this month’s elections.
Recently, Trump appointed Musk and former Republican presidential candidate Vivek Ramaswamy to head the newly established Department of Government Efficiency.
This $3.5 billion mega port, opened by Chinese President Xi Jinping and Peruvian President Dina Boluarte, is a component of China’s Belt and Road Initiative (BRI) and seeks to improve connectivity between South America and Asia.
Located about 80 kilometres north of Lima, the deep-water port is anticipated to emerge as a significant trade hub, especially for commerce with China. Boasting a draft depth of 17.8 metres, the Chancay port is capable of hosting the largest container ships in the world, which is expected to considerably cut down shipping durations and logistical expenses.
The port has the potential to process over 1 million TEUs (twenty-foot equivalent units) each year, enhancing Peru’s position as a key logistical centre in the region.
The Chancay Port is expected to generate over 8,000 jobs in the coming decade, aiding in the export of minerals such as lithium and copper from Chile and Peru. It will also facilitate the import of Asian electronics, textiles, and other consumer goods, further connecting Latin American markets with Asia.
Peruvian authorities see the port as a move towards transforming Peru into the ‘Singapore of Latin America’, boosting its role as a global trade centre.
The Chancay Port aims to rival other significant ports in the area, like Mexico’s Port of Manzanillo and California’s Long Beach, by offering direct routes to Asia and cutting shipping times by as much as 20 days.
This progress highlights China’s expanding role in Latin America and its dedication to strengthening economic relationships within the region. The Chancay Port represents not only a conduit for commerce but also a sign of the increasingly close partnership between China and Latin America.
President Xi Jinping himself attended the inauguration of the Chancay port, an indication of just how seriously China takes the development.
There is a strong perception that the U.S. is losing ground in Latin America as China forges ahead with its Belt and Road Initiative (BRI).
The deep-water port also potentially carries military implications for the U.S. too.
This downturn has halted the bullion’s rally, which had achieved a series of record highs over the past year. Gold has seen a decline in six of the seven most recent trading sessions following Trump’s win, interrupting its streak of record-breaking milestones over the last twelve months.
On the other hand, Crypto has relished the Trump pump with Bitcoin and many altcoins setting new all-time highs!
The growth was less than anticipated, and the Office for National Statistics (ONS) reported that most sectors experienced subdued activity over the quarter.
Labour, having prioritised economic growth upon assuming power, found Chancellor Rachel Reeves expressing dissatisfaction with these figures, which represent the initial three months of the new administration.
Several economists have attributed the uncertainty surrounding the contents of October’s Budget as a factor impeding growth.
This impact was notably pronounced in September, when the economy saw a contraction of 0.1%.
Moreover, the government is contending with criticism from certain businesses that are opposed to the tax increases introduced in the Budget.
Whichever way you look at these figures; they’re utterly dire.
The core CPI, which excludes food and energy, saw a monthly increase of 0.3% and an annual rate of 3.3%, also in line with projections.
For the month, the consumer price index, assessing a range of goods and services, went up by 0.2%. This increment raised the year-over-year inflation rate to 2.6%, a 0.2% increase from September 2024.
These figures matched estimates. When food and energy were excluded, the core CPI’s monthly rise was even more significant, at 0.3%, with an annual rate of 3.3%, confirming the forecasts.
Trump initially proposed the concept of an efficiency commission in September 2024. Since that time, Musk -who has previously referred to himself as the ‘Dogefather’ – is known for making public statements about the meme coin that affect its value, has posted on his social media platform X, referring to the commission as the ‘Department of Government Efficiency’ or ‘D.O.G.E.‘
Dogecoin’s relevance surged in 2021 due to Elon Musk’s endorsement and the continuous hype on social media, which became a significant catalyst for the cryptocurrency. In May of that year, Musk’s tweets propelled Dogecoin to its peak value around 67 cents, according to market analysis. However, his reference to Dogecoin as ‘a hustle’, caused its value to plummet.
Recently, Dogecoin’s value increased following the post-election announcement by President-elect Donald Trump about the establishment of the ‘Department of Government Efficiency‘, which he acronymized as ‘DOGE’ in his statement.
Elon Musk, CEO of Tesla, and Vivek Ramaswamy, the former Republican presidential candidate and co-founder of Strive Asset Management, have been appointed to lead this department.
According to Trump’s statement, their role will be instrumental in his administration’s efforts to dismantle government bureaucracy, reduce unnecessary regulations, eliminate wasteful spending, and reorganise federal agencies.
It’s time for D.O.G.E.
Samsung, previously a powerhouse in the semiconductor industry, has encountered significant hurdles in the AI competition, leading to a notable decline in market value. The company’s faltering stance can be attributed to a variety of factors, such as strategic errors, fierce competition, and swift technological progress in the AI field.
A key factor in Samsung’s downturn in the AI sector is its insufficient investment in high-bandwidth memory (HBM) technology, which is vital for AI applications due to its ability to expedite data processing and enhance performance.
Although Samsung was once at the forefront of memory technology, it did not leverage the increasing demand for HBM, thus ceding ground to competitors such as SK Hynix. SK Hynix made significant investments in HBM and forged a robust partnership with Nvidia, an influential entity in the AI domain.
The AI sector is fiercely competitive, featuring key companies such as Nvidia, Google, and Microsoft, which are making substantial advancements in AI technology. Nvidia has notably become a frontrunner with its GPUs, crucial for AI training. Samsung’s struggle to match these developments has resulted in a decline in both market share and revenue.
The swift advancement of technology in the AI sector has presented challenges for Samsung. The company’s emphasis on conventional memory technology did not fully prepare it for the transition to AI-centric applications. With the rise of AI applications such as OpenAI’s ChatGPT, the need for sophisticated memory solutions surged, highlighting Samsung’s insufficient investment in High-Bandwidth Memory (HBM) as a notable shortcoming.
Samsung’s difficulties in the AI sector have significantly affected its finances. The company has seen a reported loss of around $122 billion in market value since July 2024, marking the most substantial drop among global chipmakers. This decline is largely due to Samsung’s challenges in adapting to the evolving AI industry and competing with its rivals.
Despite facing challenges, Samsung is actively striving to advance in the AI domain. The company has recently introduced its next-generation Bixby AI, which utilizes large language model technology, positioning it to better contend with competitors such as ChatGPT and Google Gemini.
Additionally, Samsung is cultivating its proprietary AI model, named Samsung Gauss, with the goal of augmenting device functionality and elevating the consumer experience.
Samsung’s lag in the AI sector is due to strategic errors, fierce competition, and swift technological progress. Despite considerable financial setbacks, the company is vigorously pursuing new AI initiatives and investments to recover its standing in the industry.
The path forward is fraught with challenges, yet Samsung’s commitment to innovation and adaptation could enable it to regain its status as a frontrunner in the AI domain.
Elon Musk, the visionary CEO of Tesla, has consistently set ambitious goals for the company. Among his most audacious claims is that Tesla could potentially become a multi trillion-dollar company and even reach a valuation of $25 trillion, largely driven by the deployment of robotaxis.
Tesla’s robotaxi concept is centred around autonomous vehicles that can operate as self-driving taxis. These vehicles are equipped with Tesla’s Full Self-Driving (FSD) technology, which Musk believes will revolutionize transportation. By transforming Tesla cars into autonomous ride-sharing vehicles, the company could generate significant revenue without increasing the number of cars sold.
The global ride-hailing market is already valued at hundreds of billions of dollars, and with the introduction of autonomous vehicles, this market is expected to expand further. Tesla’s early entry and continuous advancements in FSD technology position it to be a dominant player in this space.
Elon Musk’s vision of making Tesla a trillion-dollar and eventually a $25 trillion company through robotaxis is both bold and captivating. The success of this vision hinges on the successful deployment and adoption of autonomous driving technology. While there are significant challenges to overcome, Musk’s track record of defying odds and achieving groundbreaking innovations keeps the possibility within the realm of achievable dreams.
The future of transportation, as envisioned by Musk, could fundamentally reshape how we move and how Tesla thrives as a pioneer in autonomous mobility.
Tesla’s future does seem promising with the introduction of Optimus, their humanoid robot, as well as their advancements in solar energy and battery technology.
The future looks very bright for Tesla.
This suggests that investors are confident the world’s leading cryptocurrency will gain even more, following U.S. elections that resulted in a significant number of pro-crypto candidates being elected.
During his campaign, President-elect Donald Trump vowed to make the United States the ‘crypto capital of the world.’
Trump reportedly committed to several initiatives for the crypto community, such as creating a national cryptocurrency reserve using $16 billion in Bitcoin accumulated by the U.S. government from asset seizures and from reducing interest rates.
Generally, an easing of monetary policy aligns with an increase in cryptocurrency prices, as it lowers the cost of borrowing money.
The Fed recently lowered U.S. interest rates for the second time this year.
The Dow and S&P 500 recorded their best week in a year after Trump’s election win.
The Dow Jones Industrial Average rose 259.65 points to close at 43,988.99 and broke the 44,000 barrier in intraday trading. The Dow Jones traded above 44,000 for the first time ever during the session.
The S&P 500 closed at 5,995.54, after briefly trading above 6,000 – a first for the S&P 500.
The tech-heavy Nasdaq Composite slowed at 19,286.78 but set an intraday record high as well.
The S&P 500 and Nasdaq climbed on Thursday 7th November 2024, extending the rally following the victory of President-elect Donald Trump, while traders considered the implications of the Federal Reserve’s recent rate reduction.
The S&P 500 rose to close at an all-time high of 5,973.10, while the Nasdaq Composite increased by to end at 19,269.46, marking its first finish above 19,000.
The Dow Jones Industrial Average remained virtually unchanged, dipping slightly by less than one point to 43,729.34. During the trading session, all three indices reached new intraday highs.
Following President Trump’s electoral victory, the stock market experienced a significant rally on Wednesday 6th November 2024, with the Dow soaring by 1,500 points. The S&P 500 surged recording its best post-election day performance ever.
Post-election, the bond market has seen considerable fluctuations, with Treasury yields declining on Thursday after a sharp increase the previous day.
This move follows September’s significant 0.5% cut. The overnight borrowing rate, while primarily affecting interbank lending rates, also typically impacts consumer debt products including mortgages, credit cards, auto and other loans.
The anticipated reduction, marking the central bank’s second this year, lowers the key rate to 4.75%.
Financial markets had forecast a high probability of the quarter-point decrease at the November 2024 meeting, although analysts cautioned that future cuts might be postponed due to the Labour government’s tax-and-spend budget.
Investors are now awaiting remarks from Governor Andrew Bailey and his team regarding their updated economic forecast following the budget and the U.S. presidential election.
Imports, however, declined by a more-than-expected 2.3% in October, according to customs data.
The world’s second-largest economy is facing challenges with weakening domestic consumption and an ongoing property crisis, with exports emerging as a bright spot.
Despite numerous investigations, the true identity of Nakamoto remains shrouded in secrecy.
The story of Bitcoin begins with the release of a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document outlined a new kind of decentralised digital currency, one that relied on cryptographic principles to ensure security and prevent double-spending.
Nakamoto’s revolutionary vision was to create a financial system free from the control of traditional banks and government interference.
In January 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the ‘genesis block,’ marking the birth of the cryptocurrency. Over the next couple of years, Nakamoto continued to work on the project, communicating with other developers via email and online forums.
However, by 2011, Nakamoto had largely stepped away from active involvement in the project, leaving behind a legacy that would forever change the financial landscape.
Speculation about Nakamoto’s true identity has been rampant. Some believe Nakamoto is a single, exceptionally talented individual, while others theorise that it could be a group of developers working under a collective pseudonym.
Over the years, various names have been proposed as possible candidates, including renowned cryptographers, developers, and even eccentric entrepreneurs. Yet, none of these theories have been definitively proven, and Nakamoto’s identity remains a closely guarded secret.
The intrigue surrounding Nakamoto is not just a matter of curiosity but also of financial significance. As the creator of Bitcoin, Nakamoto is estimated to own around one million Bitcoins. At current market values, this makes Nakamoto one of the wealthiest individuals in the world.
However, these Bitcoins have never been moved or spent, adding to the enigma of Nakamoto’s motives and intentions.
The myth of Satoshi Nakamoto has taken on a life of its own, becoming a symbol of the power and potential of decentralized technology. The anonymity of Nakamoto also serves as a reminder of the core principles behind Bitcoin: privacy, decentralisation, and freedom from traditional financial systems.
In a world increasingly dominated by surveillance and control, the mystery of Nakamoto provides a compelling counter-narrative, one that continues to inspire and intrigue both technologists and libertarians alike.
In the end, the true identity of Satoshi Nakamoto may never be revealed, and perhaps that is as it should be. The enduring mystery adds to the allure of Bitcoin, ensuring that its origins will forever be a topic of fascination and debate.