Trump Tariffs : US President Donald Trump grants Mexico 90-day reprieve
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US President Donald Trump imposes sweeping trade tariffs to many countries
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US tariffs on India: A changing tide in their partnership?
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El Salvador's parliament approves reform to allow Bukele to run indefinitely
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D-Day for Trump's tariffs: 'A complete rewiring of the global trade system'
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US President Donald Trump hits dozens of countries with steep duties
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MAGA global shakedown: Facing tariffs, sanctions, Lula now stands 'good chance of getting reelected'
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Trump's abrupt reversal on climate policy a 'dreadful blow' to the battle against global warming
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'EU has a lot to lose': US-EU trade deal with Trump counter to 'what EU should be standing for'
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France 24
an hour ago
- France 24
Accumulating bitcoin a risky digital rush by companies?
The aim? To diversify reserves, counter inflation and attract investors, analysts say. Who also invests? Companies frequently own bitcoin -- the largest cryptocurrency by market capitalisation -- to take part in sector activities such as "mining", which refers to the process of validating transactions in exchange for digital tokens. Tesla has previously accepted payments in bitcoin, while Trump Media soon plans to offer crypto investment products. Other players who had core operations totally unrelated to cryptocurrency, such as Japanese hotel business MetaPlanet, have switched to buying bitcoin. US firm Strategy, initially a seller of software under the name MicroStrategy, holds more than three percent of all bitcoin tokens, or over 600,000. Its co-founder Michael Saylor "created real value for its original set of investors" by offering the opportunity to invest in shares linked to cryptocurrencies, Andy Constan, chief executive of financial analysts Damped Spring Advisors, told AFP. This was five years ago when other financial products allowing investment in cryptocurrencies, without a need to directly own tokens, were not permitted. Why invest? Companies collect bitcoins "to diversify" their cash flow and "counter the effects of inflation", said Eric Benoist, a tech and data research expert for Natixis bank. Some struggling companies are riding the trend in a bid to "restore their image" by "backing themselves with an asset perceived as solid and one that appreciates over time", he added. Strategy's current focus is on accumulating bitcoin, simply to attract investors interested in the currency's potential. Bitcoin can also have a simple practical use, as in the case of the Coinbase exchange, which uses its own reserves as collateral for its users. The risks? Bitcoin's value has soared around ninefold in five years, fuelled recently by US regulatory changes under Trump, a strong backer of the crypto sector. However, the unit's volatility is four times greater than that of the main US stock index, the S&P 500, according to Campbell Harvey, a professor of finance at Duke University in the United States. Harvey warns against using a company's cash reserves, "their safe haven", to buy crypto. Bitcoin's price, currently around $117,000, has in recent years been boosted by large holders of cryptocurrency, referred to as "whales". Harvey argues that in the case of "major buyer" Strategy, liquidating all their 600,000 bitcoin tokens is no simple task owing to the high value. "Assuming that you could liquidate all of those bitcoin at the market price is a heroic assumption," he told AFP, adding such a deal would see the cryptocurrency's price plummet. Jack Mallers, chief executive and co-founder of bitcoin-focused company Twenty One Capital, said his business embraced the sector's volatility, adding the market would need to be flooded for the token's price to crash. A bubble? According to its own calculation, Strategy's stock is selling at about 70 percent above the value of its bitcoin reserves. The company -- which did not answer AFP's request for comment -- is growing thanks to bitcoin purchases, which in turn is attracting investors and pushing up its share price. But ultimately it will need to monetise these crypto assets, for example by linking them to financial products, for its business to be sustained. Should Strategy and other so-called "bitcoin treasury funds" fail to do so, Benoist fears the crypto investment bubble will burst. He points out that the strategy of accumulation runs counter to the original philosophy of bitcoin, which was conceived in 2008 as a decentralised means of payment.
Euronews
3 hours ago
- Euronews
Gold futures rise after report Trump has placed tariffs on gold bars
US gold futures hit a historic high on Friday after the Financial Times reported that the Trump administration had imposed tariffs on imports of one-kilo gold bars. Futures traded on the Comex, the world's largest gold futures market, were up 0.9% at $3,484.60 an ounce as of around 11am CEST. This came after the futures hit an all-time high of $3,534.10. The FT said it had seen a letter from the US Customs Border Protection agency, dated 31 July, which stated that one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies. Investors had previously expected these types of gold bars to be exempt from Trump's tariffs. In April, Washington had excluded metals like gold, silver, and platinum from broad US import duties, reducing the price of Comex futures as investors ruled out a supply squeeze. Before this, traders had been buying cheaper foreign gold and bringing it into the US, capitalising on the price difference between US futures and other benchmarks. So far this year, gold Comex futures have risen almost 34% as investors adapt to geopolitical uncertainty, viewing gold as a secure place to park their money. In times of instability, gold is considered a safe-haven asset because its value is less volatile than other investments, even when currencies fall. 'Sustained by factors like its safe haven credentials and a weakening dollar in 2025 – this latest development will have gold bugs eyeing the $4,000 level,' said AJ Bell head of financial analysis Danni Hewson on Friday, referring to the FT report. 'The news is more bad news for Switzerland after being hit by a shock 39% export tariff to the US, given it is one of the biggest precious metal hubs globally,' she added. Gold is one of Switzerland's most significant exports to the US, and the country sent around $61.5bn (€52.8bn) of gold to the US over the 12 months ending in June. It comes as a fresh blow to Switzerland after the US administration announced a 39% levy on its exports last week. Switzerland's President Karin Keller-Sutter and other top officials travelled to Washington on Tuesday to try to lower the tariff rate, among the highest imposed by the Trump administration. The new rate is over 2.5 times higher than the one on European Union goods exported to the US and nearly four times higher than on British exports. It is also steeper than the 31% rate that Trump proposed for Swiss goods when he announced his so-called 'Liberation Day' tariffs in early April. So far, Switzerland's powerful pharmaceutical industry, which has promised major investments in the US in recent months amid the tariff worries, is exempt from the 39% rate.
