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Would You Take Your Salary In Crypto? 75% Of Gen Z Say Yes https://ellsworthvane.com/wp-content/uploads/2025/08/ells_v4.mp4 A new study reveals a striking generational divide in how people view money and it could change how we get paid. What Happened: According to a survey conducted by CryptoNinjas involving over 500 participants, 75% of Gen Z stablecoin users say they would prefer to receive their salary in stablecoins like USDT (CRYPTO: USDT) or USDC (CRYPTO: USDC), suggesting that digital assets may be on the cusp of transforming the traditional payroll system. The research found that 53% of all respondents have used stablecoins, with Gen Z emerging as the most committed demographic. Nearly half of Gen Z users make monthly stablecoin transactions, outpacing both Millennials and Gen X. Unlike the volatile reputation associated with cryptocurrencies like Bitcoin (CRYPTO: BTC), stablecoins are pegged to fiat currencies such as the U.S. dollar, offering a familiar but programmable alternative to traditional finance. The appeal for Gen Z goes beyond speculation or hype. Many respondents cited yield farming, inflation protection, and ease of access to decentralized finance (DeFi) as major reasons for their adoption. Unlike older generations, Gen Z has grown up in a world of digital-first finance, where app-based banking, crypto wallets, and tokenized assets are normalized rather than novel. This generation’s confidence in stablecoins is also reflected in their comfort with using crypto for daily transactions and saving strategies. For many, stablecoins represent not just innovation, but utility. A full 34% of stablecoin users transact monthly, with younger users particularly drawn to USD-backed coins for their stability and trustworthiness. While Millennials showed some enthusiasm, only 53% said they would accept their salary in stablecoins, despite being one of the most financially pressured generations. Gen X appeared more cautiously optimistic, with 66% indicating openness to stablecoin salaries, citing inflation hedging and crypto exposure as primary motivators. Also Read: Michael Novogratz Says Bitcoin, Ethereum Treasury Frenzy May Be Over — What Now? Why It Matters: Usability remains a challenge. Across all age groups, 43% of respondents noted that stablecoins can’t yet be used widely in the real world, limiting their practicality as a true alternative to fiat. Gen Z voiced the loudest frustration here, a clear signal to merchants, payment processors, and developers to step up real-world adoption. The study underscores a potentially massive shift in payroll preferences, especially as crypto-native talent enters the workforce. If employers begin to offer salaries in stablecoins, it could streamline international payments, reduce reliance on banks, and empower individuals with real-time access to programmable financial tools, including staking, saving, and earning yield. In fact, 30% of all respondents cited yield opportunities as their primary incentive, alongside faster settlement and borderless access to funds. For Gen Z, it’s not just about holding crypto, it’s about putting their money to work in ways that traditional finance can’t easily offer. For stablecoin salaries to move beyond early adopters, the crypto industry must solve key friction points:   Simplified onboarding (skip the jargon and spreadsheets) Improved UX for wallets and apps Real-world merchant integrations Education in plain language, not crypto-speak Until these issues are addressed, older generations may remain hesitant, but the momentum is clearly with Gen Z. The findings suggest that stablecoins aren’t just speculative assets, they’re becoming instruments of real-world financial planning.

Tesla’s UK sales plunge 60% as BYD surges https://ellsworthvane.com/wp-content/uploads/2025/08/ells_v2.mp4 Tesla’s (TSLA) new car sales plummeted in the UK in July, with Chinese EV maker BYD (1211.HK) selling over three time more vehicles, according to industry data. Figures from the Society of Motor Manufacturers and Traders (SMMT) showed Tesla’s new car sales dropped by nearly 60% to 987 units last month, down from 2,462 a year ago. In the same month, BYD sold 3,184 vehicles to UK customers, more than quadrupling its sales from a year ago. The Chinese EV maker now represents a 2.3% share of the UK car market, while Tesla has dwindled to 0.7%.   The number of electric cars on UK roads has nearly doubled in the past two years, and nearly one in five new cars sold in 2024 was electric. BYD’s latest move in the UK market, introducing the budget-friendly Dolphin Surf, marks another chapter in its pursuit to become the world’s largest electric carmaker. Starting at £18,650, the Dolphin Surf is now one of the most affordable new vehicles in the UK. For comparison, the cheapest electric car on sale in the country, the Dacia Spring, is priced at £14,995 and offers a range of 140 miles. Other budget EVs include the Citroën ë-C3 at £18,305 and Renault’s (RNO.PA) 5 model, which starts at £22,995. The new electric car BYD Dolphin Surf · LaPresse, LaPresse The Dolphin Surf offers an official range of up to 137 miles and comes equipped with features usually found in higher-end models, such as a rotating touchscreen, intelligent cruise control, and automatic emergency braking. The company, which started out manufacturing batteries for mobile phones, has set a new sales record in the UK, delivering 9,271 cars in Q1 2024 alone.    In March 2024, Chinese manufacturers accounted for 30% of all electric vehicle sales in the UK, according to data from Matthias Schmidt, an electric vehicle analyst, with rivals such as Xpeng (XPEV), Leapmotor (9863.HK), and Jaecoo, owned by state-controlled Chery, also making inroads into the market. Electric Vehicles from BYD, Chery, Great Wall, and Li Auto – all Chinese brands. · Arclumiva BYD’s expansion comes as the company’s market capitalisation has surged to $141bn, nearly three times the value of Volkswagen (VOW3.DE), though still a fraction of Tesla’s market dominance, which is valued at nearly $1tn. BYD has expanded its sales from 400,000 cars in 2020 to more than 3.7 million in 2023. In a show of its growing ambition, BYD added 200,000 employees in 2024, more than the entire workforce of General Motors (GM).   In Europe, Tesla is showing signs of losing momentum. In June, the company sold just 20,349 vehicles in the region, down 39.5% from the same period a year earlier. As Tesla’s growth stalls, Chinese automakers such as BYD, SAIC (600104.SS), and others are rapidly stepping into the void. The European Automobile Manufacturers’ Association (ACEA) recently reported that SAIC, the Chinese state-owned conglomerate behind the MG brand, was the fastest-growing manufacturer in Europe. In May, SAIC sold almost twice as many cars across the region as Tesla. Tesla’s faltering European performance has been further compounded by a growing boycott, fuelled by CEO Elon Musk’s controversial political stances. Tesla’s faltering European performance has been further compounded by a growing boycott, fuelled by CEO Elon Musk’s controversial political stances. · ZUMA Press, ZUMA Press, Inc. The electric vehicle maker, once the darling of the EV revolution, has seen its stock plummet by 25% so far this year. Investors are concerned about the damage to the Tesla brand in Europe, where sales have fallen sharply, and in the US, where Musk’s embrace of right-wing politics has alienated a segment of consumers. There have been protests outside dozens of Tesla dealerships in the US, Canada, the UK, Germany and Portugal. The day Musk announced plans to form a new political party, Tesla lost more than $68bn in market cap.   “Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,” Dan Ives, global head of technology research at Wedbush Securities, said in a note on Sunday. “While the core Musk supporters will back him at every turn no matter what, there is broader sense of exhaustion from many Tesla investors that Musk keeps heading down the political track.” Tesla’s plummeting deliveries in a steadily growing global EV market come despite Musk saying in April that sales had turned around. Read more: 3.5 million on track to pay higher mortgages by 2028 In a bid to boost demand, Tesla recently refreshed its top-selling Model Y crossover. However, the redesign came with a production halt and caused many potential buyers to delay their purchases, waiting for the updated version. Meanwhile, rivals like BYD and Chery are speeding past Tesla, each increasing their global sales by approximately 40% in 2024, as Musk’s company experienced its first annual sales decline. Smartphone giant-turned EV maker Xiaomi (1810.HK) launched its YU7 electric SUV in May, racking up over 240,000 preorders in just 24 hours. Likewise, Chinese startup Xpeng unveiled its G7 SUV, a direct rival to the Model Y, which also saw strong early demand. Both of these vehicles are priced competitively below the Model Y in China. The new electric SUV YU7 displayed at a Xiaomi store · Reuters / Reuters The shift in global EV sales patterns is a sign of China’s rising influence. From 2020 to 2024, foreign automakers such as Volkswagen, Toyota (7203.T, TM), and GM (GM) saw their sales in China drop from 9.4 million units annually to 6.4 million, according to data provided to Reuters by consultancy Automobility. During the same period, China’s domestic automakers — BYD, Geely (80175.HK), and others — saw their sales more than double, rising from 4.6 million to 9.5 million. This shift is partly driven by the aggressive pricing strategies of Chinese automakers. For instance, BYD now offers 0% APR deals in Europe, a tactic that Tesla once

ETH Price Prediction: Where Ethereum Could Be by 2025, 2026, and 2030 https://ellsworthvane.com/wp-content/uploads/2025/08/ells_v1.mp4 Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Analysts are projecting that Ethereum (ETH) could reach $6,320 by 2030. Think this ETH price prediction might play out? You can trade Ethereum on Coinbase — and if you’re new to the platform, you could earn up to $400 in rewards by completing a few short lessons and making your first qualifying trade.   Ethereum (ETH), the second-largest cryptocurrency by market cap, has evolved far beyond its role as just “Bitcoin’s little brother.” Since its launch in 2015, Ethereum has become the backbone of decentralized finance (DeFi), non-fungible tokens (NFTs) and countless smart contract applications. Unlike Bitcoin, which primarily stores value, Ethereum powers an entire ecosystem of blockchain-based innovations. With the transition to Ethereum 2.0, the shift to proof-of-stake and the continued rise of dApps and Layer-2 scaling solutions like Arbitrum and Optimism, ETH is a foundational asset in the Web3 economy. Year Lowest Prediction ($) Average Prediction ($) Maximum Prediction ($) 2025 2,061 4,054 6,000 2026 1,354 2,564 4,784 2027 1,582 2,312 3,017 2028 2,842 3,860 5,053 2029 2,412 4,833 7,960 2030 1,697 3,304 6,320 2025 ETH Price Prediction Lowest Prediction: $2,061 Average Prediction: $4,054 Maximum Prediction: $6,000 In 2025, Ethereum will continue building momentum as the go-to platform for smart contracts and decentralized applications. The average projected price of $4,054 suggests a nearly 191% return on investment compared to current levels. Growth catalysts include the continued adoption of Ethereum-based Layer-2 networks, new institutional-grade staking products and increasing NFT and DeFi activity. Ethereum’s status as the default smart contract platform makes it a central pillar of the decentralized web. The broader adoption of tokenized real-world assets, along with enhancements in transaction throughput and scalability from recent network upgrades, positions ETH to benefit from retail and institutional demand. If macroeconomic conditions favor risk-on assets, Ethereum could see strong upward price pressure throughout the year. Don’t Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — and you can too at just $2.90/share. Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.” Here’s how you can earn passive income with just $100. 2026 ETH Price Prediction Lowest Prediction: $1,353 Average Prediction: $2,563 Maximum Prediction: $4,783 By 2026, Ethereum may enter a consolidation phase, with prices cooling slightly after a potential 2025 rally. An average prediction of $2,563 reflects this recalibration. Market saturation, post-upgrade adjustments or regulatory developments could moderate prices. Still, long-term fundamentals remain intact.   The maturing Ethereum staking ecosystem and growing acceptance from traditional finance (TradFi) players could help provide a price floor. Increased adoption in global markets where decentralized applications serve real economic functions like remittances, savings and decentralized lending can stabilize demand for ETH. That said, geopolitical and regulatory uncertainty may weigh on the year’s bullish potential. 2030 ETH Price Prediction Lowest Prediction: $1,696 Average Prediction: $3,304 Maximum Prediction: $6,319 Looking toward 2030, Ethereum is forecasted to average $3,304, with high-end estimates reaching over $6,300. This outlook reflects Ethereum’s potential to play a significant role in future global finance, especially as tokenized assets, decentralized governance and Web3 applications become more mainstream.   Ethereum could be seen as a digital infrastructure, not just a cryptocurrency. With central banks, Fortune 500 companies and decentralized autonomous organizations (DAOs) leveraging the Ethereum network, demand for ETH as gas and collateral may skyrocket. If Ethereum becomes the base layer of the decentralized internet, these valuations could prove conservative. Reasons to Invest in Ethereum Ethereum stands out for its utility, innovation and first-mover advantage in the smart contract space. Its broad use cases include decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse projects and more. With Ethereum 2.0 and the move to proof-of-stake, the network is more energy-efficient and scalable than ever.   The rise of Layer-2 solutions like Arbitrum and Optimism also strengthens Ethereum’s value proposition by reducing fees and increasing throughput. Ethereum’s developer ecosystem remains the largest in crypto, which means constant innovation and a higher likelihood of long-term relevance. As tokenized assets, real-world applications and global payments evolve, Ethereum will likely play a central role. Factors That Could Slow Ethereum’s Growth Despite its strengths, Ethereum faces several risks. High competition from other Layer-1 chains like Solana, Avalanche and newer modular blockchains could deter developers and users if Ethereum fails to scale quickly or keep fees low. Regulatory challenges around staking services or token classifications could also create barriers to institutional adoption. Technical upgrades like sharding, while promising, are complex and could experience delays. Ethereum’s reliance on its massive dApp ecosystem also means any decline in activity could reflect negatively on price. Broader macroeconomic uncertainty or a prolonged crypto winter could suppress investor appetite and stall upward momentum. Price Prediction Methodology We used Benzinga’s structured methodology to forecast Ethereum prices across multiple years. This includes: Aggregate Analyst Forecasts We sourced data from Wallet Investor, CoinCodex, Changelly and CoinPedia to create a range of low, average and high price predictions for each year. To maintain data integrity, outlier predictions were reviewed and either explained or excluded. Market Trends & Adoption Analysis Ethereum adoption continues to grow thanks to NFTs, DeFi, tokenized assets and Layer-2 scaling. Its role as a core infrastructure layer for Web3 applications underpins most bullish scenarios. Technical & Fundamental Analysis We reviewed key price levels using support and resistance points to validate near- and mid-term expectations: Resistance Levels: R3: $2,246, R2: $2,173, R1: $2,125 Pivot Point: $2,052 Support Levels: S1: $2,004, S2: $1,931, S3: $1,882 These technical levels will help confirm potential breakout patterns or corrections in the coming years. Macroeconomic Factors Ethereum, like most crypto assets, is influenced by global liquidity cycles, interest rates and investor risk sentiment. As central banks potentially pivot to looser monetary policy in the latter half of the 2020s, digital assets like ETH could benefit from renewed capital inflows. Broader adoption of decentralized platforms may also become more relevant in response

Gold ETF Sales Skyrocket Amid Price Surge Amid geopolitical uncertainty, there is a silver lining for gold. Investors have been pouring money into the precious metal’s ETFs this year at a rapid clip, with nearly $21 billion flowing into US-domiciled products through July, data from Morningstar Direct show. Demand hasn’t even come close to that level since 2020, when the Covid-19 pandemic prompted a rush to gold. The asset is a safe haven, and there are several big reasons investors are looking for that this year, observers say. To start, the price of gold is up this year by nearly 29%.   Tariffs, the Dollar and Central Banks President Donald Trump’s announcement and enactment of high tariffs on numerous global trading partners led to a spike in gold ETF sales, said Aakash Doshi, head of gold strategy at State Street Investment Management. Globally, net sales have been positive for the past six of seven months and 10 of the past 13, he noted. “The gold market rally that began 18 months ago — it started the year off with a bang,” he said. “Now it’s more of a wait-and-see mode … The big driver has been a weaker dollar.” US retrenchment has investors looking for an alternative to the dollar, with gold being snapped up as a reserve by central banks, he said.   Data from Morningstar Direct show that US gold ETF demand has fluctuated over the past couple of years: While close to $21 billion has gone into them this year through July, just $1.7 billion flowed in on a net basis in 2024, and $4.4 billion flowed out in 2023, compared with net negative sales of $3.2 billion in 2022 and $12.4 billion in 2021. Amid the 2020 pandemic, $30.4 billion flowed into them. Net assets in US gold ETFs reached about $179 billion in July, with more than half of that in one fund, SPDR Gold Shares (GLD).   Gold Bugs, Beware: Portfolio construction is not one-size-fits-all, Doshi said, but many investors can benefit from a 3% to 10% allocation to gold in the long term. It is a diversifier and has low correlation to the stock market, but that doesn’t mean it’s negatively correlated, Armour said. And for those considering gold or digital assets as a hedge, there is room for both, Doshi said. “You’re seeing an environment with gold on your left tail and Bitcoin on your right tail.” This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.

Dollar Weakens on Dovish Fed Comments The dollar index (DXY00) today is down by -0.37% at a 1-week low.  Hawkish comments today from ECB Governing Council member Holzmann boosted EUR/USD to a 1-week high and undercut the dollar when he said he sees no need for the ECB to cut interest rates further.  The dollar is also under pressure from increased expectations for a Fed rate cut after the recent weaker-than-expected US payroll and PMI reports.  The dollar dropped to its lows today after Minneapolis Fed President Neel Kashkari said it may be appropriate to cut interest rates in the near term. Also, questions about the Fed’s credibility continue to weigh on the dollar after Fed Governor Adriana Kugler resigned last Friday, which could prompt President Trump to nominate a new governor who is more dovish and could undermine Fed Chair Powell’s influence. More News from Barchart Dollar Little Changed on Weak US Service Sector News Dollar Recovers with Bond Yields Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Minneapolis Fed President Neel Kashkari said, “The economy is slowing and in the near term it may become appropriate to start adjusting the federal funds rate lower.” In recent tariff news, President Trump said Tuesday that US tariffs on semiconductor and pharmaceutical imports would be announced “within the next week or so.” On Monday, Mr. Trump said that he would be “substantially raising” the tariff on US imports from India from the current 25% due to India’s purchases of Russian oil.  Last Thursday, President Trump raised tariffs on some Canadian goods to 35% from 25% and announced a 10% global minimum, along with tariffs of 15% or higher for countries with trade surpluses with the US, effective after midnight on August 7. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 94% at the September 16-17 FOMC meeting and 64% at the following meeting on October 28-29. EUR/USD (^EURUSD) today is up by +0.44% at a 1-week high.  The euro is moving higher today on hawkish comments from ECB Governing Council member Holzmann, who said he sees no reason for the ECB to cut interest rates again.  Gains in the euro are limited after German June factory orders unexpectedly posted their biggest decline in 5 months.  Also, the euro is struggling due to concerns that President Trump’s tariff policies will curb economic growth in the Eurozone. Eurozone June retail sales rose +0.3% m/m, right on expectations. German June factory orders unexpectedly fell -1.0% m/m, weaker than expectations of a +1.1% m/m increase and the biggest decline in 5 months. ECB Governing Council member Holzmann said, “In my view, there is no longer any reason for the ECB to lower interest rates further and we should wait and see what economic developments arise, particularly outside Europe, and how we respond to them.” Swaps are pricing in a 13% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) today is down by -0.16%.  The yen strengthened today against the dollar after Japan’s nominal wages in June accelerated from May, a hawkish factor for BOJ policy. Gains in the yen are limited by higher T-note yields.  Also, the yen has negative carryover from Tuesday when the minutes of the June 16-17 BOJ meeting showed policymakers were concerned about ending its QE program too quickly. Japan’s June labor cash earnings rose +2.5% y/y from +1.4% y/y in May, although weaker than expectations of +3.1% y/y. December gold (GCZ25) today is down -5.80 (-0.17%), and September silver (SIU25) is up +0.117 (+0.31%).  Precious metals today are mixed.  Today’s fall in the dollar index to a 1-week low is bullish for metals. Also, dovish comments today from Minneapolis Fed President Neel Kashkari were bullish for precious metals when he said it may be appropriate to cut interest rates in the near term.  Demand for precious metals as a store of value has increased after recent weaker-than-expected US economic news may prompt the Fed to cut interest rates as soon as next month.   The chance of a Fed interest rate cut at the September FOMC meeting has risen to 94% today from 40% last Friday.  Gains in precious metals prices are limited, and gold turned lower today on hawkish comments from ECB Governing Council member Holzmann, who said there is no longer any reason for the ECB to lower interest rates further. Higher T-note yields today are also weighing on precious metals. Precious metals still have safe-haven support on concerns that President Trump’s tariff policies will weigh on global economic growth prospects. Finally, precious metals continue to receive safe-haven support from geopolitical risks, including the conflicts in Ukraine and the Middle East. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

Little Pepe Leads Meme Coin Evolution with $14.5M Raise, Pioneering Shift from Viral Hype to Blockchain Utility The meme coin market is undergoing a transformation as projects adopt utility-driven strategies and advanced blockchain infrastructure. Meme coins are dropping their traditional baggage of being pure speculative and short-term oriented investments. With the influx of more serious entrants to the digital asset industry, the next wave of meme coins is intertwining two critical components: the viral culture and blockchain infrastructure. That is the reason why the meme coin economy already totals more than 70 billion dollars, with the possibility to expand even more aggressively. Interestingly, the rise and fall in the meme coin market since its all-time high in 2024 has indicated an intention to shift towards stability as opposed to temporary viral fads. At one point, the market valuation surged by an incredible 500%. However, 2024 is in the past, and the general meme coin market cap has settled at around the $74 billion level ever since. This critical juncture in the history of the meme coin industry demonstrates that investors are paying specific attention to promising coins, instead of engaging in an investment as a trend. In 2024, these comedic tokens elicited 30% interest among the crypto community because of the relevance linked to the viral culture. Nevertheless, this fell to 27.1% in the first quarter of 2025. Some individuals can criticize the value of the meme coin economy as decreasing based on the figures, but it is not actually a negative phenomenon, as the competitors are beginning to increase, particularly with AI-enabled tokens and Decentralized Physical Infrastructure (DePIN). Adequate competition among various aspects of the digital currency revolution is desirable and compels new players to innovate and present a better utility of the investment to users. This is how groundbreaking technologies make their way to the masses, and the crypto scene has always been at the forefront of this cutting-edge, growth-focused environment. This shift is perhaps most evident when it comes to the number of new token launches. According to Pump.fun, the meme coin economy churned out a whopping 5.3 million coins during the 2024 calendar year. Roughly, it translates into 15,229 digital tokens on average on a daily basis, which is impossible to be sustainable in the long term, and the market responded. Cautious investors have now entered the market, and people are learning from the high failure rates of the previous endeavours. Strong community engagement and innovative utility-focused cases are the only ones gaining ground these days. It is a clear sign that purely riding viral hype is now behind us.   Building for Scale: Little Pepe’s $14.5 M Achievement The embrace of Layer 2 blockchain technology is perhaps seen as the biggest leap forward for meme coins, as it ensures actual real-world utility. Here is another way to think of this: blockchain networks act like express lanes, allowing transactions to be faster and less expensive. It allows developers to scale and innovate at a much larger scale in ways that wouldn’t have been possible before.  The no-code approach to token creation is making programmable blockchain capabilities open for everyone. Users no longer need to be coding wizards to launch a token and then nurture the blockchain to bring their ideas to life. This has led to the next-generation democratization of the entire process.  The democratization of the development process is leading to robust blockchain infrastructure development. Take Arbitrum, for example, as it is built on something called Optimistic Rollups and can handle up to 4,000 transactions per second. It helps provide 10x faster transaction times than the Ethereum blockchain, and gas fees are reduced by up to 95%. The faster, more economical gas fees have resulted in the ARB network holding 51% of the Total Value Locked (TVL) as an Ethereum Layer-2 scaling solution provider.    

Bitcoin treasuries stay king as crypto firms drift toward riskier tech bets https://ellsworthvane.com/wp-content/uploads/2025/07/ellsworth_v4.mp4 As corporate treasuries pile into digital assets, a familiar theme is emerging: Bitcoin remains the default—everything else is an experiment. In a recent Roundtable discussion, David Brickell of FRNT Financial, Imran Lakha from Options Unplugged and Dan Blackmore of Glassnode questioned the need for a growing roster of Ethereum and multi-asset crypto treasury firms, suggesting that many are venturing too far out on the risk curve.  “How many of these Bitcoin treasury, ETH treasury companies do we even need?” Blackmore asked. “When you’ve got the big three, big five maybe, beyond that, it’s just this long tail.” That “long tail” is increasingly populated by companies betting not just on Bitcoin or Ethereum, but on newer protocols that haven’t stood the test of time. It’s a strategy some view as a tech punt disguised as a treasury strategy.    Wall Street’s calling it the most ‘genius’ piece of regulation since Dodd-Frank   “I come out of every cycle thinking I should have just bought Bitcoin,” Brickell said. “We thought we were building a treasury in the next big thing. And it turns out that Bitcoin was the next big thing.” Even Ethereum, despite offering yield through staking and DeFi integrations, doesn’t carry the same conviction for some. “ETH is productive… but the more you go out the risk curve, the more it starts to feel like a tech play,” Blackmore noted.   Still, with regulatory clarity improving and institutional rails opening, the appeal of treasury-backed crypto exposure isn’t fading. If anything, market participants are “praying for a dip” to reenter. The divergence lies in how firms define prudence. For some, it’s Bitcoin and Bitcoin only. For others, it’s a diversified bet on an emerging internet stack. But as history shows, not all tokens—or treasuries—survive the next cycle.

Top economist warns the U.S. is ‘on the precipice of recession’ — and it will be hard for the Fed to come to the rescue Economy·RecessionTop economist warns the U.S. is ‘on the precipice of recession’ — and it will be hard for the Fed to come to the rescueBy Jason MaBy Jason MaWeekend EditorJason MaWeekend EditorJason Ma is the weekend editor at Fortune, where he covers , the economy, finance, and housing.SEE FULL BIO “The economy is on the precipice of recession,” Mark Zandi, Moody’s Analytics chief economist, warned.Getty ImagesIndicators from the past week paint an overall picture of an economy on the edge of a downturn, according to Moody’s Analytics chief economist Mark Zandi Not only is the labor market weakening, but consumer spending is flat while construction and manufacturing are shrinking, he warned, adding that the Federal Reserve will have a hard time reviving growth with inflation still above its target The shocking jobs report on Friday wasn’t the only red flag Indicators from the past week paint an overall picture of an economy that’s headed for a downturn, according to Moody’s Analytics chief economist Mark Zandi After months of looking remarkably resilient in the face of President Donald Trump’s tariffs, the economic outlook has suddenly turned gloomier. “The economy is on the precipice of recession That’s the takeaway from last week’s economic data dump,” Zandi wrote in a series of posts on X on Sunday. “Consumer spending has flatlined, construction and manufacturing are contracting, and employment is set to fall And with inflation on the rise, it is tough for the Fed to come to the rescue.” Payrolls grew by just 73,000 last month, well below forecasts for 100,000 Meanwhile, May’s tally was revised down from 144,000 to 19,000, and June’s total was slashed from 147,000 to just 14,000, meaning the average gain over the past three months is now only 35,000 While Trump has claimed without evidence that the jobs data was “rigged” and fired the head of the agency that duces the report, Zandi noted that data often gets big revisions when the economy is at an inflection point, a recession Separate reports also held warning signs GDP rebounded more robustly than expected in the second quarter, but a metric that strips out the impact of foreign trade and looks instead at final domestic demand indicated slowing The personal consumption expenditures report showed core inflation accelerated to 2.8%, further above the Fed’s 2% target, and that consumer spending rose less than expected in June Fed policymakers have held off on interest rate cuts as they wait to see how much tariffs impact inflation Meanwhile, construction spending continued to decline in June amid a sharp drop in single-family s And the Institute for Supply Management’s manufacturing activity index for July dipped, indicating the sector contracted at a quicker pace For now, the Atlanta Fed’s GDP tracker points to continued growth, though it’s expected to decelerate to 2.1% in the third quarter from 3% in the second quarter There are also no signs of mass layoffs, and the unemployment rate has barely changed, bouncing in a tight range between 4% and 4.2% for more than a year But Zandi said the jobless rate is still low only because the size of the labor force has stagnated That’s as the foreign-born workforce has plunged by 1.2 million in the last six months amid Trump’s immigration crackdown, while the overall labor participation rate has slipped As the supply of labor has softened, so has the demand Zandi pointed to an “economy-wide hiring freeze, particularly for recent graduates.” The upshot is that the so-called neutral level of job gains needed to absorb new workers—and keep the unemployment rate steady—is now much lower. “It’s no mystery why the economy is struggling; blame increasing U.S. tariffs and highly restrictive immigration policy,” Zandi added. “The tariffs are cutting increasingly deeply into the fits of American companies and the purchasing power of American households Fewer immigrant workers means a smaller economy.” On Friday, economists at JPMorgan similarly sounded the alarm on a potential downturn They noted that jobs data show hiring in the private sector has cooled to an average of just 52,000 in the last three months, with sectors outside health and education stalling Coupled with the lack of any signs that unwanted separations are surging due to immigration policy, this is a strong signal that demand for labor has cooled, they explained. “We have consistently emphasized that a slide in labor demand of this magnitude is a recession warning signal,” JPMorgan added. “Firms normally maintain hiring gains through growth downshifts they perceive as transitory In episodes when labor demand slides with a growth downshift, it is often a precursor to retrenchment.” Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America Explore this year’s list.

The Federal Reserve’s power: Congress giveth and Congress can taketh away Economy·Federal ReserveThe Federal Reserve’s power: Congress giveth and Congress can taketh awayBy Jason MaBy Jason MaWeekend EditorJason MaWeekend EditorJason Ma is the weekend editor at Fortune, where he covers , the economy, finance, and housing.SEE FULL BIO Federal Reserve Board Chairman Jerome Powell appears for testimony before the Senate Banking, Housing, and Urban Affairs Committee on July 15, 2021.Win McNamee—Getty ImagesCongress created America’s central banking system with the Federal Reserve Act in 1913 and can amend the law to modify the Fed’s authority or mission That’s as the Fed faces questions its independence and role in the economy amid pressure from the White House to lower interest rates The White House’s relentless pressure on the Federal Reserve has kindled a debate on the central bank’s independence and role in the economy While President Donald Trump has backed off earlier suggestions that he would fire Fed Chairman Jerome Powell, he continues to demand lower interest rates The surprise announcement Friday that Governor Adriana Kugler will step down next week, well ahead of her expected departure in January when her term on the board of governors expires, gives Trump an early start on picking Powell’s replacement The president has already said he would nominate a new chair who would lower rates That’s despite the continued resistance from Powell and most other policymakers to keep rates steady as Trump’s tariffs make their way through the economy and put upward pressure on inflation Amid the standoff between the White House and the Fed, Congress has the power to modify the central bank’s authority and mission Wharton finance fessor Jeremy Siegel highlighted this potential last month, when he told CNBC that Powell may need to resign in order to preserve the Fed’s long-term independence His reasoning: if the economy stumbles, then Trump can point to Powell as the “perfect scapegoat” and ask Congress to give him more power over the Fed. “That is a threat Don’t forget, our Federal Reserve is not at all a part of our Constitution It’s a creature of the U.S Congress, created by the Federal Reserve Act 1913 All its powers devolve from Congress,” Siegel explained. “Congress has am the Federal Reserve Act many times It could take away powers.” In fact, Siegel’s fears may be realized The economy has flashed sudden warning signs, most notably Friday’s shocking jobs report that showed payroll gains were much weaker than previously thought Economists at JPMorgan even cautioned that the report flashes a recession alert as it suggests a sharp decline in labor demand from es Amending the Fed’s dual mandate Congress’ leverage over the Fed is not lost on lawmakers At an Axios event this past week, Sen Bernie Moreno, R-Ohio, was asked if the Federal Reserve Act needs to be changed or d. “There’s a lot of things that we should talk ,” he replied. “For example, should the Federal Reserve be paying interest rates to banks for their overnight deposits? I think that’s a legitimate question that we need to examine a little bit more.” In addition to paying U.S. banks interest on their reserves, he pointed out that the Fed pays foreign banks to hold money in America, adding “I don’t know that that’s a good plan Maybe it needs to be lowered.” Moreno also flagged the Fed’s dual mandate of full employment and price stability, which was established in 1977 when Congress am the Federal Reserve Act He said Congress should take another look at the Fed’s mission, suggesting the mandate should be modified to target maximum employment “at the highest possible wage.” As for the other piece of the dual mandate, Moreno also said “we need to make certain that we understand what they’re looking at when it comes to inflation.” As an example, he noted Powell’s failure to hike rates sooner during the pandemic, when there was a supply shock and a spike in demand from all the stimulus He also pointed to the Powell’s current reluctance to lower rates despite no indications yet that tariffs have caused a big spike in inflation and while taxes are coming down. “So it’s, ‘how do you analyze this?’” Moreno explained. “And I think he’s looking at from a very political lens He should be looking at from a very apolitical lens.” For his part, he also told Axios earlier in the conversation that he “absolutely” believes in central bank independence but added that Powell could be legitimately fired for being “extraordinarily incompetent.” Fed independence Of course, the Fed isn’t completely devoid of any political influence The president nominates and the Senate confirms members the board of governors, including the chair and vice chair The Fed chair also must testify before Congress regularly and gets grilled by lawmakers At the same time, the Fed was structured to be somewhat insulated from political pressures Governors have 14-year terms that expire on a staggered scheduled, preventing a single president from completely revamping the board all at once Governors also can’t be removed for policy disagreements and can only be ousted “for cause,” which has been interpreted to mean gross neglect of duty or malfeasance Regional Fed presidents are also not politically appointed, and the Fed funds its own operations without appriations from lawmakers That’s why Fed independence is a tricky concept, Michael Pugliese, senior economist at Wells Fargo, told Fortune, as it largely derives from a mix of laws, norms, informal agreements and traditions. “It’s not there’s an independence clause,” he said. “It’s more that the structure itself is built a little bit independent of the political system.” Pugliese thinks it’s highly unly Congress will amend the Federal Reserve Act to allow for more explicit influence from the White House That’s because Democrats wouldn’t go along with it, and Republicans bably wouldn’t get rid of the filibuster rule in the Senate to immediately erode the Fed’s independence, he said. “Getting rid of the filibuster would bably open the door

Nvidia AI outlook resets after Meta Platforms, Microsoft update plans Nvidia shares sold off sharply this spring, fueled by increased worry that spending on artificial intelligence infrastructure, such as Nvidia’s semiconductor chips, was peaking. The argument was that hyperscalers operating massive cloud data centers were overbuilding capacity and double-ordering chips, setting the stage for a demand reckoning that would cause Nvidia’s sales of increasingly faster and pricier graphic processing units, or GPUs, like its latest Blackwell lineup, to swoon.   However, hyperscalers appear comfortable with their spending and are ready to increase it further. On July 30, Microsoft, along with Meta Platforms, parent of Facebook and Instagram, offered capital expenditure guidance and comments on their AI buildout, reinforcing the idea that Nvidia’s best days aren’t behind it.   Mark Zuckerberg talked about superintelligence and the upcoming Prometheus and Hyperion data centers. Larger data centers suggest even more demand for AI-optimized network infrastructure, including Nvidia’s GPUs. Why AI chatbots and agentic AI are driving record Nvidia sales The launch of OpenAI’s ChatGPT in late 2022 was an eye-opener. The large language model’s ability to crunch and parse data more efficiently than traditional search led to it becoming the fastest app to reach one million users, kicking off a firestorm of chatbot research and development. Recognizing that its long-time dominance in traditional search might be at risk, Google quickly responded with Gemini, a chatbot easily accessible for free on Google’s home page.    Stocks respond to Fed cut decision, Meta Platforms & Microsoft earnings Microsoft poured billions of dollars into a partnership deal with OpenAI to leverage ChatGPT, and eventually integrated its CoPilot AI throughout its popular Office 365 platform.  Meta Platforms launched an open-source chatbot, Llama, and Amazon invested billions of dollars into Anthropic, which rolled out the Claude chatbot. Eventually, enterprises got in on the act, too, developing their own AI programs to support their businesses’ specific needs. Banks use agentic AI, or AI agents that can assist or replace traditional workers, to hedge portfolio and loan risks. Manufacturers are using it to improve quality. Retailers are experimenting with AI in supply chains. And health care companies are investigating its use in drug development and treatment. AI boom creates pick-and-shovel AI economy The pick-and-shovel sellers of semiconductor chips, memory, and servers have powered all the activity behind the scenes. Companies such as Super Micro have seen sales of liquid-cooled server racks surge, while memory companies like Micron have rolled out bigger and faster DRAM solutions suited to AI.  However, Nvidia has been the biggest beneficiary by far of the surge in spending to build out and upgrade existing data centers. Nvidia’s latest Blackwell GPUs can cost $30,000 to $40,000 each, and fully equipped server racks can fetch millions. When coupled with Nvidia’s CUDA software, these GPUs are faster and better suited to crunching massive workloads associated with AI than CPUs traditionally powering servers in data centers.