Most investors still think bitcoin is a bubble: Morning Brief

Among the survey’s 200 respondents with more than $500 billion in assets under management, some 74% in the firm’s April survey said the digital coin is a bubble.

Wednesday morning, the price of bitcoin traded to a record high north of $64,000.

Later Wednesday, Coinbase is set to debut on the public market in a direct listing.

Like any financial asset, people can and will argue over what the “correct” value is for any one thing at any one time.

But critiquing the cryptocurrency’s price, or dismissing it as a bubble, is often an underhanded way of gesturing towards the more pointed critiques of the asset class: That it’s for criminals, that it will accelerate climate change, that it’s an outright Ponzi scheme.

Meanwhile, banks ranging from Goldman Sachs , have all deepened their commitments to the space.

The bank has been operating under penalties from regulators since 2016 when details of a sales scandal emerged and led to the departure of two chief executives and billions of dollars in litigation and remediation charges and a Federal Reserve imposed asset cap of $1.95 trillion.

As Coinbase, the cryptocurrency exchange, goes public on Wednesday, financial advisers want you to remember the difference.

The company’s ability to generate meaningful FCF should be more than sufficient to fulfill its intentions to return meaningful returns to shareholders…” In line with his comments, the analyst rates PXD a Strong Buy, with a target price of $245 to indicate a one-year upside of 67%.

The wafers are then sent first to Taiwan for packaging and testing, then to Singapore for storage, then on to China for assembly into a camera unit, and finally to a Hyundai component supplier in Korea before reaching Hyundai’s auto factories.

The bank has taken a $4.7 billion hit from dealings with Archegos Capital, prompting it to overhaul the leadership of its investment bank and risk divisions.

The CEO of Grab, a popular app to book taxis, order food and make payments in Southeast Asia, has always been determined to win — from making his firm the best-funded regional start-up to defeating behemoth Uber Technologies.

…Read the full story