We are advised by Seegene Inc. that journalists and other readers should disregard the news release, Seegene reports solid results in the first quarter of 2021 with KRW 351.8 billion, issued 11-May-2021 over PR Newswire.
SOURCE Seegene Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2021/20/c3783.html
(Reuters) -Halliburton Co's shareholders voted against the oilfield services provider's proposed executive compensation plan in an advisory motion, the company said on Thursday. Halliburton Chief Executive Officer Jeff Miller said the company was "disappointed by the shareholder advisory vote" and that it had led its peers in shareholder returns despite challenges stemming from the coronavirus pandemic and a supply and demand imbalance in oil markets. Halliburton did not provide vote tallies.
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Analysts are piling on bitcoin as it plunges, noting headwinds and issues that might stunt its increased adoption.
Wall Street's main indexes regained their footing on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood. Shares rose in Crypto-exchange operator Coinbase Global, Crypto-miners Riot Blockchain and Marathon Digital Holdings. "There's a big risk, regulatory risk, to crypto that's not fully appreciated," said Jay Hatfield, founder and chief executive of Infrastructure Capital Management in New York.
Ford Motor Co and South Korean battery maker SK Innovation on Thursday announced they will form a battery joint venture in North America to support the No. 2 U.S. automaker's electric vehicle rollout. The companies said they have signed a memorandum of understanding for the formation of the venture, called BlueOvalSK. Reuters on Wednesday reported plans for the joint venture.
Gold is 0.1% lower this morning, as it is trading within yesterday’s daily range. What about the other precious metals?
U.S. Federal Reserve chief Jerome Powell turned up the heat on cryptocurrencies on Thursday, saying they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted. The Treasury Department, meanwhile, flagged its concerns that wealthy individuals could use the largely unregulated sector to avoid tax and said it wanted big crypto asset transfers reported to authorities. The back-to-back announcements came in a week when Bitcoin, the most popular cryptocurrency, took a wild ride, falling as much as 30% on Wednesday after China announced new curbs on the sector, underscoring the volatility of the sector.
WeWork said its business was recovering as more people returned to offices due to easing of COVID-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs. WeWork in March agreed to go public through a merger with BowX Acquisition Corp, a special purpose acquisition company, in a deal that valued it at $9 billion. The company, whose attempt at an initial public offering in 2019 spectacularly imploded due to investor concerns over its business model and co-founder Adam Neumann's management style, said first-quarter revenue nearly halved to $598 million from a year ago.
Wealthy taxpayers are likely hiding half or more of their non-wage income from the IRS, the U.S. Treasury Department said Thursday as part of a new report detailing the Biden administration’s plans to raise an additional $700 billion in revenues through stepped-up tax enforcement. The increased tax collections are a key component of President Joe Biden’s plan to pay for his $1.8 trillion American Families Plan, which would boost federal spending over 10 years on a host of social welfare programs, including public education, health care, child care, paid leave and nutrition assistance. Minding the tax gap: The Treasury estimates that the tax gap — the difference between taxes that are owed and the amount that is actually collected — amounted to nearly $600 billion in 2019. In the absence of any changes in policy, that gap will total roughly $7 trillion over the next decade, representing 15% of all taxes owed. “These unpaid taxes come at a cost to American households and compliant taxpayers as policymakers choose rising deficits, lower spending on necessary priorities, or further tax increases to compensate for the lost revenue,” the report says. The largest contributor to the tax gap is connected to what the Treasury calls “less visible sources of income” — the billions of dollars that flow through “opaque income sources that accrue disproportionately to higher earners,” such as business partnerships and rental properties. Unlike most labor income, which is reported directly to the IRS and is very hard to avoid paying taxes on, less visible income is easy to hide. The Treasury estimates that only about 45% of all such income gets reported and taxed, leaving the other 55% to flow into owners’ pockets tax-free. Closing the gap: In keeping with Biden’s proposals, the report lays out four ways to close the tax gap: rebuilding the IRS, which has seen its budget cut by 20% over the last decade, at a cost of $80 billion over 10 years; requiring financial institutions to report all income flows directly to the IRS; providing modern technology for the IRS to replace systems that date back to the 1960s; and tighter regulation of tax preparers, with more substantial penalties for those who cheat. According to an analysis by the Treasury Office of Tax Analysis, those measures could bring in an additional $700 billion over the next 10 years — an estimate the report says is on the conservative side. Some of the measures will take time to implement and produce fruit, so the revenues will increase over time, with estimates rising to $1.6 billion over the second decade. But will the scorekeepers agree? While the Biden administration says it can raise huge sums through better enforcement of the tax code — and some experts have suggested that the Biden analysis is indeed conservative — other analysts have their doubts. “I don’t see any way they get to $700 billion, honestly,” former Congressional Budget Office Director Douglas Holtz-Eakin, now president of the conservative American Action Forum, told Bloomberg. “They should be thrilled to get to $200-250 billion.” The official Congressional Budget Office estimate could prove critical. While the CBO provided no comment on the new Treasury report, experts say that the agency is unlikely to produce numbers as large as Biden’s if and when it analyzes the president’s proposal. Lower revenue estimates would further complicate an already difficult path for Biden’s plans, making it that much harder to build support among lawmakers looking to avoid passing another deficit-financed spending package. Like what you're reading? Sign up for our free newsletter.
(Bloomberg) -- The global rout in commodities spread to China, with futures for iron ore to coal to soybeans tumbling, as markets were gripped by inflation fears and authorities in Beijing continued to try to jawbone prices lower.Chinese exchanges saw some brutal declines, particularly in ferrous markets, with iron ore dropping as much as 7.6% and steel rebar falling 5.6%. Coking coal, used to make steel, plunged 7.5%, and soybeans slumped almost 3%.The widespread declines followed a market meltdown in the U.S., where everything from equities to cryptos to raw materials plunged. The slump comes on the heels of a huge surge in commodities markets, both globally and in China, after talk of a new “supercycle” pushed prices to unprecedented levels.“After a year of gaining, investors in the market might have started thinking of an exit plan and looking for triggers,” said Zhang Chenfeng, a researcher at top Chinese commodity hedge fund Shanghai Chaos Investment Group Co. The recent rollback in commodity prices was partly attributed to some disputes in macroeconomic outlooks such as inflation, he added.In China, traders fear the government’s increasingly strong language warning against what it calls “unreasonable” gains could cap further rallies. In recent weeks, Beijing has pledged more domestic supply to ease prices, tougher oversight on spot and futures markets, and vowed to crack down on speculation and hoarding.At a meeting chaired by Premier Li Keqiang Wednesday, the State Council said more effort needs to be taken to prevent rising commodity prices from being passed through to consumers, according to reports carried in state media.“China’s voice is getting louder,” Zhang said. Chinese officials “have been trying to calm down speculative price surges, especially in coal and coke markets.”Aggregate open interest in some of China’s major industrial commodities has fallen near the lowest levels since late February, indicating net-long positions are being liquidated, Bloomberg calculations showed. Hedge funds have also trimmed bullish bets on global commodities for the first time in over a month, according to Commodity Futures Trading Commission and Intercontinental Exchange data.Economic data for April suggest that both China’s economic expansion and its credit impulse -- new credit as a percentage of GDP -- may already have peaked, leaving the recent rally in prices to record highs looking precarious. The most obvious fallout would be on those metals keyed to real estate and infrastructure spending, from copper and aluminum, to steel and its main ingredient, iron ore.The prospect of a taper on easy money conditions in the U.S., the world’s second major pillar of commodities demand, is compounding the worries over a tougher demand environment for raw materials.On the WireChina has tapped the U.S. for more than a third of next season’s expected corn imports, accelerating its buying from the world’s top supplier to fill its growing grain needs. Chinese traders say they’re importing record volumes of U.S. feed including soybeans, corn, and sorghum, according to a USDA report.China April Gasoline Output Rose 17.4% Y/y to 11.802m TonsCommodity Investing Has Eye on Clock If GDP Growth Levels OffAlcoa Sees ‘Extreme Tightness’ in Aluminum and Value-Added MetalNew, Cleaner Capacity to Boost China’s Aluminum Output in 2021China’s Hunk of Brazil Beef Exports May Get a Lot Bigger: ChartChile Lifts Copper Price Estimates, Saying New Records PossibleChina Reports H5N8 Bird Flu in Wild Birds in Tibet: ReutersThe Week AheadFriday, May 21China weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- BHP Group’s start up of production at its $3.6 billion South Flank project in Australia -- combined with existing operations at the site -- will create the world’s biggest iron ore hub. It may also help temporarily cool a hot market.Iron ore futures are trading below $200 a ton after China’s cabinet called for tougher oversight of commodity markets and protection for consumers from soaring prices. While South Flank was a replacement mine, the announcement of a big mine coming on stream can add short-term to negative market talk, according to Peter O’Connor, mining analyst at Shaw & Partners Ltd.Commodities have tumbled as international markets are gripped by inflation fears and the authorities in Beijing continue to try to jawbone and manage prices lower. China’s cabinet expressed concerns Wednesday about the surge in prices for a second week in row, calling for more effort to curb “unreasonable” gains and prevent any impact on consumer prices. The meeting, chaired by Premier Li Keqiang, also called for a crackdown on speculation and hoarding.Against this backdrop, where steel margins were getting compressed in China and Li was trying to talk commodities down, “it weighs on that narrative as opposed to really weighing on the market,” O’Connor said. “But when you get these sort of extremes -- that subjective narrative can be a key driver.”South Flank has been built to replace the depleting Yandi mine -- and together with the existing Mining Area C -- will form a hub with annual production of 145 million tons a year. South Flank’s higher quality product will also lift the average iron ore grade across BHP’s Pilbara operations. In the short-term, there was potential for a squeeze higher in BHP’s ore exports as South Flank and Yandi operated in tandem, although the overall physical impact on the market was likely to be small, said O’Connor.The start of production of 80 million tons a year at South Flank, matching Yandi, comes at a time when top exporters Australia and Brazil have been challenged in meeting strong demand from Chinese steel mills. Pilbara shipments were down 6% in April compared to the year-ago period, while Brazil’s exports were flat, according to Bloomberg Intelligence. BHP’s current guidance is for annual production at the upper end of its range of 276-286 million tons.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Sign up here.Japanese exports jumped again, climbing in April by more than a third from last year’s dismal level, as recovering global trade gave a needed boost to an economy that’s stalling at home amid new waves of the coronavirus.Surging car and auto parts shipments helped power a 38% rise in Japan’s exports from a year earlier, according to figures Thursday from the finance ministry that beat all but one forecast from 26 surveyed analysts. The consensus was for a 30.8% gain.Although the data give an inflated view of the strength of exports because they’re based on a comparison with 2020’s terrible figures, the report still shows trade bouncing back -- a major positive for the global economy and Japan. Shipments climbed almost 8% compared with 2019.A separate report showed Japanese machinery orders, a leading indicator of capital spending, gained in March from the prior month.Key InsightsMore export gains are good news for an economy struggling to quell new virus waves amid a slow vaccine drive. Weak consumer spending and business investment last quarter led to a bigger-than-expected GDP contraction and raised the risk of a double-dip recession.Last month’s trade increase showed a broad-based recovery in world economies. Shipments to the U.S. and Asia rose the most since 2010, while those to the EU climbed the most since 1980, according to a ministry official.“Demand itself is very strong led by the U.S., and Chinese exports,” said economist Hiroaki Muto at Sumitomo Life Insurance Co, adding that bottlenecks in semiconductor supplies could slow gains in months ahead. “‘I expect net exports to be positive for Japan’s 2Q GDP, although it wouldn’t surprise me if 2Q GDP overall was negative.”A drop in the yen’s value gives Japan’s exporters another tailwind. The currency has fallen roughly 6% versus the dollar so far this year, increasing the value of repatriated profits for companies from Toyota to Hitachi.What Bloomberg Economics Says...“Looking ahead, we expect exports to come in above the pre-Covid level in May, supported by a recovery in European demand with progress on vaccinations. Shipments to the U.S. and China may increase at a slower pace.”--Yuki Masujima, economistTo read full report, click here.Get MoreImports rose 12.8% from the previous year, compared with analysts forecasting a 9% increase.Shipments to the U.S. jumped 45.1%, while those to the EU climbed 39.6% and those to China gained 33.9%.The trade balance was 255.3 billion yen ($2.3 billion) in the black. Analysts had expected a surplus of 147.7 billion yen.Core machinary orders increased 3.7% in March versus the prior month, compared with a 5% rise forecast by analysts.(Adds economist’s comments.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Youngsters’ dreams of an easy, early and rich retirement were getting a pounding this week as their favorite cryptocurrencies collapsed. Prices for bitcoin (BTCUSD) and other futuristic “currencies” were in free fall Wednesday. Anyone who has bought into bitcoin since February is already in the red.
AMSTERDAM (Reuters) -Fugitive former car executive Carlos Ghosn suffered a setback on Thursday when a Dutch court ordered him to repay 5 million euros ($6.1 million) in wages to Nissan and Mitsubishi in a case he had brought. The case, one of a series of legal battles involving one of the best known figures in the auto industry, centres around the Dutch-registered joint venture Nissan-Mitsubishi BV (NMBV), where Ghosn was ousted as chairman in 2019. But the district court in Amsterdam sided with the car companies, stating that Ghosn did not have a valid employment agreement with the joint venture, as it lacked the required consent of the boards of Nissan and Mitsubishi.
Prices of key steelmaking ingredients iron ore and coking coal, as well as steel products such as rebar and hot-rolled coil, all dropped more than 5% as traders offloaded supplies and speculators placed short-sided bets that Beijing's measures will trigger a further pullback in metals markets. China's cabinet announced on Wednesday that it will strengthen management of commodity supply and demand to curb "unreasonable" prices and investigate behaviour that bids up commodity costs, spooking China's hoards of metal traders. "Some of the measures could have an immediate impact on the supply demand balance, for example if the government decides to release some state reserve into the market," said Wood Mackenzie senior economist Yanting Zhou.
(Bloomberg) -- Home-coverage startup Kin Insurance is in talks to go public via Omnichannel Acquisition Corp., a special purpose acquisition company led by recurring “Shark Tank” guest judge Matt Higgins, according to people with knowledge of the matter.The combined entity is set to be valued at over $1 billion, one of the people said. Terms could change and as with all transactions that aren’t yet finalized, it’s possible talks could collapse. A deal, if agreed, could be announced next month, one of the people said.Representatives for Omnichannel and Kin declined to comment.Chicago-based Kin says it offers affordable coverage in “catastrophe-prone” regions including California, Florida and Louisiana directly to consumers online. It is led by co-founders Sean Harper, the chief executive officer, and Lucas Ward, who is president and chief technology officer.Kin raised $63.9 million in a recent funding round from investors including Senator Investment Group, Hudson Structured Capital Management, the University of Chicago’s startup investment program, Allegis NL Capital and Alpha Edison. Earlier backers include August Capital and Commerce Ventures.The insurer recently said it surpassed $100 million in annual recurring premium after just 21 months as a carrier in an industry that still sees more than 90% of home coverage sold through brick-and-mortar agencies.Omnichannel, led by Higgins -- an executive fellow at Harvard Business School -- in November raised $206.5 million in an initial public offering. The company’s website says it’s seeking a $1 billion to $2.5 billion acquisition, which it has defined in filings as including direct-to-consumer services. Beauty entrepreneur Bobbi Brown is on the SPAC’s board.Higgins is also CEO of RSE Ventures, an investment firm that has made bets on companies including David Chang’s Momofuku, Bluestone Lane and & Pizza on behalf of billionaire Stephen Ross. Higgins is also a vice chairman of the Miami Dolphins, of which Ross is a co-owner alongside Serena and Venus Williams, among others.Another so-called insuretech company, Hippo Enterprises Inc., in March agreed to go public via a SPAC. MetroMile Inc. in February became a public company after merging with a SPAC.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Apple Inc made more than $100 million in commissions from Epic Games' "Fortnite" during the two years the online game was on the App Store, an Apple executive testified on Wednesday. Michael Schmid, Apple's head of game business development for the App Store, took the stand during the third week of an antitrust trial in federal court in Oakland, California.
Every investment class needs someone to manage it. From the market makers and clearing houses that ensure stock trading to the bankers who move currencies around the world, markets are not natural phenomena. They require management. Perhaps nowhere is that more … Continue reading → The post What Hedge Fund Analysts Do for Investments appeared first on SmartAsset Blog.
(Bloomberg) -- Yes, you made a bundle holding Bitcoin through the top a month ago. And even with a selloff like this one, it’s probably been worth the toll on your nerves.With the cryptocurrency sinking as much as 31% Wednesday, one might ask whether the token has been a good investment over time. As scary as the sudden wipeout is, the gains have been so enormous that -- even adjusted for risk -- Bitcoin has done way better than other major assets.Consider its trajectory since the end of last September, when Bitcoin embarked on a meteoric rise. Over the span, it has generated a 255% return, a rally that few other investments can match. At the same time, its price swings have also been almost unparalleled -- 11 separate sessions of intraday losses of at least 10%.But anyone who has stomached the churn is reaping a benefit. When adjusted for daily volatility, Bitcoin’s return since September has been more than twice that of the S&P 500 Index and easily trounced a negative reading for Treasury bonds. Commodities also fared worse over the stretch.“In spite of the volatility, BTC’s returns have more than made up for it,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “We’re talking about the greatest bull market for the asset ever.”Of course, the exercise is a limp defense if you’re looking at losses of more than 40% from the top. Bulls tout its use for diversification against inflation while skeptics question everything from its energy use to the regulatory risk. If anything, the performance data is a lens into the psychology of the HODL crowd who have been piling into the asset despite frequent busts like Wednesday’s.Bitcoin pared losses to 15% as of 12:12 a.m. in New York after Tesla’s CEO Elon Musk tweeted that the company has “diamond hands,” using emoticons to spell out the phrase.Read more: Bitcoin Plunge Wipes $500 Billion From Value in Crypto RoutThe risk-adjusted return is calculated by dividing total return by volatility, or the degree of daily price variation. The measure, which isn’t annualized, is designed to show performance per unit of risk.Viewed from a wider lens since 2010, Bitcoin’s risk-adjusted return showed similar outperformance relative to other assets. The same holds true for a variety of time periods -- the start of 2020 or 2015 -- that capture its most recent rally. Periods in which it doesn’t hold true include using a starting point in 2017, when the coin tumbled 80% from peak to trough.Still, Chris Grisanti, chief equity strategist at MAI Capital Management, said that it’s difficult to determine whether Bitcoin is truly a superior investment.“When you compare it to commodities, when you compare it to stocks, you have more than a century of data for the others and for Bitcoin you don’t,” said Grisanti. “There haven’t been enough different investing environments for Bitcoin as there have been for other asset classes.”Interest in digital assets has picked up in recent months as more traditional firms who were long hesitant to the crypto space warmed up to cryptocurrencies. But many others are reluctant to embrace the asset due to its heightened volatility.“Look, what people fail to understand is the newness of digital assets,” Julian Emanuel, chief equity and derivatives strategist at BTIG, said on Bloomberg TV. “You just have to understand that with the evolution of this technology -- and it really is as much about the technology as anything else -- you’re just going to have immense amounts of volatility.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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