FameEX Morning Crypto News Recap | September 9, 2024

Fed Governor Waller: Data-Driven Support for Continued or Major Rate Cuts

Fed Governor Waller announced that it's time to start a series of rate cuts this month, showing flexibility on the size and speed of reductions. He confirmed his support for multiple cuts if the data justifies them, and indicated readiness to back larger cuts if necessary.

Treasury Secretary Yellen: U.S. economy robust, employment data points to a soft landing

Treasury Secretary Janet Yellen expressed confidence in the U.S. economy, noting recent cooling employment data indicates a soft landing rather than a recession. She highlighted the absence of major layoffs and described the economy as being in strong recovery, assuring there are no signs of immediate economic concern.

Russia mined 54,000 Bitcoins in 2023, generating 50 billion rubles in tax revenue

Russia mined around 54,000 Bitcoins in 2023, worth over $3 billion, generating 50 billion rubles in tax revenue. Bezdelov, president of the Russian Industrial Mining Association, believes that the legalization of crypto mining will draw more investors, leading to increased future tax revenues.

OpenAI reaches over one million paid users, with valuation potentially reaching $100 billion

OpenAI's paying users, including ChatGPT Enterprise, Team, and Edu, grew by 67% since April, exceeding one million by September 5. The company plans to offer subscription plans up to $2,000 per month. With investment interest from Apple and Nvidia, and Microsoft holding a 49% stake, OpenAI's valuation could reach $100 billion.

Musk on track to become the world’s first trillionaire by 2027

Elon Musk is projected to become the world’s first trillionaire by 2027, with his wealth from Tesla, SpaceX, and X growing at 110% annually. Currently worth $251 billion, he may be followed by Indian billionaire Gautam Adani, expected to reach trillionaire status by 2028 with a 123% annual growth rate.

Mitsubishi UFJ Bank and partners to pilot stablecoin platform for cross-border transfers

Mitsubishi UFJ Bank, Sumitomo Mitsui, and Mizuho Bank are introducing "Project Pax," a stablecoin platform for cross-border transfers. Backed by Progmat, SBI Holdings, and Japan Exchange Group, the project will launch with a prototype and aims for full commercialization by 2025.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​