Trump’s AI czar David Sacks said on June 4th that government UBI welfare was a post-economic order fantasy that was not happening. He pointed out that distributing free money to the public was ultimately unsustainable. Americans probably will not get a universal basic income as long as President Donald Trump’s AI czar has a say. However, UBI has edged its way into the national dialogue in recent months. Tech executives Elon Musk and Mark Zuckerberg voiced support for UBI in 2016 and 2017, respectively. Democratic candidate during the 2020 presidential campaign, Andrew Yang, a tech entrepreneur, proclaimed that his administration would provide a universal basic income of $1K a month for every adult if elected, a policy he called “The Freedom Dividend.” However, Joe Biden (then the vice president) said there was a better way forward than some guaranteed government check with no strings attached. Sacks says AI’s future is a ‘Rorschach test’ and people see what they want Very weird, and telling, tweet: Sacks says that the future of AI is a Rorschach test, and describes what he thinks the left sees, but then says nothing about what he, or other RWers, think an AI-dominated society should look like. pic.twitter.com/WsPbW0pqLD — James Surowiecki (@JamesSurowiecki) June 5, 2025 According to Sacks, the future of AI had become a Rorschach test where everyone saw what they wanted. He added that the Left envisioned a post-economic order in which people stopped working and instead received government benefits, putting millions of American citizens on welfare. Sacks previously said the political consensus in the U.S. was that able-bodied people who could find a job should work. He, however, added that moving off that consensus to indulge the elite ideology of UBI was not helpful in the long run. Yang emphasized that a government-backed UBI program was necessary to support American workers threatened by automation and inequality. However, many dismissed Yang’s predictions as a pipe dream at best and fear-mongering at worst, and his candidacy quickly faded. Republicans in Arizona also voted to ban basic income programs in the state last year, and similar opposition efforts have gained popularity in Iowa, Texas, and South Dakota. Lawmakers in several states argued that although AI could perform some roles, the checks increased reliance on the government and discouraged recipients from working. “AI should empower American workers to achieve more, not become an excuse for permanent handouts. The only “post-economic order” we need is one where Washington stops looting productivity through red tape and misguided priorities.” -DOGEai Klarna’s CEO, Sebastian Siemiatkowski, believes that although investing in the quality of human support was the way for his company’s future, he expected to reduce his workforce by at least 500 employees in the coming year when Klarna’s technology improved enough. He also predicted he could downsize even faster as AI tools improve, very likely within 12 months. Munyikwa confirms that companies are hiring fewer people for AI-doable tasks Revelio Labs economist Zanele Munyikwa observed that the share of AI-doable tasks in online job postings had declined by 19% in the past three years because companies were hiring fewer people in roles that AI could do. She also found that there had been a decline in job openings across the board, with the hiring downturn being steeper for high-exposure roles (31%) than for low-exposure roles (25%). A 2023 study also revealed that freelance writing jobs dropped by 2% on Upwork, and monthly earnings declined by 5.2% after the introduction of ChatGPT. The researchers also found that generative AI reduced the overall demand for knowledge workers in the short term. However, Google DeepMind CEO Demis Hassabis said AI will create very valuable jobs. He pointed out that today’s children will grow up “AI natives” in the way the previous generation did with the internet. Hassabis also acknowledged that he would experiment with new AI tools and systems to see the best way to utilize them. The fintech company Klarna boasted last year that its investment in AI had enabled it to freeze human hiring, adding that an AI assistant was doing the equivalent work of 700 full-time agents. However, it has changed its tune in recent months and has started hiring human agents again, acknowledging that its AI-driven cost-cutting push led to lower quality. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
New York-based cryptocurrency exchange Gemini said Friday that it had filed the paperwork with the SEC to go public.
BitcoinWorld Otonomi Funding Secures Bright Future for Blockchain Freight Insurance In the rapidly evolving world where traditional industries are increasingly intersecting with cutting-edge technology, news of significant investment always sparks interest. The recent announcement regarding Otonomi funding is no exception. Otonomi, a company at the forefront of applying blockchain technology to the often-complex world of freight insurance, has successfully closed a substantial funding round, signaling strong investor confidence in their innovative approach. What is Otonomi and Why is Blockchain Insurance Gaining Traction? Otonomi is building a blockchain-based platform designed to revolutionize freight insurance. Traditionally, freight insurance claims can be a lengthy and cumbersome process, often involving significant paperwork, manual verification, and potential disputes. This is where the need for a more efficient, transparent, and automated system becomes clear. The integration of blockchain technology offers a compelling solution. Blockchain insurance leverages the core principles of distributed ledgers: immutability, transparency, and automation through smart contracts. For freight insurance, this means: Increased Transparency: All parties involved (shipper, carrier, insurer, broker) can potentially view the same real-time data regarding cargo movement and status. Enhanced Trust: The tamper-proof nature of the blockchain ensures data integrity. Automation: Smart contracts can automatically trigger payouts based on predefined, verifiable events (like a delay beyond a certain threshold). This move towards blockchain in insurance, particularly in niche areas like freight, represents a significant step forward for the broader insurtech landscape. How Does Otonomi’s Parametric Insurance Work? A key component of Otonomi’s offering is Parametric insurance . Unlike traditional indemnity insurance, which pays out based on the actual loss incurred (requiring extensive claims adjustment), parametric insurance pays out a predetermined amount based on the occurrence of a specific, measurable event. In Otonomi’s case, their focus is on parametric cargo delay insurance. Here’s a simplified look at how it works: Define the Trigger: The policy is set up with a clear, objective trigger event. For cargo delay, this might be ‘arrival exceeding scheduled time by X hours’ or ‘deviation from planned route exceeding Y miles’. Use External Data: Otonomi’s platform likely integrates with external data sources (oracles) that provide real-time, verifiable information about the cargo’s location and timing (e.g., GPS data, port timestamps). Automated Payout: When the external data confirms that the predefined trigger event has occurred, a smart contract automatically initiates the payout to the policyholder. This process dramatically reduces the time and effort involved in filing and processing claims, moving from potentially weeks or months down to days, or even hours, once the trigger is met and verified on the blockchain. The Significance of the Otonomi Funding Round The news that Otonomi has secured $3.4 million in funding is a strong indicator of investor confidence in their technology and business model. This round was led by ATX Ventures, a firm known for investing in promising technology companies. The participation of other notable investors, including GSR Ventures and Greenlight Re Innovations, further validates Otonomi’s potential within both the tech and insurance sectors. ATX Ventures leading the round suggests they see significant scalability and market potential in Otonomi’s solution for the freight industry. The involvement of Greenlight Re Innovations, the venture arm of a reinsurance company, is particularly noteworthy, indicating that established players in the insurance world are actively exploring and investing in blockchain-based solutions like Otonomi’s. This level of investment provides Otonomi with the necessary capital to accelerate its development and market penetration efforts. Fueling Growth: How the Funding Will Be Used According to reports, the primary use of the newly acquired funds will be to expand Otonomi’s platform. This expansion could encompass several key areas vital for growth in the freight insurance market: Technology Development: Further enhancing the blockchain platform, improving smart contract capabilities, integrating with more data sources, and developing user interfaces. Product Expansion: Potentially adding more types of parametric triggers or expanding coverage beyond just delay to other verifiable events impacting freight. Market Reach: Investing in sales and marketing efforts to onboard more freight forwarders, shippers, and insurance partners onto the platform. Team Growth: Hiring talent across engineering, sales, operations, and support to manage the scaling business. Expanding the platform is crucial for Otonomi to handle increased volume, offer more sophisticated products, and integrate seamlessly with the complex logistics and insurance ecosystems. The Broader Impact: What This Means for Insurtech Funding and Adoption Otonomi’s successful funding round contributes to a growing trend of Insurtech funding , specifically within innovative areas like blockchain and parametric models. This investment landscape reflects a broader recognition that the insurance industry is ripe for technological disruption. Here’s why this is important: Validation for Blockchain: It demonstrates that investors see tangible, commercial applications for blockchain beyond cryptocurrencies, particularly in enterprise solutions that require trust and automation. Push for Efficiency: The demand for faster, more transparent, and less dispute-prone insurance processes is driving investment towards solutions like Otonomi’s. Industry Collaboration: The involvement of traditional insurance/reinsurance players in the funding round highlights a willingness within the established industry to collaborate with and invest in disruptive startups. This funding round is not just a win for Otonomi; it’s a positive signal for the entire insurtech sector, particularly those leveraging emerging technologies to solve real-world problems in traditional markets like freight logistics. Benefits of Otonomi’s Approach Otonomi’s blockchain-based parametric freight insurance offers compelling benefits for various stakeholders: For Shippers & Freight Forwarders: Faster claims payouts, greater certainty on policy terms and triggers, reduced administrative burden. For Insurers & Brokers: Reduced claims processing costs, minimized fraud risk due to verifiable data, ability to offer innovative products. For the Ecosystem: Increased transparency across the supply chain, fostering greater trust and efficiency. Potential Challenges Ahead Despite the promising funding and technology, Otonomi, like any innovator, will face challenges. These could include: Industry Adoption: Encouraging a traditionally conservative industry to fully embrace new technology and change established workflows. Regulatory Landscape: Navigating varying insurance regulations across different jurisdictions. Data Integration: Ensuring reliable and secure integration with diverse external data sources. Education: Helping potential clients and partners understand the nuances of blockchain and parametric insurance. Overcoming these hurdles will be key to Otonomi’s long-term success and widespread adoption. In Conclusion: A Bright Horizon for Blockchain in Freight Insurance The successful Otonomi funding round marks a significant milestone for the company and for the broader application of blockchain technology in the insurance sector. By focusing on parametric cargo delay insurance, Otonomi is addressing a specific pain point in the complex world of freight logistics with a solution that promises speed, transparency, and efficiency. Backed by notable investors, Otonomi is now well-positioned to expand its platform, enhance its technology, and increase its footprint in the market. This development is a positive indicator for the future of blockchain insurance and reinforces the potential of Insurtech funding to drive innovation in traditional industries. As Otonomi grows, it will be fascinating to watch how their success influences the adoption of similar technologies across the freight insurance landscape and beyond, potentially setting a new standard for claims processing in the digital age. To learn more about the latest Insurtech funding trends, explore our article on key developments shaping Blockchain insurance adoption. This post Otonomi Funding Secures Bright Future for Blockchain Freight Insurance first appeared on BitcoinWorld and is written by Editorial Team
SEC Crypto Working Group Chair Hester Peirce advocates for more flexible and streamlined crypto regulations to foster innovation and institutional adoption. Her proposals emphasize clear guidelines for digital asset custodians
Gemini announced its intentions to go public just a day after Circle’s IPO
The UK’s Financial Conduct Authority (FCA) has announced a landmark decision allowing retail investors regulated access to crypto Exchange-Traded Notes (ETNs), marking a significant shift in the UK crypto investment
Ethereum traders faced significant losses totaling $310 million within 48 hours amid a sharp price correction, raising concerns about the altcoin’s short-term trajectory. The recent volatility saw Ethereum’s price dip
BitcoinWorld MicroStrategy’s Bold $979.7M Stock Offering Fuels Massive Bitcoin Purchase Plan Are you following the latest moves by the corporate world’s biggest Bitcoin enthusiast? MicroStrategy, the software intelligence company that has become synonymous with institutional Bitcoin investment, is making headlines again. The company, formerly known as MicroStrategy, has just finalized the pricing of a significant stock offering aimed squarely at boosting its already massive Bitcoin holdings. This move underscores their unwavering commitment to their unique Corporate Bitcoin strategy. MicroStrategy’s Latest Financial Maneuver: The STRD Stock Offering In a significant development for both the company and the broader cryptocurrency market, MicroStrategy announced the pricing of its public offering of STRD preferred stock. According to a press release on their official website, the offering is valued at a substantial $979.7 million. The shares of STRD preferred stock were priced at $85 per share. This financial maneuver is not just about raising capital; it’s strategically aligned with MicroStrategy’s core business direction – accumulating Bitcoin. The press release explicitly states that the net proceeds from this offering will be used for general corporate purposes, which notably includes the acquisition of additional Bitcoin. This continuous pursuit of Bitcoin distinguishes MicroStrategy from most other publicly traded companies. Key Details of the STRD Stock Offering: Total Offering Value: $979.7 million Price Per Share: $85 Stock Type: STRD Preferred Stock Dividend: 10% annually, non-cumulative Primary Use of Proceeds: General corporate purposes, including further Bitcoin Investment The non-cumulative nature of the dividend means that if the company doesn’t pay a dividend in a given year, that dividend obligation doesn’t carry over to future years. The 10% annual rate offers a fixed return to investors in this preferred stock, providing a different risk/reward profile compared to the company’s common stock or direct Bitcoin exposure. Why MicroStrategy Bets Big on Bitcoin? MicroStrategy, under the leadership of Michael Saylor, has pioneered the strategy of holding Bitcoin as a primary treasury reserve asset. Their rationale is rooted in the belief that Bitcoin serves as a superior store of value compared to traditional fiat currencies, which they see as susceptible to inflation and devaluation. They view Bitcoin as a long-term investment that can protect and grow shareholder value in a macroeconomic environment they perceive as uncertain. Their approach is not without its critics, given the volatility inherent in the cryptocurrency market. However, MicroStrategy has consistently doubled down on this strategy, using various methods – including debt offerings, stock sales, and convertible notes – to fund their MicroStrategy Bitcoin acquisitions. Benefits of MicroStrategy’s Strategy (from their perspective): Inflation Hedge: Positioning Bitcoin as a hedge against currency devaluation. Store of Value: Believing Bitcoin is a digital form of gold, a reliable long-term store of value. Shareholder Value: Aiming to enhance shareholder returns through potential Bitcoin price appreciation. Market Differentiation: Setting the company apart in the tech sector with a unique treasury strategy. What Does This STRD Stock Offering Mean for Bitcoin and Investors? This significant capital raise by MicroStrategy, explicitly earmarked for potential Bitcoin purchases, is generally viewed positively by the Bitcoin community. It represents continued institutional demand for the cryptocurrency, absorbing supply from the market. Given MicroStrategy’s track record as the largest corporate holder of Bitcoin, any substantial purchase could exert upward pressure on Bitcoin’s price, particularly in the short term. For investors, the offering of STRD Stock provides another way to gain exposure to MicroStrategy and indirectly to Bitcoin, albeit through a preferred stock structure with fixed dividends rather than direct equity appreciation tied solely to the company’s operational performance or Bitcoin price swings. This move also highlights the evolving landscape of corporate finance, where companies are exploring unconventional assets like Bitcoin for treasury management. While MicroStrategy remains the most prominent example, its continued large-scale acquisitions could inspire other corporations to consider similar strategies, further driving Corporate Bitcoin adoption. Challenges and Considerations While the strategy has seen periods of significant success coinciding with Bitcoin bull runs, it also exposes MicroStrategy to the cryptocurrency’s notorious volatility. Fluctuations in Bitcoin’s price directly impact the company’s balance sheet and can influence its stock price, creating a unique risk profile for MicroStrategy Stock . Furthermore, raising nearly a billion dollars through a stock offering adds to the company’s capital structure. The long-term success of this particular offering, and MicroStrategy’s overall strategy, depends heavily on the future performance of Bitcoin and the company’s ability to manage its growing balance sheet and debt obligations. Actionable Insights for the Reader For those interested in this development, here are a few points to consider: Monitor MicroStrategy’s Filings: Keep an eye on SEC filings (like Form 8-K) for official confirmation of Bitcoin purchases made with the proceeds. Observe Bitcoin Price Action: While not the sole driver, MicroStrategy’s purchases can influence short-term market dynamics. Evaluate Your Own Strategy: MicroStrategy’s approach is aggressive. Consider if direct Bitcoin investment, investing in MSTR common stock, or potentially the STRD preferred stock aligns with your own risk tolerance and investment goals. Stay Informed on Corporate Adoption: MicroStrategy’s actions are a bellwether for broader corporate interest in Bitcoin. Follow news on other companies exploring similar paths. In Conclusion: A Bold Bet Continues MicroStrategy’s decision to price a nearly billion-dollar STRD preferred stock offering to fund further Bitcoin acquisitions is a clear reaffirmation of their commitment to their unique treasury strategy. As the largest corporate holder of Bitcoin, their actions send a strong signal to the market about continued institutional interest and belief in the long-term value of the cryptocurrency. This move provides capital for more Bitcoin Investment and offers investors another structured way to participate in the MicroStrategy story. While risks associated with Bitcoin volatility remain, MicroStrategy is forging ahead, betting big on a future where digital assets play a central role in corporate finance. To learn more about the latest Bitcoin and corporate Bitcoin strategy trends, explore our articles on key developments shaping Bitcoin institutional adoption . This post MicroStrategy’s Bold $979.7M Stock Offering Fuels Massive Bitcoin Purchase Plan first appeared on BitcoinWorld and is written by Editorial Team
Tigran Gambaryan, former Binance executive, officially resigns after an eight-month detention in Nigeria, marking a significant moment in crypto regulatory challenges. His departure underscores ongoing tensions between global crypto firms
Cathie Wood’s Ark Invest made headlines on Thursday after buying over 4.48 million shares in Circle, the company behind the USDC stablecoin. The shares were bought for $373.4 million and distributed across Ark’s Innovation, Next Generation Internet, and Fintech Innovation funds. This occurred shortly after Circle was listed on the New York Stock Exchange . Circle’s First Day on the Stock Market Draws Attention On June 5, Circle began trading under the symbol CRCL on the NYSE. Its share price jumped from $31 to a high of $96, closing at $83.23. The strong start shows investors are confident in the company and its future. Before its recent successful IPO this year, it had tried to go public two times before. The first time was through a special purpose acquisition company (SPAC) in 2021. However, the company faced delays in completing the SEC qualification process, which resulted in the postponement of its public listing . The company tried again in 2024 with a confidential filing. Concerns about market conditions, especially due to trade tensions under President Trump, raised doubts earlier this year. Nevertheless, the stablecoin issuer finally completed its initial public offering in June. Jeremy Allaire, Circle’s co-founder and CEO, described this development as a sign that the world is ready to move toward a new financial system built on the internet. Ark Invest’s Strong Belief in Circle Ark Invest quickly acted on Circle’s debut by purchasing many shares across three of its most well-known funds. The size of this investment shows that Ark sees real value in Circle’s role in the digital finance world. Circle shares are now among the top holdings in Ark’s funds. However, Ark has a rule that no single company can make up more than 10% of a fund. This approach helps keep the funds balanced and lowers risk. This is important since Circle’s stock is still new and moving. Notably, Ark has done this with companies like Coinbase and eToro when these firms were newly made public. This pattern shows Ark’s plan to support new and innovative companies as they start trading publicly. Ark Adjusts Portfolio to Back Circle Ark made other moves on the same day it bought Circle shares as part of its portfolio management. The investment company sold some of its spot Bitcoin Exchange Traded Funds (ETF) from the Next Generation Internet fund, worth about $17.1 million. Even with this sale, Ark’s Bitcoin ETF remains its fund’s top holding. The firm also sold shares in Coinbase, Robinhood, and Block, founded by Jack Dorsey. Interestingly, the Robinhood sale came shortly after Ark bought $10 million worth of its shares in early May. These trades show that Ark is carefully adjusting its holdings to make space for new investments while keeping its funds in line with its rules. The post Ark Invest Places $373M Bet on Circle Post IPO Launch appeared first on TheCoinrise.com .