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Crypto bulls make a $500 billion claim

Rumors are circulating about Qatar’s Sovereign Wealth Fund (QSWF) eyeing a colossal $500 billion investment in Bitcoin (BTC). While unconfirmed, this speculative move has ignited excitement and anticipation across financial circles worldwide, signaling a potential monumental shift in the cryptocurrency landscape.

The speculation gained traction following a tweet by Bitcoin advocate Max Keiser, who suggested that QSWF, responsible for managing Qatar’s vast oil and gas-generated wealth, is considering a significant investment in Bitcoin.

The rumored investment amount, if realized, would outshine Michael Saylor-founded MicroStrategy’s disclosed Bitcoin position by a staggering 671 times. MicroStrategy currently holds 174,530 BTC, making it the largest corporate holder of Bitcoin.

You can read more on the matter here.

What’s going on?

• Housing Hell: Pierre Poilievre’s Political Ad Blames Trudeau For Crisis (theDeepDive)

• Venezuela’s Maduro Escalates Tension with Orders To Explore Oil in Guyana (theDeepDive)

• Scandinavian Unions Escalate Tesla Strike, Forming Nordic Port Blockade (theDeepDive)

• Former Speaker Kevin McCarthy to resign from Congress at year end (CNBC)

• Bank Of Canada Elects To Maintain Rates At 5.00% In December (theDeepDive)

• Licence to break the law: More Canadian spies get permission to commit crimes, memo shows (CBC)

• Toyota to Launch Sport Crossover EV with China’s BYD (theDeepDive)

• Ex-Twitter exec claims in lawsuit he was fired for raising security concerns (Reuters)

• McDonald’s aims to open nearly 9,000 restaurants, add 100 million loyalty members by 2027 (CNBC)

• CBC/Radio-Canada Confirms 600 Job Cuts (theDeepDive)

• Facebook and Instagram Steer Predators to Children, New Mexico Attorney General Alleges in Lawsuit (WSJ)

What’s the latest?

• Rates Maintained: The Bank of Canada has maintained its benchmark overnight interest rate at 5% for the third consecutive meeting, indicating a pause in its rate-hiking cycle amid signs of an economic slowdown and easing inflationary pressures. While the economy is showing signs of stalling and consumer spending is weak, the Bank remains vigilant about inflation risks and is prepared to increase rates further if necessary.

• US Labor Costs Decline: U.S. unit labor costs decreased more than initially reported in the third quarter of 2022, indicating a decline in the cost of labor per unit of output. This decrease, combined with a moderation in wage growth, suggests easing inflationary pressures, which aligns with the Federal Reserve's goal of reducing inflation to its 2% target.

• Saudi Arabia Wants US Restraint: Saudi Arabia has requested the United States exercise restraint in responding to Houthi attacks on ships in the Red Sea, amidst the ongoing Hamas-Israel war. This call for caution is part of Saudi Arabia's broader strategy to promote regional stability and de-escalate tensions with Iran and its allies, including efforts to end the conflict in Yemen and normalize relations with Tehran.

• Government Spies: U.S. Senator Ron Wyden has raised concerns about governments surveilling smartphone users through app push notifications, according to a recent letter he sent to the Department of Justice. Foreign officials are demanding data related to these notifications from Google and Apple. Push notifications travel over the servers of these companies, potentially giving them, and requesting governments, insights into app usage.

• xAI Not Raising Funds Despite Filing: Elon Musk clarified that his artificial intelligence company, xAI, is not actively raising funds at the moment. This statement came in response to a filing with the U.S. Securities and Exchange Commission that indicated xAI was aiming to raise up to $1 billion in an equity offering.

The Guyana - Venezuela border dispute

The stock market and stuff

• Lucky Strike Maker to Take $31.5 Billion Charge on U.S. Brands (WSJ)

• El Salvador’s Bukele Celebrates Gain On Bitcoin Investment Following Years Of Losses (theDeepDive)

• ByteDance Offers Investors a Buyback at $268 Billion Valuation (Bloomberg)

• Crypto Bulls Claim Qatar Is Putting $500B On Bitcoin, More Than The Sovereign Fund’s Assets (theDeepDive)

• Alphabet unveils long-awaited Gemini AI model (Reuters)

In the juniors

• Rob McEwen Increases Stake In Goliath Resources To 5% (theDeepDive)

• Alaska Energy Metals Drills 317 Metres Of 0.34% Nickel Equivalent At Nikolai (theDeepDive)

• Pampa Metals Reports 558.2 Metres Of 0.32% Copper In Drill Hole From 2016 (theDeepDive)

FULL DISCLOSURE: First Lithium Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Lithium Minerals. The author has been compensated to cover First Lithium Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.