Tag: Trillion

09
Oct
2020
Posted in technology

Exclusive: HSBC targets net zero emissions by 2050, earmarks $1 trillion green financing

LONDON (Reuters) – HSBC HSBA.L will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.

“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.

HSBC aims to achieve net zero in its own operations by 2030, he added.

While other UK banks such as NatWest NWG.L have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.

However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.

It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.

HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.

Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing,

06
Oct
2020
Posted in technology

Bitcoin Market Cap To Hit $1 Trillion By 2022, Blockstream CEO Predicts

KEY POINTS

  • Blockstream CEO Adam Back believes Bitcoin’s market cap will increase by 400% within two years
  • This is in response to another forecast which said Bitcoin will hit that mark by 2025
  • At the moment, Bitcoin is marred by lower volatility

Famed cryptographer and Blockstream CEO Adam Back believes Bitcoin can easily hit a market cap of $1 trillion by 2022, three years earlier than the estimate from investment company Ark.

Ark made news in the past because of its aggressive price prediction for Tesla. Back said Ark’s forecast that Bitcoin would hit a $1 trillion market cap by 2025 was very conservative. “I’d say Bitcoin likely sees a $1 trillion market cap within 2 years, probably sooner,” he said on Twitter.

Back’s message was a response to Yassine Elmandjra, an analyst from Ark Investment Management. Last month, Elmandjra said Bitcoin was in its path to monetization, with substantial appreciation potential. “In our view, Bitcoin’s $200 billion market capitalization—or network value—will scale more than an order of magnitude to the trillions during the next decade,” he said, according to Forbes.

Elmandjra also cautioned that there were a number of factors that could derail Bitcoin’s run, including regulatory uncertainty and over-institutionalization, which, according to him, would result in few parties dominating the transactions. This would destroy Bitcoin’s value proposition.

Bitcoin’s current market cap is around $108 billion. If Back’s prediction is to come true, the market must increase by 400% within two years, Cointelegraph reported, noting that Bitcoin needs to have a price of around $50,000 per BTC to reach a market cap of $1 trillion. On-chain data resource Ecoinometrics tweeted that at $100,000 per BTC, the market cap will be at $2 trillion, the same market cap as that of Apple. “To reach the market cap of gold,

04
Oct
2020
Posted in technology

A Major Tesla Investor Has Predicted Bitcoin Will Be Worth More Than $1 Trillion In Under 10 Years

Bitcoin has had a strong start to the decade, adding over 40% to its price so far this year—and taking its market capitalization to around $200 billion.

The bitcoin price, which began the year at around $7,000 per bitcoin token, has been on a roller coaster through 2020, crashing to under $4,000 in March before rebounding to well over $10,000.

With a raft of established investors turning to bitcoin this year as a potential hedge against the inflation they see coming as a result of unprecedented government spending and money-printing, a prominent investor in electric car-maker Tesla
TSLA
has said it expects bitcoin’s total value to balloon to between $1 trillion and $5 trillion during the next five to ten years.

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“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years,” Ark Invest’s director of research, Yassine Elmandjra, wrote in a report out last month, adding that investors shouldn’t ignore bitcoin as an asset class.

Ark is best known for its wildly optimistic price target for Tesla—a bet that has somewhat paid off this year as the Tesla price increased fourfold.

Bitcoin was by far the best performing asset of the last decade, with its price increasing from almost zero to highs of around $20,000 per bitcoin token in late 2017 before falling back somewhat. But, despite this massive run, Ark remains very bullish on bitcoin.

“Our analysis suggests bitcoin is early on its

04
Oct
2020
Posted in technology

Tim Cook Gave This Simple Reason Why Being a $2 Trillion Company Isn’t Apple’s Most Important Thing

Tim Cook was a guest at The Atlantic Festival, where he sat for a virtual interview with Editor-in-Chief, Jeffrey Goldberg. During their conversation Cook talked about everything from climate change, to how Apple is handling the pandemic, both from the perspective of working remotely, as well as what the company is doing to help.

It was at the end of the interview, however, when things shifted to something more personal. Goldberg asked Cook first about whether he had plans to leave (he says he doesn’t), and then what impact Apple’s $2 trillion market cap had on the company (it sits at just under that as of today’s date).

We’ll get to Cook’s response in a moment, because I think it says a lot about Apple and what has long drawn its most loyal fans to the company. That’s an important thing right now as the company has faced criticism over a range of practices, mostly related to the App Store. 

I think it’s important to stop sometimes and remember what it is that your company thinks is most important. According to Cook, the fact that Apple is the most valuable company on earth (per its stock price), isn’t the most important thing at all:

“It is not a fixation of ours… It’s not why we do what we do. From our point of view, what we want to do is make the world’s best products that enrich people’s lives.”

That probably sounds familiar if you pay attention to Apple. You can even almost hear Tim Cook saying those words on stage at an Apple product launch event. 

I think there are plenty of good reasons to criticize Apple when it doesn’t live up to that standard, and I have. I pointed out that Apple’s App Store position has, at times,