A week of earnings reports and troubling economic data sent tech stocks on a wild ride this week.
Meanwhile, US President Donald Trump made an appearance at a Bitcoin event in Nashville, Tennessee, promising a friendly environment for crypto if he is elected in November — including a strategic Bitcoin reserve.
Additionally, the competitive chip stock landscape is about to get a new competitor.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
The company’s share price had fallen by 1.96 percent by mid-day Wednesday.
On Thursday morning, shares of Amazon and Apple gained 1.4 percent and 0.9 percent, respectively, ahead of their results, which were released after markets closed on Thursday.
The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 calls for the US Secretary to purchase up to 200,000 Bitcoin per year over five years, resulting in the purchase of 1,000,000 Bitcoins — roughly 5 percent of the total supply — held for at least 20 years.
The bill also details where the funds for the endeavor will come from.
The bill has provisions to reaffirm the right to self-custody, or the ability of individuals to control their own assets without third-party intermediaries like centralized exchanges or custodial services.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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