Latest news with #Geraci
CNBC
12-06-2025
- Business
- CNBC
How bitcoin price's newest source of long-term support is evolving
Bitcoin may have come off the all-time high it hit in May, but the cryptocurrency is still trading above $100,000, and doing so with more consistency. Bitcoin recently held above $100,000 for 30 days, even with a 10% pullback, the first time that's ever happened. A look at the bitcoin price chart this years show that it has more or less been through a V-shaped recovery, with its early gains wiped out but a sharp turn back up to the recent all-time high, close to where it remains today. Plenty of reasons are offered for the ups and down in what has always been a volatile trade, but the biggest bitcoin ETF manager and a financial advisor who follows the cryptocurrency closely say that one source of price support that is new and won't go away is the steady, if cautious, adoption of bitcoin by financial advisors and institutional investors. After a recent week during which bitcoin ETFs suffered outflows, the bigger story remains the significant inflows this year. At iShares, the Bitcoin Trust (IBIT) had its second-highest monthly flows ever in May, at $6 billion. This year, the ETF has taken in close to $12 billion in all, and over every short-term time period — one-week ($600 million), one-month ($4.8 billion), three-month ($9.6 billion), the flows are up. "The iShares bitcoin ETF numbers are remarkable," Nate Geraci, president of the ETF Store, an investment advisor that focused on using ETFs for portfolio construction and management, said during a recent CNBC "ETF Edge" segment. It's not just the $6 billion May month he was referring to, but the fact that day-in and day-out the iShares Bitcoin Trust (IBIT) has been taking in money and is among the top five ETFs in flows across the entire industry this year. "It's only been on the market for 17 months and it's at $70 billion," Geraci said — $72 billion, as of June 12. Geraci says what is taking place in the market relates to a few factors. Becoming decoupled from the broader markets in recent weeks has helped to make a case for the asset class as one with lower correlation to other assets. But is also a testament to how financial advisors and institutional investors adopt a new asset class and, over time, they are becoming "much more comfortable with the idea of owning bitcoin in a diversified portfolio," he said. "It's a process with any new asset class," Geraci said. "Advisors and institutions don't just jump in without looking. There is education and a due diligence process and now we're hitting the point where investors are becoming more comfortable," he added. At No. 5 in flows among all ETFs year-to-date, it's only the two giant S&P 500 ETFs, VOO and SPY, an ultrashort treasuries ETF, SGOV, and the Vanguard Total Stock Market ETF, that are ahead of the iShares Bitcoin Trust. Jay Jacobs, who heads the U.S. equity ETF business at iShares, said there are three stages with any new asset class: product launch, which provides the access, followed by the education, and then the third stage of implementation, "people taking the leap to allocate." "We've seen institutions and advisors making allocation," he said. "So around stages two and three, we are very deep into those stages. We're starting to see really good tailwinds in implementation," he added. Jacobs noted that even within BlackRock, asset allocation models run by the firm on behalf of its clients have begun to incorporate the bitcoin ETF as part of alternative investment models that behave "very differently from traditional assets. ... more people are really looking for global monetary alternatives." The action in iShares Ethereum Trust (ETHA) has also been strong, second only to iShares bitcoin ETF this year in flows, with close to $1.5 billion year-to-date into the fund. Jacobs was cautious about comparing other coins to the stage of implementation with bitcoin among investors, but he did say, "What's changed in the last month are flows into the ethereum ETF," speaking to the majority of that $1 billion-plus increase coming within the last month. He also noted that trade may be more related to short-term factors — better performance for ethereum after a difficult start to the year, stablecoin policy momentum as a tailwind, and an upgrade to the ethereum protocol itself. "Bitcoin is still the vast majority of the conversation from client talks and the interest among professional investors, but we have started to see ethereum really pick up as well," Jacobs said. Geraci is of the view that it's too early in the ethereum uptake within the ETF market to compare it to the education process that has taken place with bitcoin. "I view it more as a tech play than bitcoin, which many view as digital gold. It takes time for advisors and investors to get comfortable with where it fits in a diversified portfolio. It's very early quite frankly," he said. One trend Geraci is certain of is that there will be more crypto ETFs coming. "We have a much more crypto friendly SEC and we will see a wave of crypto-related ETFs coming to market and a lot more options to wade through," he said. Disclaimer
NBC News
17-04-2025
- Sport
- NBC News
USA Football to lead Olympic efforts ahead of Los Angeles Games in 2028
USA Football has officially been certified as the national governing body for American football by the U.S. Olympic & Paralympic Committee, the organization announced Thursday. Flag football will be showcased for the first time at the 2028 Olympics in Los Angeles. USA Football will be in charge of selecting, training and leading the U.S. men's and women's national teams on the international stage. 'Being formally certified as the National Governing Body is a historic achievement, tremendous honor and incredible responsibility, as flag football's Olympic debut draws closer. We thank the USOPC for its approval and support throughout this process,' USA Football CEO Scott Hallenbeck said in a statement. 'We're also grateful to the NFL and all our partners for their continued support and belief in our mission. This milestone is a testament to the hard work and dedication of our athletes, coaches and entire organization. 'Our commitment to this great game and its growing community has never been stronger. Team USA flag football competing in LA 2028 will inspire athletes worldwide to advance and grow the sport — in both flag and tackle football,' he said. Flag football is one of the fastest-growing sports in the United States, particularly for female players. According to USA Football, in the 10 years from 2014 through 2023, the number of girls ages 6 to 12 playing the sport increased 222%, to more than 129,300 participants. For ages 6 to 17, more than 230,800 girls played last year. High school girls flag football is now sanctioned in 14 states: Alabama, Alaska, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Mississippi, New York, Nevada, Pennsylvania and Tennessee. At the college level, the NCAA is exploring flag football as part of its 'Emerging Sports for Women' program. Team USA's Isabella Geraci, who played college basketball at South Carolina Upstate, said she grew up playing tackle football in high school because flag football wasn't offered as it is today. She cited NCAA scholarships as 'extremely important' for the growth of the game. 'You have these kids out here who can now get college paid for by playing a sport that they love, just like any other college athlete,' she told NBC News. 'It's very well deserved.' Geraci, along with men's and women's squads from Team USA, is working to be selected for the World Games in Chengdu, China, in August. Next month they will participate in a training camp in Charlotte, North Carolina, where the rosters will be trimmed from 18 to 12 players. Both teams will look to claim another gold medal after having won first place last year at the IFAF Flag Football World Championships at the Pajulahti Olympic Training Center in Lahti, Finland. But that's just the immediate goal. Long-term they have their eyes set on the ultimate prize: an Olympic gold medal in 2028. 'It would be the highest honor,' Geraci said. 'As an athlete growing up, that's one thing that you always want to do — represent your country in the Olympics. So to be able to do that for flag football, the first time that it's going to be in [the Games], it would be a surreal experience.'
Associated Press
08-03-2025
- Business
- Associated Press
China's stability provides clear, predictable environment for investors
03/07/2025, Beijing, China // KISS PR Brand Story PressWire // The 'two sessions' are not only a major political event in China but also a key window for the world to observe the country's democratic politics and development trajectory. This year, as in years past, the event has captured considerable global attention, highlighting China's ongoing development and its implications for the world stage. In the 'Unraveling the allure of China' series, the Global Times (GT) invites experts and scholars from around the world to delve into the multifaceted allure of China and explore how the lessons drawn from its unique experiences can provide valuable insights for other nations. In the third piece of the series, Michele Geraci (Geraci), former undersecretary of state at the Italian Ministry of Economic Development, shared his viewpoints with GT reporter Qian Jiayin on China's economic outlook and how China's steady economic progress can contribute to the world economy. GT: China targets economic growth of around 5 percent in 2025, according to a government work report submitted Wednesday to the national legislature for deliberation during the ongoing two sessions. What is your prediction for China's economic growth in 2025? Geraci: It is important to note that predicting GDP based on just one year's worth of data is very difficult. This is where some analysts often go wrong, because China plans with a long-term vision - even with five-year plans. What really matters is the trajectory over the medium term, not the fluctuations from year to year. There will be years when GDP exceeds expectations, and others when it falls short. Western analysts, in particular, often get overly excited or disappointed by these yearly changes. In my view, the specific number in any given year doesn't matter that much. What truly matters is the medium-term outlook. For this reason, I typically focus on the five-year forecast, which I see as a much more reliable benchmark. GT: Recently, many global financial institutions indicated in their 2025 economic outlooks that China's high-quality development is gradually yielding fruits, and they expect higher proportions for consumption and the service sector. In a period of global economic turbulence, how do you think China's high-quality development can contribute to global economic stability? Geraci: China contributes to global stability not by increasing its dependence on the external economy, but by focusing on growing its domestic economy and boosting domestic demand. By doing so, it becomes less vulnerable to external shocks. As a result, China's economic forecast is one of the most solid and reliable components of global projections. In contrast, regions like Europe, the US and others often experience greater volatility and variation in their economic forecasts. GT: Recently, a symposium on private enterprises held in Beijing has attracted considerable attention. What message do you think this symposium conveys? What does the attention it has garnered reflect about the international community's expectations for China's economy? Geraci: China no longer relies heavily on Western innovation or technology, at least not to the extent it once did. While cooperation with the West is still welcomed, China now has the capacity to develop its own technologies. DeepSeek, for example, and even innovations from Alibaba, as well as China's progress in semiconductors with companies like SMIC and Huawei, show the world that China is now striving for self-reliance in technology development. The message here is that even if tariffs are imposed on China's exports, China won't be as affected as before, because it is increasingly capable of driving innovation on its own. The attention garnered from this symposium reflects the international community's keen interest in China's economic development for several reasons. Western analysts and economists closely monitor China's progress to gauge the level of competition China can bring to the table. The positive side is that Western analysts also see China's technological advancements as a potential opportunity. For example, if DeepSeek's technology can prove to be more efficient than ChatGPT, this would make Western companies interested in developing applications on top of DeepSeek's technology. So, it's not just about viewing China's technological progress as a competition but also as a valuable opportunity for growth and innovation on a global scale. GT: Since the new US administration took office, it has continued to wield tariffs as a tool. Some analysts believe that the US' tariff policies will directly affect global trade flows and volumes. How do you think US tariff policies will impact the global economy? What kind of risk-hedging solutions would you suggest for China to adopt? Geraci: I do believe tariffs will have a painful impact, not only on the global economy but also on the US economy. However, in practice, the impact may be more moderate. In the end, trade will likely continue, albeit with some disruptions here and there. As for how China can respond, it has already been offering solutions. For example, China has implemented zero tariffs for low-income countries, such as those in Africa, allowing them to export to China without tariff barriers. China is also strengthening its trade relationships within frameworks like the ASEAN-China Free Trade Agreement, and it has the potential to deepen these partnerships, even extending them to countries like Australia, New Zealand, Japan and South Korea through the RCEP (Regional Comprehensive Economic Partnership). GT: Despite the challenges in China-Europe relations, the annual trade between China and the EU still amounts to nearly $800 billion. At the same time, both China and the EU support a multilateral trade system centered on the World Trade Organization. In light of the rising tide of unilateralism and protectionism, what significance do you see in deepening China-EU cooperation? Geraci: The China-EU relationship is very complex. On one hand, the EU officially views China as a systemic rival. On the other hand, European companies are eager to do business with China. The opportunity for deeper China-EU cooperation lies in the ability of Chinese companies to engage more directly with individual European companies and countries. My advice to Chinese companies that want to do business with European firms, especially in terms of imports and exports, would be to focus less on the political actions of the EU government and instead engage directly with European companies. This approach allows for more effective and practical cooperation, bypassing some of the challenges posed by governmental policies. GT: By the end of 2024, nearly 1.24 million foreign-invested enterprises had been established in China. When delivering the government work report on Wednesday, Chinese Premier Li Qiang noted that major priorities the country should focus on include expanding high-standard opening up and stabilizing foreign trade and investment. In your opinion, what are the main attractions of the Chinese market for foreign companies? Geraci: The key attraction of the Chinese market for foreign companies lies in its higher growth rate compared to many Western countries. Even if China's growth rate is 5 percent, which may seem lower than in previous years, it is still significantly higher than the growth rates of the European Union, which are around 0.7 percent to 0.6 percent. This gap is substantial and represents a major opportunity for foreign companies seeking to expand. Another important factor is China's political stability, which offers foreign investors a clear and predictable environment. Investors value certainty, and China's regulatory framework provides that.
