A neon sign indicates that Bitcoin is accepted inside the venue of the Paralelni Polis project, an organization combining art, social sciences and modern technology, in Prague, Czech Republic, on Friday, Jan. 5, 2024.
Milan Jaros | Bloomberg | Getty Images
The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever late Wednesday evening.
The flagship cryptocurrency was last higher by more than 5% at $101,072.00, according to Coin Metrics. Earlier, it rose as high as $101,555.40.
The move came hours after President-elect Donald Trump announced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission, a move viewed by the crypto community as being in keeping with his promise not just to replace Gary Gensler — who has become something of a villain in crypto for the agency’s regulation-by-enforcement approach to the industry under his leadership — but to set up a more supportive regulatory environment for the crypto industry more broadly.
In the same day, Federal Reserve chair Jerome Powell said bitcoin is “just like gold only it’s virtual, it’s digital,” speaking at the DealBook conference. He further clarified that “people are not using it as a form of payment, or as a store of value” and that “it’s not a competitor for the dollar, it’s really a competitor for gold.”
It’s a day of celebration for longtime bitcoin investors, who have held on for dear life, or “HODL’d” through several of the cryptocurrency’s boom and bust cycles, during which government and financial institutions remained dismissive — and even hostile — toward the asset class.
That’s largely because of the cryptocurrency’s anti-establishment roots. The original idea for Bitcoin was proposed at the height of the 2008 financial crisis: a “peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” its founder, Satoshi Nakamoto, wrote in the Bitcoin Whitepaper.
In recent years, however, the industry has demonstrated the value of bitcoin to much of the institutional investing world. BlackRock, Fidelity, Invesco and others launched the first spot bitcoin ETFs at the beginning of this year — bitcoin’s “IPO” moment — and the growing demand for them by institutions has helped drive the price higher. In November, Rick Wurster, the incoming CEO of Charles Schwab, said the firm is preparing to enter spot crypto trading, pending regulatory changes expected in the next Trump administration.
“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” Mike Novogratz, CEO of Galaxy Digital, told CNBC.
Bitcoin has been widely expected to reach the landmark $100,000 level since the U.S. presidential election. However, excited investors sent bitcoin closer to this mark much sooner than initially anticipated; it rose as high as $99,849.99 on Nov. 22. There is much hope that President-elect Donald Trump will deliver on several pro-crypto initiatives in the year ahead – including the establishment of a national strategic bitcoin reserve or stockpile, no taxes on crypto transactions and opening up the crypto public equity markets with more IPOs.
“Over the long term, I’m bullish,” Novogratz added. “It won’t be a straight line up, and investors should always consider taking gains off the table. But, with a pro-crypto administration about to take charge in the U.S., it’ll be hard for the rest of the world not to take notice.”
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The Alibaba office building is seen in Nanjing, Jiangsu province, China, on Aug 28, 2024.
CFOTO | Future Publishing | Getty Images
Alibaba on Wednesday said that it has made its video generation artificial intelligence models free to use, further ramping up competition with rivals like OpenAI.
The Chinese giant said it is open sourcing four models that are part of its Wan2.1 series, the latest version of the company’s foundational AI model that can generate images and video from text and image inputs.
These models will be available via Alibaba Cloud’s Model Scope and Hugging Face, a huge repository of AI models. They will be accessible to academics, researchers and commercial institutions globally.
Alibaba’s Hong Kong-listed shares closed nearly 5% higher.
Open-source AI tech has been thrown into the spotlight since Chinese firm DeepSeek rattled global markets in January, after claiming its artificial intelligence model was trained at a fraction of the cost of leading AI players and on less-advanced Nvidia chips.
DeepSeek’s model is open source, like Alibaba’s, meaning it can be downloaded and modified by others.
Open source differs from proprietary models such as those created by OpenAI and do not produce revenue for companies. Open sourcing a technology serves a number of purposes, including driving innovation and building a community around a product.
Chinese firms in particular have been pushing forward with open source models, Alibaba’s and DeepSeek’s now among the most popular used globally. Alibaba published its first open source model in August 2023, while Meta is leading the open source charge with its Llama models in the U.S.
Alibaba’s stock has been on a tear this year, with the Hong Kong listing up 66% in 2025 to date due to factors including the company’s improved financial performance, its perception as one of the key AI players in China and recent signals of further support from Chinese president Xi Jinping for the domestic private sector.
Tesla CEO Elon Musk postponed a scheduled trip to India this week where he was to meet Prime Minister Narendra Modi, citing “heavy Tesla obligations.”
Anadolu | Anadolu | Getty Images
India has been striving to become a global manufacturing hub, having successfully invited major companies such as Apple to set up as well as expand production in the country.
To further bolster its manufacturing prowess, the South Asian nation has been eyeing Tesla to set up its base in the country. And the carmaker that has appeared reluctant for long is now signaling interest in the market as the Indian government attempts to welcome it by implementing a new EV tariff policy.
Tesla is reportedly recruiting and scouting showroom locations in the country, following a meeting between Indian Prime Minister Narendra Modi and Tesla CEO Elon Musk earlier this month.
“One thing is for sure, Tesla is coming to India based on the recent news, and the government is also very serious about it,” Puneet Gupta, Director for the Indian automotive market at S&P Global Mobility, told CNBC.
India introduced an EV policy last year that proposes to lower the import duties on EVs to 15% from about 70%, with the government set to start accepting applications under this policy before March-end, according to domestic news agency IANS.
This relaxation only applies to premium EVs priced at over $35,000 and requires investments totaling nearly $500 million and long-term plans to set up local manufacturing.
The EV policy represents a targeted move to appeal to Tesla’s business interests, signaling India’s readiness to support EV manufacturing, Ammar Master, a South Asia director of Automotive at GlobalData, told CNBC.
“The Indian government has been proactive in its attempts to lure Tesla into establishing its manufacturing base in India,” he said.
The automaker, however, faces several headwinds to breaking into the world’s third-largest auto market.
It’s unclear if Tesla’s entry makes sense under India’s investment scheme, with any plans the automaker might have likely to be rolled out slowly and in a measured way due to several entry barriers, Gupta and other analysts said.
Price and commitment issues
According to a recent research note by Bank of America, if Tesla were to enter this scheme, it would translate to minimum landed car prices of $40,000.
At this price, Tesla EVs would enter India’s market at a very high price point, above what existing Indian OEMs cater to and implying a small addressable market, BofA said.
Under the planned EV scheme, Tesla would also need to follow a 3-year timeline for setting up manufacturing facilities in India, reaching a 50% domestic value addition within 5 years.
Analysts say jumping into this commitment would be premature for Tesla, based on their current price points.
A research note from BNP Paribas on Monday stated that local production in India won’t make sense unless Tesla can reduce its vehicle prices to below $30,000 to allow for mass volumes in India.
Meanwhile, Tesla has yet to signal significant interest in setting up a manufacturing base in the country, with its recent job openings consisting of mostly consumer-facing positions.
Additionally, geopolitical barriers may influence Telsa’s decision to produce cars in India under the new Donald Trump administration. In an interview alongside Tesla CEO Elon Musk last week, President Trump said that Tesla manufacturing in India would be “very unfair.”
The company has also been working on completing the production of manufacturing plants in Germany and Texas.
‘Slow and measured’
Given the price and investment challenges, experts told CNBC that Tesla’s India foray will start with exporting cars to the market to test the waters first.
“We expect Tesla’s entry into India to be slow and measured, given the low average price point in the market,” BNP Paribas said, noting that the company has plans to launch more affordable models later this year.
Meanwhile, S&P Global Mobility’s Gupta said that Tesla will likely push India to tweak its EV tariff policy further, allowing it to start shipping to the country more easily before making any investment promises.
Some local media sources in India have reported that government may further tweak the EV policy to attract Tesla considers the market.
“Even if they commit to the current proposal, it will be after six months or so,” added Gupta.
However, while the Indian EV market remains small, getting a foothold there could be a valuable endeavor for Tesla as it looks for new markets amid intense competition with Chinese EV makers such as BYD.
“With the current momentum, we project that Passenger BEV sales in India will reach 1 million units by 2030, accounting for 20% of total sales,” said GlobalData’s Ammar Master.
For the third year in a row, CNBC is working with market research firm Statista to list the world’s top financial technology companies.
Including startups, scaleups and established tech players, the top global fintech list aims to assess companies using an objective, key performance indicator-based methodology.
You can find out more information on the research project and methodology by clicking here.
Woman using digital tablet and credit card to do shopping.
John Lamb | Digital Vision | Getty Images
Applications are now open for companies to register their information for consideration by Statista’s researchers. To qualify, a company must focus primarily on developing innovative, technology-based financial products and services.
This year, we’re also digging deeper into the research to name the standout companies operating in the U.K. — the largest fintech market in Europe, as measured by the amount of funding raised.
Applications from companies headquartered in the U.K. will — in addition to being considered for the global fintech list — also be considered for a separate list of the U.K.’s top fintech companies. Firms do not need to fill in a separate application to be considered for the U.K. ranking.
Last year, fintech startups in the U.K. raised $3.6 billion in venture capital, ranking second worldwide and first in Europe for funding, according to industry trade body Innovate Finance. The country is also home to Revolut, Europe’s biggest fintech unicorn with a $45 billion valuation.
How to apply
Companies can submit their information for consideration by clicking here. The form, hosted by Statista, includes questions about a company’s business model and certain key performance indicators, including revenue growth and employee headcount.
The deadline for submissions is April 25, 2025.
If you have any questions about the lists or need assistance filling out the form, please reach out to Statista: topfintechs@statista.com.
Successful companies will be listed in the category that most closely reflects their business model. This year, insurance technology will be included as a category in the global fintech list. The other categories are payments, neobanking, digital assets, alternative financing, wealth technology, and enterprise fintech.
You can check out last year’s list here, which included well-known brands such as Mastercard and China’s Ant Group, global unicorns such as Brazilian digital lender Nubank and buy now, pay later firm Klarna, as well as smaller disruptors including payments platform Primer and investing app Stash.
