Connect with us

Published

on

JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025.

Michel Euler | Afp | Getty Images

JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic.

“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients.”

The decision marks a notable step for the largest U.S. bank, particularly due to Dimon’s history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin’s entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients.

Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism.”

“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”

JPMorgan Investor Day today: Who will succeed CEO Jamie Dimon?

A JPMorgan spokesperson declined to elaborate on the bank’s specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.

When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he’s “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”

At the 2024 World Economic Forum in Davos, Dimon said, “Bitcoin does nothing. I call it the pet rock.” He added that, “This is the last time I’m talking about the with CNBC, so help me God.”

Read more about tech and crypto from CNBC Pro

Morgan Stanley CEO Ted Pick told CNBC at this year’s event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump.

Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.

WATCH: Dimon says his tenure is ‘up to the board’

Jamie Dimon: Tenure is 'up to the board'

Continue Reading

Environment

Review: I tested the Viribus SC5 fat tire electric trike, and it’s more capable than I expected

Published

on

By

Review: I tested the Viribus SC5 fat tire electric trike, and it’s more capable than I expected

When I first saw the Viribus SC5 electric trike, I figured it would be a budget-friendly utility trike with basic features and limited performance. I’ve tried a Viribus e-trike before, and while it got the job done, it was a fairly basic and entry level model. But this time, I was pleasantly surprised to find that the SC5 delivers more than just the basics.

I’ve been testing it now for various errands, grocery runs, and casual rides around the neighborhood. After logging some decent miles on it, here’s what I’ve learned about this three-wheeled e-bike, and why I think it’s a strong contender in the growing world of electric trikes.

Viribus SC5 Electric Trike video review

Want to see what it’s like to hop on the SC5 and go for a ride? Watch my video review below! Or keep reading for my complete review.

Viribus SC5 Electric Trike tech specs

  • Motor: 500W front geared hub motor (750 W peak)
  • Top speed: 20 mph (32 km/h) on throttle or 24 mph (38 km/h) on pedal assist
  • Pedal-assist range: Up to 65 miles (104 km)
  • Throttle range: 38 mi (61 km)
  • Battery: 48V 15Ah (720 Wh)
  • Max load: 395 lb (180 kg)
  • Rear rack max load: 110 lb (50 kg)
  • Brakes: Mechanical disc brakes with 160 mm rotors
  • Price$1,299
  • Extras: LED display, 7-speed Shimano shifter, big rear basket with tail gate and side panels for flatbed-style carrying, plush comfort seat with backrest, LED headlight and tail light, electric horn, right-side half-twist throttle, and three color options

Power that holds up in the real world

Let’s start with the motor. The SC5 uses a 500W front hub motor (750W peak), and while that’s not mind-blowing power on paper, it actually feels pretty solid out on the road. I was able to cruise comfortably at 20 mph using the throttle, and even got up to 24 mph with light pedaling assist.

Advertisement – scroll for more content

A front hub motor is less elegant than a rear motor mounted in a jackshaft style to drive the rear axle, since it can mean that too much torque causes front wheel slippage, but the SC5 seems to have found a good solution in modest torque that prevents the wheel from spinning under normal operation. If you’re going full-throttle in wet leaves or other loose terrain though, you can bet that you’ll get a bit of front tire burnout, so be aware of that.

The modest 500W motor also means that the trike is not a rocket ship, but it doesn’t need to be. I found the acceleration to be smooth and predictable – exactly what you want from a utility-focused trike. The half-twist throttle is removable, but I left it on during testing because let’s be honest, it’s nice to have that instant go-power when you’re loaded down with cargo.

I don’t have many hills to test it on in flat Florida, so I can’t say for sure how well it climbs up anything super steep, but that front mounting location for the motor isn’t going to do it any favors on steeper hills where you have less weight (and thus less traction) on the front tire.

Big battery, decent range

The 48V 15Ah battery (720Wh) is mounted in the downtube for better weight balance and is rated for over 38 miles of range on throttle, which is true if you’re going somewhat slower. If you’re blasting around at 20 mph all the time, you’re not going to get 38 miles of range. But even if you’re snagging the mid to high 20s of miles, that’s still plenty of range for a day of errands or a few days of casual riding without recharging. Few people are commuting long distances on e-trikes; they’re more common for leisurely riding, and 20 miles is a lot of leisurely riding.

And just remember, higher ranges are absolutely possible at slower speeds, and trikes love slower speeds anyway to remain stable in turns, which brings me to the next section.

Surprisingly comfortable ride

Stability and comfort are both important for trikes, and one of the big selling points of a trike is that it offers better stability at low speeds since you don’t need to balance or put your feet down. You do need to be careful turning at high speeds though, since sharp turns at high speed can make trikes tippier.

I tend to ride with my seat lower on a trike than on a bicycle since the lower center of gravity makes them less tippy, but obviously you don’t want to go too low or it will give you issues trying to pedal. If you’re not pedaling though, feel free to treat it like a low-rider and drop that seat way down.

Comfort is one of the biggest selling points of any electric trike, and this one really leans into that. The seat is wide and cushy, with a supportive backrest that makes longer rides feel relaxing instead of rigid. The front suspension fork isn’t the most advanced suspension I’ve seen, but it does help smooth out bumps when you’re cruising over uneven pavement or sidewalk transitions.

And the fat 20×3” tires do a lot of the heavy lifting when it comes to absorbing road chatter. I rode over grass, gravel, and cracked city streets, and the trike handled them all better than expected.

Built to haul

One of my favorite parts of riding the SC5 was using it like a mini cargo hauler. I loaded up the rear basket with groceries, bags of gear, and even a couple of super-heavy portable power station batteries, and I had no problems. The rated payload capacity is 395 pounds (rider plus cargo), and it felt stable even when I was near the limit. The rear basket’s weight limit is 110 pounds, which I absolutely exceeded, and it did just fine.

I also really like that the basket has those two wings that go out over the wheels and give you a sort of flat bed-style support for carrying larger objects. I’m not saying you should move a washing machine on the trike, but at least you have the option of doing it thanks to that cool flat bed setup of the basket.

Oh, and there’s even a tailgate to the basket too, which is just another cool feature to see included. That’s very rare on trikes, but it means you don’t have to lift as high to load something heavy back there.

Final thoughts

The Viribus SC5 isn’t trying to compete with high-end cargo trikes or performance e-bikes. It knows what it is: a solid, approachable, and surprisingly capable electric tricycle for everyday riders. I’d say it does that job quite well.

It has the power most people need, the range to make errands easy, and the cargo capacity to replace a lot of local car trips. Is it perfect? No. It’s a bit bulky to store, and like any trike, it takes a little finesse in tight turns. The mechanical disc brakes are more maintenance-prone than hydraulics, especially on a heavy trike that is going to stretch those cables over time. It also has a sub-ideal motor layout and lacks some of the more refined features on higher-dollar e-trikes. But for $1,299, it delivers a ton of value!

If you’ve been on the fence about trying an electric trike, the SC5 is a fantastic entry point. It’s stable, comfortable, practical, and fun to ride. And if your goal is to get out of the car and into something more eco-friendly (without giving up utility), this might be your fully-accessible ticket.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai’s radical new Concept THREE EV shows what’s coming in the IONIQ 3

Published

on

By

Hyundai's radical new Concept THREE EV shows what's coming in the IONIQ 3

With just a few days left until its official debut, Hyundai offered a sneak peek at its first compact IONIQ EV, the Concept THREE. The radical-looking new EV will launch as the Hyundai IONIQ 3.

Hyundai teases new EV concept with a radical design

Rumors of a new entry-level Hyundai have been spreading like wildfire over the past few months. After a few prototypes were spotted out in public testing, some claimed it was the IONIQ 2, while other outletrs said it was actually the IONIQ 2.

It’s official. Hyundai confirmed the new EV’s name for the first time on Tuesday, the Concept THREE. We’re also getting a better look at what to expect with another teaser image.

Although it’s just a sketch, you can see the new EV has an almost sports car-like design. The new style is based on Hyundai’s Art of Steel design language. According to Hyundai, its new look is “inspired by the way steel bends and flows.”

Advertisement – scroll for more content

According to Hyundai, the Aero Hatch side profile is “a new a new typology that reimagines the compact EV silhouette.

The sketch comes after Hyundai released the first official images of the new EV concept just last week. Again, it’s just a teaser, but you can see a few new design elements. For one, the rear spoiler appears to be about the same shape and size as the updated IONIQ 6, which is likely to feature a full-length LED light bar.

Like its other IONIQ models and the Kia EV series, Hyundai’s new concept is likely to be based on its advanced E-GMP platform.

It’s expected to fill the gap between the Inster EV and Kona Electric in Hyundai’s electric car lineup. The company said the new Concept THREE EV reaffirms its commitment to the European market and its leadership in sustainable transportation.

The interior is expected to be a step up from Hyundai’s current vehicles with a new infotainment system. Powered by its advanced new Pleos OS, the system will feel more like a smartphone.

Hyundai-new-EV-first-look
Hyundai’s next-gen infotainment system powered by Pleos (Source: Hyundai)

Hyundai has yet to announce prices, range, and other final specs. However, since the Kona Electric starts at £34,995 ($47,000) in the UK, it will likely be priced closer to £25,000 ($33,700), like the Kia EV2.

Similar to the Kia EV3, Hyundai’s new electric car will likely be offered with 58.3 kWh and 81.4 kWh battery packs. The former provides a WLTP range of 260 miles, while the latter is rated with a range of 365 miles on a single charge.

Hyundai IONIQ 3 EV spotted testing in Europe (Source: CarSpyMedia)

The new Hyundai EV will make its global debut at the Munich Motor Show in Germany, from September 9 through September 14.

Kia’s EV3 is already the most popular retail electric vehicle in the UK through the first half of 2025. Will Hyundai match it with the new model?

Hyundai will offer an in depth look at the Concept THREE during a press conference at the IAA Open Space, explaining how it will shake up the compact EV segment. Check back for all the details. We’ll keep you updated with the latest.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Russia clinches major new gas pipeline deal with China as West shuns supplies

Published

on

By

Russia clinches major new gas pipeline deal with China as West shuns supplies

Russian President Vladimir Putin (L), Chinese President Xi Jinping (2nd R) and Mongolian President Ukhnagiin Khurelsukh (not seen) get together for a trilateral meeting in Beijing, China on September 2, 2025.

Anadolu | Anadolu | Getty Images

Russia and China on Tuesday signed a legally binding deal to build the long-delayed Power of Siberia 2 gas pipeline, deepening commercial ties in what is likely to be seen as a defiant signal to the West.

Alexei Miller, the chief executive of Russia’s state-owned energy giant Gazprom, told Russian news agencies that a memorandum of understanding had been signed on the construction of the new gas pipeline, following talks between Russian President Vladimir Putin and China’s Xi Jinping in Beijing.

The pipeline, which is set to transit gas reserves in Russia’s West Siberia to northern China via eastern Mongolia, will make it possible to supply 50 billion cubic meters (bcm) of gas per year, Miller said, according to Russia’s Interfax news agency.

Supplies under the new Power of Siberia 2 agreement will run for 30 years.

The price of the gas via the new pipeline will be agreed on separately, Miller said. The two countries also signed a separate agreement for Gazprom to boost gas supplies to China through the existing Power of Siberia pipeline.

A Gazprom spokesperson was not immediately available to comment when contacted by CNBC. Beijing has not yet confirmed Miller’s announcement, although state news agency Xinhua reported that the two countries signed more than 20 cooperation agreements, with energy deals among them.

Russia’s gas exports to Europe have collapsed since Moscow’s full-scale of invasion of Ukraine in early 2022. The West has imposed punitive economic sanctions on the Kremlin and reduced dependency on Russian energy, seeking to cut off a major source of revenues funding Putin’s war machine.

The European Union, for example, introduced measures to stop the import of Russian gas and oil by the end of 2027, while the U.S. imposed a ban on the import of Russian fossil fuels in March 2022.

The measures have injected fresh urgency into Moscow’s years-long push to build the Power of Siberia 2 gas pipeline. As a result, Russia has been trying to pivot to Beijing to replace Europe as its major gas customer.

A new multipolar order

Christopher Granville, managing director at TS Lombard, said that while the significance of the Power of Siberia 2 gas pipeline agreement is “somewhat limited,” it should not be dismissed as a “nothing burger” either.

“For the past decade, Gazprom has been pushing China to give the go-ahead for Power of Siberia-2, only to be met – until now – with positive but non-committal noises. So today’s signing of a MOU is a step forward for Gazprom,” Granville told CNBC by email.

“The fact that this has happened against the background of the fraught Ukraine war endgame, is a clear enough signal of China’s steady strategic backing for Russia as the lynchpin of the new multipolar order to which both these core Eurasian powers aspire,” Granville said.

Russian President Vladimir Putin greets Mongolian President Ukhnaa Khurelsukh prior to a trilateral meeting with Chinese President Xi Jinping (not pictured) at the Great Hall of the People on September 2, 2025 in Beijing, China.

Vcg | Visual China Group | Getty Images

‘Trump Always Chickens Out’

U.S. President Donald Trump in the Cabinet Room of the White House on Aug. 26, 2025 in Washington, D.C.

Chip Somodevilla | Getty Images

“But now I think likely the Chinese got a better deal, in terms of the pricing, and perhaps are now more willing to fund the construction,” Ash told CNBC by email.

“I think Xi has figured out TACO and that only by adopting a strong, tough stance towards the US, will the US actually back down,” Ash said. The TACO acronym refers to “Trump Always Chickens Out,” a term to describe the back-and-forth nature of the president’s tariff policies.

“I think this SCO has all been about presenting a United front to the US, that the Global South will not back down in response to US pressure,” he added.

Continue Reading

Trending