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On May 26, Goldman Sachs CEO David Solomon wrote in The New York Times that concerns about AI causing a 'mass unemployment wave' are exaggerated. He believes that the U.S. economy will continue to create more new jobs through technological transformation, just as it did during the past industrial revolution and the internet era. Solomon stated that Goldman Sachs expects AI or automation to impact about 25% of existing work hours over the next decade, with significant effects on white-collar jobs in sectors like banking, accounting, and law. A Stanford study shows that recruitment for entry-level positions in highly automated roles, such as software engineering and customer service, has declined by 16% compared to less automated industries. However, he pointed out that AI is also creating new job demands. For instance, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce some compliance and account opening positions but will increase hiring for client-facing roles in banking, trading, and asset management. Solomon believes that AI is more likely to enhance productivity rather than directly eliminate 25% of jobs. He stated, 'Technological advancement and cultural change do not always align; being replaceable does not mean one will necessarily be replaced.' He also called for a joint effort by the government and businesses to promote large-scale retraining programs to address the changes in labor structure brought about by AI.

[Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory: AI Will Boost Productivity and Create New Jobs]On May 26, Goldman Sachs CEO David Solomon wrote in The New York Times that concerns about AI causing a 'mass unemployment wave' are exaggerated. He believes that the U.S. economy will continue to create more new jobs through technological transformation, just as it did during the past industrial revolution and the internet era. Solomon stated that Goldman Sachs expects AI or automation to impact about 25% of existing work hours over the next decade, with significant effects on white-collar jobs in sectors like banking, accounting, and law. A Stanford study shows that recruitment for entry-level positions in highly automated roles, such as software engineering and customer service, has declined by 16% compared to less automated industries. However, he pointed out that AI is also creating new job demands. For instance, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce some compliance and account opening positions but will increase hiring for client-facing roles in banking, trading, and asset management. Solomon believes that AI is more likely to enhance productivity rather than directly eliminate 25% of jobs. He stated, 'Technological advancement and cultural change do not always align; being replaceable does not mean one will necessarily be replaced.' He also called for a joint effort by the government and businesses to promote large-scale retraining programs to address the changes in labor structure brought about by AI.

Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory: AI Will Boost Productivity and Create New Jobs

On May 26, according to monitoring by Lookonchain, a whale opened a short position of over $100 million in ETH yesterday, which has been closed with a loss of $260,000. Subsequently, the whale shifted to a long position in BTC, opening a long position of 175.04 BTC, valued at approximately $13.43 million.

[Whale Closes Over $100 Million ETH Short Position, Shifts to $13.43 Million BTC Long]On May 26, according to monitoring by Lookonchain, a whale opened a short position of over $100 million in ETH yesterday, which has been closed with a loss of $260,000. Subsequently, the whale shifted to a long position in BTC, opening a long position of 175.04 BTC, valued at approximately $13.43 million.

Whale Closes Over $100 Million ETH Short Position, Shifts to $13.43 Million BTC Long

On May 26, Ark Invest founder Cathie Wood elaborated on her Bitcoin price predictions for the next five years, including a base scenario forecast of $750,000 and a bull market scenario forecast of $1.25 million. Cathie Wood stated that the key factors driving Bitcoin's rise include its role as a substitute for gold, its attributes as an 'insurance asset,' and the ongoing increase in institutional adoption.

[Cathie Wood: Bitcoin's Bull Market Target Price of $1.25 Million in Next 5 Years]On May 26, Ark Invest founder Cathie Wood elaborated on her Bitcoin price predictions for the next five years, including a base scenario forecast of $750,000 and a bull market scenario forecast of $1.25 million. Cathie Wood stated that the key factors driving Bitcoin's rise include its role as a substitute for gold, its attributes as an 'insurance asset,' and the ongoing increase in institutional adoption.

Cathie Wood: Bitcoin's Bull Market Target Price of $1.25 Million in Next 5 Years

On May 26, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 34 (up from 30 yesterday), indicating a decrease in market 'fear' sentiment. Note: The fear index ranges from 0 to 100 and includes indicators such as volatility (25%), market trading volume (25%), social media activity (15%), market surveys (15%), Bitcoin's dominance in the overall market (10%), and Google Trends analysis (10%).

[Crypto Fear Index Rises to 34, Market 'Fear' Eases]On May 26, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 34 (up from 30 yesterday), indicating a decrease in market 'fear' sentiment. Note: The fear index ranges from 0 to 100 and includes indicators such as volatility (25%), market trading volume (25%), social media activity (15%), market surveys (15%), Bitcoin's dominance in the overall market (10%), and Google Trends analysis (10%).

Crypto Fear Index Rises to 34, Market 'Fear' Eases

On May 26, Ark Invest founder Cathie Wood elaborated on her Bitcoin price predictions for the next five years, including a base scenario forecast of $750,000 and a bull market scenario forecast of $1.25 million. Cathie Wood stated that the key factors driving Bitcoin's rise include its role as a substitute for gold, its characteristics as an 'insurance asset,' and the ongoing increase in institutional adoption.

[Cathie Wood: Bitcoin's Bull Market Target Price of $1.25 Million in Next 5 Years]On May 26, Ark Invest founder Cathie Wood elaborated on her Bitcoin price predictions for the next five years, including a base scenario forecast of $750,000 and a bull market scenario forecast of $1.25 million. Cathie Wood stated that the key factors driving Bitcoin's rise include its role as a substitute for gold, its characteristics as an 'insurance asset,' and the ongoing increase in institutional adoption.

On May 26, according to a report by Fox News on May 25 citing senior US military officials, two Iranian vessels were discovered attempting to lay mines in the Strait of Hormuz on that day. The US military struck and successfully destroyed them, while also targeting an Iranian air defense missile launch base located in Abbas Port. As of now, there has been no official response from Iran regarding this incident. The official stated that the US strikes have now "temporarily concluded" and that these actions are essentially defensive in nature rather than offensive, with the intent not to break the ceasefire.

[US Military Claims to Have Sunk Two Iranian Minesweepers in the Strait of Hormuz]On May 26, according to a report by Fox News on May 25 citing senior US military officials, two Iranian vessels were discovered attempting to lay mines in the Strait of Hormuz on that day. The US military struck and successfully destroyed them, while also targeting an Iranian air defense missile launch base located in Abbas Port. As of now, there has been no official response from Iran regarding this incident. The official stated that the US strikes have now "temporarily concluded" and that these actions are essentially defensive in nature rather than offensive, with the intent not to break the ceasefire.

US Military Claims to Have Sunk Two Iranian Minesweepers in the Strait of Hormuz

On May 26, Goldman Sachs CEO David Solomon published an opinion piece in The New York Times, stating that the panic surrounding AI leading to a 'job apocalypse and mass unemployment' is exaggerated. Solomon believes that AI will not eliminate jobs on a catastrophic scale but will instead enhance worker productivity, allowing employees to shift towards higher-value tasks and create new positions related to the management, implementation, validation, and regulation of AI systems. However, he also acknowledged that the labor market will face disruptions, noting that the U.S. economy has successfully absorbed similar technological shocks in the past, with overall employment and living standards continuing to rise. AI is likely to follow a similar path as previous technological changes—eliminating some jobs while expanding others. For instance, this year alone, major cloud service companies plan to invest $700 billion in capital expenditures, which has already led to a surge in construction jobs. Solomon cited predictions from Goldman Sachs economists that AI could automate 25% of current work hours over the next decade, with the banking, legal, accounting, software development, and customer service sectors facing the greatest impact.

[Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory, Claims AI Will Boost Productivity and Create New Jobs]On May 26, Goldman Sachs CEO David Solomon published an opinion piece in The New York Times, stating that the panic surrounding AI leading to a 'job apocalypse and mass unemployment' is exaggerated. Solomon believes that AI will not eliminate jobs on a catastrophic scale but will instead enhance worker productivity, allowing employees to shift towards higher-value tasks and create new positions related to the management, implementation, validation, and regulation of AI systems. However, he also acknowledged that the labor market will face disruptions, noting that the U.S. economy has successfully absorbed similar technological shocks in the past, with overall employment and living standards continuing to rise. AI is likely to follow a similar path as previous technological changes—eliminating some jobs while expanding others. For instance, this year alone, major cloud service companies plan to invest $700 billion in capital expenditures, which has already led to a surge in construction jobs. Solomon cited predictions from Goldman Sachs economists that AI could automate 25% of current work hours over the next decade, with the banking, legal, accounting, software development, and customer service sectors facing the greatest impact.

Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory, Claims AI Will Boost Productivity and Create New Jobs

On May 26, The Wall Street Journal published an article stating that stablecoins essentially belong to 'private currency'. Despite the efforts of the GENIUS Act and the CLARITY Act to promote the compliance of stablecoins, they may still pose structural risks to the financial system. The article notes that stablecoins aim to combine the stability of the US dollar with the high efficiency of blockchain payments, but because they operate on fragmented and privatized infrastructure, they lack the 'uniformity' of the traditional dollar system. Although USDT and USDC are pegged to the dollar, their prices can still deviate from $1. The issuers of stablecoins have a natural incentive to scale up and 'pursue yields', potentially enhancing returns by allocating to higher-risk, lower-liquidity assets. If the value of these related assets declines, stablecoins may fail to maintain their peg, leading to concentrated redemptions by users and a chain reaction in the market. Furthermore, the article cites Chainalysis data indicating that stablecoins account for 84% of illegal activities in cryptocurrency, including evading sanctions and money laundering. Currently, the primary use of stablecoins remains in crypto trading, with real economic payments accounting for less than 1%. Stablecoins are repeating the path of private currency experiments from the 19th century 'Free Banking Era' in the United States. Although stablecoins have become an important direction for the evolution of payment technology, they may ultimately have to accept stricter regulation and deeper integration into the central banking system.

[The Wall Street Journal: Stablecoins Essentially Represent 'Private Currency', Potentially Posing Risks to the Financial System]On May 26, The Wall Street Journal published an article stating that stablecoins essentially belong to 'private currency'. Despite the efforts of the GENIUS Act and the CLARITY Act to promote the compliance of stablecoins, they may still pose structural risks to the financial system. The article notes that stablecoins aim to combine the stability of the US dollar with the high efficiency of blockchain payments, but because they operate on fragmented and privatized infrastructure, they lack the 'uniformity' of the traditional dollar system. Although USDT and USDC are pegged to the dollar, their prices can still deviate from $1. The issuers of stablecoins have a natural incentive to scale up and 'pursue yields', potentially enhancing returns by allocating to higher-risk, lower-liquidity assets. If the value of these related assets declines, stablecoins may fail to maintain their peg, leading to concentrated redemptions by users and a chain reaction in the market. Furthermore, the article cites Chainalysis data indicating that stablecoins account for 84% of illegal activities in cryptocurrency, including evading sanctions and money laundering. Currently, the primary use of stablecoins remains in crypto trading, with real economic payments accounting for less than 1%. Stablecoins are repeating the path of private currency experiments from the 19th century 'Free Banking Era' in the United States. Although stablecoins have become an important direction for the evolution of payment technology, they may ultimately have to accept stricter regulation and deeper integration into the central banking system.

The Wall Street Journal: Stablecoins Essentially Represent 'Private Currency', Potentially Posing Risks to the Financial System

On May 26, the STAR 50 Index's decline widened to over 3%. Among the constituent stocks, SMIC and Zhongwei Company both fell more than 5%.

[STAR 50 Index Falls Over 3%]On May 26, the STAR 50 Index's decline widened to over 3%. Among the constituent stocks, SMIC and Zhongwei Company both fell more than 5%.

STAR 50 Index Falls Over 3%

According to Coindesk, El Salvador has bought back a portion of its sovereign debt bonds maturing in 2023 and 2025 totalling $565 million, President Nayib Bukele said on Wednesday. According to official information, El Salvador purchased 54% of the bonds maturing in 2025 for a total of $432 million. And it bought 22.4% of the bonds maturing in 2023, for a total of $133 million. Bukele said that El Salvador will launch a new offer for the remainder of the 2023 and 2025 bonds in eight weeks. As with the latest repurchase, it will be done “at market prices,” Bukele added. According to Bukele, the initial repurchases have saved the country more than $275 million. The bond repurchase, launched on Sept. 12, is seen as an attempt by El Salvador to dispel rumors of a potential default on its debt. The Central American country has had strained relations with the traditional credit market, particularly after it established bitcoin (BTC) as legal tender in September 2021.

Detail

【El Salvador buys back $565M worth of bonds, plans to launch new offering in 8 weeks】According to Coindesk, El Salvador has bought back a portion of its sovereign debt bonds maturing in 2023 and 2025 totalling $565 million, President Nayib Bukele said on Wednesday. According to official information, El Salvador purchased 54% of the bonds maturing in 2025 for a total of $432 million. And it bought 22.4% of the bonds maturing in 2023, for a total of $133 million. Bukele said that El Salvador will launch a new offer for the remainder of the 2023 and 2025 bonds in eight weeks. As with the latest repurchase, it will be done “at market prices,” Bukele added. According to Bukele, the initial repurchases have saved the country more than $275 million. The bond repurchase, launched on Sept. 12, is seen as an attempt by El Salvador to dispel rumors of a potential default on its debt. The Central American country has had strained relations with the traditional credit market, particularly after it established bitcoin (BTC) as legal tender in September 2021.

El Salvador buys back $565M worth of bonds, plans to launch new offering in 8 weeks

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El Salvador buys back $565M worth of bonds, plans to launch new offering in 8 weeks

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