#CryptoCorner: MoneyGram (NasdaqGS: $MGI) Reports “Quiet Quarter” with Ripple, Coinbase Blog Post Argues #Bitcoin>Gold
#CryptoCorner: MoneyGram (NasdaqGS: $MGI) Reports “Quiet
Quarter” with Ripple, Coinbase Blog Post Argues #Bitcoin>Gold
Point Roberts, WA, Delta BC May 4, 2020
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Stocks discussed: (NasdaqGS:MGI)
Bitcoin (BTC) is close to where
we left it on the last episode of Crypto
Corner with a trading price at present of $8,850, according to data from CoinMarketCap. This is not to
say, however, that it simply plateaued over the weekend. Bitcoin climbed slowly
over Friday and Saturday, and wound up spending much of Sunday trading above
$9,000. Then it took a slight tumble, getting as low as about $8,650 this
morning, but now appears to be on the ascent again. The Bitcoin halving, which
is widely expected to spark a rally in the crypto market, is just eight days
away.
Cross-border
payments firm MoneyGram (NasdaqGS:MGI) had a “quiet quarter” with
Ripple, according to Cointelegraph. MoneyGram
announced a strategic partnership with Ripple in June 2019, wherein the latter
would act as a “key partner for cross-border payment and foreign exchange
settlement using digital assets.” MoneyGram CEO Alexander Holmes said:
“I would say it was a little bit of a relatively
quiet quarter, in the sense of really pushing anything particularly new into
the market or expanding the service.”
Despite this,
Holmes affirmed:
“But, yes, it's been a good partnership, and definitely
pleased with what we've been doing.”
A recent blog
post
from crypto exchange giant Coinbase argues that Bitcoin holds a distinct market
advantage over gold. Specifically, the piece targets gold’s “fragile physical
supply chains,” and highlights Bitcoin’s resilience during the recent market
crises associated with COVID-19, and its “technical advantage” in transporting,
depositing, or withdrawing to exchange globally. An excerpt reads:
“…as gold refineries, miners, and supply chains have
been disrupted, Bitcoin’s core protocol continues to function as designed.
Miners continue to mint 12.5 new Bitcoins every ten minutes on average,
verifying Bitcoin’s network while edging towards its 21 million limit. In May
2020, after its third programmatic supply “Halving”, Bitcoin will be approximately as scarce as gold
while also being teleportable.”
Crypto exchanges in
India have petitioned the country’s central bank, the Reserve Bank of India
(RBI), for greater clarity on their status as lenders and categorization for
taxation, according to a report from local outlet the Economic
Times.
This follows a Supreme Court ruling in the country that reversed the central
bank’s ban on banks and financial institutions providing service to crypto
exchanges.
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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