#CryptoCorner Episode 432: BTC Holding Around $11K as USD Suffers, tZERO Fuels Overstock’s (NasdaqGM:OSTK) Impressive Q2
#CryptoCorner Episode 432: BTC Holding Around $11K as USD Suffers, tZERO Fuels Overstock’s (NasdaqGM:OSTK) Impressive Q2
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to today’s Crypto Corner Podcast:
https://www.investorideas.com/Audio/Podcasts/2020/073120-CryptoMarket.mp3
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this in full at https://www.investorideas.com/news/2020/crypto-corner/07311BTC-OSTK.asp
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Stocks discussed: (NasdaqGM:OSTK)
Data from CoinMarketCap
indicates that Bitcoin’s (BTC) trading price has remained fairly stable
throughout the week, not deviating too much from $11,000 since reaching that
support level on Monday. According to a report from CoinDesk, if Bitcoin holds this price until
today’s close, it will be “up nearly 22% this month,” making it “the biggest
July gain since 2012, when prices rallied by 40%.”
Gold and silver are
rallying alongside Bitcoin, no doubt being spurred on by record government
printing of money in the U.S., resulting in the lowest USD value in 2 years,
according to data from TradingView. A blog post from Pantera Capital points out that
“the United States printed more money in June than in the first two centuries
after its founding.” Euro Pacific Capital Inc. CEO Peter Schiff, who has been
predicting a dollar crash for years, recently tweeted:
“The U.S is about to experience one of the greatest
inflationary periods in world history.”
Reuters reports that today the Bank of Japan
appointed its top economist, Kazushige Kamiyama, as head of a department
overseeing research on central bank digital currencies (CBDCs). Specifically,
Kamiyama will now head the BOJ’s payments and settlement department. According
to the article, Japan “has been cautious” with regard to CBDCs, given that it
has “has the most cash-loving population in the world.” However, mounting
pressure from China, which is rapidly developing its own digital currency, has
led to efforts in that direction from Japan. This has taken the form of the BOJ
creating a CBDC task force and its “conducting research with other central
banks on the issue.”
Overstock (NasdaqGM:OSTK) has released its Q2 financial results, showing,
among other things, a net revenue increase of 109 percent year over year for a
total of $783 million. An important part of the company’s quarterly growth was
tZERO, its blockchain division. Overstock CEO Jonathan Johnson said:
"tZERO and our other Medici Ventures
blockchain-based businesses continue to make progress, with several of those
companies attracting media attention for their solutions to problems the
country now faces. As an organization, Overstock remains focused, disciplined,
and resilient as our employees execute against our strategic initiatives. I am
proud of the progress we have made, and I am confident that we can continue
along this profitable trajectory. I look forward to providing a full update on
our progress and performance during our earnings call."
Sam
Mowers, Investorideas
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