#CryptoCorner Episode 473: #Bitcoin Nearing 2017-18 Highs, Square’s (NYSE: $SQ) Cash App Sees Massive BTC Revenue, Central Bank Governors’ Club Finds that #COVID has Spurred CBDC Interest

#CryptoCorner Episode 473: #Bitcoin Nearing 2017-18 Highs, Square’s (NYSE: $SQ) Cash App Sees Massive BTC Revenue, Central Bank Governors’ Club Finds that #COVID has Spurred CBDC Interest



Point Roberts, WA, Delta BC November 6, 2020 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.


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Stocks discussed: (NYSE:SQ)


With the mayhem of the inconclusive U.S. Presidential election still ongoing, Bitcoin (BTC) has rallied even further in the past couple of days, registering a trading price at press time of about $15,460, according to data from CoinMarketCap. Just as a reminder, when we left off on Wednesday’s Crypto Corner, just two days ago, Bitcoin was trading for around $13,835. A report from CoinDesk indicates that Bitcoin’s trading price reached “$15,971 earlier on Friday – a level last seen during the bull market frenzy between December 2017 and January 2018.” The report goes on to say that, despite this recent surge, data from Google Trends “suggests that retail investors are showing calm over bitcoin's recent rally and the market is far from being in a state of bull frenzy.”


Elsewhere, Cointelegraph reports that Bitcoin mining revenue “has soared to levels not seen since Bitcoin’s third halving in May 2020,” even reaching $20.8 million on November 4, which “is the highest point recorded since September 2019, when the miners’ block reward was twice as much as now.” This is, in part, due to the doubling of Bitcoin’s actual trading price since the May halving, but also to a rise in the cryptocurrency’s transaction fees. In late October, for instance, transaction fees surged nearly 200 percent.


According to a Q3 2020 Shareholder Letter, Square (NYSE:SQ) reported that its mobile payments app Cash App “generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020,” which represents an increase of “11x and 15x year over year, respectively.” This growth is attributed to “an increase in bitcoin activities and volume per customer.” An excerpt from the letter reads:


In October 2020, we invested $50 million in bitcoin as we believe cryptocurrencies are an instrument of economic empowerment and aligns with the company’s purpose. We expect to hold this investment for the long term. The accounting rules for bitcoin will require us to recognize any decreases in market price below cost as an impairment charge, with no upward revisions when the market price increases until a sale.


A news release from the Bank of Russia discussing an “online meeting of Central Bank Governors’ Club, which comprises representatives of 26 central banks of the Central Asia, Black Sea Region and Balkan Countries,” indicated that the Coronavirus has spurred interest in central bank digital currencies (CBDCs). An excerpt reads:


The COVID-19 pandemic has, among other things, affected further expansion of e-commerce and electronic settlements technologies. This is one of the reasons why financial regulators are more and more interested in central bank digital currencies. This topic was discussed at the second session of the meeting, facilitated by Deputy Governor of the Bank of Russia Alexey Zabotkin. While arranging the emission of a digital currency, a central bank should, first of all, assess the impact it will have on monetary policy and financial stability, then develop a procedure to avoid and mitigate cyber risks.


Sam Mowers, Investorideas


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