Point Roberts, WA and Delta, BC – August 12, 2020 (Investorideas.com Newswire) 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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Crypto Corner Episode 437: BTC Drops Alongside Gold and Silver, Grayscale Bitcoin Trust (OTC: $GBTC) Sees 90% Asset Increase in Quarterly Filing
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Stocks discussed: (OTC:GBTC)
Since Monday’s Crypto Corner, Bitcoin’s (BTC) trading price has dropped somewhat, correlating with a similar downtrend observed in the price of gold and silver. While peaking at about $12,000 on Monday, Bitcoin went as low as about $11,220 on Tuesday, but has since risen again to around $11,560 at press time, according to data from CoinMarketCap. Bitcoin’s approximate shadowing of gold and silver has historical precedent, as it is often seen as a store of value alternative to fiat currencies like USD.
Crypto investment firm Grayscale Bitcoin Trust (OTC:GBTC) has seen a net increase in its assets from $1.87 billion at the end of 2019 to $3.5 billion by the end of Q2 2020 – a 90 percent increase – according to a filing with the Securities and Exchange Commission (SEC) dated August 7. This surge comprised an increase in Bitcoin held from 261,192 at the end of 2019 to nearly 387,000 on June 30, coupled with an increase in Bitcoin’s trading price.
CNBC reports that British fintech firm Revolut lost $139.6 million in 2019, which was triple the $43 million it lost the year prior. The firm, which offers banking and trading services through an app – including cryptocurrencies – sustained these losses despite having “nearly tripled its total user base in 2019 to 10 million from 3.5 million,” in 2018. However, the company’s chairman, Martin Gilbert, said:
“Both 2019 and the first months of 2020 have been periods of significant achievement and expansion for Revolut, putting the company on a clear path to long-term sustainable growth.”
“Our continued growth and expansion during the pandemic has shown the resilience of our strategic plans and we are pleased that these plans are further endorsed by new investors.”
The South Korean city Seongnam plans to expand its already existing blockchain-powered payment program by issuing new digital gift certificates, according to local outlet Kyunghyang Shinmun. The city recently announced that it had signed a business agreement with the Korea Mint Corporation to launch a card-type mobile certificate, which will run on the latter’s mobile “Chak” app. According to Cointelegraph, there will be “three digital gift certificate types – representing cash, check cards, and mobile cards – can be used at 45,000 card merchant locations across the city.”
Sam Mowers, Investorideas
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