Point Roberts, WA and Delta, BC – Oct 26, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in cryptocurrency and blockchain investment news, brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency stocks and the cryptocurrency market.
Listen to today’s Crypto Corner podcast:
Crypto Corner Episode 468, JPMorgan (NYSE: $ JPM) Weighs on Crypto, Bitfarms Signs MOU for South American Electricity, and NetCents (CSE: $ NC.C) Provides Crypto Credit Card Upgrade
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Stocks discussed: (NasdaqGS: PYPL) (NYSE: JPM) (TSXV: BITF) (CSE: NC)
Bitcoin (BTC) held up over the weekend, more or less holding support at around $ 13,000 after last week’s bull run. This was, of course, influenced by an announcement from PayPal (NasdaqGS: PYPL) on October 21 that a crypto trading service was about to debut. As of press time, the flagship cryptocurrency is trading for around $ 13,200, according to data from CoinMarketCap.
This recent rise in Bitcoin was addressed in a note dated October 23 from JPMorgan (NYSE: JPM), according to a Business Insider article. An excerpt from the note reads:
“Cryptocurrencies gain value not only because they serve as deposits of wealth, but also because of their usefulness as a means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the greater their usefulness and value.”
A further excerpt reads:
“The long-term upside potential for bitcoin is considerable as it competes more intensely with gold as an ‘alternative’ currency, we believe, as Millennials would over time become a more important component of the investor universe.”
Bitfarms Ltd. (TSXV: BITF) has signed a non-binding memorandum of understanding (MOU) with a private power producer to use up to 200 MW of electricity in South America at an average price of 2 US cents per kilowatt hour. Bitfarms interim CEO Emiliano Grodzki explained:
“As previously announced, during the fiscal second quarter of 2020, Bitfarm’s average electricity cost to mine one Bitcoin (in USD) was US $ 5,075. Under the terms of the MOU and under the same prevailing conditions, our cost would have been about half which would be about US $ 2,538 per Bitcoin before amortization of infrastructure costs. This simple example demonstrates the significant competitive advantage that comes with having access to a large amount of low-cost energy. level, this would make Bitfarm one of the lowest-cost Bitcoin miners in the world. “
NetCents Technology Inc. (CSE: NC) provided an update on the development of its NetCents Cryptocurrency Credit Card, a project for which it joined the Visa Fintech Fast Track Program earlier this year, and with i2c Inc. as the provider of backend. According to the release, the company has “completed all technical development necessary for the launch of the Visa Program and is proceeding with the final certification phase during the week of October 26, 2020”. Clayton Moore, founder and CEO of NetCents, commented:
“i2c provides technology to the largest companies in the payment industry. They have developed thousands of software components that can be configured for the many use cases we expect to have for our payment ecosystem. They are effectively:” fast tracking. ” our fast lane with Visa. Our relationship with i2c will facilitate the launch of our Visa card from the North American market to the global market in a transparent way. “
Sam Mowers, Investorideas
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