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Crypto Corner Episode 432: BTC Holding Around $11K as USD Suffers, tZERO Fuels Overstock's (NasdaqGM: $OSTK) Impressive Q2


Point Roberts, WA and Delta, BC - July 31, 2020 ( Newswire), 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.

Listen to today's Crypto Corner Podcast:

Crypto Corner Episode 432: BTC Holding Around $11K as USD Suffers, tZERO Fuels Overstock's (NasdaqGM: $OSTK) Impressive Q2


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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

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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