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Crypto Corner Episode 461: Square (NYSE: $SQ) Buys $50 Million in BTC, BTC Rallies and Breaks $11K

 

Point Roberts, WA and Delta, BC - October 9, 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.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/100920-CryptoMarket.mp3

Crypto Corner Episode 461: Square (NYSE: $SQ) Buys $50 Million in BTC, BTC Rallies and Breaks $11K

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Stocks discussed: (NYSE:SQ)

Square, Inc. (NYSE:SQ) purchased 4,709 bitcoins yesterday for $50 million, an investment which, according to the press release, accounts for one percent of the company's total assets as of the end of the second quarter of 2020. Amrita Ahuja, Square's CFO, said:

"We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."

The investment by Square is being attributed to a subsequent Bitcoin (BTC) rally, which has this morning culminating in the cryptocurrency passing $11K for the first time since September 19, according to data from CoinMarketCap. At press time, Bitcoin is trading for $11,090.

The Bank for International Settlements (BIS) collaborated with seven central banks - including the Bank of England, the U.S. Federal Reserve and the Bank of Japan - on a report discussing central bank digital currencies (CBDCs), according to Cointelegraph. An excerpt from the report, shared with Cointelegraph, outlines three principles the authors agreed to with regard to CBDCs:

"A central bank should not compromise monetary or financial stability by issuing a CBDC; (ii) a CBDC would need to coexist with and complement existing forms of money; and (iii) a CBDC should promote innovation and efficiency."

The report, despite discussing CBDCs at length, refrained from sharing opinions on it or detailing any future plans.

Concurrent with the BIS report is a document published by the Bank of Japan (BoJ) that outlines its approach to CBDCs. Though again denying any plans to issue CBDCs, the BoJ indicated plans for conducting tests for the technology. An excerpt reads:

The Bank will explore general purpose CBDC in a more concrete and practical way by conducting experiments, rather than confining itself to conceptual research as before.The Bank will first test the technical feasibility of the core functions and features required for CBDC through a Proof of Concept (PoC). It will then consider the need for a pilot program if necessary.

It goes on to indicate intentions to begin the first phase of the Proof of Concept early next year.

Sam Mowers, Investorideas

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