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Crypto Corner Episode 465: Bitcoin Nearing $12K? Bank of Canada Lists Job for CBDC, HIVE (TSXV: $HIVE.V) Reveals Q1 Financial Results


Point Roberts, WA and Delta, BC - October 19, 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.

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Crypto Corner Episode 465: Bitcoin Nearing $12K? Bank of Canada Lists Job for CBDC, HIVE (TSXV: $HIVE.V) Reveals Q1 Financial Results


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Stocks discussed: (TSXV:HIVE)

Bitcoin (BTC) saw an uptick late Sunday and is currently trading for about $11,690, according to data from CoinMarketCap. This trading price was very briefly attained last Monday, October 12, but flickered out as quick as it came. Aside from that, Bitcoin has been trading below its current price since September 1-2, when it was briefly valued at $12,000 before nose diving somewhat to the $10,200 range. Uncertainties regarding the U.S. Presidential election on November 3, and the possibility of a further government stimulus associated with the COVID-19 pandemic, may be putting the stability of the US dollar in question and consequently driving the crypto market.

The Bank of Canada, Canada's central bank, created a job listing with the title Economist, Digital Currencies and Financial Technologies, which involves work on a central bank digital currency (CBDC). According to the listing, the Bank of Canada is "engaged in a large-scale research program to analyze the risks and opportunities," of innovative fintech, including a "monitoring framework for money and payments and the contingency planning for a central bank digital currency (CBDC)." The applicant for the job listed is expected to "monitor and analyze developments in electronic money and payments, including CBDCs, cryptocurrencies, stable coins, crypto exchanges, and others," and "provide analysis relevant for the potential development of a CBDC."

Meanwhile, Cointelegraph reports that according to the U.S. Federal Reserve chairman, Jerome Powell, America is not in a particular hurry to issue its own CBDC. Speaking this morning at a panel on cross-border payments hosted by the International Monetary Fund, Powell commented:

"We have not made a decision to issue a CBDC, and we think there's a great deal of work yet to be done. [...] In fact, I actually do think that CBDC is one of those issues where it's more important for the United States to get it right than it is to be first."

Powell went on to elaborate:

"Unlike some jurisdictions, here in the United States we continue to see strong demand for cash. Moreover, we have robust and mature financial and banking sectors, and we have a highly banked population, so that many, although not all, already have access to the electronic payment system."

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) recently revealed its financial results for the first quarter ended June 30, 2020, which included income from digital currency mining of $6.6 million. Frank Holmes, Interim Executive Chairman of HIVE, commented:

"The first quarter marked an important period of transition for HIVE as we completed the assumption of direct control of our data centre operations from our former strategic partner and diversified our operations through the acquisition of our data centre facility in Canada to complement our Ethereum mining data centres in Europe, all of which are powered by green energy, which produce coins such as Ethereum and Bitcoin continuously in the cloud."

Sam Mowers, Investorideas

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