Crypto Corner Episode 468: JPMorgan (NYSE: $JPM) Weighs in On Crypto, Bitfarms Signs MOU for South American Electricity, and NetCents (CSE: $NC.C) Provides Update for Crypto Credit Card
Point Roberts, WA and Delta, BC - October 26, 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 468, JPMorgan (NYSE: $JPM) Weighs in On Crypto, Bitfarms Signs MOU for South American Electricity, and NetCents (CSE: $NC.C) Provides Update for Crypto Credit Card
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Stocks discussed: (NasdaqGS:PYPL) (NYSE:JPM) (TSXV:BITF) (CSE:NC)
Bitcoin (BTC) has weathered the weekend, more or less maintaining support at or slightly above $13,000 following last week's bull run. This was, of course, influenced by an announcement from PayPal (NasdaqGS:PYPL) on October 21 that it was debuting a crypto trading service. At press time, the flagship cryptocurrency is trading for about $13,200, according to data from CoinMarketCap.
This recent rise of Bitcoin was addressed in a note dated October 23 from JPMorgan (NYSE:JPM), according to an article from Business Insider. An excerpt from the note reads:
"Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value."
A further excerpt reads:
"The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an 'alternative' currency we believe, given that Millenials would become over time a more important component of investors' universe."
Bitfarms Ltd. (TSXV:BITF) has signed a non-binding memorandum of understanding (MOU) with a private energy producer for the use of up to 200 MW of electricity in South America at an average price of US 2 cents per kilowatt hour. Bitfarms Interim CEO, Emiliano Grodzki, explained:
"As previously announced, during the second fiscal quarter of 2020, Bitfarm's average cost of electricity to mine a 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 results from having access to a large amount of low-cost power. At this level, this would make Bitfarms one of the most low-cost Bitcoin miners in the world."
NetCents Technology Inc. (CSE:NC) has provided an update on the development of its NetCents Cryptocurrency Credit Card, a project for which it had joined the Visa Fintech Fast Track Program earlier this year, and with i2c Inc. as the backend provider. According to the press release, the company has "completed all the technical development needed for the Visa Program launch and is proceeding with the final certification phase during the week of October 26, 2020." Clayton Moore, Founder and CEO of NetCents, commented:
"i2c is providing technology to the biggest companies in the payments industry. They have developed thousands of software building blocks that can be configured to the many use cases we expect to have for our payment's ecosystem. They are effectively - "fast-tracking" our fast track with Visa. Our relationship with i2c will facilitate the rollout of our Visa Card from the North American market to the global market in a seamless manner."
Sam Mowers, Investorideas
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