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Crypto Corner Podcast Episode 516: Stocks discussed: (NasdaqGS: $TSLA) (TSX: $HUT.TO)

Tesla Investor Predicts Significant Business Investment in BTC, and Hut 8 Announces Loan Repayment Plans

 

Point Roberts, WA and Delta, BC - January 27, 2021 (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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https://www.investorideas.com/Audio/Podcasts/2021/012721-CryptoMarket.mp3

Crypto Corner Podcast Episode 516: Stocks discussed: (NasdaqGS: $TSLA) (TSX: $HUT.TO)

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Stocks discussed: (NasdaqGS:TSLA) (TSX:HUT)

Bitcoin (BTC) has slipped below $30,000 in the past 24 hours, and is trading for about $29,800 at press time, according to data from CoinMarketCap. This is quite likely a reaction to global equities trading lower and the US dollar trading higher today in anticipation of a Federal Reserve meeting later today, according to an article from CoinDesk. The article posits that if Fed Chairman Jerome Powell alludes to an unwinding of stimulus programs, there may be increased selling pressure on Bitcoin, whereas continuation of stimulus could prove beneficial to the cryptocurrency.

Cathie Wood, CEO of ARK Investment Management, a major investor in Tesla (NasdaqGS:TSLA), believes "there is no better hedge against inflation than bitcoin," and foresees further institutional investment in the cryptocurrency, according to an article from Forbes. Wood said:

"I think we're going to hear about more companies putting this hedge [bitcoin] on their balance sheet ... particularly tech companies who understand the technology and are comfortable with it."

The piece then quotes from ARK's annual research report:

"if all S&P 500 companies were to allocate 1% of their cash to bitcoin, its price could increase by approximately $40,000."

According to a recent tweet from technology researcher Kevin Rooke:

"Last year, public companies held fewer than 20,000 BTC on their balance sheets. Today, 19 public companies hold 105,837 BTC on their balance sheets, valued at over $3.6 billion."

Hut 8 Mining Corp. (TSX:HUT) has announced finalized plans to repay its $20 million loan with Genesis Global Capital. According to the press release, the loan "allowed the company to hold a larger bitcoin balance by using its bitcoin as collateral for a loan." Jaime Leverton, CEO, Hut 8, commented:

"The robust BTC holdings on our balance sheet is a key differentiator for the company and the Genesis loan allowed us to maintain this crucial strength while reducing our fiat spending. Paying it in full illustrates Hut 8's strategy for growth, providing incremental value to shareholders and ensuring our unique position as a global leader in mining."

Sam Mowers, Investorideas

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