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Crypto Corner Podcast 524: Stocks discussed: (NasdaqGS: $TSLA) (TSXV: $BITF.V) (CSE: $BTC.C)

Bitcoin Rallies Following News of Tesla Investment and Adoption, Dogecoin Rally Continues as Gene Simmons and Snoop Dogg Join, Bitfarms Announces $40 Million CAD Private Placement, and Bluesky Orders Nearly $1 Million CAD in Mining Machines from Pandaminer


Point Roberts, WA and Delta, BC - February 8, 2021 ( 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 Podcast 524: Stocks discussed: (NasdaqGS: $TSLA) (TSXV: $BITF.V) (CSE: $BTC.C)


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Stocks discussed: (NasdaqGS:TSLA) (TSXV:BITF) (CSE:BTC)

Bitcoin (BTC) has registered another new all-time high trading price today with a peak of just under $44,000 at press time, according to data from CoinMarketCap. The flagship cryptocurrency hit its previous ATH exactly one month ago (Jan 8) when it got to just below $42,000. This explosive growth - Bitcoin is up about 13 percent in the past 24 hours - is surely a response to an annual report from Tesla (NasdaqGS:TSLA), which indicates that the electric vehicle giant invested $1.5 billion into Bitcoin and anticipates the adoption of bitcoin payments in the future. An excerpt reads:

"...we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt."

This follows Tesla CEO Elon Musk's recent inclusion of #bitcoin (since removed) on his Twitter profile description, and his positive comments on the cryptocurrency during a talk on the Clubhouse platform. In the last couple of weeks or so, Musk has been involved in pushing Dogecoin (DOGE), which is now the ninth largest cryptocurrency by market cap, according to CoinMarketCap. Over the weekend, KISS rockstar Gene Simmons and Snoop Dog joined Musk's "DOGE Army", adding more excitement to the rally. Dogecoin is up more than 1,380 percent YTD so far, according to CoinDesk.

Bitfarms Ltd. (TSXV:BITF) has announced a $40 million CAD private placement with institutional investors. The press release indicates that proceeds from the placement will be used to "acquire additional miners, expand infrastructure, and improve its working capital position." The company's CEO, Emiliano Grodski, said:

"We are pleased to announce our third financing, having just closed two financings in January of CAD$20.0 million each. This additional financing will allow us to further grow our miner count and expand infrastructure. We are very pleased to continue to expand our institutional presence in the United States."

Bluesky Digital Assets Corp. (CSE:BTC) has formalized and completed a new mining hardware order for the amount of $915,000 CAD for cutting edge GPU mining machines from Pandaminer. Ben Gelfand, Bluesky's CEO, commented:

"We continue to demonstrate our ability to execute rapidly against our plans and announced strategies. Locking in strategic relationships with key vendors and industry leading players like Pandaminer ensures that we can acquire the right hardware, at the right price points, and in a timely fashion so we can put our shareholders investments to work."

Sam Mowers, Investorideas

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