BitDigest June 18 · Issue #682

• It’s another flat day in the world of crypto
• Jerome Powell acknowledged the US must actively pursue a digital dollar or risk loosing the US’s monetary position globally, but he stressed this effort is the sole responsibility of the Central Bank
• Leaked reports claim Trump has been negative to bitcoin for much longer than previously believed

Weekly Stock Review

Highlights from the North American listed crypto, blockchain and mining stocks:

• Crypto and blockchain companies sold off over the past week declining at a significantly higher rate than the 2% S&P decline.
• Canaan (NASDAQ: CAN) continues to sell off, having dropped 57% over the past month and 366% since hitting $9 last November.
• Marathon Patent Group’s (NASDAQ: MARA) average volume is up 27% week-over-week,
• Galaxy Digital (TSX: GLXY.V) and industry leading alternative investment platform, CAIS, announced a strategic partnership providing financial advisors with streamlined access to Galaxy Digital Asset Management’s investment products, plus educational resources spanning blockchain and digital assets. (June 16, 2020)
• Grayscale’s offerings dropped a median of 13% in price this week, but their premium to NAV dropped a higher 27%.
• Hive Blockchain (TSX: HIVE.V) ordered 1,090 Bitmain Antminer T17+ SHA 256 miners as it continues to scale its 30 megawatt capacity in Quebec. (June 12, 2020)
• Simply Wall Street published a report warning investors about Riot Blockchain’s (NASDAQ: RIOT) cash burn rate – which they estimate will only last six month longer. (June 16, 2020)

Happy Libra Day

The crypto industry celebrates a few anniversary’s every year. There is October 31st (2008), the day Satoshi Nakamoto first posted that he had been “working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” and released the bitcoin whitepaper. There is June 3rd (2009) the day Nakamoto mined bitcoin’s first block, the “Genesis Block.” And, there is the recently celebrated Bitcoin Pizza Day, May 22nd (2010) when developer Laszlo Hanyecz offered to pay 10,000 bitcoin for two large pizzas in what is considered the first commercial transaction of the leading digital currency. I think we need to add ‘Libra Day’ to this list.

One year ago today, Facebook announced plans to create a new digital currency and financial system by releasing the Libra whitepaper. Although this release had long been rumored, the introduction of Libra became the spark that ignited regulators and political leaders to discuss the role and benefits of digital currencies. With this release the global media narrative for digital currencies finally changed from Mt. Gox / Silk Road to the implications of digital currencies on financial markets and macroeconomic policy. While no one was prepared for the intense negative regulatory backlash Libra received due to their Facebook relationship, and criticism about how the initial proposed basket of different underlying fiat currency – stablecoins would work, Libra has spent the past year working to obtain regulatory support and definitely deserves credit for highlighting the question of private and sovereign issued digital currencies on a global stage. There is no turning back. Happy Libra Day!

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