The top stories in bitcoin, crypto and blockchain — Oct. 2-9
Every week we will be posting a 3-minute update on the most important bitcoin, cryptocurrency and blockchain news stories. To get these updates straight to your inbox please subscribe here.
Here is everything you need to know from last week.
Bitcoin hits yearly high
Last week Bitcoin's value reached a 2020 record high, by passing 20k CAD for the first time since January 2018.
What is Bitcoin's price today?
Square reported $1B in quarterly Bitcoin revenue
In Square's Q3 investor letter to their shareholders, the publicly traded payments firm reported that their Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020, up approximately 11x and 15x year over year.
Square has also acknowledged a $50 million purchase of Bitcoin as a treasury asset to their shareholders during an investment call. Stating “We believe (Bitcoin) will be the native currency of the internet, and help people thrive around the world and the economy.”
China's plans to build a digital financial system and digital currency pilot zone in the capital
During a conference held today (November 9,2020), The Beijing Local Financial Supervision and Administration and the Tongzhou District government noted that the People’s Bank of China (PBoC) Digital Currency Research Institute plans on creating a digital financial system and digital currency pilot zone in Beijing.
Bill Miller, famous investor is bullish about Bitcoin
"I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it." Miller Value Partners founder, Bill Miller said. He elaborated saying, "The bitcoin story is very easy, it's supply and demand, Bitcoin's supply is growing at around 2.5% a year, and the demand is growing faster than that and there's going to be a fixed number of them."
$5M Staked in Eight Hours as Community Cautiously Backs - Coin Telegraph
Mastercard President Says Crypto Patents Will Pay Off When Central Bank Digital Currencies Arrive - Coin Desk
SEC Makes It Easier for Crypto Startups to Raise Funds - Decrypt
Upcoming Crypto Dates
December 1st: The first version of Ethereum 2.0 is set to launch.
Ethereum launched in 2015 with the proof-of-work (PoW) consensus protocol and was dubbed Ethereum 1.0. Since its launch, the most talked-about milestone listed on the Ethereum roadmap was its transition to Ethereum 2.0. With this, the network will switch from the proof-of-work to proof-of-stake (PoS) protocol.
The transition of Ethereum to Ethereum 2.0 will happen in four phases, starting on December 1, 2020 and continuing beyond 2021.
December 12: Spark token airdrop
Clients holding XRP on participating trading platforms and XRP wallets will receive an airdrop of the Spark token in a 1:1 ratio to their XRP holdings.
On September 15, 2020, NDAX announced our support for the Flare Spark airdrop making NDAX the first Canadian trading platform to support the airdrop. In agreement with Hugo Philion, co-founder of Flare, NDAX will provide 100% of the Spark tokens claimed to clients holding XRP in the proportions that they hold on our platform at the time of the snapshot.
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