Trader’s Journal #23

Trader’s Journal
Trader’s Journal #23

1. Square earned $ 125 million from Bitcoin sales in the second quarter

The Cash App brought the company twice as much revenue as in the first three months of 2019.

Square earned $ 125 million in Bitcoin sales in the second quarter of this year. For the same period, at the beginning of 2019, revenue was almost half that, at the level of $ 65.5 million, according to the financial statements published by the company.

“In the second quarter, profit from the sale of bitcoin increased due to an increase in trading volume amid rising prices. Gross profit was $ 2 million,” the report said.

The total revenue of the Cash App through which Bitcoin is sold in the second quarter amounted to $ 260 million. At the same time, the cost of buying the asset amounted to $ 123 million. For the whole of 2018, the company managed to sell bitcoins worth $ 166 million.

2. Iran passed a cryptocurrency law. The authorities refused to legalize Bitcoin

The government will not regulate trade and the exchange of digital money, even though mining is considered a part of the industrial production industry.

Cryptocurrencies are not a means of payment in Iran, according to the new law, which was adopted by the government on August 4. Transactions involving digital money will not have official status, like crypto trading.

Iranian authorities stressed that the Central Bank is not a guarantor of the cryptocurrencies value. In July, the deputy head of the financial regulator, Nasser Hakimi, said that Bitcoin was banned from buying and selling in the country due to the rules on combating money laundering and terrorist financing.

At the same time, at the end of last month, the government legalized mining, now it is considered part of the industrial production industry. According to the local customs office, at the moment, no company has received official permission to import equipment for the extraction of digital money.

3. “Trump will invest in Bitcoin.” Why the U.S. President will fall in love with cryptocurrency

Binance Exchange CEO Changpeng Zhao explained when billionaire and politician would change his attitude towards digital money.

U.S. President Donald Trump is investing in Bitcoin after his presidency expires, Binance CEO Changpan Zhao is convinced. The head of the trading platform called the billionaire “a very smart businessman” and explained why he criticizes digital money.

“After leaving his post, Trump will invest in cryptocurrencies; now, he can’t promote digital money instead of the U.S. dollar because of his position. So far, Trump has done nothing wrong or good. But the fact that the U.S. President speaks about them is good”, Zhao said.

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