In Monday’s edition of The Daily we cover a recent interview with Jack Dorsey where the Twitter CEO again publicly shares his views on the future of cryptocurrency. Additionally covered are a new mobile app from Bitstamp and a report about Nvidia’s revenues from the mining market.
Twitter CEO Talks Bitcoin on Joe Rogan Experience
Jack Dorsey, CEO of Twitter and mobile payments platform Square, recently went on the wildly popular Joe Rogan Experience podcast to talk about his various ventures. Among the topics that came up was cryptocurrency, a recurring theme on the show. Dorsey explained he believes that the internet will have a native currency and he thinks it will be bitcoin because of the principles behind it and its origin. “It was something that was born on the internet, was developed on the internet, was tested on the internet, it is of the internet,” he said.
The Square CEO touched on the issue of functionality for payments vs store of wealth. “We would love to see something become a global currency. It enables more access. It allows us to serve more people. It allows us to move much faster around the world,” he explained. “We thought we were going to start with how you can use it transactionally, but we noticed that people were treating it more like an asset, like a virtual gold, and we wanted to just make that easy, just the simplest way to buy and sell bitcoin.”
Dorsey also mentioned that the current banking and political systems are threatened by the invention as no one has no centralized control over Bitcoin. “It’s certainly threatening to certain services behind banks and financial institutions. It’s threatening to some governments as well.”
Bitstamp Exchange Releases New Mobile App
Cryptocurrency exchange Bitstamp launched a new mobile app for iOS and Android on Thursday, Jan 31. The app allows users to buy and sell cryptocurrencies, make transfers, check balances and transaction history, and explore the markets through real-time charts. Additional features include a simple interface for beginners and another one for experienced traders, the ability to issue instant, market, limit and stop orders, as well as an option to remotely disable the app in case a user’s phone is lost or stolen.
“Built from the ground up to combine all the tools that make Bitstamp attractive for advanced traders in an intuitive interface, simple enough that anyone can begin trading in seconds,” the exchange team stated. “We suggest all users switch to the new app immediately for improved performance, reliability and more features.” The old Bitstamp app will be disabled after a one-month crossover period.
Besides launching the new mobile version of the platform, the Bitstamp team also announced they are preparing a number of upgrades for the desktop platform in an effort to improve users’ trading experience.
Nvidia Reportedly Made Billions From Miners
Could the impact of crypto winter have been harder on Nvidia Corporation (NASDAQ: NVDA) than its management has confessed? This is what a recent report claims. RBC analyst Mitch Steves estimates that the company controls three quarters of the GPU mining market and calculated it made a fortune from miners during the boom time, a revenue stream that is now lost.
“We think NVDA generated $1.95 billion in total revenue related to crypto/blockchain,” noted Steves according to Markets Insider. “This compares to company’s statement that it generated around $602 million over the same time period.”
Last week the company updated investors that its previous fourth-quarter guidance had embedded a “sequential decline due to excess mid-range channel inventory following the cryptocurrency boom.” The company claimed that the reduction in that inventory and its impact on the business have “proceeded largely inline with management’s expectations,” and that it was deteriorating macroeconomic conditions, particularly in China, that weakened consumer demand for gaming GPUs.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
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Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
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