Hey Gotraders,
Happy Monday! Square's (SQ) CEO Jack Dorsey said last week that the company is looking to build a hardware bitcoin wallet that would enable consumers to have greater control over the cryptocurrencies they own.
What exactly does Dorsey have in mind? Well, at the moment, several exchanges or platforms that allow users to buy cryptocurrencies may control the "private key." This means that users do not officially own the cryptocurrencies they buy. This is the case with Paypal (PYPL). Users do not own the cryptocurrencies in their Paypal wallets. Paypal also does not allow users to transfer their cryptocurrencies to wallets outside the Paypal network.
Dorsey is proposing to build a bitcoin wallet that will not be controlled by Square or any other company. It would belong solely to the user.
“If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community” - Jack Dorsey, CEO of Square.
Why is this important? Bitcoin is an integral part to Square's business. Consumers are able to buy and sell Bitcoin using Square's Cash App. Square’s revenue from Bitcoin increased from $516.5 million in 2019 to 4.75 billion last year! Having a more open hardware wallet for Bitcoin may give them a competitive advantage over Paypal for example as users may prefer to have the flexibility to move their digital currencies around, rather than to have it constrained within one ecosystem...
📉 Weibo banned at least a dozen popular cryptocurrency accounts 🙅♀️
At least a dozen popular Weibo (WB) users who post content about cryptocurrencies found themselves unable to access their accounts on Saturday night. Other users who were trying to access those pages saw a notification saying that those accounts had violated Weibo's guidelines and “relevant laws and regulations”. Why did Weibo ban those accounts? Well, it’s because China is cracking down on cryptocurrency!
Stocks of Weibo are down 6.34% over the last 5 days, trading at $47.73.
📈 Nigeria bans Twitter after it deleted a tweet from its President 😲
Twitter (TWTR) removed a post by Nigeria's President Muhammadu Buhari, threatening to punish those responsible for recent attacks on electoral offices and police stations, and referenced the country's 1960s civil war that killed 1 million people. Twitter claimed that the President's tweet violated its "abusive behavior" policy leading to a 12-hour suspension of his account. Nigeria responded by suspending all of Twitter’s operations in the country. Twitter responded to Nigeria’s ban by saying that Nigeria's decision is "deeply concerning." Uh oh... Doesn't sound good...
Twitter stock closed at $59 on Friday, up 8.20% year-to-date.
Top movers & shakers 🎢
What else is making headline news 📰
General Mills (GIS) laying off workers as part of a push to prepare for post-pandemic landscape: report.
Facebook (FB) says Donald Trump to remain banned for two years, effective from Jan. 7.
AMC (AMC), meme stocks could spark more heat in the week ahead as investors await inflation news.
Anonymous targets Elon Musk for destroying crypto holders' lives, trying to control Bitcoin.
Coinbase (COIN) is giving away $1.2 million in dogecoin as it starts letting users trade the meme cryptocurrency.
Popular companies releasing earnings this week 💰
Monday: Stitch Fix (SFIX)
Wednesday: Jack Daniel’s (BF.B), GameStop (GME), Campbell Soup (CPB)
Thursday: Adobe (ADBE), Chewy (CHWY), Plug Power (PLUG), FuelCell Energy (FCEL), Manchester United (MANU)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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