Amazon is seeking to accept Bitcoin payments “by the end of 2021,” and is looking at creating its own token for 2022, says a person inside the company.

The internet giant has sent Bitcoin fans into overdrive over the weekend after posting a job advertisement for a crypto and blockchain leader.

The vacancy, clearly a sign the company is starting down a path towards crypto transactions, calls for someone who can “leverage expertise in distributed ledger, blockchain, cryptocurrency and central bank digital currencies.”

It adds that it wishes to “create the case for these capabilities which should be created, drive vision and strategy, and get leadership and investment for new possibilities.”

It does not take a genius to know where Amazon is going with this, and according to an insider, the plans go much deeper than just hiring someone to look at possibilities.

“This is not going through the motions to create a cryptocurrency solutions at some time in the future – this is a well-researched, integral part of how Amazon will work in the future,” she said.

“It starts with Bitcoin – this is the initial stage, and the directive is being pushed from the top… Jeff Bezos himself.”

The insider also said that directors of the company were also going to move towards accepting the other big cryptos once it accepts Bitcoin.

“Ethereum, Bitcoin Cash and Cardano will be the next ones in line before they come out with eight of the top cryptocurrencies,” she said.

“It won’t take very long since the plans are already done, and they have been pushing for this since 2019.”

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Ready to go

“This whole project is pretty much ready to go.”

It is possible that the involvement of a huge player with the size of Amazon in the crypto space would increase adoption and the value of Bitcoin and the popular alt coins, but it is Jeff Bezos’ next plan which might lead to even greater intrigue.

“With all these crypto ducks being lined up, there is another twist to drive things even more into Amazon’s favor – a native crypto token,” the insider said.

“After a year of having cryptocurrency as a way to make payments for goods, it is seeming increasingly likely that we are going towards tokenisation.”

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Elon Musk has said his company Tesla will possibly start accepting bitcoin in purchases for vehicles again.

“It seems that bitcoin is going a lot more toward renewables and many of the heavy coal plants that were used before…have been stopped, especially inside China,” said Musk this week at The B-Word conference, a virtual event put on by the Crypto Council.

“I want to do some more due diligence to be sure that the ratio of renewables is near or higher than 50% and there is a movement toward growing that number. If this is the case, Tesla will very likely continue accepting bitcoin,” he said.

In May, Musk revealed on Twitter that his company would stop vehicle purchases being made using bitcoin out of worries over the “quickly increasing use of fossil fuels for the mining of Bitcoin.”

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Since then, China has cracked down on cryptocurrencies, removing the nation’s crypto miners, who have since started to go elsewhere. New numbers from Cambridge University reveal many miners are going to the U.S., which is now the 2nd largest destination for the globe’s bitcoin miners.

The United States features some of the cheapest sources of energy in the world, which, a lot of the time, are renewable. Fred Thiel from Marathon Digital predicted that most miners new to the nation will be fueled by renewables, or gas which is offset by renewable energy sources, and Compass executive Whit Gibbs predicted that bitcoin mining in the country is over 50% fueled by renewables.

“Renewable energy is long-term the cheapest energy source, but it does not just happen overnight,” Musk said. “But if there is a determined, conscious and real effort by the Bitcoin mining community to move to renewables, then Tesla can of course back that.”

This comes at a time when Bitcoin has taken a major fall, only to regain some of its lost territory. With both bulls and bears watching the chart awaiting its next move. Other cryptocurrencies like Ether and Doge coin have followed in Bitcoin’s footsteps by dipping and regaining this week.

Bitcoin was selling almost 8% higher this week.

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Nvidia shares boosted this Thursday, increasing Wednesday’s gains after a Citigroup analyst named Atif Malik increased his price target on the company after their 4-for-1 split.

Malik raised his one-year target on the company to $223 from $180 and maintained his buy rating on the shares after the 4-to-1 split which happened this week during what he says is recovering demand for Nvidia’s products, despite the previous pullback.

Specifically, Malik stated in a research note to his clients that he sees any crypto linked or gaming linked pullback in the second part of 2021 as an opportunity to buy as Nvidia prepares to launch its next generation of GPUs in 2022, and its new Grace CPU in 2023.

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In May, Nvidia unveiled its plans to do a 4-for-1 stock split to allow more people to buy shares. The split went into effect this week.

Analysts have praised Nvidia since their Q1 results, which came in even better than expected during strong hyperscale data center demand, which included a demand for its GPU products for both video games and mining crypto.

Even before this, analysts were bragging over Nvidia’s performance given the huge demand for its gaming products, which surged during the pandemic and stay-at-home orders that increased demand for in-home entertainment such as video games, made worse by the global chip shortage that boosted the demand, along with prices, for the chips used within the cards themselves.

Jim Cramer is bullish on Nvidia, and has been for some time, not just because the company’s long-term prospects but also due to its strategy to buy Arm Holdings, a British company that designs CPUs that are used in cellphones, tablets and PCs and Macs, which will boost its already good sales pipeline that has been linked to demand from crypto miners.

For its fiscal Q2 which ends in July, Nvidia anticipates revenue of $6.3 billion, higher than FactSet’s estimates of $5.47 billion, fueled by gains among all its segments, led by cryptocurrency, data center, and video games.

At last count, shares of Nvidia were higher by 0.76% at $195.58. The stock is higher by 2.77% in the previous month and over 48% since the beginning of the year.

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When it comes to the stock market, winners tend to keep winning. When a stock is on fire, there are usually great reasons why this is the case, so focusing on companies that are doing great and have already given great gains is one way to build your wealth. With this in mind, here are two companies whose prices have doubled over the previous couple of years and still seem well-stationed to double again.

Etsy

Before the pandemic, Etsy has had already made itself the premier purveyor of custom products, as well as craft vintage goods. On its platform, buyers can get an endless assortment of one-of-a-kind things. Demand for their offerings accelerated last year and is showing no sign of slowing down.

Etsy has a scale no other handmade goods market can match. It sells 92 million unique products from 4.7 million sellers and over 90 million buyers. Gross merchandise sales grew by 132% y/y in the first quarter this year. This helped push revenue up by 142%, while its profits increased over 11-fold.

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The company is keeping and even growing its gains from 2020. Management took note during the first-quarter earnings call that the company was “focused on pushing frequency” and found “buyer triggers.” As one example, management stressed its update tab, “It is very encouraging that now 13% of app visits include a look at the updates tab, and 27% of these visits have buyers clicking on one or greater listings that we have in updates.” This helps show the work that Etsy is doing to continue to attract and increase sales.

NVIDIA

When it comes to GPUs, no company can get near NVIDIA. It created the processing chips that allow computers and consoles to produce lifelike imagery in video games, and it is the top dog in the sector with a 81% share as of Q1 of 2021. NVIDIA’s gaming sector sales increased 106% y/y in its fiscal 2022 first quarter. That alone should be reason to buy the stock.

But NVIDIA’s biggest profit source might not be the gaming industry soon. Its cutting-edge hardware and software have become the industry standard in numerous accelerating technologies, including data centers and close, and AI. The company’s data center sales, which are being fueled by all of those important trends, increased 79% in the most recent period, and there is still a long runway for growth ahead.

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Social Security receivers are in line to get the largest cost-of-living raise in almost four decades, driven by a returning economy that is causing the biggest boost in inflation in years.

The Senior Citizens League, a group that centers on topics related to older Americans, says they estimate the change could be as much as 6.1%, given the June inflation numbers, which revealed that consumer prices in the month went up 5.4% from the year before, the fastest y/y increase since 2008.

The annual S.S. change is found given the CPI for Urban Wage and Clerical Workers, or also called the CPI-W.

Should Social Security receivers get a 6.1% boost to their monthly income in 2022, it would mean the biggest annual change since 1983, when they got a 7.4% bump. The Senior Citizens League said they expected the COLA for next year to be possibly 5.3% given the data from May.

“This is inflation on steroids, mostly caused by energy prices,” Mary Johnson, a Social Security researcher for the group, previously stated.

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In 2021, recipients got one of the lowest COLA boosts, with a raise of only 1.3%, or around an extra $20 per month.

The estimated figure might still be going to change, and ultimately depends on the economy’s performance over the future months and if the Fed raises rates to fight inflation.

Chairman Jerome Powell hinted last week while speaking on Capitol Hill that central bank officials are not discussing pumping the brakes at any time in the near future, informing lawmakers that America’s economy is some “ways off” from where it must be for the Fed to start unwinding its monetary policies established during the pandemic.

The SS Administration will give the final change percentage in October.

Since 2000, benefits have lost around 30% of their purchasing power because of inadequate changes that underestimate inflation and increasing health care costs, as reported by the Senior Citizens League.

The group has urged Congress to accept legislation that would link the adjustment to inflation indexes for seniors, like the CPI for the Elderly, also known as the CPI-E. That index directly tracks the spending of people aged 62 and above.

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Author: Ken McElroy

Source: YouTube: DON’T Save Your Money. (with Marko of Whiteboard Finance)

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Bitcoin and other cryptos recovered this Wednesday after a short sell-off, with the world’s top digital cryptocurrency reaching back over $30,000.

The price of bitcoin went as high as $32,765 this Wednesday, according to the website Coin Metrics, and last sold at 31,641, around 6% higher on the day. Smaller cryptos ether and XRP also returned with around 6% each.

The crypto market witnessed greater selling this week on Tuesday, with bitcoin declining under $30,000 for the first time since June 22nd.

The decrease came after news that the NJ A.G. gave a cease-and-desist message to crypto lending company BlockFi, ordering them to stop giving interest-bearing accounts.

The cause for the move higher Wednesday was not immediately clear. Cryptocurrencies usually have severe price swings. Bitcoin, for example, went higher to an all-time high of nearly $65,000 in the month of April before splitting in value in the months after.

The price of ether increased around 1.5% in the afternoon after Elon Musk says he has some of the cryptocurrency, in addition to bitcoin and dogecoin, during the online event called “The B Word.”

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Vijay Ayyar, leader of Asia-Pacific at crypto exchange Luno, said Wednesday’s rise was possibly a “dead cat bounce,” where an asset momentarily recovers from a prolonged decrease before sliding more.

Unless bitcoin can get higher than $32,000-$33,000, Ayyar says he expects more downside, with the top crypto possibly going as low as $24,000.

“We witnessed broad market rallies last night as well, and I believe crypto is only playing off of that,” Ayyar said.

“In general, there are many macro factors pushing down on risk-on assets right now — inflation, Covid, and with cryptocurrency we have worries like more regulatory oversight.”

Cryptocurrencies have been going down during an increasing crackdown on the technology and industry from regulators.

In China, authorities have tried to remove cryptomining, the technique that processes transactions and creates new coins. Binance, the world’s top crypto exchange, is coming under more pressure from regulators in Italy, the U.K. and elsewhere.

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In the quest to alter cannabis laws in the country, the House has not been much of an issue. The challenge has always been the U.S. Senate.

Last week, however, Senate Majority Leader Chuck Schumer announced his proposed law to decriminalize marijuana and make it legal at the federal level that he wishes to bring to the Senate.

With the possibility of complete federal cannabis legalization on the way, is it time to buy up a lot of marijuana stocks?

Possible winners

As you may expect, there are many winners if marijuana is made legal at the federal level in this country Canadian cannabis producers have long wanted to go into the huge American market. But they can’t do this and still list their shares on top United States stock exchanges while cannabis stays illegal.

If this roadblock is overcome, Canopy Growth is a stand out as an especially good beneficiary. Canopy already has an option to buy U.S. cannabis company Acreage Holdings. It also has a big partner (and biggest shareholder) based in the States — Constellation Brands. Canopy might be the first to move into the American market if Senator Schumer’s bill succeeds.

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Also don’t overlook the opportunities for the companies that are already operating in the country, though. Cresco Labs, for example, is ranked as one of the best valued multistate cannabis companies. One reason why its stock is cheap when compared to Canadian pot stocks is they can’t list their shares on a top U.S. stock exchange.

It’s a similar issue for Trulieve Cannabis, one of the largest cannabis operators in the united states. If Trulieve were priced the same price-to-sales ratio that Canopy Growth is at, its cap would bet at $10.3 billion — a lot more than its current number of $6 billion.

Don’t jump in just yet

With so much uncertainty in the U.S. Senate, investors probably should not load up just yet. That does not mean, however, that there are not stocks that you should take a hard look at.

One cannabis stock that looks like a good choice regardless of what happens in D.C. is Cresco Labs. They company is expanding in its core areas. It has also gone into new states, including the huge market of Florida and Ohio.

Author: Steven Sinclaire

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The market has been coming back to new heights in the past weeks, even with coronavirus persisting in news coverage and politics, and the economy not being fully recovered, and stimulus payments still helping to prop things up.

All this means a bigger risk that as we get back to normal, the market might experience a correction. If I owned the following two stocks, I would be considering selling them ASAP. Both of these companies’ share prices have doubled in one year, going way past the S&P 500 and its 35% boost.

But with increased price and the possibility of a crash coming in, they get riskier as every day passes.

1. Moderna

Moderna has went up by 250% in one year, and for good reason — its covid vaccine got emergency use authorization from the FDA last year. The company thinks it will generate over $18 billion in revenue from the vaccine this year, and its bottom line will finally be shaded black — in 2020 it lost a total of $747 million, triple its numbers in 2017.

Things are looking good for Moderna, especially since rival Pfizer is seeking FDA approval for a third dose of its vaccine. If Pfizer does this successfully, it’s very possible Moderna will follow suit, which might bring in even more cash for the company.

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But even with the vaccine success, Moderna’s future looks like a question mark to me, and while its forward p/e ratio of 11 seems cheap, that might quickly change post-COVID. Even on a forward basis, the stock is selling over 6 times revenue — Pfizer is 3. Although Moderna seems to be doing well at the moment, its stock is too expensive to withstand a possible correction.

2. fuboTV

Streaming company fuboTV is not profitable, nor does its profitability look to be getting close. But that has not stopped investors from jumping onboard, pushing shares higher by 160% in 12 months. Its subscriber count as of March reached 590,000 — a y/y increase of 105%. And the company might continue attracting more customers thanks to plans to create a sportsbook before the end of 2021.

However, while fuboTV is growing, my issue is that its approach could be too aggressive in reaching for revenue. In its recent results, for the time frame ending March 31, revenue of $120 million was not anywhere close enough to cover its $185 million in expenses. Of particular concern is that fuboTV has had subscriber-related expenses of $113 million — over the $107 million it got from its subscription revenue.

Without healthy margins to support the company’s continued growth, the problem for investors is that fuboTV’s numbers might not get better as it grows, which could mean an inevitable need to bring in more cash — diluting the current shareholders. For all these reasons, if we have a crash, fuboTV’s stock could fall quickly.

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Bitcoin was on the path to end on Tuesday under $30,000 per coin for the first time in 2021.

Bitcoin, the top cryptocurrency by market cap., decreased by as much up to 4.6% to $29,393 per coin. It has not ended under $30,000 since December 31.

“The latest fast sell-off in the cryptocurrency sector is seeing giants like Bitcoin and Ethereum hitting vital support levels that are turning more fragile,” said Nicholas Cawley, who is an analyst at DailyFX. “The lack of a return over the previous three weeks means that traders are no longer wanting to ‘buy the dip.’”

Tuesday’s decrease comes one day after a broad downfall in risky assets and as the current Treasury Secretary, Janet Yellen, has called on officials to create a legal framework for regulating stablecoins, which are supported by a reserve asset such as the U.S. dollars. Stablecoins give holders the privacy of crypto and the stability of fiat money.

Bitcoin’s value had spent the previous two months going between $30,000 and $40,000 after China in May caused a selloff after urging a crackdown on cryptocurrency mining.

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The price of bitcoin had gone up by as much as 116% in 2021, hitting a top at $63,503 in April, as a number of United States companies, including Tesla and MicroStrategy, started investing in the crypto as a strategy to diversify their holdings.

Analysts state that bitcoin’s bear run still has the ability to go lower.

J.P. Morgan researchers said last month that the cryptocurrency’s share of the overall crypto market would have to go back over 50% before they get more comfortable and believe the selloff is over.

Tuesday’s selling pushed bitcoin’s market cap down to $555.6 billion, or around 46% of the total $1.2 trillion crypto sector.

Bitcoin’s market cap hit a high over over $1.1 trillion back in April, or 70% of the total crypto space.

This comes at a time when more alternative cryptocurrencies are making news and getting support, such as Dogecoin as alternatives to Bitcoin, along with its number one competitor, Ethereum.

Author: Steven Sinclaire

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