By any measure, last week was a pretty special one for Bitcoin. Let’s take a look at the main highlights.
On Tuesday (October 27), the plans of Singapore’s DBS Bank, the largest bank (by assets) in South East Asia, to launch its own crypto exchange (“DBS Digital Exchange”) got leaked when the landing page for this future offering went up and then got deleted within a couple of hours.
The idea is that the bank-backed digital exchange, which is aimed at financial institutions and professional market makers, will allow trading between fiat currencies (SGD, HKD, USD, JPY) and cryptocurrencies (Bitcoin, Bitcoin Cash, Ether, and XRP).
Later that day, a spokesperson for DBS Bank said that “DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals.”
Also, Bitcoin’s price surged past the $13,750 level for the first time since June 2019. However, what was even more interesting was that Bitcoin received extensive praise during the earnings call of a U.S. publicly listed company probably for the first time ever.
Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR) reported its Q3 2020 financial results, and during the company’s earnings call, the company’s President and CEO both talked about Bitcoin. Last quarter MicroStrategy bought 38,250 bitcoins for an aggregate price of $425 million equates to an average price of approximately $11,111 per bitcoin.
With regard to Bitcoin, here is what Phong Le, the company’s President and CFO had to say:
“We’ve seen a notable and unexpected benefit from our investment in Bitcoin and elevating the profile of the company in the broader market. This is benefiting our company reputation overall and raising our mind share among prospective customers.”
He then went on to an additional statement:
“Per our treasury reserve policy, you should expect that we will purchase additional bitcoins as we generate cash beyond what we need to run the business on a day-to-day basis or to deploy for other corporate purposes.”
On Wednesday (October 28), Circle Co-Founder and CEO Jeremy Allaire became one of the first people in the crypto community to buy BTC using his PayPal account. Allaire tweeted that he had managed to buy $100 in Bitcoin PayPal’s recently-announced service that lets PayPal customers “buy, hold and sell cryptocurrency directly from their PayPal account.”
Saturday (October 31) was the 12th anniversary of the release of Bitcoin’s white paper (titled “Bitcoin: A Peer-to-Peer Electronic Cash System”) by Bitcoin’s pseudonymous creator Satoshi Nakamato.
However, Bitcoin HODLers had one more reason to celebrate on this day because, according to data from CryptoCompare, at 10:05 UTC the Bitcoin price reached the intraday high of $14,077. This was the first time that the BTC price had been above the $14,000 level since 15 January 2018.
Bitcoin recorded its highest ever monthly close — $13,850 — on 31 December 2017, the…