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Recap October 11: The End of Bitcoin? Michigan Govt Kidnapping, Stocks Rise (Recap ep092)

In this week’s recap, we talk about the plans of central banks of creating their cryptocurrency. Some anarchists had planned on kidnapping the governor of Michigan. Stocks rose on hopes of more stimulus.

The Bank for International Settlements in collaboration with a group of 7 major central banks, published its 1st joint report into central bank digital currencies on Oct. 9. The Bank of Japan, one of the members, released a document outlining its own specific approach from a Japan-centric perspective to begin in 2021.

Canada gained 378,200 jobs in September & the unemployment rate fell to 9.0%, beating analyst expectations, as schools reopened & the economy continued to reopen from coronavirus shutdowns, Analysts had predicted a gain of only 156,600 jobs & for the unemployment rate to fall to 9.7% from 10.2% in August.

Global oil prices dipped Friday, but both world benchmarks remained on course for their biggest weekly gains since early June, with U.S. WTI remaining above $41.00 a barrel & international Brent above $43.00 a barrel, due to supply cuts caused by a storm in the Gulf of Mexico & a strike of offshore workers in Norway.

The number of Institutional investors investing in Bitcoin continues to increase & it appears to be providing new confidence in the price, once again surpassing $11K. Square announced this week that it had purchased 4,709 Bitcoin for $50M, following MicroStrategy, which also announced a significant purchase of Bitcoin.

The number of Americans filing new claims for jobless benefits drifted lower last week, initial claims for state unemployment benefits totaled a seasonally adjusted 840K for the week ended Oct. 3, vs. an upwardly revised 849K in the prior week. Economists had forecast an even lower 820K applications in the latest week.

Trump will support Independent Stimulus Check Bill; The U.S. trade deficit rose to its highest level in 14 years; Apple to unveil its latest iPhones on the 13th; India is giving new incentives to attract smartphone manufacturers.

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