Bitcoin Daily: Square Stocks Drop After Citron’s Bitcoin Critique, Oscar Meyer Launches Bacon Crypto

Square’s stock fell almost 4 percent on Monday (April 30), after a short seller tweeted that the company’s bitcoin efforts might be overhyped, CNBC reported. “SQ-Cash to BTC trading has been insignificant,” Citron Research tweeted. “Even w/ hyper growth still 40% too rich.” In addition, the firm set a short-term price target of $30 for the stock. That price was more than 35 percent below the price of Square’s stock at the close of markets on Friday (April 27).

And Warren Buffett doesn’t see bitcoin as an investment, CoinDesk reported. “There’s nothing wrong with it,” Buffett told Yahoo Finance. “If you wanna gamble, somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.” Buffett has long been wary of bitcoin: He called the cryptocurrency a “mirage” back in 2014. And, in January, Buffett said that digital currencies “will come to a bad ending.”

In other news, Venezuela is looking to increase use of its Petro cryptocurrency, NewsBTC reported. As a result, the Venezuelan government is looking to offer India a 30 percent discount on its crude oil if it pays in Petro.

And, in a tongue-in-cheek gesture, Oscar Meyer is offering a bacon-backed cryptocurrency called “bacoin,” Yahoo Finance reported. Bacoin is “the first ever cryptocurrency backed by the gold standard of Oscar Mayer bacon,” the company said in a press release. But the coins do come with an important caveat: “Similar to other cryptocurrencies, the value of bacoin can be volatile.”

In investment news, a technology fund has raised $500 million for a new cryptocurrency that will provide a new way for investors to invest in Silicon Valley, Reuters reported. Andra Capital created Silicon Valley Coin (SVC), which investors can use to back a collection of late-stage venture capital (VC) firms. “We’re changing the dynamic in venture capital by providing more investors access to high-growth Silicon Valley assets,” Andra Capital managing partner Haydar Haba told Reuters.