April 2021 Report & Analysis

Alyona Shepilova
May 7 · 3 min read

And we’re back. Let’s get straight down to business!

Numbers

Total April 2021 revenue: €1,499,544
April 2021 Revenue share: €149,954
Share per 100 CPAY: €0.166
Distribution date: May 7th, 2021
April 2021 Revenue share in ETH: 51.2232 ETH

Analysis

April 2021 was a relatively calm month for Bitcoin enthusiasts. What does losing $14k in less than 2 weeks even mean anymore if the price is just going to return to the same level ($56k)? It hasn’t been terribly active since February.

But is the recent stagnation a good thing for Bitcoin? Strategists at JPMorgan would argue that it is.

High volatility, quote, acts as a headwind towards further institutional adoption, unquote. Once stabilised, it would help reinvigorate the interest of professional investors.

The latter has been swayed a bit since the October boom. Gold is falling out of favour, and now allegiances lie elsewhere. Compare $20 billion in gold fund outflows to $7 billion in bitcoin fund inflows for the past six months (according to the bank).

“Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” JPMorgan said. How big? About $130k big.

Now, JPMorgan’s long-term price target for Bitcoin exists on the idea that Bitcoin’s volatility will match gold’s. And it’s not going to happen anytime soon.

“A convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is likely a multi-year process. This implies that the above $130,000 theoretical Bitcoin price target should be considered as a long-term target,” JPMorgan said. Still, something to look forward to.

Talking about volatility, it now seems apparent that Bitcoin walked so Dogecoin could run. As Kraken April report states: “The month ended with DOGE up a jaw-dropping +500% and volatility hitting a record monthly reading of 422%.”

In comparison, BTC’s volatility is just 67%, which, coincidentally, is the exact number of cents you’d need today to buy 1 DOGE.

“The overarching narrative behind the coin’s run this year,” continues the report, “is a protest against systemic inequities in the traditional financial industry — Dogecoin is, after all, the original ‘meme asset.’”

What a noble cause. Care to invest?

Revenue

While we cannot compete with Dogecoin (yet), we’ve got our own volatility — but we’re only going up. In April 2021, B2B grew by 3%, and B2C by an impressive 24%(!).

B2C growth mainly owes to wallet exchange operations while bank transfers performed similarly to last month. Card deposits volume continues to grow as does the card programme revenue — the progress here is slower but just as consistent.

Overall, B2C almost repeated its recent success of January 2021. But what was then largely a result of the rally and a series of separate large operations, now looks more like organic growth. We’ll cross that bridge when we come to it, of course, but it’s not at all implausible that May 2021 might at the very least reach the same heights as did this April.

See you on the other side!

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The CPAY Blog

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