The genie is out of the bottle…
NEW YORK, August 8, 2017 /PRNewswire/ — The price of Bitcoin increased Monday, reaching a new all-time high of $3,451.86. Investors gained confidence in the future of digital currencies.
Bitcoin is up in value almost $600 from Friday, or when the currency traded at about $2,900. Bitcoin has more than tripled in value year to date, and up 18 percent in August alone.
Ronnie Moas, founder of Standpoint Research, published a report on Bitcoin and other cryptocurrencies. “In my view, the genie is out of the bottle, and cryptocurrencies will continue to rise and take market share away from stocks, other precious metals, bonds and currencies,” Moas said. The research gives bitcoin a $5,000 price target for 2018. SinglePoint, Inc. (OTC: SING), BTCS Inc. (OTC: BTCS), Bitcoin Investment Trust (OTC: GBTC), MGT Capital Investments Inc. (OTC: MGTI), Overstock.com, Inc. (NASDAQ: OSTK)
A Technological Evolution
Bitcoin went through a division last week regarding an upgrade to its underlying technology. According to a report by Fortune, most of the bitcoin ecosystem supports a solution called SegWit2x, while others supports a different scaling mechanism called Bitcoin Cash, which has split into a different blockchain last week.
Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, stated that, “the activation of SegWit is a significant milestone in bitcoin’s technological evolution.” Matthew Newton, market analyst at trading platform eToro, explained that, “On a market cap basis, the price rise in bitcoin very closely mirrors the decline in Bitcoin Cash, indicating that investors are selling their Bitcoin Cash for Bitcoin. Additionally, investors that preferred to wait out the hard fork last week are now moving back in,” Fortune reported.
SinglePoint, Inc. (OTC: SING) announced yesterday that a, “first-hand look at the company’s new Bitcoin exchange aimed toward solving the payments issues plaguing today’s cannabis industry. Currently, there is no standard for payment processing the cannabis market. It is an underserved market with vast opportunity for technology to solve the payments issue.
SinglePoint has started building an in-house solution enabling consumers to obtain Bitcoin at any point of sale. The new solution can be utilized by any business, from convenience stores to medical and recreation cannabis dispensaries. The company states it will be a payment service to make instant bitcoin powered purchases possible when all you have is a credit (or debit) card.
The company has done extensive research and the application will be KYC-AML compliant. Through a simple sign up form and easy ID verification component a customer will be able to set up their account online beforehand or will be able to sign up within seconds directly at the point of sale. SinglePoint has seen a similar type of solution being utilized abroad but not yet in the United States. As an early mover in building this solution company management is confident there will be a strong market for the solution and has already starting collecting potential customers through the company website.”
“We are very excited about this solution. In 2014 we started to explore the world of Bitcoin and believed then Bitcoin would have an impact on the cannabis industry. With the currencies new found consumer adoption we believe this is the time to execute and we are doing that in a big way. We have employed an expert and he has architected exactly what we need. Sign up, Swipe and Pay. At the end of the transaction if there is left over Bitcoin the consumer walks away with it. The bottom line is, it’s easy and almost gives the customer the same experience they are used to using every day.” states, Wil Ralston, President of SinglePoint.
BTCS Inc. (OTC: BTCS) plans to create a portfolio of digital assets including bitcoin and other ‘protocol tokens’ to provide investors a diversified pure-play exposure to the blockchain space. On July 10th, the company released a Letter to Shareholders updating current activities and outlining its corporate strategy for 2017 stating, “Our decision to focus our business around blockchain technologies in 2015 has proven to be a valid thesis with prescient timing, yet without the ability to secure sufficient capital in 2016, we were unable to realize the potential from this truly disruptive opportunity.”
Bitcoin Investment Trust (OTCQX: GBTC) is a publicly-quoted security that is solely invested in and originating value from the price of bitcoin. The BIT exposes the value and price movement of bitcoin to investors through a traditional investment vehicle, without requiring the purchase, storing and safekeeping of bitcoins. The Bitcoin Investment Trust tracks the bitcoin market price, fees and expenses.
MGT Capital Investments Inc. (OTC: MGTI) is in the process of acquiring and developing a diverse portfolio of cyber security technologies. With industry pioneer John McAfee at its helm, MGT is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, as well as corporate networks. Also as part of its corporate efforts in secure technologies, MGT is growing its capacity in mining Bitcoin. Currently at 5.0 PH/s, the Company’s facility in WA state produces about 80 Bitcoins per month, ranking it as one of the largest U.S. based Bitcoin miners. Earlier in May the company announced in May that it has closed on financing to allow the Company to materially ramp up its Bitcoin mining operations. The financing consists of a $1.35 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor.
Overstock.com, Inc. (NASDAQ: OSTK) announced earlier in April that their blockchain subsidiary, Medici Ventures, has added bitcoin consumer financial service platform Ripio to its portfolio of strategic blockchain-focused investments through participation in Ripio’s Series A financing. In addition to Medici Ventures’ equity position, the blockchain-focused subsidiary of US e-commerce pioneer Overstock.com will take an observer’s seat in Ripio’s board of directors meetings. Sebastian Serrano, CEO and Co-Founder of Ripio, said, “We are super excited to partner with Medici Ventures team. This investment and their experience will help us to leverage our vision of democratizing access to financial services in emerging markets. We are honored to be part of its portfolio and we look to strengthen our synergies in the near future.”
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.