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FinancialBuzz.com News Commentary
NEW YORK, December 29, 2017 /PRNewswire/ --
Bitcoin price holds at about $14,000 on thursday after rebounding from a sell-off last week. According to data from Coinbase, the leading U.S. cryptocurrency trading platform, bitcoin price was trading near 14,204 on Thursday evening. Bitcoin, the world's largest cryptocurrency by market cap, rebounded over 40 percent from a low of $10,400 it hit on Friday. The price rose to an all-time high of above $19,000 on Dec. 18. According to Coinmarketcap, bitcoin was up about 1,400 percent in the last 12 months and the cyrpotcurrency now has a market value of about $254 billion. MassRoots, Inc. (OTC: MSRT), Bitcoin Services, Inc. (OTC: BTSC), Global Blockchain Technologies Corp. (OTC: BLKCF), MGT Capital Investments, Inc. (OTC: MGTI), SinglePoint, Inc. (OTC: SING)
According to CNBC, Nick Colas, who is the co-founder of DataTrek Research and has been covering bitcoin for about four years, said in his daily note, "Bottom line: bitcoin can rally to $22,000 and still be reasonably priced, or plummet to $6,500 and also be correctly valued. The only way it goes substantially higher is if/when someone comes up with a large-scale business that uses bitcoin. That may come in 2018. But for now that scalable use case is asset protection, so that's how we value bitcoin today."
MassRoots, Inc. (OTCQB: MSRT) just announced breaking news this morning that it has formed MassRoots Blockchain Technologies, Inc., a wholly-owned subsidiary of MassRoots, Inc. dedicated to developing blockchain-based solutions for the cannabis industry. More information is available at http://www.MassRootsBlockchain.com .
"We believe blockchain has the potential to enable the cannabis industry to operate more efficiently, accountability, and with a greater degree of transparency," stated MassRoots Chief Executive Officer Isaac Dietrich. "MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry."
"The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value," according to Dan and Alex Tapscott in the Blockchain Revolution (2016). The most well known application to blockchain technology has been cryptocurrencies, which have grown to a market valued at more than $600 billion, according to CoinMarketCap.com. The broadening of this technology spans many other applications and creates various opportunities within the regulated cannabis market.
Seed-to-Sale Tracking - Distributed ledger technology provides a greater degree of reliability and accuracy on the metadata associated with products -- times, dates, locations, quantities -- which have the potential to reduce friction in the cannabis market-place, save businesses valuable resources, and provide greater transparency to government regulators. According to Bloomberg, IBM is also exploring how blockchain can improve seed-to-sale traceability in the Cannabis market (link)"
Bitcoin Services, Inc. (OTC: BTSC) offers services related to cryptocurrency and bitcoin, such as Bitcoin Mining and Blockchain Software Development. "Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards," according to the company's website.
Global Blockchain Technologies Corp. (OTC: BLKCF) is an investment company providing investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. On November 7, 2017, the company announced that its wholly owned subsidiary Global Blockchain Mining Corp. has entered into an agreement to acquire a 49.9% interest in Coinstream Mining Corp., ("Coinstream") the world's first cryptocurrency mining company to employ the streaming model, providing strategic upfront capital and an additional payment upon delivery of the cryptocurrency, to select, proven, best-in-class operators and operations, in exchange for a stream of future cryptocurrency production, at a fixed price.
MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. On December 6, 2017, the company announced that it has executed a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rigs, with shipment expected early in the first quarter of 2018. "To meet the ongoing and projected ramp of our mining footprint, we are exploring cost-efficient locations for hosting and electricity on a global basis. In addition to the economics, we are focused on immediate availability of adequate power," stated Stephen Schaeffer, President of the Company's Crypto-Capital Strategies business unit.
SinglePoint, Inc. (OTC: SING) has grown from a full-service mobile technology provider to a publicly traded holding company. On November 15, 2017, the company announced the soft launch of a bitcoin exchange aimed at solving payment issues plaguing the cannabis industry. SinglePoint sees vast opportunity for technology to solve payment issues related to high-risk transactions, specifically in the cannabis market. There is yet to be a standout leader in the cannabis payments space, and SinglePoint is looking to solidify its position through the company's relationships and history of mobile payment offerings. The new solution can be utilized by any business from convenience stores to dispensaries in the 29 legal states and District of Columbia
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