The price of Bitcoin reached a new all-time high this week, increasing above the $3,500 mark. Investors gained confidence in the future of digital currencies. Bitcoin is expected to outperform stocks and bonds for the rest of the year. Fundstrat Co-founder, Tom Lee, issued a report on digital currency stating, “Bitcoin is an under-owned asset with potential for huge institutional sponsorship,” on Wednesday, on CNBC’s Fast Money. “It has a lot of characteristics that are very similar to gold that I think will make it ultimately attractive as an alternate currency… It’s a good store of value.” ChineseInvestors.com, Inc. (OTC: CIIX), SinglePoint, Inc. (OTC: SING), Bitcoin Capital Corp. (OTC: BITCF), Bitcoin Investment Trust (OTC: GBTC), BTCS Inc. (OTC: BTCS)
Bitcoin went through a divide 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 some supported a different scaling mechanism called Bitcoin Cash, which has split into a different blockchain last week. 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.
ChineseInvestors.com, Inc. (OTCQB: CIIX) announced on July 10th, that its wholly-owned subsidiary, Chinesehempoil.com Inc., will officially accept Bitcoin payments. Consumers who buy hemp-based health products, foods, and beverages can use Bitcoins in addition to more common payment methods, such as debit cards or PayPal.
Bitcoin, the first decentralized digital currency, peer-to-peer system has attracted a lot of attention in recent years. Bitcoin can be converted into cash and exchanged for currencies of most countries. Consumers can use Bitcoins to buy both goods and services, everything from computers to furniture to apps, games and videos. Large retailers such as Dell, Overstock and NewEgg accept Bitcoin payments.
The US has been at the forefront of the digital currency space since the beginning, hosting the highest number of cryptocurrency users and Bitcoin trading volumes in the world. Silicon Valley, California is home to numerous cryptocurrency, blockchain-related startups, and the highest number of Bitcoin ATMs in the world. Other Bitcoin-friendly countries include Denmark, Sweden, South Korea, the Netherlands, Finland and Canada, to name a few. For example, the Swedish Financial Supervisory Authority legitimized the fast growing industry in the country by publicly declaring Bitcoin (and other cryptocurrencies) as a means of payment.
“I am delighted to announce the addition of Bitcoin payment to the ChineseHempOil.com site,” says Warren Wang, Founder and CEO of CIIX. “By providing advanced payment technology such as Bitcoin, consumers will benefit from cost savings, increased privacy and ease of use.”
SinglePoint, Inc. (OTC: SING) is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. On August 8th, SinglePoint announced its purchase of $Weed which is one of the newest fiat currencies floated in the booming Cryptocurrency markets. The large block purchase is from crypto industry leader, First Bitcoin Capital. After many months of collaboration, the two companies have decided this initiative is the starting point for a much larger play in the cryptocurrency markets. Weed ‘Coin’ is a crypto currency geared toward solving the payment problems found in the cannabis industry. The coin recently had its ICO launch resulting in an impressive yet illiquid market cap of close to $60,000,000.
First Bitcoin Capital Corp. (OTC: BITCF) is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – http://www.CoinQX.com. The company provides shareholders with diversified exposure to digital crypto currencies and blockchain technologies. On August 2nd, First Bitcoin Capital Corp announced that it intends to make history by being first to pay dividends to shareholders in the form of a cryptocurrency. First Bitcoin intends to pay regular quarterly 10% digital cash dividends in crypto currencies as long as the company has a surplus of this new form of money in reserves.
Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust (OTCQX: GBTC), announced on August 2nd, that a fork in the Bitcoin blockchain occurred on August 1, 2017. The sponsor is monitoring events relating to the fork and the Bitcoin Cash resulting from the fork. A record date has not been established for the purposes of any distribution that may be made in connection with Bitcoin Cash. The Sponsor will announce a record date, if any, once established.
BTCS Inc. (OTC: BTCS) secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. On May 25th, the company announced it increased its Ethereum-mining hosting business to approximately 150 kilowatts, up from approximately 50kw announced in March 2016. “We have gained valuable expertise since launching our Ethereum pilot program in March,” stated Charles Allen, CEO of BTCS.