Bitcoin is the “It” thing of the 21st century for the technology world, and everybody wants a piece of it. Companies are finding new ways to benefit from this hype every day, with blockchain being the latest surge.
With new digital tokens springing up constantly, bitcoin has taken over the market, increasing from $17 billion in market capitalization at the beginning of this year to $260 million now. It’s not always a straight shooter though. Bitcoin derivatives haven’t started to trade on a major exchange, nor have exchange-traded funds been approved. Also, there’s only a few trusts and notes holding digital assets. For these reasons, buying cryptocurrency directly leads some investors to hesitate. This is where blockchain comes in. Buying blockchain-related stocks provide a more strategic way for investors to get in on the game without the risk some feel comes from buying bitcoin direct.
The most recent company to benefit from this thinking is Riot Blockchain, Inc. (NASDAQ:$RIOT). Formerly Bioptix Inc., Riot Blockchain has brought its stock up more than double by investing in cryptocurrency-related businesses, such as audit and accounting firm Verady LLC and blockchain-based payments provider Tess Inc.
360 Blockchain Inc. (OTC:$BKLLF), formerly 360 Capital Financial, saw its stock go up 300% when it announced its plans to focus investments solely on blockchain-related companies. Overstock.com Inc. (NASDAQ:$OSTK) has launched a Securities and Exchange Commission-compliant digital tokens exchange, causing a similar stock soar. Goldmoney Inc. (TSX-V:$XAU) will be offering clients the ability to trade bitcoin and ether and to store the assets in auditable and insured vaults. The result? You guessed it, another huge jump in stock.
Everybody wants in on this ground-breaking technology. These days, it seems, all a company needs to do is say they’re getting involved in blockchain, and it’s enough to get people interested. And that interest pays.
Featured Image: twitter
