CannabisNewsWire
Editorial Coverage: As one of the oldest means of
exchange in the world, gold is always on the radar of the
investment community. However, with gold currently valued at
roughly $1,286.10 per ounce following a steep decline in the wake
of the U.S. Presidential election, many investors are seeking out
more fruitful investment options. In a November 2016 article titled
“Bitcoin Might Be A Better Investment Than Gold” (http://cnw.fm/Yrb1K), a contributor to Seeking Alpha
praised bitcoin’s recent flourish, and the cryptocurrency has
continued to climb in the months since. On August 6, 2017, bitcoin
soared to a new record of $3,000. Just a week later, it eclipsed
the $4,000 mark, more than quadrupling its value since January.
Bitcoin continued its blockbuster climb in recent weeks, hitting
$6,147.07 on October 21, 2017, as the cryptocurrency busted out
another record high, according to data from industry website
Coindesk. For prospective investors, this climb has created an
opportunity to capitalize on the most significant evolution of the
global currency landscape in decades. Companies like
SinglePoint, Inc. (SING) (SING
Profile), Bitcoin Services,
Inc. (BTSC), Bitcoin Investment Trust
(GBTC), Advanced Micro Devices, Inc.
(AMD) and Nvidia Corp. (NVDA), by
targeting various niches within the larger cryptocurrency space,
are positioned to reap the benefits of bitcoin’s climb.
Gold’s recent performance highlights the current demand for
alternative investment options. For more than half a century
beginning in 1879, Americans had the option to trade in U.S.
dollars for gold. This all changed in 1933, when the United States
went off the gold standard following a joint resolution,
eliminating the right of creditors to demand payment in the
precious metal. In 1971, President Richard Nixon completely severed
the link between the dollar and gold, transforming the greenback
into a fiat currency, invalidating the Bretton Woods Agreement, and
effectively driving the nail into the coffin of the so-called gold
standard around the world. Today, Federal Reserve notes are backed
solely by the “full faith and credit” of the U.S. government, but a
shifting political landscape has created demand for decentralized
monetary systems that operate independently of federal
institutions. In January 2009, rapidly advancing technology
facilitated the next evolution of currency when bitcoin, recognized
as the first decentralized digital currency (http://cnw.fm/HcH24), hit the international stage. By
2015, more than 100,000 merchants and vendors (http://cnw.fm/n9QNB) around the globe were accepting
bitcoin as payment.
To date, 2017 has proven to be a landmark year for the
cryptocurrency landscape. Back in April, the Japanese government
amended a bill to officially recognize bitcoin and other
cryptocurrencies as legal tender, and other countries are beginning
to follow suit. This rising wave of global acceptance isn’t going
unnoticed in North America. Bank of America is one of several
Fortune 500 companies strengthening its intellectual property
portfolio (http://cnw.fm/kEVV3) as it relates to cryptocurrencies
and their underlying blockchain technology. In addition to filing
nine blockchain patent applications with the U.S. Patent and
Trademark Office in February alone, Bank of America is also working
with Microsoft on a joint venture aimed at applying blockchain
technology to the area of trade financing.
In the U.S., the burgeoning cannabis industry is, perhaps, one
of the most promising applications for bitcoin and blockchain
technology. Despite being on course to record sales of $13.3
billion in 2020, according to research by New Frontier Data
(http://cnw.fm/9yFTv), the U.S. cannabis market
is currently plagued with banking issues stemming from the
Controlled Substances Act. This decades-old statute classifies
marijuana as a schedule I controlled substance. As such, businesses
operating in states that have legalized cannabis for either
medicinal or recreational use are often unable to access
traditional banking services offered by financial institutions
operating at the interstate level. SinglePoint,
Inc. (SING) is attempting to remedy the concerns
presented to these currently all-cash businesses by providing a
cryptocurrency alternative (http://cnw.fm/G7es0) to traditional banking
solutions.
As CEO Greg Lambrecht stated in a recent news release, “There is
now tremendous momentum and demand for bitcoin acceptance as an
alternative form of payment.”
SinglePoint has entered a period of rapid development aimed at
executing on its bitcoin payments solution. The company’s
management team noted that a recently announced new round of
funding would play a key role in SinglePoint’s efforts to “move
very quickly to develop a cryptocurrency solution and continue
acquisitions in the cannabis space.” In early August, SinglePoint
confirmed (http://cnw.fm/RPwq4) the swiftness of its development
efforts by announcing the commencement of development for its
in-house solution enabling consumers to “obtain bitcoin at any
point of sale.” While this new payment exchange is expected to be
particularly useful to the maturing cannabis sector, its potential
applications could extend well beyond the bounds of marijuana. As
SinglePoint noted in a news release, its new product will be “a
payment service to make instant bitcoin powered purchases possible
when all you have is a credit (or debit) card,” presenting upside
for a wide variety of businesses, most notably in high risk
markets.
On October 18, 2017, SinglePoint’s evolution was featured in an
article published by Equities.com in which Lambrecht discussed the
company’s two booming industries: cannabis and cryptocurrency
(http://cnw.fm/0Jwtu). “We believe that when we
get through with our cryptocurrency product, we’re going to have a
huge first mover advantage to be able to go into the dispensary and
let the customers use Bitcoin or other coins to pay for cannabis,”
Lambrecht said in the interview. “It’s just a huge opportunity and
with our technical expertise we feel like we’re if not the absolute
best, one of the best companies to pull this off.”
This interview follows Lambrecht’s appearance on “MoneyTV
with Donald Baillargeon” (http://cnw.fm/1DoOV), during which he discussed
SinglePoint’s upcoming bitcoin payments solution. “We’ve hired some
of the leading bitcoin programmers in the world to go ahead and
build us a program,” he stated. “What this program is going to do
(it’s going to be very similar to the Starbucks wallet), you’re
going to have bitcoin on your wallet and when you go to the
dispensary you’re going to be able to buy cannabis with your
bitcoin wallet. That’s how we’re going to solve the fact that the
banks won’t give these dispensaries bank accounts. We’re going to
be unleashing this product at the cannabis show in Las Vegas
(http://cnw.fm/Q34He). When we solve this
problem (and we’re very confident that we can) … This is the
perfect storm for SinglePoint.”
Year-to-date, shareholders have taken note of SinglePoint’s
sustained growth and aggressive acquisition strategy. The company’s
price per share hit $0.0586 on October 20, 2017, up from $0.01 in
early January. An updated investor
kit detailing the company’s products, leadership team and
investor highlights provides readers with essential insights into
the company’s goals.
Joining SinglePoint in the cryptocurrency market and achieving
similarly promising growth is Bitcoin Services, Inc.
(BTSC). The company’s PPS hit $0.06669 October 20, 2017,
up from $0.01 in March of this year. BTSC originally unveiled plans
to develop a blockchain software of its own in June 2016, noting
its intention to emphasize online marketplace, file storage and
identity management applications of the currency. The company
reiterated these plans in October 2016 before turning its attention
toward mining digital currency at the beginning of 2017. According
to its recently updated website (http://cnw.fm/x6vZO), BTSC is currently focused on
both bitcoin mining (http://cnw.fm/5Wnns), the means by which new bitcoin
are introduced into circulation, and blockchain software
development.
Of course, not every investment opportunity in the
cryptocurrency market is related to the development of payment
software. Bitcoin Investment Trust (GBTC) enables
investors to gain exposure to the often significant price gains
recorded by bitcoin through a traditional investment vehicle,
eliminating the need to face the challenges of buying, storing and
safekeeping the cryptocurrency. GBTC’s shares are noteworthy in
that they are “the first publicly quoted (on OTCQX® under the
Alternative Reporting Standards) securities solely invested in and
deriving value from the price of bitcoin.” In an August 2017 report
titled “Why GBTC Is Better Than Bitcoin” (http://cnw.fm/rAV8k), a contributor to Seeking Alpha
provided some insight into the pros and cons of investing in
Bitcoin Investment Trust instead of purchasing bitcoin directly.
While GBTC shares are eligible for tax-advantaged accounts and
supported by a network of trusted service providers, it’s important
to consider that the current premium of GBTC over bitcoin is
roughly 85 percent. As such, existing digital currency wallet
platforms, as well as those in development by market innovators
like SinglePoint, likely present a more enticing option for the
majority of investors.
Yet another way to capitalize on the cryptocurrency boom is to
target ancillary markets, particularly those related to currency
mining hardware, such as Advanced Micro Devices, Inc.
(AMD) and Nvidia Corp. (NVDA). A July
article published by Business Insider (http://cnw.fm/WE1ae) called Nvidia and AMD “the only
sure bets” in the volatile cryptocurrency space, and their share
prices have echoed that sentiment. AMD’s PPS rose from $5.74 in
September 2016 to $13.81 on October 20, 2017. Meanwhile, NVDA
shares hit $196.90 on October 20, up from $59.52 in September 2016.
While these companies aren’t directly involved with bitcoin or the
ongoing cryptocurrency boom, many players in the emerging industry
rely on AMD and Nvidia hardware (http://cnw.fm/6JD5g) for the blockchain technology
that underpins cryptocurrencies, and that’s paying off for the GPU
makers. RBC Capital Markets analyst Mitch Steves, in a June 26,
2017, interview with TheStreet (http://cnw.fm/zM5Xq), stated that the growing
cryptocurrency mining market contributed “$100 million worth of GPU
sales for Nvidia in the last 11 days alone.”
With bitcoin hitting record highs in recent weeks, investors are
frantically searching for ways to capitalize on the emergence of
both bitcoin and the wider cryptocurrency market. While ancillary
service providers like AMD and Nvidia offer intriguing and
diversified footholds in the industry, SinglePoint’s position as an
early-mover combining the recent performance of both
cryptocurrencies and legal cannabis makes it an exciting investment
opportunity, particularly as it prepares for the November launch of
its cannabis-facing bitcoin payment solution. Look for SinglePoint
to stake its claim as cryptocurrencies continue their march toward
ubiquity. As Ronnie Moas of Standpoint Research told Bloomberg in
an August interview (http://cnw.fm/5vAo4), “It looks to me as though we are
at the same point in the adoption curve as we were in 1995” with
the Internet. “Cryptocurrency is becoming more widely accepted by
the day.”
For more information on SinglePoint please visit: SinglePoint
(SING) or www.SinglePoint.com
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