Bitcoin boom takes over Wall Street

The current boom (or maybe bust?) has moved from Bitcoin trading as a crypto currency to companies involved in Bitcoin. I personally think it’s gone mad where there are companies like Longfin see their price go up as much as 500% within a day! The company just had their IPO this month and started with $5 per share. And now it’s at $40! With the high point being at $142.

There are plenty of other examples such as Overstock.com, which also went up a 260% in the past 2 years. merely of news surrounding cryptocurrencies. The books themselves show negative figures.

What has caused all this?

Speculation and smart PR.

Many companies are now just sending out PR messages where they say they support bitcoin or otherwise want to integrate it in their business model. Simply mentioning the words cryptocurrency, blockchain or such will skyrocket prices as speculators jump onto the shares.

As this has no impact on the bottom line, the price will drop and so it’s just good for a short period of time.

Would you, or do you ride the wave in now with the cryptocurrency boom?

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