The Growing Interest in Bitcoin Cryptocurrency

October 20, 2017         By: Payment Week

NEW YORK, October 20, 2017 /PRNewswire/ — Bitcoin bounced back on Thursday after the cryptocurrency fell to a low of $5,100 in the previous trading session. According to data from CoinDesk, the price of bitcoin rose 1.66 percent to $5,664.64during Thursday. Bitcoin is the largest cryptocurrency by market capitalization, which recently hit an all-time high of $5,856 last week and boosted by increasing interest for the investors in the digital currency. According to Cryptocoinsnews, Bitcoin’s trading volumes increased in Japan, South Korea and other markets. The Japanese markets accounted for nearly 38% of all bitcoin volume, while the U.S. market has 30% and the South Korean holds another 12%. Global Blockchain Technologies Corp. (OTC: BLKCF), Bitcoin Investment Trust (OTC: GBTC), Riot Blockchain Inc (NASDAQ: RIOT), MGT Capital Investments, Inc. (OTC: MGTI), Overstock.com, Inc. (NASDAQ: OSTK)

In May, Australia introduced legislation to end the double tax on Bitcoin and other cryptocurrencies. Australia recently reported that the bill will be enforced from July 1, 2018. According to a release regarding the end of taxation standard, “Currently, consumers who use digital currency can effectively bear GST twice: once on the purchase of the digital currency, and once again on its use in exchange for other goods and services subject to the GST. The bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes.”

Global Blockchain Technologies Corp. (OTC: BLKCF) also listed on the TSX Venture Exchange under the ticker symbol ‘BLOC’. On October 18th, the company announced that, “it has sponsored Monage Money Summit, a conference focused on the token economy, ICOs (initial coin offerings), and the future of money as it undergoes rapid change with evolving crypto technologies. Global Blockchain is an investment company that enables investors to access a basket of crypto holdings, balanced between blue chip cryptocurrencies (such as Bitcoin and Ethereum), smaller cap cryptocurrencies, and new crypto/blockchain technologies that are deemed to have significant upward potential. As a broad-scope participant in the blockchain ecosystem, Global Blockchain eagerly embraces the opportunity to sponsor this groundbreaking industry conference.

The Monage Money Summit is founded by technology luminary Jeff Pulver (also an advisor to Global Blockchain). It is set to be the premier event for investors to learn about upcoming and promising token sales, as well as blockchain startups that stand to be key players in the token economy.”

“As an entrepreneur who first started in the VoIP industry, I’ve known Jeff Pulver for more than a decade and witnessed how he helped coalesce the VoIP startup industry through the Vonage series of conferences, which evolved into being the premier platform for matching VoIP startups with investors,” says Shidan Gouran, President of Global Blockchain. “I believe Monage will grow to having the same effect in the blockchain sphere. Our decision to sponsor Monage Money Summit is one that enables exploration, and provides an ongoing forum for pioneering startups looking to disrupt the media industry by using blockchain technologies. It is part of our mission to facilitate growth in the world of crypto technologies, and we believe that this conference is the perfect setting to get great things started.”

“Quite simply, blockchains and cryptocurrency tokens are a quantum leap in the evolution of marketplaces, even transforming various forms of social media and communications networks which were once unmonetizable,” says Jeff Pulver. “With new business models driven by token economics, combined with AI, these technologies will be the driving force for a continuing Internet revolution. Companies such as Global Blockchain are defining this future. We are thrilled to have them join us as part of our combined commitment to growing the blockchain ecosystem.”

Bitcoin Investment Trust (OTCQX: GBTC) enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins. Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust, which enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins.

Riot Blockchain Inc (NASDAQ: RIOT) leverages its expertise and network to build and support blockchain technology companies. The company recently changed their ticker symbol has changed from ‘BIOP’ to ‘RIOT’. “We are pleased to begin trading under the new RIOT symbol as we transform into a strategic investor and operator of blockchain technologies,” said Michael Beeghley, CEO of Riot Blockchain. “We want our company name, symbol and mission to embody the disruptive nature of this field and our commitment to the evolution of digital transactions.”

MGT Capital Investments, Inc. (OTCQB: MGTI) recently announced that their bitcoin mining operations are expected to generate over $2.0 million in monthly revenue, assuming recent pricing and difficulty rates. Factoring in management fees, profit sharing, electricity, hosting and other direct operating costs, EBITDA from the Company’s Bitcoin mining operations is projected at $1.1 million per month.  The Company expects all rigs announced to date to be operating during the first quarter of 2018. We have been running at breakneck speed to achieve a substantial expansion of our Bitcoin mining footprint, and it’s time for a comprehensive summary,” stated Stephen Schaeffer, President of the Company’s Crypto-Capital Strategies business unit. “The effort required to reach our current level is not trivial. The ability to scale our operations requires coordinating the procurement of supply-constrained rigs, massive power requirements, substantial monitoring and controls, and the like. This success is far from a plug and play endeavor. We are very proud of the diligence of the entire MGT team.”

Overstock.com, Inc. (NASDAQ: OSTK) announced earlier this summer that it has partnered with ShapeShift. The partnership will allow Overstock customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from the store’s selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more. ShapeShift CEO Erik Voorhees explained, “Overstock’s long history with bitcoin and blockchain technology demonstrates their commitment to innovation. The ShapeShift team could not be more excited for this partnership and are pleased our technology will be helping the next generation of Overstock customers.”

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