NEW YORK, August 28, 2017 /PRNewswire/ --
The price of bitcoin continued to rally last week or closing at $4,522, which over the course of the past week has increased by 7%. According to data provided CoinDesk, bitcoin is now up 68% month-over-month. The prices of other cryptocurrencies also jumped as well and the overall market cap of cryptocurrencies climbed above $150 billion for the first time. Despite the recent rally in the price of bitcoin, some experts think that it's not over yet. Ronnie Moas of Standpoint Research told CoinDesk, "I do not think we are in a bubble." Chineseinvestors.com, Inc. (OTC: CIIX), United American Healthcare Corporation (OTC: UAHC), MGT Capital Investments, Inc. (OTC: MGTI), Bitcoin Investment Trust (OTC: GBTC), BTCS Inc. (OTC: BTCS).
"I am not any more concerned with bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at - it is where are we going? I do not think we are in a bubble," Moas explained. "Now, imagine what they think of their own local currencies elsewhere in the world. Imagine you live in Venezuela and you're keeping your money under the mattress. Would you rather leave it there in Venezuelan bolivar or would you rather put it in bitcoin? It's not going to take you very long to make that decision."
Chineseinvestors.com, Inc. (OTCQB: CIIX) just announced this morning that it plans to launch the first Chinese daily video news broadcast from the NYSE covering digital currency and blockchain technology. The videos will be produced by Wall Street Multimedia ("WSM"), an independent news agency located in the NYSE. The broadcasts, anticipated to begin airing in October, will provide timely information and exclusive analysis regarding all aspects of the emerging digital currency world, including specific cryptocurrencies, such as 'bitcoin' and 'ethereum', industry trends, price movement, blockchain technology, sector-related stocks and ETFs, etc.
"I have been following the progression of the cryptocurrency market closely since 2014," says Warren Wang, Founder and CEO of CIIX. "Since January 2015, the price of bitcoin has increased 500% from $200 to $1,000 in January 2017, and recently spiked to a record high over $4,800. For example, during the Cyprus bank crisis, the government imposed a tax on savings accounts to make up for losses on bank books. During this crisis, bitcoin reached nearly $1,000. Recently, with bitcoin being recognized as an accepted payment method in Japan, coupled with the limited quantities of bitcoin being issued in the market, the price of bitcoin exceeded $4,000. As the cryptocurrency market continues to grow, we believe this is the optimal time to launch our daily Chinese digital currency news broadcast in conjunction with WSM from the NYSE."
"After the recent launch of our Cryptocurrency Education and Trading Subscription Service, the Company decided to further expand its presence in the digital currency market," says Wang. "Similar to U.S. stocks, as the price of digital currency, such as bitcoin, continues to increase, Chinese people all over the world will take notice and will want access to timely information regarding market trends, news, and analysis. We look forward to being the premier source for this information."
United American Healthcare Corporation (OTC: UAHC), through its subsidiary, UAHC Ventures, LLC, pursues strategic investment opportunities in various growth industries. UAHC Ventures, LLC has partnered with MGT Capital Investments, Inc. by providing a $2 million investment to MGT, the proceeds of which will be utilized by MGT to further expand and develop its Bitcoin mining operations. "Today we see Bitcoin and related-mining activities as a promising and fast-growing segment of the digital currency sector. Accordingly, we've identified MGT Capital Investments, Inc. as a leader in Bitcoin mining that is uniquely poised to capture market value as it expands its mining operations. As our commitment to making strategic investments through UAHC Ventures continues, we will further explore potential value-adding opportunities in the digital currency space, as they present themselves," said John Fife, CEO of UAHC Ventures, LLC.
MGT Capital Investments, Inc. (OTC: MGTI), one of the largest Bitcoin miners, focuses on an expansion model to grow its crypto assets materially. On August 25th, the company announced that it has entered a purchase order with Bitmain Technologies for in excess of 1,000 S9 Antminer Mining rigs, with shipment expected in mid fourth quarter 2017. Stephen Schaeffer, President of MGT Crypto-Capital Strategies, stated, "I am excited to have our mining expansion moving at a rapid pace now. The revenue milestone that will be achieved by our mining programs is something we feel proud to achieve and look forward to surpassing in our future expansion."
Bitcoin Investment Trust (OTCQX: GBTC), a subsidiary of Digital Currency Group, Inc., builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. Earlier this year, the company announced the filed registration statement on Form S-1 relating to the proposed registration of the Bitcoin Investment Trust's shares with the Securities and Exchange Commission. The objective of Bitcoin Investment Trust is for the registered shares to reflect the performance of the value of a bitcoin, before liabilities and expenses of the Trust, as represented by the TradeBlock XBX Index.
BTCS Inc. (OTCQB: BTCS) is an early entrant in the Digital Asset market involved with Digital Assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other 'protocol tokens' to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. BTCS intends to acquire digital assets through: open market purchases, participating in initial digital asset offerings. On August 21st, the company announced that it signed a non-binding Letter of Intent to merge with Blockchain Global Limited, an Australian blockchain company, which will be subject to a number of conditions detailed at the end of this press release.
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