NetworkNewsWire Coverage: Bitcoin’s recent climb above the $4,500 mark is just one example of how its market capitalization continues to gain unprecedented reach. (http://nnw.fm/lGp8V) From cannabis to technology, bitcoin has impacted industries far and wide, but analysts believe that the cryptocurrency isn’t done climbing. A Goldman Sachs analyst recently predicted bitcoin could soon go for as high as $4,800. ChineseInvestors.com Inc. (CIIX) (CIIX Profile) is one business taking advantage of bitcoin’s success by setting up bitcoin payment acceptance through its wholly owned subsidiary, Chinesehempoil.com Inc. (http://nnw.fm/2ZjlL). SinglePoint, Inc. (SING) also continues to develop its bitcoin cannabis payment solutions, while technology company NVIDIA Corporation (NVDA), graphics cards maker Advanced Micro Devices, Inc. (AMD), and bitcoin investment vehicle Bitcoin Investment Trust (GBTC) occupy their own unique positions.
ChineseInvestors.com (CIIX), in July 2017, announced that its Chinesehempoil.com subsidiary was ready to accept bitcoin payments, in addition to more common payment methods such as debit cards and PayPal, in order to enable consumers to purchase its hemp-based health products online. The move marked CIIX’s official entrance into the burgeoning digital currency market and enabled the company to offer its customers a heightened level of cost savings, privacy and ease of use.
By August, CIIX took its knowledge of bitcoin a step further. On par with its core operation as a provider of financial information, CIIX launched its cryptocurrency education and trading subscription service on Chinesefn.com, its dynamic financial website that provides real-time market commentary; analysis related to digital currency, trends and stocks; and education-related services to Chinese-speaking investors. The subscription service covers a spectrum of vital cryptocurrency data, including news, analysis, industry trends, price movement, sector related stocks and ETFs, and more (http://nnw.fm/OC7Cd).
ChineseInvestors.com (CIIX), CEO, Warren Wang, in the press release announcing the new service (http://nnw.fm/Ifd3E), described why providing this information to the Chinese-speaking population represents a significant market opportunity.
“With the use and trading of cryptocurrencies on the rise in Asia, it appears that a much wider adoption of digital assets may be right around the corner. With an estimated 85% market share, China is one of the dominant players controlling bitcoin volume, along with Japan (which recently legalized bitcoin as a form of payment) and the United States,” he explained. “While many see the unique opportunity that cryptocurrency poses for investors and desire to capitalize on this market opportunity, they may not have a full understanding of the concept of digital currency or how the system works. CIIX intends to provide fundamental knowledge to Chinese speaking newcomers to cryptocurrency, including straightforward explanations of the basics of cryptocurrency, how to buy it and straightforward trading guidelines. For those with cryptocurrency experience, the Company will provide more detailed information regarding currency mining, blockchain technology, stock trends and ETFs. Through its innovative cryptocurrency education and trading subscription service, the Company endeavors to be the leading Chinese educational site providing up to date news and information on digital currencies.”
Headquartered in Los Angeles with offices in New York City and Shanghai, CIIX continues to grow its core as a specialized investment services company with a 100,000+ user base, providing consultation, advertising, and public relations services to China-based companies.
SinglePoint, Inc. (SING) is another cannabis industry leader participating in the cryptocurrency phenomenon. In June 2017, the company closed a round of funding (http://nnw.fm/7RT7g) with an investor to support a bitcoin payments solution that was implemented in partnership with First Bitcoin Capital. By adding bitcoin payments to its diverse portfolio, SinglePoint is helping the cannabis industry – as well as other high-risk industries – overcome the challenges stemming from a lack of adequate banking access. SinglePoint also recently purchased $Weed from First Bitcoin Capital, a new currency in the market (http://nnw.fm/C5zDj). WeedCoin is curretly listed on three exchanges, and SinglePoint said it intends to list and market the currency on more exchanges moving forward.
Taking a step backward in the cryptocurrency process helps to understand these investment options in the alternative currency market. California-based graphics chip manufacturer and technology company NVIDIA Corporation (NVDA), participates in the digital currency market by providing chips used for cryptocurrency mining. While there are numerous other uses for its chips, bitcoin miners favor graphics processing units to create new cryptocurrency units. According to several industry reports, this demand helped push sales of Nvidia’s graphics card line 52% higher to $1.2 billion in the second quarter.
Likewise, Advanced Micro Devices, Inc. (AMD) is benefitting from demand for its graphics card by cryptocurrency miners. In June, the chipmaker told CNBC that demand for its graphics cards was fueled by the “newly resurgent cryptocurrency mining markets” (http://nnw.fm/gbPL6). Earlier this week Advanced Micro Devices revealed details of its “Radeon Software Crimson ReLive Edition Beta for Blockchain Compute” driver (http://nnw.fm/ObGa5), created to help boost the efficiency of cryptocurrency mining rigs. The beta-level driver targets graphics processors that are used for mining, or a way that new transactions are added to blockchains, addressing the demand for processors used by those tapping into the cryptocurrency market.
The growth and potential of bitcoin is further evidenced by Bitcoin Investment Trust (GBTC), which enables investors to gain exposure to bitcoin’s price movement through a traditional investment vehicle without the challenges of buying, storing and safekeeping bitcoin. The U.S.-based, open-ended grantor trust is invested exclusively in bitcoin, and its shares are the first publicly quoted securities solely invested in and deriving value from the price of bitcoin. Bitcoin Investment Trust was recently named to OTC Markets Group’s “OTCQX Best 50” for 2017. Bitcoin digital currency has already been named an official method of payment in Japan, and it is being accepted by more and more major retailers in the United States, furthering the acceptance of bitcoin’s presence as a valid payment method.
Market analysts continue to predict increases in bitcoin and digital currency in general. Cryptocurrency payments have benefited businesses and consumers in the cannabis products industry and in the graphics cards markets, driving growth in both sectors. Current trends show that it is also opening the door to markets worldwide, especially in the United States and China, with little signs of slowing down. This is true if pricing is any indication; bitcoin recently surged past $4,500.
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