Kodak And Long Island Ice Tea Embracing Blockchain Is Just Like Dot Com In 1999. It Didn't End Well.
Kodak and Long Island Ice Tea (now Long Blockchain Corp.) are two companies that have recently changed their names, announced that they were creating cryptocurrencies or a digital currency platform. Both of them saw their stocks jump after they revealed they were getting into digital currencies.
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to Hit $100,000 in 2018, Predicts Saxo Bank Analyst
An analyst at Saxo said that he believes the bitcoin price could reach $100,000 in 2018 due to increased interest from institutional .
Institutional Investors Could Bid Bitcoin Up to $100,000
Kay Van-Petersen made waves in Dec. 2016 when he predicted that the bitcoin could reach as high as $2,000 in 2017, representing more than 100 percent of upside from its at the time.
Bitcoin needed less than half the year to reach that mark. After ripping past $2,000 in May, the bitcoin price continued to surpass even the most bullish predictions, and it ultimately ended the year close to $14,000.
Now, the Saxo analyst is upping the ante. Van-Petersen told CNBC that he believes the bitcoin price could reach $50,000 to $100,000 before the end of 2018 — an increase of 300 percent to 700 percent from its value on Tuesday morning. “First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pull back at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” he said.
This rally, he said, will be fueled primarily by institutional investors, who have only recently begun to enter what has largely been a retail-driven market.
A variety of hedge funds and venture capital firms began investing in bitcoin last year, most notably Peter Thiel’s Founders Fund.
US exchanges CBOE and CME also launched the first regulated bitcoin futures contracts available to Wall Street investors, and fund providers have sought (thus far unsuccessfully) to gain regulatory approval to use these contracts as the basis for exchange-traded funds that track the price of bitcoin (Bitcoin ETFs). Despite these bullish developments, the bitcoin’s heated rally has cooled in recent weeks. Since the beginning of January, the bitcoin price has declined by more than nine percent, and it currently sits approximately 40 percent below the all-time high it set on Dec. 17.
Van-Petersen is not concerned. He said that bitcoin often consolidates at a lower level before breaking out to new highs. ------------------
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The guy is lying through his teeth. Through the entire interview all I saw was a smirk with “sell it now so we can buy more”. The same institution that called Bitcoin a scam and threatened to fire anyone who used crypto and then were “sorry” for calling it a scam. Why do people put so much trust into these guys?? Their job is to f*ck you over and stop you from getting rich. Most government institutions are calling Bitcoin a scam yet thousands of people are getting rich. Scam is to take 40% from you for risking your own money and trying to better your life than “couch” critics spreading FUD. Stay Strong!
Wonders of Naming the Company ‘Blockchain’ or ‘Bitcoin’. Bitcoin and Blockchain is all the rage in more than just individual investors’ circles, and companies are trying to cash in on the craze. While some are launching their own ICOs, such as Kodak, others have merely tacked ‘Blockchain’ onto their name and seen success.
In a move that seems dangerously similar to what happened in the 90s with the dot-com boom, the ‘Blockchain revolution’ taken on by some companies requires careful scrutiny as much of it is smoke and mirrors.
Speaking of smoke, the cannabis revolution that followed its legalization in a few states also came with a similar warning from the SEC about business cashing in on that hype.
Among the host of companies trying to wrangle their way into the hyped market is the company formerly known as Tulip BioMed - now Bitcoin Services. This change in name and direction saw the company's stock increase by a massive 43,500 percent last year.
To their credit, the name change came back in 2016 and only took off last year in November with the hype that came with the cryptocurrency market in the mainstream.
Bitcoin Services financial filings from around that time offer few clues that the company was doing anything specific to justify the hysteria. The same can be said of its website, which generally lacks press releases and other investor information, apart from contact information.
Another worrying trend that is reminiscent of the dot-com boom is that these gains do not last long as people quickly catch on or regulators step in.
Hong Kong-based UBI Blockchain Internet—previously known as JA Energy—soared more than 20,000 percent before regulators halted buying and selling.
Those who believe the entire cryptocurrency market is one big bubble often point to the similarities in hype between the dot-com bubble and these happen around companies taking advantage of the mania and speculation.
It remains to be seen if the cryptocurrency market can weather this mania better than other similar bubbles.
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