Globe says surging bitcoin fires up Hive Blockchain 2017-11-13 06:39 ET - In the News
The Globe and Mail reports in its Saturday edition that the big run in the price of bitcoins has thrust cryptocurrencies -- and the blockchain technology that underpins them -- into the limelight. The Globe's Alexander Posadzki writes that in the past six months the price of one bitcoin has surged about 300 per cent, hitting more than $7,000 recently and bringing the value of all bitcoins in circulation to more than $100-billion (all figures U.S.). The price slipped to $6,600 on Friday. That huge rise has caused a stir in financial circles, with JPMorgan Chase & Co. chief executive officer Jamie Dimon among those to declare bitcoins a fraud. He likened it to the Dutch tulip mania of the 17th century. The cryptocurrency craze sweeping the world is capturing imaginations on Bay Street as well. Eager to make a quick buck, investors are piling into digital currencies because gains are dramatically outpacing the stock market. Money managers are racing to create publicly traded ETFs and crypto-investment funds, and pouring cash into companies such as Hive Blockchain Technologies. The "cryptocurrency mining" company has quickly become Canada's first publicly traded billion-dollar blockchain firm.
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