NEW YORK, August 31, 2017 /PRNewswire/ --
The price of bitcoin reached a new all-time high at $4,703.42 this past Tuesday. Various data
shows just how much bitcoin has become a popular investing and trading currency. According to the Blockchain website, the average
number of daily bitcoin transactions has reached 224,000 this month, from about 206,000 in August
2015. Data from CoinMarketCap shows that the daily trade volume of bitcoin has increased to an average of $2 billion this August, or a major jump from an average of only $86.7 million a
year ago. The rally on Tuesday came after North Korea fired a missile over Japan, which caused new concerns of global political instability. "With both bitcoin and ether, we're seeing
a flight to safety due to the issues in North Korea, similar to when investors previously
flocked to gold out of equities during previous wars," said Andrew Keys, head of global business
development at blockchain software developer ConsenSys, according to CNBC. Chineseinvestors.com, Inc. (OTC: CIIX), MGT
Capital Investments, Inc. (OTC: MGTI), BTCS Inc. (OTC: BTCS), Bitcoin Investment Trust (OTC: GBTC), Overstock.com,
Inc. (NASDAQ: OSTK)
Bitcoin has been straggling with concerns of illegitimacy, or as a shadow currency used by the black markets. These concerns
are being perceived more and more as a thing of the past. A report by CNBC indicates that Criminals are dropping bitcoin in favor
of other digital currencies that are harder for law enforcement to use in tracking activities in across the dark web. "We're
getting a lot better through law enforcement tracking those [criminals] and holding the exchanges more accountable," the Homeland
Security official said. "I think [bitcoin]'s a lot more legitimate than people give it credit for."
Chineseinvestors.com, Inc. (OTCQB: CIIX) on August 14th announced, "the launch of its
cryptocurrency education and trading subscription service on Chinesefn.com, the Company's dynamic financial website that provides
real-time market commentary, analysis, and educational related services to Chinese-speaking investors. The new subscription
service will cover timely news and will provide analysis regarding all aspects of the emerging digital currency world, including
coverage of cryptocurrencies including bitcoin and ethereum, industry trends, price movement, sector related stocks and ETFs,
etc.
Cryptocurrency has attracted a lot of attention in recent years from the creation of bitcoin, the world's first decentralized
digital currency to blockchain technology, which allows cryptocurrency to transfer value across the globe without resorting to
traditional intermediaries such as banks. The ability to transfer value solely through software is a huge breakthrough. The
cryptocurrency market has also created new phenomena such as currency mining, trading, tender, and storage. At the same time, it
has significantly impacted industries such as cybersecurity, cloud computing and storage, and semiconductors."
"Cryptocurrencies like bitcoin have become a global phenomenon," 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 just spiked to a record high over $4,000 as US-North Korea tensions escalated. Likewise, ethereum has surged from
less than $10 to more than $300 this year. 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. 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."
MGT Capital Investments, Inc. (OTC: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the
Company continues to focus on an expansion model to grow its crypto assets materially. Recently, 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. Following shipment and setup, MGT's Bitcoin mining operations are expected to generate $1.1 million in monthly revenue, assuming current pricing and difficulty rates. Factoring in electricity,
hosting and other direct operating costs, EBITDA from the Company's Bitcoin mining operations is projected at $800,000 per month, prior to amortization of notes payable.
BTCS Inc. (OTCQB: 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. The company recently
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. Blockchain Global
Limited generated AU$5.9 million (approximately US$4.4 million) revenue in FY16, a 300% increase
over FY2015 revenue. Blockchain Global Limited has approximately US$3.5 million in assets comprised
of bitcoin and cash as of July 1, 2017, and is currently supporting its business through profit
from operations.
Bitcoin Investment Trust (OTCQX: GBTC) is a private, open-ended trust that is invested exclusively in bitcoin and
derives its value solely from the price of bitcoin. It provides a secure structure to gain exposure to the price performance
of bitcoin. On August 2, 2017, Grayscale Investments, LLC, the sponsor of the Bitcoin
Investment Trust, announced that a fork in the Bitcoin blockchain occurred on August 1, 2017. The
Sponsor is monitoring events relating to the fork and the Bitcoin Cash resulting from the fork.
Overstock.com, Inc. (NASDAQ: OSTK) recently announced an integration with ShapeShift, the world's leading instant
digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero,
and the new Bitcoin Cash, to buy online from Overstock's selection of nearly 4 million products, including, furniture,
accessories, bedding, décor, rugs, DIY, and more. ShapeShift allows digital currencies to be easily converted between different
coin types in a matter of seconds, all without any account setup or personal data required. Instead, the funds are sent to a
specific address, with the blockchain record of the transaction acting as both the order and the receipt.
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