CannabisNewsWire Editorial Coverage: While skepticism of bitcoin remains, this most popular of the cryptocurrencies continues skyrocketing in value and gaining traction in various industries. Cryptocurrencies like bitcoin are proving especially valuable as a solution for high-risk industries like cannabis, which remains largely unbanked in the United States due to marijuana’s continued status as a Schedule 1 drug under the Controlled Substances Act. Enterprising companies like SinglePoint, Inc. (OTC: SING) (SING Profile) are utilizing cryptocurrency as a means of bypassing federal restrictions and providing cannabis businesses with the financial transaction solutions they so critically need. SinglePoint recently entered into a multiphase joint venture with Smart Cannabis Corp. (OTC: SCNA) relative to this endeavor, and through this and other strategic joint ventures, collaborations and internal application development is energetically striving to provide a compliant payments solution for the cannabis industry. Other standout players exemplifying the big potential of cryptocurrency-related ventures include Bitcoin Services Inc. (OTC: BTSC), Square, Inc. (NYSE: SQ) and PayPal Holdings, Inc. (NASDAQ: PYPL).
Whether you are skeptical about bitcoin and other cryptocurrencies or believe the future of finance lies within them, the steamrolling growth of these virtual currencies is undeniable. Earlier this year in Japan, cryptocurrencies became nationally recognized as a legal form of payment, and initial coin offerings (ICOs) have jumped from raising just a few hundred million dollars in 2016 to raising more than $3 billion in 2017 (http://cnw.fm/zs5Ky). So far during December, bitcoin has broken the $17,000 mark in terms of value per coin, which is an astronomical rise from where the cryptocurrency sat at the commencement of 2017—just under $1,000 per coin as of Jan. 1 (http://cnw.fm/1KnDQ).
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