CannabisNewsWire Editorial Coverage: As one of the oldest means of exchange in the world, gold is always on the radar of the investment community. However, with gold currently valued at roughly $1,286.10 per ounce following a steep decline in the wake of the U.S. Presidential election, many investors are seeking out more fruitful investment options. In a November 2016 article titled “Bitcoin Might Be A Better Investment Than Gold” (http://cnw.fm/Yrb1K), a contributor to Seeking Alpha praised bitcoin’s recent flourish, and the cryptocurrency has continued to climb in the months since. On August 6, 2017, bitcoin soared to a new record of $3,000. Just a week later, it eclipsed the $4,000 mark, more than quadrupling its value since January. Bitcoin continued its blockbuster climb in recent weeks, hitting $6,147.07 on October 21, 2017, as the cryptocurrency busted out another record high, according to data from industry website Coindesk. For prospective investors, this climb has created an opportunity to capitalize on the most significant evolution of the global currency landscape in decades. Companies like SinglePoint, Inc. (SING) (SING Profile), Bitcoin Services, Inc. (BTSC), Bitcoin Investment Trust (GBTC), Advanced Micro Devices, Inc. (AMD) and Nvidia Corp. (NVDA), by targeting various niches within the larger cryptocurrency space, are positioned to reap the benefits of bitcoin’s climb.
Gold’s recent performance highlights the current demand for alternative investment options. For more than half a century beginning in 1879, Americans had the option to trade in U.S. dollars for gold. This all changed in 1933, when the United States went off the gold standard following a joint resolution, eliminating the right of creditors to demand payment in the precious metal. In 1971, President Richard Nixon completely severed the link between the dollar and gold, transforming the greenback into a fiat currency, invalidating the Bretton Woods Agreement, and effectively driving the nail into the coffin of the so-called gold standard around the world. Today, Federal Reserve notes are backed solely by the “full faith and credit” of the U.S. government, but a shifting political landscape has created demand for decentralized monetary systems that operate independently of federal institutions. In January 2009, rapidly advancing technology facilitated the next evolution of currency when bitcoin, recognized as the first decentralized digital currency (http://cnw.fm/HcH24), hit the international stage. By 2015, more than 100,000 merchants and vendors (http://cnw.fm/n9QNB) around the globe were accepting bitcoin as payment.
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Bitcoin’s Recent Gains Spell Opportunity for Cryptocurrency Companies
