CannabisNewsWire Editorial Coverage: As bitcoin’s price continues its meteoric rise, which has seen the cryptocurrency skyrocket in value from just under $1,000 at the start of 2017 to above $10,000 in November, a number of companies have taken steps to benefit from the growth of the burgeoning cryptocurrency industry. One area of the industry that appears to offer significant growth potential is the application of bitcoin and other cryptocurrencies to sectors of the economy, such as the cannabis industry, that are blocked from accessing banking services. Among the companies that have oriented their businesses to take advantage of opportunities in these markets are Global Payout, Inc. (GOHE) (GOHE Profile), SinglePoint, Inc. (SING Profile), Bitcoin Investment Trust (GBTC), Bitcoin Services, Inc. (BTSC) and Riot Blockchain, Inc. (RIOT).
Global Payout, Inc. (GOHE) has positioned itself to provide transactional services to companies offering cannabis-related products through its MoneyTrac Technology, Inc. subsidiary, which enables such companies to access the banking services they need to conduct their business. While some states have legalized the use of cannabis, it is still categorized as a Schedule 1 drug according to the federal Controlled Substances Act – hence, cannabis businesses are essentially “unbankable,” and shut out of the traditional banking system.
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Bitcoin’s Rise Solidifies the Intersection of Cannabis and Cryptocurrency
