CannabisNewsWire
Editorial Coverage: The cryptocurrency known as
bitcoin has seen an incredible boom since the start of 2017, and
its bullishness has continued during the month of October, with the
cryptocurrency once again breaking its own trading record and
surpassing $6,000 on all major cryptocurrency exchanges on October
20. Some experts believe the value of bitcoin will spike much
higher than this and that it has only just begun its climb in
value. Investors have glommed onto bitcoin’s rising star en masse
this year, and many companies have been pursuing means of
profitably utilizing this most popular of the cryptocurrencies. One
standout company is employing bitcoin to serve the needs of another
booming market: legalized marijuana. SinglePoint, Inc.
(SING) (SING
Profile) is very close to launching its own bitcoin
exchange aimed at solving the current problems of unbankability for
cannabis businesses in the United States. The promise of bitcoin’s
success as a means of giving cannabis companies non-cash payment
options and other financial amenities is clear, and bitcoin’s
increasing mainstream adaptation is evidenced in the activities of
players like Bitcoin Investment Trust (GBTC),
Bitcoin Services, Inc. (BTSC), Amazon.com,
Inc. (AMZN) and Overstock.com, Inc.
(OSTK).
Because the availability of bitcoin has a limit (its mining
capability will someday cap off at 21 million coins, and the number
of bitcoins mined since the cryptocurrency’s inception currently
sits at around 16.5 million), it is considered a scarce asset, and,
due to its scarcity, many believe its value potential will prove to
be unlimited and its price will continue to climb—even after no
more bitcoins can be mined. Companies currently engaged in
bitcoin-related enterprises are banking on this limitless value
potential and for bitcoin to continue shining as a red-hot
commodity.
SinglePoint,
Inc. (SING) is one company that has found promising
applications for bitcoin as a means to help solve banking issues
within the U.S. cannabis market—another investment space that is
currently blossoming with no end to its growth in sight. Despite
this, companies in the cannabis industry are currently blocked from
accessing traditional banking services in the U.S. due to the
Controlled Substances Act, which categorizes marijuana as a
schedule I controlled substance. Even in states where cannabis has
been legalized, marijuana enterprises are plagued by a lack of
banking options, which largely forces them to conduct cash
transactions. SinglePoint’s cannabis cryptocurrency solution, which
is now mere weeks away from launching in beta form, could help
effectively resolve this.
The new bitcoin exchange being developed by SinglePoint will
enable cannabis businesses to deploy a user-friendly method of
accepting credit and debit card payments without the need for
cooperation from banks or the FDIC. The company is developing an
in-house solution that will allow cannabis consumers to obtain
bitcoin at any point of sale and to instantly make bitcoin-powered
purchases using debit and credit cards. SinglePoint is an
early-mover in bringing such technology to the U.S., and its
bitcoin application will be fully KYC-AML compliant. Users can
create an account online or sign up in seconds at the point of
sale.
SinglePoint’s solution will further aid cannabis dispensaries by
enabling them to upload inventory-related information, like product
descriptions and photos, and digitally track their inventory. When
a customer buys a product, it will be automatically deducted from
the dispensary’s inventory listings.
SinglePoint’s innovative new payment exchange will undoubtedly
be a boon for the cannabis market, but its applicability does not
end there. The usefulness of this product could—and likely
will—extend far beyond the marijuana market, making instant,
card-based bitcoin-powered purchases possible for a variety of
businesses, both in high-risk and low-risk markets.
SinglePoint has found great success through an aggressive,
acquisition-based growth strategy, and investors have been sitting
up and taking notice. In early January 2017, SinglePoint’s price
per share was at $0.01; as of October 27, 2017, that price had
risen to $0.0599. The launch of the company’s bitcoin payments
solution will serve as yet another mark of SinglePoint’s sustained
growth.
An updated investor
kit detailing SinglePoint’s products, leadership team and
investor highlights offers key insights into the company’s
goals.
Further testament to the increasing power and adoption of
bitcoin is evidenced in the movement of entities like
Bitcoin Investment Trust (GBTC),
which became the first publicly quoted bitcoin investment vehicle
and which Wall Street analyst Tom Lee recently called “the only
game in town” for U.S.-based investors who want to gain exposure to
bitcoin (http://cnw.fm/c1WB4). Lee further predicts that
Bitcoin Investment Trust could rise by 250 percent or more by 2022
if bitcoin’s value reaches the $25,000 target he has set for it to
reach by that year. Bitcoin Investment Trust empowers investors to
gain exposure to bitcoin’s price gains through a traditional
investment vehicle, eradicating the necessity of buying, storing
and safeguarding bitcoin. Bitcoin Investment Trust is an open-ended
grantor trust sponsored by Grayscale Investments that is U.S.-based
and invested exclusively in bitcoin. It was named one of OTC Market
Group’s “OTCQX Best 50” for 2017.
Another cryptocurrency player that is achieving growth similar
to SinglePoint’s is Bitcoin Services, Inc. (BTSC).
Like SinglePoint, BTSC was at $0.01 per share early on in 2017, but
it had reached $0.0605 as of October 27. BTSC previously announced
its own plans to create a proprietary blockchain software,
intending to highlight online marketplace, file storage and
identity management applications relative to cryptocurrency. During
Q1 of 2017, BTSC began mining Dash, its own cryptocurrency. The
company also created a new subsidiary this year, Crypto Capital
Corp., for the purpose of developing a cryptocurrency wallet that
would enable users to securely store multiple digital currencies in
one wallet. At present, BTSC is focused on both mining bitcoin and
developing its blockchain software.
The acceptance of bitcoin by e-commerce giants like
Amazon.com, Inc. (AMZN) and Overstock.com,
Inc. (OSTK) is further evidence of the cryptocurrency’s
growing mainstream adoption. Currently, Amazon does not directly
accept bitcoin, instead allowing shoppers to use it in a roundabout
way through the Purse.io app. However, suppositions are flying that
this could change very soon due to Amazon’s rumored intention to
begin supporting bitcoin as a payment method (http://cnw.fm/lp2U0). Overstock.com does currently
directly accept bitcoin and has done so since January 2014.
There is no doubt that bitcoin currently represents big game for
investors, and optimistic forecasts see no ceiling for this
cryptocurrency’s growth. For enterprising companies seeking
profitable means of utilizing bitcoin, the future seems to be paved
with virtual gold.
For more information on SinglePoint please visit: SinglePoint
(SING) or www.SinglePoint.com
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