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…
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