LONDON, June 26, 2014 /PRNewswire/ --
Bitcoin has been the buzz word in the market for at least a year
now as the digital currency continues to make waves (both large and
small). There are some pessimistic or hesitant opinions out there
about whether or not the currency has what it takes to become a
fully functioning and practical alternative to conventional hard
currency. However, with the increasingly fast rate at which large
public companies are starting to accept payments in the form of
Bitcoin, it is beginning to seem like the digital currency is here
to stay.
DNA Precious Metals Inc
Some argue that Bitcoin is the new gold. Both are used as safe
alternatives to centralized currencies for storing assets. However,
while gold has depreciated about 2% in the past month, Bitcoin has
been experiencing an overall growth in its value (despite the wild
fluctuations for which it is currently famous). Since April, the
digital currency has skyrocketed more than 80% amid a flood of good
press as well as wider acceptance and awareness.
DNA Precious Metals Inc (OTC: DNAP) is investing in both. On the
20th of June, it officially acquired all Montauban Mine
Property mining claims of Tectonic Resources. The acquisition
consists of a total of 57 mining claims covering approximately
2,560 hectares in Canada.
In addition to their precious metal mining claims, DNA Precious
Metals is expanding into Bitcoin mining through its wholly owned
subsidiary DNA Crypto Corporation. The subsidiary has already
received multiple inquiries about potential partnerships and
investments- The board of directors at DNA Precious Metals Inc will
go over each of these inquiries over the next two weeks.
The expansion into Bitcoin is a strong indicator of the
versatility of DNA Precious Metals Inc. While the value of gold
remains relatively stable and enduring, bitcoin is poised to see
rapid growth. The company has firmly planted one foot in each so
that it has a stronger position from which to grow.
Ebay and Others Accepting Bitcoin
In May, Dish Network (NASDAQ: DISH) officially became the
largest company to begin accepting bitcoin. The satellite
television company will begin accepting payments in the third
fiscal quarter of this year using the payment processor, Coinbase,
which will convert the bitcoin payments automatically into cash in
order to avoid the risk of price fluctuation.
John Donahoe, the CEO of Ebay
(NASDAQ:EBAY), which also owns PayPal, announced that it would be
working to integrate Bitcoin and other digital currencies into the
popular payment platform. While many have been focused on the
investment potentials of the currency, Donahoe has expressed
interest only in its potential as a digital currency and how the
technology can be used as a more convenient payment method than
standard hard currencies.
Apple has changed its stringent policy against Bitcoin and other
crypto currencies by finally allowing apps which perform
transactions using them to be downloaded onto iPhones and iPads.
The move from this technology giant is perhaps one of the biggest
signals of Bitcoin's rising success as a viable currency.
Many big names in retail-such as Lord & Taylor, Overstock,
and TigerDirect-have begun accepting Bitcoin for payments showing
that both awareness and confidence in the currency. The increasing
trend toward accepting Bitcoin has helped to spur resurgence in the
currency's value. The increase in value is leading to a willingness
to accept the currency. Ideally, this will become a continuous,
self-propelled cycle allowing Bitcoin to experience its full growth
potential and become a practical alternative currency which can be
used for everyday purchases as well as for asset storage and
investment.
Bitcoin Mining, Payment and Exchange Startups
The increasing number of companies accepting Bitcoin has sparked
a flood of investments from venture capitalists amounting to more
than $200 Million for startups getting involved in the
cryptocurrency.
$5 million of that went to the
highly secretive 21E6, a mining company operating out of
San Francisco. This company is
taking a long position in Bitcoin as it invests heavily into
Bitcoin mining technology in order to mine as many as possible with
the belief that the future value of the currency will far outweigh
the mining costs.
A host of startups are appearing all over the place which plan
to make payments using Bitcoin much easier both online and in brick
and mortar stores. Young companies like BitPay and SnapCard are
developing products and services which will make Bitcoin a
practical currency for consumers to use in their everyday shopping.
SnapCard, for example, has even claimed that users will be able to
pay their taxes using the cryptocurrency.
Newnote Financial Corp (FRA: DE: 1W4), another young startup and
pioneer in cryptocurrency and Bitcoin software has seen a lot of
success with its cloud hashing services. In the past month alone,
the company has earned an estimated $78,000 in gross sales. The
company has made a number of strategic new partnerships in order to
secure its success in the burgeoning Bitcoin market on the consumer
end.
The Problem of Instability
One threat which continues to loom over any company or investor
getting involved in Bitcoin is the dramatic fluctuations in value.
As the digital currency struggles to establish itself as a viable
currency, its value continues to skyrocket upward and then plummet
downward in a wildly unpredictable trend.
This makes Bitcoin an extremely high risk currency for investors
getting in before the currency has been fully adopted. Although
Bitcoin use is higher than it has ever been, this does not
guarantee that it will endure and become a mainstream currency.
This is largely due to the many concerns both consumers, merchants,
and governments have regarding the new cryptocurrency.
Some companies have come up with effective strategies to deal
with this uncertainty. For example, Dish Network immediately
exchanges the bitcoins for cash. On the production end we have
mining companies like DNA Precious Metals Inc which has secured
itself against such instability by diversifying its assets.
The independently operating subsidiary, DNA Crypto Corp, will
expand aggressively into Bitcoin mining while the parent company
continues to secure mining claims for precious metals. In this way,
it makes itself a particularly attractive investment as it offers
the rapid growth potential appealing to that aggressive investor in
all of us. At the same time, it offers the security and consistency
long associated with gold so that even value investors may become
interested in adding DNA Precious Metals Inc to their
portfolio.
Future Outlook
It is difficult to make a prediction one way or the other when
it comes to Bitcoin. It is notoriously volatile and famous for its
overnight hikes and drops. However, one could tentatively stay
that, despite the wild fluctuations, the digital currency has moved
steadily in the direction of increased acceptance and broader
awareness meaning that it is on the path toward becoming a viable
currency even if it is at the beginning of this path. In any case,
it is no longer something Wall Street can afford to ignore.
With that in mind, companies like DNA Precious Metals Inc which
are getting in on the ground floor stand to see astonishing rates
of growth as some analysts estimate Bitcoin could reach values in
the tens of thousands. Investors today are here at exactly the
right time to invest in these innovative companies to make sure
they see their share of the explosive profit potential. Choosing
companies with solid business strategies and a secure foundation
will help mitigate the relatively high risk involved in such an
investment.
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