New York, New York (NetworkNewsWire) – Two booming markets are
intersecting in the United States right now: legal cannabis and
bitcoin. America’s cannabis market is predicted to reach a
valuation of up to $50 billion by 20261, and the value
of bitcoin reached record highs in August, surpassing $4,000 per
coin and remaining above that mark as of August 192.
Both unquestionably hot market segments right now, cannabis and
bitcoin are now being linked thanks to the enterprising efforts of
companies like SinglePoint, Inc. (SING) (SING
Profile), which aims to utilize bitcoin in addressing
a problem currently faced by legal cannabis businesses in the U.S.:
a lack of banking options due to federal restrictions. The
activities of companies like Bitcoin Services, Inc.
(BTSC), Bitcoin Investment Trust (GBTC),
Advanced Micro Devices, Inc. (AMD) and
NVIDIA Corp. (NVDA) attest to the
red-hot market status that bitcoin and other cryptocurrencies are
enjoying right now. As a solution for currently “unbankable” legal
marijuana businesses, cryptocurrency seems like a perfect fit.
The new bitcoin exchange being pioneered by SinglePoint
(SING) aims to provide cannabis merchants with a means
of processing debit and credit card transactions independent of
banks and the FDIC (http://nnw.fm/Ln5ot). This will not only allow
marijuana businesses to begin conducting non-cash transactions
(cash currently being the only option for most), but it will also
allow customers to purchase cannabis products with their debit and
credit cards, just as they would purchase any other type of
merchandise at any other type of store.
SinglePoint is developing an in-house solution that would allow
cannabis consumers to obtain bitcoin at any point of sale and
instantly make bitcoin-powered purchases using their debit and
credit cards. Users will be able to sign up prior to visiting a
vendor or sign up quickly right at the point of sale. A beta
version of SinglePoint’s bitcoin solution is set to debut in
November at the Las Vegas Marijuana Business MJBIZCON event.
While similar solutions exist internationally, SinglePoint is an
early mover in bringing this technology to the U.S. The solution
will be KYC-AML compliant, and it will be applicable outside of the
cannabis market and could be utilized by any kind of business
desiring to offer an option for bitcoin transactions.
Though the beta launch is still a few months away, potential
patrons are already signing up through SinglePoint’s website.
A cannabis-specific cryptocurrency known as $Weed was recently
purchased (http://nnw.fm/M9vYG) by SinglePoint from First Bitcoin
Capital Corp (BITCF) and will also be incorporated into
SinglePoint’s cryptocurrency solution, enabling marijuana
dispensaries and customers to complete transactions using either
bitcoin or $Weed. A recent initial coin offering (ICO) for $Weed
resulted in an impressive yet illiquid market cap of nearly $60
million.
While cryptocurrency wallets can be obtained at the point of
sale through SinglePoint’s solution, SinglePoint and BITCF intend
to implement a consumer-first approach and invest heavily in
enticing customers to sign up for their cryptocurrency wallets
ahead of time. This will ensure consumers can make their onsite
cannabis product purchases without delay, and it also lets vendors
deploy loyalty programs, special offers and more and to access
consumer data regarding products.
For additional information about SinglePoint’s operations, view
the company’s IR Kit here: http://www.networknewswire.info/sing/ir/.
Considered the most valuable of the cryptocurrencies, bitcoin
has exploded in value and popularity, with many companies and
businesses jumping on the bandwagon to either offer bitcoin-related
services or accept bitcoin as a currency. Other entities are busily
developing and offering their own “bitcoin-esque”
cryptocurrencies.
A company primarily engaged in mining bitcoin and developing and
selling blockchain software, Bitcoin Services,
Inc., began mining its own cryptocurrency, known as Dash,
in the first quarter of 2017. The company also recently created a
new subsidiary, Crypto Capital Corp., to develop a cryptocurrency
wallet that will allow users to securely store multiple digital
currencies, all in one wallet.
Bitcoin Investment Trust stands out as the
first publicly quoted bitcoin investment vehicle, enabling
investors to invest in digital currency without actually buying
bitcoins. A U.S.-based, open-ended grantor trust sponsored by
Grayscale Investments, Bitcoin Investment Trust is exclusively
invested in bitcoin. Its shares are the very first publicly quoted
securities to be exclusively invested in and derive value from the
price of bitcoin. Through Bitcoin Investment Trust, investors are
able to gain exposure to bitcoin’s price movement through a
traditional investment vehicle, free of the challenges associated
with buying, storing and safeguarding bitcoins. For 2017, Bitcoin
Investment Trust was named one of OTC Market Group’s “OTCQX Best
50.”
Rival companies Advanced Micro Devices and
NVIDIA have each cashed in big during 2017 with
their respective offerings of powerful graphic cards, which miners
of bitcoin and ether (a cryptocurrency used on the Ethereum
blockchain) have been using to mine new coins. The recent
cryptocurrency mining boom is being credited with driving up sales
of the graphic processor units (GPUs) offered by these companies as
cryptocurrency miners attempt to generate as much currency as they
possibly can.
There probably isn’t a better time than now for a cannabis
cryptocurrency solution to hit market. Both the legal cannabis and
cryptocurrency markets are currently on fire, and merging these two
hot markets can only equal success right now for the companies that
accomplish it.
Editorial Sources:
1) Bloomberg.com: http://nnw.fm/JSGp1
2) Bitcoin.com: http://nnw.fm/zo7JB
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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