Thursday, January 25, 2018

CEO Riot Blockchain Predicts Price BTC in 2019 is $50,000 After Winning 500 BTC in Auction

CEO Riot Blockchain Predicts Price BTC in 2019 is $50,000 After Winning 500 BTC in Auction - Riot Blockchain have claimed 500 bitcoins from an auction hosted by the US Marshal Service, the latest move on the pivot with the newborn blockchain industry.

500 Bitcoin was won by Riot Blockchain in US Marshal Auction

The former biotech company has sought to purchase a larger piece of bitcoin 3,813 that US Marshal Service has seized through the assets of fines but in the undisclosed individuals or organizations, according to a Bloomberg report.

CEO Riot Blockchain Predicts Price BTC in 2019 is $50,000 After Winning 500 BTC in Auction

Bitcoin that the company did won were obtained for close to market prices, which worked out to about $ 5.2 million on Monday exchange rate, which when the auction is concluded.

Riot Blockchain, along with former Blockchain long ice tea producers, have become the new face of cryptocurrency mania, and both companies have seen them share soaring prices following their usual pivots into the blockchain space.

On Tuesday, the stock Riot Blockchains (NASDAD: RIOT) closed at $ 19.60, almost 300 percent increasing from where they were in before changing the October image.

However, like most companies created similar rebrands, Riot Blockchain share have largely followed the bitcoin price trajectory, and cryptocurrency markets correction days have correlated with nearly 50 percent decline in value of Blockchain stock unrest.

Nevertheless, the company said that it believes the market will rebound and soar to its highest point in the next 18 months.

"I believe we will head north of the $ 50,000 market price within 12 to 18 months," Blockchain CEO John O'Rourke told Bloomberg in an interview.

"Our strategy in the Riot is to collect Bitcoin and provide our investors as many exposure as we can, so we decided to participate in the auction," he added.

Regulators Always warn About 'Blockchain-R-us' scheme

US regulators, meanwhile, are warning investors to be cautious about investing in small companies that make questionable pivots into blockchain technology.

The Financial Industry Regulatory Authority (FINRA) says that some of these companies may associate themselves with the latest fads to falsify their share price increase. Similarly, the Securities and Exchange Commission (SEC) said it was "scrutinizing" the "Blockchain-R-Us" scheme, especially when these rebrands were accompanied by large stock offerings.