It appears the Japanese bought the f**king dip in Bitcoin last week, as tonight's session has seen a sudden surge in the price of the virtual currency, taking out prior record highs and topping $2800.Additionally, Bloomberg reports, the speculative frenzy in bitcoin is spilling over into several small cryto-currency-related stocks on the Tokyo Stock Exchange.
Additionally, Bloomberg reports, the speculative frenzy in bitcoin is spilling over into several small cryto-currency-related stocks on the Tokyo Stock Exchange.
But it's not just Bitcoin that is soaring, Bloomberg reports that Remixpoint Co., Infoteria Corp. and Fisco Ltd., have all seen volatile swings in their share prices after announcing businesses related to digital currencies.
Remixpoint, which has more than doubled since tying up with Peach Aviation Ltd. to let customers pay for tickets with bitcoin, fell as much as 9 percent in Tokyo on Tuesday. Infoteria, up more than 50 percent in the past month, is testing ways to let shareholders vote by proxy using blockchain, bitcoin’s underlying technology. Fisco, a financial information services provider, began operating a bitcoin exchange last year and is up about 25 percent since early May.
All of these gains coincide with bitcoin’s rally, with the value of the virtual currency doubling against the U.S. dollar since early May. That has made the stocks of the these small-cap companies an attractive way for speculators to invest in cryptocurrency markets without buying them directly. That’s because investors can make bets via their brokerage accounts instead of taking risks with bitcoin exchanges, according to Naoki Murakami, a well-known day trader in Japan.
“From about a month ago when all these virtual currencies started spiking like crazy, we began seeing the so-called ‘stocks of the virtual currency bubble,”’ said Murakami, a frequent speaker at investor conferences. “Not everyone is sure they can trust bitcoin exchanges. And some don’t have accounts there. That’s why they’re using the stock market to speculate.”
Another reason why these stocks can become proxies for bitcoin is due to Japan’s relatively loose listing laws, some of which require no income and a market value of as little as $10 million before a company can go public. That’s made the Tokyo Stock Exchange home to hundreds of small companies.
“It’s pure frenzy,” Murakami said.
In April, Prime Minister Shinzo Abe’s government legalized digital currencies as a form of payment and placed rules around audits and security. That lent credibility to digital currencies, leading to some Japanese companies seeking partnerships with bitcoin startups.
Source : ZeroHedge
For only the best of ZeroHedge and articles relating to Steem follow me @Zer0Hedge
Good news
Following! Yes I am very excited to see bitcoin continue to rage forward and crush them naysayers. Mark cuban calling it a bubble is so annoying. People keep calling it a bubble every 100 points up of course at some time they will be right, but they will be wrong the other 99 times! Follow back if you interested in some crypto trade ideas
As more countries and exchanges come online more and more it will go up :)
Number one BUY for June is Bitbay
They have their own visa card you can get; finally making bitcoin into a usefully currency.
With a bitbay card you can walk into any shop in the world and buy.
Big money, Big money!!!
This is definitely sum ting good! :P
(
)
"Big money, Big prizes! I love it!"
Amazing news. Its inevitable.. Bitcoin will reach some unbelievable peak. As long as we people continue to nurture and use it. Bitcoin will take over.. Lets experience it.
wow
Thank you Asia for making me money!
Big news! Exciting times.
Let's hope that this is not a huge bubble. a lot of people will lose all their money and jobs when companies rely only on bitcoin
Thanks for sharing!
Agree that is awesome news...
2013 all over again...it's happening!
Bitcoin should be part of your portfolio along with gold, property and cash
All I can say is these are incredible times, and as always don't invest more than you can afford to lose.
Don't miss Byteball A I R D R O P! Just register your btc address to get coins
https://steemit.com/crypto/@yestur/how-to-get-byteball-for-free-by-just-linking-your-bitcoin-address