Bitcoin is looking very strong here at $1,273.70. Bitcoin is up 34.2% year-to-date after finishing 2016 at $949.30. Within the next week, the SEC will announce whether or not it approves the Winklevoss Bitcoin Trust ETF, and if they do we could see Bitcoin prices make a rapid move towards $2,000.
The best performing cryptocurrency so far in 2017 is Ethereum, currently priced at $19.45. Ethereum is up 143.1% year-to-date after finishing 2016 at $8. Ethereum currently has the second highest market cap out of all cryptocurrencies at $1.756 billon vs. Bitcoin’s current market cap of $20.7 billion.
Both Bitcoin and Ethereum are powered by blockchain technology. Over the medium/long-term, Ethereum could become the #1 largest cryptocurrency ahead of Bitcoin, because it allows for “smart contract” functionality. A smart contract is an application that gets stored in the blockchain and can facilitate, verify, or enforce the negotiation or performance of a contract. NIA recently discovered the company that has developed the world’s most advanced blockchain technology that actively leverages the power of smart contract use.
On Friday morning, NIA announced BTL Group (TSXV: BTL) at $2.44 per share as its #1 Blockchain stock suggestion. BTL on Friday soared $0.81 or 33.2% following NIA’s suggestion to finish at $3.25, trading record volume of 617,308. Right now, BTL remains undiscovered by the investment community at $3.25 per share, but in the upcoming days BTL could become the #1 biggest play in the entire market. By using BTL’s proprietary Interbit blockchain technology platform, which takes advantage of distributed-ledger-technology and smart contracts, BTL will allow companies in the financial and energy industries to fully automate many of the regulation and compliance requirements of domestic and international transfers – thereby reducing their costs, settlement times, and credit risk.
This week, we could easily see BTL make a move into the $5-$10 per share range – followed by a move to $15-$20 later in 2017. In fact, if the Winklevoss Bitcoin Trust ETF gets approved – we could see BTL make a rapid move into the $15-$20 range within weeks. Both Bitcoin and Ethereum are powered by blockchain technology and BTL is the only publicly traded blockchain technology play.
We consider BTL to be the leader of the blockchain technology movement with BTL and Visa currently running a pilot project along with six major European banks – based on BTL’s Interbit blockchain technology, which is allowing for interbank payment transactions over the blockchain and could replace the SWIFT system currently used by banks. BTL’s Interbit is reducing the friction of domestic and cross-border transfers between banks.
Sometime this month, we expect BTL to announce the launch of a major new Interbit blockchain pilot project involving several leading European energy companies including the largest power utility in Austria – who have decided to test out the power of BTL’s Interbit blockchain platform. The pilot project will run through May and will allow for lower cost energy trading over the blockchain – revolutionizing the way energy gets traded worldwide.