Whether you feel cryptocurrencies are the next big thing or share Warren Buffett’s opinion that the current craze “will come to a bad ending,” you can’t deny cryptocurrencies are the topic du jour in the financial markets. And understandably so, the cryptocurrency market has exploded 3,860% from the $18.3 billion market cap at the beginning of 2017 and is now worth a collective $725 billion.
As with any hot technology, there are companies and individuals that will seek to ride coattails for their own gain. A classic example of the dot-com bubble of the mid/late 1990s, when companies would explode simply by putting the words “dot-com” in their names. It appears this trend is reoccurring with cryptocurrencies, as there’s a nascent trend of companies seeking to rename their companies by integrating crypto-friendly buzzwords or by announcing they’re creating a coin. Investors should be skeptical of these “cryptocompanies.” Two recent examples — Eastman Kodak (NYSE:KODK) and Long Blockchain (NASDAQ:LTEA) — warrant further introspection.
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