Not everyone is convinced that bitcoin isn’t a giant bubble ready to burst. Its surging value has created a sort of mania in the market, according to North American Securities Administrators Association president Joseph Borg, who recently told reporters he’s seen people taking out mortgages in order to invest in the cryptocurrency.
Reports Friday (Dec. 15) suggested some business owners are also taking drastic measures to get in on the bitcoin action.
According to Mashable, Florida-based Rich Cigars, a high-end cigar company, is ditching cigars entirely and pivoting its business model toward “aggressive cryptocurrency mining” and patents.
It could prove a lucrative move, at least in the short term. A single bitcoin was valued at more than $17,500 at the time the Mashable article was released and, according to research from the Cambridge Centre for Alternative Finance published earlier this year, bitcoin miners have so far earned more than $2 billion in revenue — most of which was earned in the last few years alone....MOREAnd from the pubs and bars trade publication The Morning Advertiser:
Should your pub install a Bitcoin ATM?
Is this the first half pint bought in Cambridge with bitcoin? @HaymakersCam @miltonbrewery @sde1000 pic.twitter.com/oSPNQfuOwZ— Andrew Bower (@andybower) June 3, 2013