Thursday, December 21, 2017
A Blockchain Bubble?
Many would argue that the rapid rise of internet stocks in the late 1990s was a bubble and blockchain company stocks may be following a similar path as internet stocks. Long Island Ice Tea Corp., which sells nonalcoholic beverages and lost $11.9 million on sales of $3.9 million in the first 9 months of 2017, saw its stock price jump as much as 289 percent when it rebranded itself as Long Blockchain. The company stated that it would seek out partners that develop blockchains. Long Blockchain has no agreements with any other company to partner on blockchain technology nor is there any assurance that one will be found. While Long Blockchain may eventually find a partner, we would advise you to be careful of FOMO (fear of missing out) investing.