Cryptomania Continues, But It Won’t Last Long

In December, less than one month ago, I wrote that the wild and crazy rush into cryptocurrency stocks would end. Well, the craziness hasn’t stopped yet. But it will soon.

In December, less than one month ago, I wrote that the wild and crazy rush into cryptocurrency stocks would end.

Well, the craziness hasn’t stopped yet — and I didn’t expect it to.

But the latest cryptocraziness is even more mind-blowing, and more likely a desperate move than the previous ones.

Eastman Kodak Co. (NYSE: KODK), a 130-year-old camera company that has missed the digital camera revolution almost completely, is rebranding itself — as a cryptocurrency company.

At least Kodak didn’t abandon its industry. It is still working with digital photography.

But it is launching a new blockchain platform for digital photography called KodakOne, and it will have its own cryptocurrency, KodakCoin.

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The stock more than doubled the day it announced the change, and went up another 70% or so on Wednesday.

Here’s a screenshot of the price movement I grabbed. You can see the surge in price (the blue line) and volume (the green bars at bottom) over just two days.

In December, less than one month ago, I wrote that the wild and crazy rush into cryptocurrency stocks would end. Well, the craziness hasn’t stopped yet. But it will soon.

So, at this point, it seems like cryptocurrency investors think every new currency will be the next great thing.

Here’s a hint — it won’t be.

This is a lot like the dot-com bubble, where just changing a name or adding a website experience sent stocks rallying. Some survived in the end, but that was after a massive crash in the whole sector.

The same thing will happen eventually for cryptocurrency stocks — some will be left standing, and others will go away.

But for now, the cryptomania phase continues, and I can only imagine what will be the next company to make the jump. By the end of the year, these are not companies you want to be anywhere near, that I am sure.

Regards,

Chad Shoop, CMT

Editor, Automatic Profits Alert

  • Freedom

    So some companies and individuals became extremely wealthy from the dot com era and you see this as being ” a lot like the dot com bubble” but your recommending we stay away from it. Wow! Another person that hasn’t figured out how to take advantage of crypto currencies with their current business so they talk it down.

  • Janey04090

    Why don’t you enlighten us how to take advantage of the crypto currencies.

  • Chilly Bandino

    What a lame article who wrote this a grade school kid? It’s 2018 it’s no bubble. Sure some forked coins will not make it but BITCOIN AND BLOCK CHAIN TECH IS HERE TO STAY SO GET USED TO IT. If you say bubble you are either a dinosaur or someone who has not profited in Crypto currency. What mania it has no even started yet. Wait until eBay or Amazon start accepting crypto payments via Bitcoin lightening network or a so called Amazoncoin. Wait until crypto ETF’s get approved by the SEC someday, wait until all brokerage accounts, banks and institutional investor are ALLOWED to trade bitcoin related assets, wait until it is easier for individual investors to buy crytpto stocks on a brokerage account (other than buying GBTC Bitcoin fund) just like you can buy a share of Apple or a share of Amazon. Wait until your tech un-savvy janitor at your local school can buy some Bitcoin easily on exchange like NYSE or NASDAC THEN IT WILL BE FULL BLOWN MANIA!!!!! So for now put your lithium pills away. Then is not even close to mania. This is only the beginning. Also don’t ask Buffet who can’t even correctly use an smartphone to comment on Bitcoin. I’m disappointed in the lack of substance from Banyan hill.

  • Chilly Bandino

    What a lame article who wrote this a grade school kid? It’s 2018 it’s no bubble. Sure many forked coins will not make it but BITCOIN AND BLOCKCHAIN TECH IS HERE TO STAY. SO GET USED TO IT. If you say bubble you are either a dinosaur or someone who has not profited in Crypto currency yet. What mania??? it has not even started yet. Wait until eBay or Amazon start accepting crypto payments via Bitcoin lightening network or a so called Amazoncoin. Wait until crypto ETF’s get approved by the SEC, wait until all brokerage accounts, banks and institutional investor are ALLOWED to trade bitcoin related assets, wait until it is easier for individual investors to buy crytpto stocks on a brokerage account just as easily as you can buy a share of Apple or a share of Amazon. Wait until the tech un-savvy janitor at your local school can buy some Bitcoin easily on exchange like NYSE or NASDAC THEN IT WILL BE FULL BLOWN MANIA!!!!! So for now put your lithium pills away. Then is not even close to mania. This is only the beginning. Also don’t ask Buffet who can’t even correctly use a smartphone to comment on Bitcoin you’ll blow up his mind. I’m disappointed in the lack of substance from Banyan hill. For now buy a share of GBTC (Grayscale Bitcoin investment trust). It will take you less than one minute to make the trade and you can get a more secure exposure to Bitcoin this way. Hold long people.