Business
Vemanti Group Invests in Bitcoin and Cryptocurrencies
Vemanti Group Invests in Bitcoin and Cryptocurrencies.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n\n NEWPORT BEACH, Calif., Nov. 28, 2017 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has made investment into cryptocurrency starting with holdings in Bitcoin, Ethereum, and Litecoin as part of its overall corporate strategy and commitment to blockchain technology. The Company expects to report its assets in cryptocurrency investing activities in the next quarterly report.\n The cryptocurrency market size is expected to reach $2.9 trillion by 2023 from $541 million in 2017 at a compound annual growth rate (CAGR) of 32.31% between 2017-2023, according to RnRMarketResearch. “This first phase of investments into cryptocurrency fits our long-term plans and represents our strong commitment to blockchain. Going forward, we’re going to do more as we see a wide range of opportunities and potential applications ahead of us,” stated Tan Tran, CEO of Vemanti. The retail-driven Bitcoin has officially hit its highest mark a few days ago on growing signs of mainstream adoption. Bitcoin rose more than 6 percent to a record high of $8,725 at the end of last week, according to CoinDesk (www.coindesk.com), a news site specializing in bitcoin and digital currencies.  Another digital currency, Ethereum, also hit an all-time high of $485, according to CoinMarketCap (www.coinmarketcap.com), a website that tracks the alternative coins that has hit the market as well as Bitcoins. In addition to retail growth, many hedge funds have stated that they’re about to enter this space, vastly increasing the institutional presence in cryptocurrency markets. Analysts such as the normally bearish Tom Lee, Wall Street Strategist at Fundstrat, has recently urged his clients to jump back onto the Bitcoin Bull and ride it to a predicted 40% growth by Mid-2018. This comes after turning back from their short-term neutral approach. At press time, Bitcoin’s price listed on Coindesk was $9,629. \"Cryptocurrency is an important new asset class. Bitcoin certainly does show some volatility, but digital currencies overall have a long way to go before fulfilling their potential as the building blocks of a next generation of the internet. We expect Bitcoin and some popular cryptocurrencies will continue to trend up with higher valuations. Besides the previ...