Blockchain Developers Are Focused on the Wrong Problem


Crypto-Linked Stocks Extend Rally That Produced 400% Gains

(Bloomberg) — Cryptocurrency-linked stocks rose Wednesday as Bitcoin headed for its biggest monthly gain since 2019, extending a rally that’s seen some companies’ shares more than quintuple since the end of October.Marathon Patent Group Inc., which has soared 444% over the past two months, added another 4.4% Wednesday. Riot Blockchain Inc. rose as much as 7.1% Wednesday after gaining 383% since Oct. 30. And Bit Digital Inc., which surged 81% on Monday alone, jumped another 31%.Canadian-listed Hive Blockchain Technologies gained as much as 6% early Wednesday, with shares nearly doubling since the start of December. Also, Mike Novogratz’s Galaxy Digital Holdings rose another 3.4%, pushing the shares more than 60% higher since the start of the month.The price of Bitcoin briefly rose above $28,000 Wednesday to a record high, bringing its December gain to more than 40%. Other cryptocurrencies have also surged, with the Bloomberg Galaxy Crypto Index up 270% in 2020.Some investors see Bitcoin as a gold-like hedge against inflation and U.S. dollar weakness, while others see it as too speculative to provide a safe haven.(Updates with regular-session trading)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.