Marijuana Stocks Are Rivaling The Crypto Boom But It Could Be Another Bubble Waiting To Happen

by 2 years ago
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Welcome to BroBible’s regular roundup of the biggest news in the world of cryptocurrencies. We’ll be providing you with the biggest news and stories concerning Bitcoin and major altcoins to help you keep your finger on the pulse of the crypto market.

Cryptocurrencies have increased their total market cap by $20 billion in the past couple of days and continue to surge thanks in no small part to the rapid rise of Ripple, which surged past Ethereum to become the second most valuable coin.

Almost everything is in the green heading into Friday afternoon.

  • Bitcoin (BTC): $6724.95 (up 3.65% in the past week)
  • Ripple (XRP): $.629 (up a wild 126.65% in the past week)
  • Ethereum (ETH): $229.20 (up 8.75% in the past week)
  • Bitcoin Cash (BCH): $488.55 (up 7.75% in the past week)
  • EOS: $5.90 (up 11.35% in the past week)
  • Litecoin (LTC): $58.65 (up 7% in the past week)
  • Tether (USDT): $.997 (down .45% in the past week)
  • Monero (XMR): $121.45 (up 7.65% in the past week)
  • IOTA: $.596 (up 3.65% in the past week)
  • Tron (TRX): $.023 (up 17.35% in the past week)

Are Marijuana Stocks The Next Crypto (And The Next Bubble)?

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In July, a  Canadian cannabis company called Tilray launched an IPO at $17 a share.

On Wednesday, the stock was trading at over $260 per share after a meteoric rise that has many people speculating marijuana stocks could be the next crypto.

Last year, blockchain mania gripped the world as Bitcoin, Ethereum, and other coins skyrocketed over the course of a few months, but as we all know, things ultimately came crashing down in a hurry and there’s a definite risk that cannabis might be the next bubble.

Nothing highlights this better than how Tilray is performing this morning, as the stock lost almost 25% of its value shortly after trading began.

Bummer.

There’s no doubt the emerging marijuana market will attract plenty of speculators, and if you want to get in on the game, I suggest you think long and hard about what happened to crypto at the end of December last year before you do.

Don’t say I didn’t warn you.

NYU Will Now Allow Students To Major In Cryptocurrency

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Despite their subpar performance over the past year, there’s little doubt cryptocurrencies are here to stay and NYU is now offering students the chance to prepare for their future.

Earlier this week, the university announced it was launching a program for students in the Stern School of Business with a special interest in crypto and blockchain.

Professor Andrew Hinkes shared his thoughts on the new development, saying:

“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”

Plenty of other colleges offer classes in crypto but only time will tell if anywhere else decides to make a similar stride.

Hackers Stole $60 Million Worth Of Bitcoin From A Japanese Exchange

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If the Mt. Gox heist taught us anything, it’s that cryptocurrency exchanges aren’t as secure as people would like to think.

Now, we have yet another example that highlights just how vulnerable they can be.

Last week, the Japanese exchange Zaif was infiltrated by hackers who managed to steal $60 million worth of Bitcoin in the country’s second major hack in the past year (although it pales in comparison to the $567 million that was taken during that raid).

The company says they owned $20 million of what was taken while the other $40 million belonged to customers.

It’s unclear if they’ll be compensated for the loss but this should serve as a cautionary tale for anyone in the game.

Connor Toole is a Senior Editor at BroBible based in Brooklyn, NY who embodies more of the stereotypes associated with the borough than he's comfortable with. Frequently described as "freakishly tall," he once used his 6'10" frame to sneak in the NBA Draft before walking around the streets of NYC masquerading as the newest member of the Utah Jazz. Unfortunately, that wasn't enough to land him a contract, so he was forced to settle for writing on the internet for a living instead. If you're mad about something he wrote, be sure that any angry tweets you send note the similarity between his last name and a popular insult, as no one has ever done that before.

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