Bitcoin: Overstock Surges on Morgan Stanley Stake

[mybtcasset]

Online retailer turned bitcoin play Overstock.com Inc. (OSTK) continues to gain Tuesday morning, up 2% at $56.10 per share after skyrocketing over 22% on Monday followings news that Morgan Stanley (MS) bought a stake in the company. The Wall Street investment bank disclosed a 11.4% stake in the Salt Lake City-based platform just days before the company’s cryptocurrency trading goes live..

OSTK has rallied 220% this year on blockchain enthusiasm as the virtual currency bitcoin continues to break through milestones, up over 2,000% at $17,354 on Tuesday morning. On Sunday, Cboe Futures Exchange launched bitcoin futures, marking a major win for the world’s largest cryptocurrency by market capitalization as it pushes into the mainstream financial market..

In early November, Overstock.com stock saw its best day ever, jumping nearly 31% on a bullish research note from Davidson’s Tom Forte, who predicted over 60% upside in shares. The analyst highlighted Overstock’s third-quarter earnings call, in which management indicated the platform could get rid of its home goods e-commerce segment to double down on the world’s most popular cryptocurrency bitcoin, which it handles via its Medici Ventures division..

Over the past few months, Overstock’s gains have picked up momentum on news that the retailer is planning to launch of licensed digital coin trading platform through its subsidiary tZero and raise funds through an initial coin offering. The company has been accepting bitcoin as payment since 2014..


https://www.investopedia.com/news/bitcoin-overstock-surges-morgan-stanley-stake/

[pr3m0nition]

This is awesome, Even though they have already been accepting payments for a few years now, Its crazy to see how quickly a trend catches on when given the right attention. This is going to be an impossible force to stop even if the federal US government wants to put an end to it. Its already effecting the way in which wallstreet is making decisions. Awesome!

[Iranus]

As of April this year, Bitcoin transactions make up less than 1% of Overstock's revenue, according to their CEO.

Considering that Bitcoin's merchant adoption seems to have decreased, with Steam dropping it recently, it seems ridiculous that the Overstock share price would rise so dramatically just because of the Bitcoin price rise.

Their stock is obviously in a bubble unless they have some actual fundamentals to back it up.

[bougieboyy]

2018 many other large corporations will adopt cryptocurrency payments. It will help raise BTC price along with all other alts. What a time to be alive! Hodl on for dear life!!!!

[Dpat]

Morgan Stanley is a crypto bank or general or both? Is that working in all over world? Should I open account on-line with this organization?

[iamTom123]

As of April this year, Bitcoin transactions make up less than 1% of Overstock's revenue, according to their CEO. Considering that Bitcoin's merchant adoption seems to have decreased, with Steam dropping it recently, it seems ridiculous that the Overstock share price would rise so dramatically just because of the Bitcoin price rise. Their stock is obviously in a bubble unless they have some actual fundamentals to back it up.

The fact is quite clear. Just an association with Bitcoin made the stocks of this company looks so attractive, alluring and now very profitable. This is actually one of the many trends for this year and which many companies are already thinking of  riding. Whether this can be just another bubble, a hype or whatever, one thing is clear: Bitcoin has now caught the fancy of the many so that a company accepting is as one of its MOP has benefited so much from such a connection. I would not wonder if next year we can see many merchants accepting Bitcoin just for the sake of being a part of the Bitcoin's goodwill benefits. This is the power of Bitcoin in action.