It was a shock to some when Kodak shares more than tripled on news that they would be releasing their own crypto-currency. It was a surprising move from a company that is more than one-hundred years old. The very fact that they are even interested in this kind of market is something that surprises a lot of people. However, perhaps we should all withhold our judgement a little given that Kodak has been an innovative company since its very start.
Just one day after the company announced that it would be releasing something known as KodakCoin, the stock went up seventy-two percent according to CNBC. That was just the beginning though. The company would then go on to go up another sixty percent on top of that the following day. Since the announcement, the stock has more than tripled.
This is extremely good news for a company that was once king of the hill when it came to all things to do with cameras and film. While it held that title for a very long time, it was too slow to transition to digital photography. It has also had to face the headwinds of the fact that nearly all smartphones released these days come fully equipped with a high-powered camera. It is hard to sell people a fancy camera when they already have a perfectly good one in their pocket.
It seems like investors are particularly eager to jump on anything that has to do with Bitcoin as of late. They are perfectly happy to put money into anything that has even a vague resemblance to crypto-currencies. They are just an extremely hot commodity at the moment.
A few other companies have benefitted from exploring the idea of trading in crypto-currencies, or even just changing their name to something related to the industry. Long Blockchain Corp doubled in share price when it went from being Long Island Ice Tea Corp to its current name. This is despite the fact that the company is nothing more than a tea company. The beverages they produce are not even alcoholic in nature.
It is so very strange to so many how investors continue to pile into different investments simply because of a distant relationship to Bitcoin. Perhaps this is a sign of times to come, or maybe it is a sign that the trading public has indeed lost its mind in all the hype around crypto-currencies.