All the focus so far has been on Bitcoin’s price cratering earlier this week due to the coronavirus, and the fates of bitcoin dependent companies. Naturally, as bitcoin goes so do the altcoins, with most of the charts of the decentralized altcoins showing the same stark decline as Bitcoin. They’re nearly identical in shape with only the values changed to reflect the various cap sizes and prices, so there’s no need to post all five.
The advent of cryptocurrency has given rise to ancillary companies piggybacking off of its success. These companies have either sought to capitalize on the opportunity to profit off the cryptocurrency’s infrastructure by either mining crypto directly, controlling nodes and flow of a coin, or by acting directly as a trust.
We started writing about Blockchain Foundry (BCFN.C) in the summer of last year when blockchain companies were busy doing the rope-a-dope from frequent market poundings. They were a question mark, making big promises about the future and hoping to catch a favourable bounce.
When the first blockchain profit party ended last December, and companies that had been on an absolute tear of upward multiples began to turn the wrong way, few in the industry seemed too bothered about it all. Blockchain execs on the public market largely shrugged, some admitting there had been too fast of a run and a turnaround was healthy, others suggesting they could use a breather to get their businesses to catch up to their valuations, others still saying they would be buying on the cheap in preparation for the next charge.