Blockchain Is the Latest Pixie Dust for Stocks

A market truism for our time is that whenever a company touches anything related to blockchain — or claims to — its stock shoots up, sometimes even before it enters the industry. The latest example? Riot Blockchain Inc., formerly known as Bioptix Inc.

The former maker of diagnostic machinery for the biotech industry (a penny stock with three reverse splits in five years) now invests in cryptocurrency-related businesses, leading its stock to more than double just since Nov. 16, when it bought a minority stake in audit and accounting firm Verady LLC. That merely added to gains since renaming itself and buying a stake in blockchain-based payments provider Tess Inc. in October. Meanwhile, cyprocurrency king bitcoin has remained uncharacteristically steady at around $8,100 for the past week…

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