Tuesday, June 06, 2017 8:17:14 PM
So why is this rally so intense?
According to TheStreet's founder Jim Cramer and manager of the Action Alerts PLUS portfolio, it may be due to the rise of cybercriminals.
After speaking with Citrix Systems (CTXS) CEO Kirill Tatarinov on Monday at TheDeal's Corporate Governance Conference, Cramer came away with the understanding that Bitcoin is becoming more popular in Europe.
When cybercriminals hit corporations with ransomware attacks, they are basically locking up digital information or data. In order to unlock the encryption, companies are forced to pay a ransom and the cybercriminals only want Bitcoin due to its untraceable and anonymous features.
While some of the Bitcoin craze may be driven by speculation, there is reason to believe there are real buyers out there looking to secure Bitcoins for ransomware attacks, Cramer reasoned.
And this is coming from Citrix, which as investors know, isn't comprised of a "bunch of jokers," he said, "they're serious."
Meanwhile, shares of Advanced Micro Devices (AMD) surged about 8% on Tuesday after the chipmaker said that the recent robust demand for Bitcoin along with other cryptocurrencies has been driving sales of its graphics cards.
"The gaming market remains our priority. We are seeing solid demand for our Polaris-based offerings in the gaming and newly resurgent cryptocurrency mining markets based on the strong performance we are delivering," an AMD spokesperson told CNBC.
https://www.thestreet.com/story/14165629/1/jim-cramer-this-could-be-why-bitcoin-has-gone-up-so-much.html
DUKE BASKETBALL and NOTRE DAME FOOTBALL
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM