Monday, May 14, 2018 3:14:24 PM
Quote:
One of Wall Street's biggest bulls sees blockchain playing a big role as an economic growth driver.
It still may be considered an emerging technology, but Federated Investors portfolio manager Steve Chiavarone is folding the electronic system, which records cryptocurrency transactions, into his stock market forecast.
"This is going to be one of five key technologies — along with automation, robotics, A.I. [artificial intelligence] and the Internet of things that drive this next industrial revolution," he said Friday on CNBC's "Trading Nation."
He's not letting the growing pains currently gripping the cryptocurrency market affect his bullish view.
Bitcoin, which has been referred to as the FANG stock of the crypto world, has been struggling to break $10,000 — just months after hitting a record price just shy of $20,000 last December.
In fact, Chiavarone sees FANG stocks, which include top tech names Facebook, Amazon, Netflix and Google [Alphabet], as ultimately reaping benefits from blockchain's processing power — as well as areas from health care to financials.
"A lot of investors went to bitcoin first because it was the first way to access blockchain," added Chiavarone. "Look, big banks are investing in this heavily. Bank of America boasted at Davos earlier this year that they're investing the most."
Chiavarone believes blockchain technology is valuable because it could potentially transform reconciliation, the action of verifying account balances in corporate America.
"It has an ability to replace reconciliation, which is expensive and requires back office and time and paperwork with more instantaneous verification," he said.
"What that means is companies can have more efficient supply chains. They can cut their back and middle office costs," Chiavarone said. "And, that will allow business to flow more efficiently and it'll allow costs to be cut and net savings to be passed along."
Recent MARA News
- Inactive BTC Wallets Transact $62.8 Million, Degen Chain Faces Shutdown, and More Crypto News • IH Market News • 05/13/2024 05:04:14 PM
- Weekly Surge for Render and Toncoin, US Bancorp Expands Bitcoin ETF Investments, and More in Crypto • IH Market News • 05/10/2024 07:32:06 PM
- JFrog and Akamai Drop Over 10% Despite Strong Profits; Sweetgreen, Array, SoundHound Surge, and More in Earnings • IH Market News • 05/10/2024 11:58:39 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 09:00:09 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:17:02 PM
- Marathon Digital Holdings Reports First Quarter 2024 Results • GlobeNewswire Inc. • 05/09/2024 08:05:00 PM
- U.S. Index Futures Dip, Bank of England Holds Interest Rates at 5.25% • IH Market News • 05/09/2024 11:47:20 AM
- Tellor Tributes Skyrocket 104% in May, Marathon Digital Set to Enter S&P SmallCap 600, and More Crypto News • IH Market News • 05/07/2024 06:48:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:05:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 01:00:21 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:00:16 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 01:00:15 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- Vistra Set to Join S&P 500; Aaon to Join S&P MidCap 400; Marathon Digital Holdings to Join S&P SmallCap 600 • PR Newswire (US) • 05/03/2024 11:05:00 PM
- Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2024 • GlobeNewswire Inc. • 05/03/2024 12:30:00 PM
- ARK Invest Exits BITO ETF Position, Runes Generates $135 Million in 7-Day Fees, and More Crypto News • IH Market News • 04/26/2024 06:59:18 PM
- Marathon Digital Holdings Increases 2024 Hash Rate Target to 50 Exahash • GlobeNewswire Inc. • 04/25/2024 08:32:53 PM
- Marathon Digital Holdings Schedules Conference Call for First Quarter 2024 Financial Results • GlobeNewswire Inc. • 04/24/2024 08:54:01 PM
- OKX Introduces X Layer for Scaling ETH, GBTC Holdings Halve Post-Launch, and More Crypto News • IH Market News • 04/16/2024 05:48:05 PM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
VAYK Added New Manager for Expansion into $64 Billion Domestic Short-term Rental Market • VAYK • May 14, 2024 9:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM