ELRA Positioned to Run as Bitcoin Prices Soars on US Regulator Decision
Last Updated: Nov. 18, 2013 - 10:00pm EST
(NEW YORK)--Elray Gaming, Inc. (OTC:ELRA), a provider of online and mobile gaming turnkey solutions, may be positioned for a sharp move up as Bitcoin prices soar after market on US Senate decision not to regulate the virtual currency.
Bitcoin prices sky rocketed after hours on news from a US Senate hearing that there will be no immediate plans to regulate the new virtual currency. This strong after market reaction to Bitcoin prices may spill over to ELRA as one of the only publicly traded Bitcoin stock plays in the US market.
Chinese Bitcoin Exchange
WSNC has confirmed through ELRA's public relations firm that the 80 million gamers recently announced in their social gaming joint venture press release are players mostly located in China.
To put that into perspective, ELRA will now have access to nearly 80 million gamblers in China, which alone is nearly like 25% of the total US population.
China has provided the fastest growing market for Bitcoin currency, and with ELRA now offering them a platform to exchange gaming credits to Bitcoins, or Bitcoins into gaming credits, could position this new credit exchange as a major player in China's growing Bitcoin market.
The Exchange, which will be called Global CXC, will allow players to exchange credits from various social gaming networks and also interchange credits for Bitcoins. Global CXC will initially provide the exchange for the one Social Gaming Network of over 80 Million Players in China, an online Casino Network, and an Online Merchandise Store. Users will be able to freely exchange credits for the social gaming platform, the online casino, a large variety of merchandise and also utilize Bitcoins to acquire credits, hereby creating a virtual exchange for the 80 million existing users.
The exchange is expected to generate revenues largely through traditional gaming commissions, sales through their merchandise stores, and through transaction fees for conversion to and from Bitcoins.
Officials from Elray Gaming are currently in Hong Kong this week to finalize integration of the social gaming network to its new Bitcoin exchange. This joint venture could make ELRA one of the largest players in Bitcoin gaming in China, and possibly one of the top players involving Bitcoin gaming in the world.
ELRA Highlights
- Developing Bitcoin Casino
- Exploring Bitcoin Binary Option Trading
- Developing Virtual Horse Racing Platform
- Investor Demand into Bitcoins Growing
- 29 Million Shares Outstanding, Float 10 Million
- Price Target Raised to $0.40+
