Eastman Kodak achieved in less than 24 hours what he did not achieve with the profound restructuring of his photography business: to enthuse investors. The value of the company tripled after announcing on Tuesday a plan to start circulating its own cryptocurrency, in an escalation that once again showed the frenzy that generates everything that resembles Bitcoin or blockchain technology.
Kodak will create a digital platform to facilitate transactions with copyright in photographs. The system to follow the royalties trail will be called KodakOne and will use the KodakCoin as currency, which will be printed using the blockchain technology. The company, with 130 years of history, explains that it is a new step in its evolution.
Before Kodak made the announcement, the action was changed to three dollars a unit. From there it went to shoot 130% after two hours and closed the session near seven dollars. The comeback continued on Wednesday, with a rebound above 75% that led him to place above 13 dollars. It approached thus to the annual maximum of the 15 dollars, level that left in February of 2017.
Eastman Kodak was one of the first victims of the digital revolution. It was removed from the market for almost two years, to face a deep restructuring after declaring bankruptcy. He returned to trading in September 2013. But he still has difficulty. Despite the comeback that accompanied the KodakCoin, their actions are still far from the more than 36 that were paid four years ago.
Kodak must demonstrate, in any case, that the use of blockchain technology is really profitable for your business. Warren Buffett, the most reputable investor on Wall Street, chooses at this time not to be carried away by the fever that surrounds since last summer everything that has to do with cryptocurrencies and fears that it is a bubble that can explode, as in the dotcom crisis.
It is not the first company to experience a similar impulse after announcing that it joins the crypto-currency car. The Long Island Ice Tea beverage company doubled its value after changing the name to Long Blockchain. Something similar happened with the manufacturer of biotech equipment Bioptix, which is now called Riot Blockchain