Is Bit Digital a Short-Squeeze Stock?
I always feel like an imposter when I write about cryptocurrency because I don't understand the technology. Bit Digital (NASDAQ: BTBT) is a cryptocurrency miner. I don't know what that means, actually. Nobody is digging in the dirt. I got that part. I don't know why the heck they decided to call themselves "miners." The last thing I want to invest in is a gold mine. "I got a map to the gold! Invest in me!" No thanks.
My cryptocurrency investment is limited to my bank stock, Silvergate Capital (NYSE: SI). I feel like the Silvergate slogan should be, "We understand the technology," which puts them ahead of 99% of bankers in the world. Just the other day, The New York Times published an article about the big banks and cryptocurrency. Jamie Dimon, the chief executive officer of JPMorgan Chase (NYSE: JPM), was quoted in 2014 as saying that Bitcoin (CRYPTO: BTC) was a "terrible" store of value. Five years later, his bank was trying to introduce its own coin.
Meanwhile, Tom Montag, the chief operating officer of Bank of America (NYSE: BAC), after disparaging cryptocurrency for years, is now asking people to explain to him how it works.
Source Fool.com
