Cryptocurrency gets its way

At this instant, the market value of bitcoins is around $235 billion with 16.76 million coins in circulation

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A bitcoin ATM at a shopping mall in central Sydney, Australia. In early Jan, bitcoin was trading at $998. It hit $20,000 last week, before it collapsed back to $14,000 on massive selling. Photo: Reuters

Devangshu Datta New Delhi

Last Updated : Dec 29 2017 | 2:41 AM IST

A few days ago, a small manufacturer of non-alcoholic lemonades and iced teas, did something radical. The New York-based Long Island Iced Teas (listed as LTEA on Nasdaq), which had 2016 revenues of $24 million, changed its name to “Long Blockchain”, opened a new website, www.longblockchain.com, and declared it was investing in developing financial solutions based on the blockchain, the electronic ledger invented by the creator of bitcoin. The shares of “Long Blockchain” jumped 500 per cent in one session on the name-change and then settled down, with a gain of 275 per cent at the time of writing.

Long Blockchain’s

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