MGT Capital Investments Inc (NYSEMKT:MGT) Becoming A Bitcoin Player

We told our readers and subscribers earlier this month that MGT Capital Investments Inc (NYSEMKT:MGT) was locked in a bull/bear battle. Well, after a few days of sideways action, the bulls have emerged victorious and shares of MGT are climbing again. As the old saying goes, “what can’t go lower, must go higher.” This adage is certainly holding true and comes as John McAfee positions MGT to be a major player in the Bitcoin space. Judging by Bitcoin’s recent move higher, we certainly agree with this move and proves that McAfee is proving to be a wily adversary for the bears.

MGT Capital Investments is in the process of acquiring a diverse portfolio of cyber security technologies. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smart phones.  The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. MGT Capital intends to change its corporate name to “John McAfee Global Technologies, Inc.” upon closing of the D-Vasive transaction.

The focus on bitcoin is a smart move because of current global uncertainties. Investors are concerned over Brexit, Fed rate hikes, a strengthening yen, rising gold prices, and the upcoming US Presidential election. As a result, there’s been a rush to safety and Bitcoin is benefiting. MGT got the ball rolling when it appointed  Roger Ver as the Chairman of the Company’s newly formed “Cryptocurrency Advisory Board.” The goal of the Cryptocurrency Advisory Board is to ensure that MGT remains current in the protection of this critical field and provide the most state of the art products to its customers.

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Ver is certainly the right man to lead these efforts. He was an early investor in Bitcoin currency and his venture, a website that sells discounted computer parts, was the first mainstream business to accept bitcoins as payment. He has since helped seed approximately a dozen different businesses involving bitcoin and actively promotes the currency, earning him the nickname the “Bitcoin Jesus.” John McAfee said:

“Roger and I both understand that cryptocurrencies are here to stay and that the greatest risk to cryptocurrency users is the uneven security surrounding these currencies. Even the most experienced Bitcoin user, for example, risks financial loss if a clever hacker targets them. Key loggers and screen capture spyware – which can easily be planted on mobile device or laptops by simply visiting a website, among other simple means of infiltration – can override most security features of existing wallets. If these types of cyber threats are not remedied, the world risks financial chaos as cryptocurrencies are widely adopted.”

MGT followed up Ver’s appointment by quickly adding Erik Voorhees and Bruce Fenton to its Cryptocurrency Advisory Board. Erik Voorhees is a highly recognized serial Bitcoin advocate and entrepreneur. Currently, he is the founder and CEO of the instant bitcoin and altcoin exchange ShapeShift provides APIs and Web plug-ins that allow users to exchange a wide variety of cryptocurrencies and easily convert from one cryptocurrency to another. Previously, Voorhees co-founded the bitcoin company Coinapult, a cryptocurrency wallet and broker, which allows users to buy, sell, send and receive bitcoin all in one place. He also served as the Head of Marketing at BitInstant, an online payment processor that facilitates the transfer of funds between Bitcoin exchanges. Voorhees was the founder and partial owner of SatoshiDICE, the leading bitcoin gambling website in terms of amount wagered.

Bruce Fenton is currently the Executive Director of the Bitcoin Foundation, and founder and CEO of Atlantic Financial. He is a leading economic strategist and advisor with a focus on the changing global economy. Fenton is a specialist in emerging technology such as digital currency and emerging markets. Fenton also advises U.S. and global investment clients and provides consulting and project based services to banks, financial organizations, charitable organizations and families. He has worked with a major leading U.S. based private equity and investment firm, one of the world’s largest global charities and several other families and foundations.

Currently trading with a market cap of $75 million, MGT is one of the most exciting and compelling stories trading today. It has attracted a mix of believers and haters. As we’ve said before:

“Investors are focusing more on what McAfee plans to accomplish with MGT rather than the issues the bears have raised. While we can’t say we disagree with everything the bears are saying and there are some red flags with MGT and upcoming dilution, Mr Market is telling us that they are wrong and Mr Market wants to go higher. We have found that it’s much easier to make money going with the trend rather than trying to fight it.”

Remember, the trend is your friend. Don’t fight the trend! We will be updating Insider Financial as soon as we know more. For continuing coverage on MGT, sign up for our free newsletter today and get our next hot stock pick!

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Disclosure: We have no position in MGT and have not been compensated for this article.

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MGT Capital Investments Inc (NYSEMKT:MGT) Becoming A Bitcoin Player
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