So far, I have had my reservations about buying cryptocurrency-related stocks, like Argo Blockchain (LSE: ARB). This was mainly because of regulators’ concerns about virtual currencies. This in turn meant that their usage could be restricted at anytime, leaving investors high and dry.
Increasing legitimacy for virtual currencies
But times are changing. El Salvador’s government recently recognised Bitcoin as legal tender. Now I know that it is a small country, with limited economic influence. And this has not been a popular move for the country either. The World Bank, which supports development projects around the world, has declined the country’s request to assist with Bitcoin implementation.
Still, it shows that thinking around virtual currencies is changing. A few months ago I pointed out that some of the biggest names in finance like JP Morgan and Goldman Sachs were increasing their exposure to cryptos as well.
Argo Blockchain share price underwhelms
If this trend continues, it can bode well for the Argo Blockchain share over time. Right now its share price chart is…
