Kodak is the latest company to jump on the cryptocurrency bandwagon, planning to launch its own crypto token called "KodakCoin" through an initial coin offering (ICO) on Jan. 31, 2018.
The news has sent the Eastman Kodak Co. (NYSE: KODK) stock price skyrocketing 70% today, but Money Morning readers shouldn't get caught up in the hype.
Within KodakOne, the camera company's blockchain-powered management platform, photographers can register and license new and old work, according to The Verge. When photographers sell their work, they will receive KodakCoins as payment.
This is good news for blockchain technology advocates, as it provides an example of real-world use.
However, this is just a marketing move for the 129-year-old camera company to capture new attention...
Don't Buy the KodakCoin Hype
On the day of the KodakCoin ICO, the biggest buyer of the coin will be speculative investors.
It doesn't make sense for photographers to buy the new Kodak cryptocurrency.
Right now, it has no use outside of the Kodak management system. Photographers couldn't use it to buy goods, like they can with Bitcoin on Overstock.com Inc. (Nasdaq: OSTK), because businesses have no reason to accept it.
If the photographers want to convert it into U.S. dollars, there isn't an option right now.
That only leaves speculative investors to potentially profit. With an ICO, investors hope the fear of missing out will send the demand for a new coin or token higher.
When there's more demand, other people are willing to pay more.
To profit in the cryptocurrency space, our readers can tune out the news about the KodakCoin.
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Instead, our focus is on a new Bitcoin report released by Money Morning Cryptocurrency Expert David Zeiler.
In his Jan. 9 report, Zeiler interviewed London-based entrepreneur John Pfeffer, who served as a partner at private equity firm Kohlberg Kravis Roberts for 11 years.
Pfeffer projects Bitcoin prices could climb to $75,000 by the end of 2018, a nice 436% gain from today's prices.
But he has an even bolder prediction you can't afford to miss...
You can access this exclusive report right here...
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