Virtually every company could issue their own native digital currency at some point. Luckily, few of them will actively consider doing so. Kodak, the camera and film heavyweight, recently announced its plan to launch KodakCoin. Whether or not this statement needs to be taken seriously, remains to be seen. The company’s stock shares surged by 77% when the news broke, though. It is evident the entire world has gone crazy when it comes to blockchain and cryptocurrency.
It wouldn’t make much sense for Kodak to issue their own cryptocurrency. According to the company, this coin would empower photographers and agencies to take greater control of image rights management. A noble cause to pursue, but it’s difficult to achieve. More specifically, creating the currency is one thing. Getting people to use it is something else. Adding value to it could prove to be nearly impossible. At the same time, it could be worth giving it a shot.
Kodak Teases Stock Holders With Cryptocurrency Plans
The way things stand right now, it seems evident this was not a genuine idea. More specifically, Kodak did not specify any new details in this regard. No one knows when and how it will be issued or on which blockchain. Nor do we know anything about the supply, its real purpose, the value et cetera. We do know how the company’s stock rose by 77% due to this announcement. Even if it turns out to be fake, this news sets a dangerous precedent. It is not unlikely more and more companies will utter such statements.
The bigger problem is how investors respond to this news. Just because a company like Kodak suddenly utters the word cryptocurrency doesn’t make it meaningful. The same goes for using the term blockchain, which is often vaporware first and foremost. Kodak has no plan to create its own cryptocurrency, to say the very least. Nor should they do so, unless they can establish a proper ecosystem to do so. Right now, that seems pretty unlikely.
It is unclear what the future holds in this regard. We see a lot of strange momentum in the traditional financial sectors. Investors almost seem desperate to make a quick buck in the stock market. If there is an industry which shows signs of a bubble, it has to be the stock market. That is not a positive sign by any means. In fact, it seems as if we are inching closer toward financial demise at this rate. How all of this will play out, remains to be determined. Anything is possible at this point.
Header image courtesy of Shutterstock
