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GreenBank Capital (C.GBC), down 50%, responds to share value dump

Gaalen Engen Gaalen Engen, Stockhouse.com
0 Comments| December 18, 2013


GreenBank Capital (CNSX:GBC, StockForum), a Toronto-based company engaged in the business of investing in Canadian small cap publicly traded enitities, responded today to a recent market price fluctuation that saw the company lose half the value it had gained just 24 hours before on announcing the creation of two subsidiaries to deal specifically in the bitcoin sector.

 

According to the news release, company executives explained the drop as resulting from exclusionary banking regulations recently put in place by the Chinese government, making it illegal for Chinese banks to deal in bitcoin currency. This caused a significant fluctuation in bitcoin prices. Officials were quick to note however, that bitcoins and other digital cryptocurrencies have established a firm foothold in the global marketplace and are here to stay.

 

GreenBank CEO, Danny Wettreich affirmed, “However this works itself out in China, it is not possible to turn the clock back on the Bitcoin phenomenon. The price of Bitcoin will fluctuate based on supply and demand, but Bitcoin is here to stay.”

 

Wettreich then concluded, “As a digital cryptocurrency that is not issued by any government, bank or central organization, I believe it will continue to find increasing acceptance and popularity worldwide.”

 

GreenBank was in the news recently when the company announced the creation of its bitcoin subsidiaries.

 

Shares were down 50% on the news to $0.25 per share.

 

Currently there are 5,142,460 outstanding shares with a market cap of $1.29 million.

 

 


Tags: ASSET MANAGEMENT FINANCIAL SERVICES

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