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BITF’s shares have gained 1,712.4% in price over the past year and 236.3% year-to-date, owing to strong retail investor interest in the stock. Frequently mentioned in the popular Reddit forum r/wallstreetbets, the company is expected to emerge as a leading Bitcoin mining company as most mining operations gradually shift from China to North America.
However, Bitcoin is rapidly losing its luster as investors switch to more efficient and cost-effective alternatives. Recently, renowned institutional investor Mark Cuban and tech mogul Elon Musk stated that Dogecoin is the strongest cryptocurrency as a medium of exchange. Amid such developments, BITF’s expertise in Bitcoin mining and significant Bitcoin reserves might become redundant.
