Last week global professional services behemoth PwC acquired a minority stake in VeChain Thor and announced they will use VEN’s services which include supply chain management and anti-counterfeiting trust-based services in their Singapore and Hong Kong business operations.
Companies who use VeChain’s services will need to do so using the native VEN token which means we can likely expect a huge increase in use and demand for the token from a multinational organisation which last year turned over more than $37 billion.
Unlike equities, the price of a cryptocurrency does not rise or fall in line with the earnings of the company behind it. Coins or tokens do not represent a stake or share in the project nor the underlying company and therefore, we must rely on good old fashioned supply and demand which in our opinion, makes the VeChain case a strong one.
VeChain’s Mainnet launch is due to launch towards the end of June and will use a new blockchain called the Thor blockchain. This is exciting from a technological standpoint but also from an investor standpoint. Holders and HODLERS of the VEN token will be paid THOR tokens which can be used for services on the blockchain or for those wanting to make free money (yes, we said free money) sold on an exchange.
With other huge partnerships including BMW, telecom giant China Unicom, DNV GL and the Chinese Government for the Gui’an economic-development zone, VeChain Thor is sure to be a great long term investment.
It has been on a nice run of late experiencing some large volume on the shorter timeframes along the way BUT over the longer time frame, VEN is still experiencing very low volume levels compared to 2017 levels. Additionally, on the daily, we are witnessing a bearish cross over on the MACD. You my wish to wait for a better entry to acquire some VEN in the short term but over the long term, we are extremely bullish on Ven.
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