Gold and its digital counterpart, Bitcoin, have had a pretty good run among investors seeking a haven or those willing to take a punt on cryptocurrency. But they’ve been pipped in the past year by another investment thesis that’s perhaps a little more tangible, highlighting the old adage that it’s smartest to be selling shovels in a gold rush. Instead of buying into either asset, those who threw their money behind a basket of companies with exposure to blockchain technologies would have...

What do you do when you're chronically unprofitable and shedding users? An error has occurred You have 1 free Businessweek article left. Register for more. Register or Sign In Already a subscriber? Link your Bloomberg Terminal account or your Businessweek subscription account to access all articles. Launch an ICO, of course. Renren Inc.'s stock jumped 47 percent on Jan. 3 after the operator of a lackluster social network in China decided that an initial coin offering was a good idea. Bubble...

Bitcoin ≠ blockchain. Blockchain ≠ bitcoin. This message bears repeating: You can be pro-blockchain and anti-bitcoin. Credit Suisse Group AG CEO Tidjane Thiam last week joined JPMorgan Chase & Co. chief Jamie Dimon in throwing shade at bitcoin. Thiam described the digital currency as the "very definition of a bubble." Meanwhile, both institutions are busy exploring ways to use blockchain technologies in their own businesses. As are dozens of others. Cynics have been quick to infer some kind...

You all need to just chill out a little. Seriously. Bitcoin took a hit over the last few days because of China. That has cryptocurrency markets in a panic. But if we channel the deeper sentiment of the true believers, even a massive crackdown on initial coin offerings won't be enough to upset a trajectory they're convinced can't be derailed: It'll all be fine. If anything, you should worry about ether, because that's the currency that underpins most initial coin offerings. But even then,...