NXTD Stock: There’s Good Reasons for the Gains in NXT-ID

NXT-ID Inc (NASDAQ: NXTD) is climbing in the market this morning, leaving many scratching their heads in confusion. The company hasn’t issued any news or press releases this morning, but the stock is up in double-digit percentages. 

So, what’s the deal?

The run seems to be the result of the fact that Bitcoin broke the $20,000 mark. Here’s what’s happening:

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NXTD Stock Climbs as Bitcoin Breaks $20,000

Today is a big day for cryptocurrency enthusiasts. Bitcoin, the cryptocurrency that lives at the center of the crypto industry, broke $20,000 per coin. 

That’s a massive milestone. 

There’s no denying the fact that Bitcoin has minted millionaires. The cryptocurrency, like any cryptocurrency, was worth nothing at inception. Early adopters of bitcoin got in for free, or for pennies. 

Today, if those early adopters held onto their Bitcoin, they’re millionaires today, no question about it. So, there’s good reason that excitement is swirling around bitcoin, cryptocurrency as a whole, and the publicly traded companies that are involved in the cryptocurrency industry. 

Why Bitcoin Is Sending NXTD Stock Up

As mentioned above, Bitcoin breaking the $20,000 mark is great news, not only for those that own Bitcoin, but for companies that operate in the sector. That brings us to NXT-ID. 

NXTD is heavily focused on mobile security, and cryptocurrencies, which run on the blockchain, are focused on the security of financial transactions, and other contracts, in simple terms anyway. 

Moreover, NXTD isn’t only active in mobile security, it’s an active player in the cryptocurrency industry, helping to make cryptocurrency more feasible. You see, you can’t go into any store you want to and buy products and services with cryptocurrency. 

While some businesses do accept it as a form of payment, cryptocurrency is largely held by investors and those that want to go against the grain set by centralized currency. NXT-ID is aiming to change that with its subsidiary, FitPay. 

FitPay creates contactless payment devices for Bitcoin owners. When used, these devices convert bitcoin into fiat currency, making it possible for Bitcoin owners to use their cryptocurrency in stores. 

With Bitcoin breaking the $20,000 mark, demand for the cryptocurrency is at an all-time high. Moreover, cryptocurrency enthusiasts are looking for ways to bring this technology into the wider world of finance and commerce. 

NXTD offers a way to do that with FitPay. So, it’s no surprise that the stock is up today. 

Risks to Consider Before Buying Into NXT-ID

  • A Speculative Play. While Bitcoin is popular, and prices are soaring, cryptocurrency is still a highly speculative play. There are major challenges to wide-spread adoption, and thus, major risks to the long-term potential of crypto and those involved in it, including NXTD. 
  • Volatility Risks. NXTD is a penny stock and penny stocks are known for high levels of volatility. Trading in the highly volatile world of penny stocks can lead to significant losses, regardless of your experience level. 

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Final Thoughts

While there are risks to consider before jumping into NXTD stock, if you believe that cryptocurrency will clear its hurdles, this is a great investing opportunity to consider. 

Ultimately, many believe that central banks have been bad for the overall economy, and cryptocurrency is an answer to that problem. This is likely to only become more apparent as more stimulus sends the United States into more debt. 

All in all, cryptocurrency is a great idea with some technical and adoption challenges. Nonetheless, NXTD is becoming a key player in addressing those challenges, giving it compelling potential as an investment.