The company formerly known as Long Island Iced Tea Corp. (LTEA) recently changed its name to “Long Blockchain” (LBCC) and its stock price shot up. The internet peanut gallery snarked about this.
But the pundits and anonymous cowards are wrong. Long Blockchain is right.
Does it sound absurd that a beverage company is “pivoting to blockchain”? Then you probably don’t know that, in 1987, a company that makes curling irons went toe-to-toe with the most famous investor in the world to buy a hunk of the top i-bank on Wall Street.
By ROBERT J. COLE
Published: September 29, 1987
Ronald O. Perelman, the chairman of Revlon Inc., offered yesterday to outbid Warren Buffett, the Omaha billionaire, for a substantial minority stake in Salomon Inc., the parent company of Salomon Brothers, Wall Street’s biggest investment banking house.
We may be witnessing the birth and adoption of a new dominant global currency. That doesn’t happen every year, decade, or lifetime. The potential value to be captured is so huge, that most companies should be considering hard whether their current line of business has better prospects than ushering in this new era of civilization.
Long Blockchain is a publicly-listed company, so it can raise money from retail investors in the public stock markets. That is a significant piece of financial infrastructure. That means access to tens of trillions of dollars that are hunting for returns.
Feel free to use the comments section to tell me why Long Blockchain was better off making sugar water.