Rich Cigars just made the eventual swivel: from high-end cigars and tobacco commodities to cryptocurrency.
The Miami-based fellowship announced Thursday it had become Intercontinental Technology, Inc ., and was phasing out the cigar part of the business — aka its entire premise.
Instead the company is climbing into two exceedingly not tobacco-related industries: patents and “aggressive cryptocurrency mining.” And it initially seems to be paying off.
With Bitcoin, Ethereum, LiteCoin and other cryptocurrencies rallying like crazy in the past few days this seems like a smart move. Who needs a fancy cigar when there’s Bitcoin to be mined at roughly $17,000 per copper?
The apparently random centre allured some scrutiny online. One person called the move “insanity at the very best.”
Yep – This is what happened here – Rich Cigars, Inc ., Becomes Intercontinental Technology, Inc. to Reflect New Direction including Multi-national Patent Ownership and Aggressive Cryptocurrency Mining. INSANITY at the very best
— Maveric (@ mavericneo) December 15, 2017
The new cryptocurrency business closed way up in accordance with the information of the big business shift.
Stock shut up 2233% !! This is no longer bubble….baby
They are phasing out the cigar business to focus on “Aggressive Cryptocurrency Mining” @SJosephBurns @BrainandMoney @MONETARY_MAYHEM @FedPorn @AllJimRogers @gloomboomdoom @RudyHavenstein @FortuneMagazine pic.twitter.com/ wJEkiB3WgK
— Anirudh Sethi (@ Iamanirudhsethi) December 15, 2017
DJ Khaled was a fanboy of the cigars. In a video from April he’s on a plane asking for a Rich Cigar and then presented with a container. He was reportedly the distinguished ambassador for the firebrand. No name yet if the music creator is following the company into the crypto-mines.
Cryptocurrency mining may be lucrative in the short-term, but keep an eye on Intercontinental Technology. They are buoyant on cryptocurrency’s staying power, but it might be a close-but-no-cigar situation.
Read more: http :// mashable.com /