BTCS Inc (OTCMKTS:BTCS) is seeing a pop in price today along with a few other cryptocurrency companies. BTCS is trading at 0.205 giving it a market cap of $17.06M with 93.79M shares out. BTCS is seeing strong volume over the last two days, so let’s look at what might be ahead for them.
The company hired a new board member last month that has strong experience in the public sector, but not in cryptocurrencies. Yet, this news was greeted favorably as BTCS has been gaining some momentum again.
BTCS Inc (OTCMKTS:BTCS) operates a beta ecommerce marketplace. It hosts an online ecommerce marketplace where consumers could purchase merchandise using digital currencies, such as bitcoin, litecoin, and dogecoin. The company was formerly known as Bitcoin Shop, Inc. and changed its name to BTCS Inc. in July 2015. BTCS Inc. was founded in 2013 and is headquartered in Arlington, Virginia.
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According to company press materials, “BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other “protocol tokens” to provide investors a diversified pure-play exposure to the blockchain space. The blockchain is a decentralized public ledger and could fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS is keenly focused on growth through acquisition and intends to acquire digital assets through open market purchases and participation in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers, earning rewards in digital assets by securing their respective blockchains.”
Cryptocurrency is gaining a lot of attention and BTCS could be a nice value play in the bitcoin/blockchain pool that is amassing. The price of bitcoin is in flux after the fork, but some analysts believe it could reach $5,000 per coin. It is clear that there is a pressing desire out there and there our believers in the democratization of currency. BTCS is a company that has board members with experience in the sector and could be a nice company to watch as the year shakes out.
BTCS Inc (OTCMKTS:BTCS) is a company we are watching closely. The believe acquisition is a strong way to move ahead in this sector, so traders are watching for news and trying to read the tea leaves. As digital currency become more widely accepted and as more innovations occur, BTCS and its e-commerce location could be a valuable commodity. For continuing coverage on shares of $BTCS stock, as well as our other breakout stock picks, sign up for our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BTCS, either long or short, and we have not been compensated for this article.