BTCS Inc (OTCMKTS:BTCS) fell about 5% this morning as investors continue to fear the long-term future of cryptocurrency. As analysts and CEOs of varying importance weigh in on the matter, stocks like BTCS are sometimes left to twist in the wind.
Yet, according to data from Coinmarketcap, the total cryptocurrency market reached $148 billion. The Blockchain technology, which is used to manage the database that records cryptocurrency transactions, also has good news. The U.S. State Department will host Blockchain Forum on October 10. Participating companies included IBM, Microsoft, Pricewaterhouse Coopers, ConsenSys, and many other firms. This is the second Blockchain-related forum this year. This is positive sector news and the recent merger BTCS was able to accomplish with Blockchain Global Limited out of Australia puts them in a strong position to stay relevant during any ups and downs.
BTCS Inc (OTCMKTS:BTCS) operates a beta eCommerceE 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.
According to 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.”
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The market is a little jittery right now for cryptos. The bears are clawing at the tree and strong companies who rode into the sector because it was hot might be scurrying out with their tails between their legs. BTCS has the potential to be different.
Keep in mind, the entire sector threatens the long-term prospects for banking, credit cards, and roughly half of all assets housed by the government and major banks. And payments made in bitcoin for work or sales of goods or services are basically untaxable because they cannot be tracked by governments. The nature of its existence flies in the face of the system as we know it.
Blockchain Global’s CEO Sam Lee stated “As early movers in a rapidly developing industry, we’ve assembled a talented team with the necessary expertise to excel. In addition to our work with innovative companies, through the Melbourne Blockchain Center, we’ve also positioned ourselves to be a leading consultant in the space, servicing companies that recognize the importance of incorporating blockchain technology into their organizational strategies. By teaming up with BTCS, we’re deepening our pool of talent.”
“The blockchain space continues to suffer from a talent void,” commented Charles Allen, CEO of BTCS. “Together with BCG, and their track record of success, we’re positioning ourselves to fill this talent void, ultimately capitalizing on the immense opportunity in blockchain technologies and leveraging our early-mover advantage.”
Sporting a market cap of $11.26M, BTCS is pulling in trailing 12-month revenues of $360K and does have some debt on the books to be concerned about. However, the debt is from coming to market well ahead of the competition and staying around long enough in a market that has not always been this popular. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $BTCS stock, as well as other hot stock picks, get 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.