BITCOIN Svcs In/SH SH (OTCMKTS:BTSC) is up again today as Bitcoin crosses over the $9k threshold. Over the last week, BTSC is up more than 100% and over the last 30-days you can almost double that. Of course, the price driver for the increase is obviously this bitcoin bounce and what is fueling the actual coin is a number of factors.
One important factor was the glowing support from John Pfeffer, partner of Pfeffer Capital, speaking at the Sohn Investment Conference. He called the cryptocurrency the first alternative to gold and the price has been on a steady rise ever since. Besides this, Goldman Sachs’ Circle bought the cryptocurrency trading platform, Poloniex, and this is also putting support behind the industry and the coin itself, which is the lynchpin to the entire crypto world. This bull run seems to have legs after being under heavy pressure the entire year on regulation concerns and tax season woes.
BITCOIN Svcs In/SH SH (OTCMKTS:BTSC) bills itself as a company engaged in the mining of Bitcoin as well as Blockchain software development. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoins are released.
According to BTSC press materials, “Our business operations are Internet based to the consumer and consist of two separate streams, as follows: (1) bitcoin mining, and (2) blockchain software development. The principal products and services are the mining of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.”
BTSC is focused on bitcoin mining which is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second. The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins.
Also worth noting, when Tulip BioMed Inc. became Bitcoin Services, as we know it today, in March 2016, it marked at least the fifth name change for the company since 2002.
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As we have stated time and time again about this stock, BTSC is totally dependent on bitcoin. They two are tied like it or not and the leadership at the helm of BTSC does not care to even deny this fact. There will not be any revenues materialize here or any acquisitions or ventures to multiply the business model. This is a pilot fish following a shark.
As we covered previously, BTSC dropped its bid for the Australian blockchain company, Blockchain Global, is dead in the water. “With respect to the merger with the Australian blockchain company, due to delays in receiving their audited financials and other due diligence items, the board unanimously decided to evaluate other potential merger targets,” BTSC in a statement.
Holding a market cap of $108.68M, BTSC has 673.3M shares outstanding. BTSC is a stock to watch as bitcoin bounces but you need to watch the price of the coin like a hawk here because the minute the winds change, BTSC will turn back into a pumpkin. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $BTSC 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 $BTSC, either long or short, and we have not been compensated for this article.