CommPRO Editorial Staff
BTCS Inc., a digital asset and blockchain technology focused company, has provided an update on its business and digital asset portfolio.
Establishing positions in key digital assets is a core part of the Company’s business plan. Through timely purchases of Bitcoin and Ethereum, BTCS has substantially grown its digital asset portfolio over the past 18-months. The Fair Market Value of the Company’s digital asset position increased 1,327% to $3.9 million in 12-months ended December 31, 2020.
The Company believes Bitcoin, Ethereum, and certain other digital assets are a great store of value and can be an effective hedge against monetary debasement in the wake of multi-trillion-dollar economic bailouts. Bitcoin has rallied over 700% from its March 2020 low, which the Company believes is driven by institutional interest in digital assets, PayPal allowing its customers to buy and sell bitcoin through their platform, and a flight to safety during the ongoing COVID-19 pandemic and political turmoil. On January 8, 2021, the Company’s digital asset portfolio had a Fair Market Value of approximately $7 million, which includes $800,000 worth of digital assets purchased with the proceeds of management’s recent $1.1 million investment.
“Our original thesis that has guided our operating decisions across the years has proven very prescient over the past 12 months,” stated Charles Allen, CEO of BTCS. “While we are pleased with the strong gains of 2020, management believes the best is ahead for BTCS and recently backed this belief by investing $1.1 million into the Company, representing a substantial financial commitment. We want to thank our shareholders for their continued support and look forward to sharing more of our successes with you in 2021 and beyond.”
Source: Blockchain Wire