Bitcoin Shop Investment in GoCoin Translates into Losses

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Bitcoin Shop Investment in GoCoin Translates into Losses

ForexMinute.com – With less than the week of its $1.5m investment into world’s renowned cryptocurrency payment platform GoCoin, Bitcoin Shop, Inc.’s plans to generate extensive profits seems to be going in a wrong direction. The virtual currency marketplace has reportedly seen a major fall in its stock value recently.

Despite of its increasing stock volumes, BTCS’s share value are dipping enormously, and has closed last Friday at just 39 cents. The company’s stock value on Feb 10 was more than $4, which has fallen mysteriously after their investment in GoCoin – a news the owners were expecting the least. Bitcoin Shop stock prices although were boosted once during the launch of their virtual currency marketplace www.bitcoinshop.us that stocks over 140,000 items in 400 different categories. Their plans then were to further utilize the popularity of cryptocurrencies, concerning which formed an alliance with the renowned Bitcoin exchange GoCoin.

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“Together, we are enabling customers the ability to use the growing number of virtual currencies when shopping on our site by leveraging GoCoin’s enhanced payment platform,” said Bitcoin Shop CEO Charles Allen after announcing the venture with GoCoin. “Once fully integrated, we will offer a best of breed, one-stop-shop user experience. We are excited to be leading this round of investment in GoCoin and their team.”

The hype although was short-lived. Experts believe that the BTCS’s stock prices were dropped due to the bad reputation of Bitcoin after the Mt. Gox shutdown. There were also more hacking attacks and attempts noted on several other cryptocurrency exchanges which offers Bitcoin and Litecoin trading as their key services.

We will keep you updated with the story in our next posts. Keep watching this space!

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com