The past week saw a crash in cryptocurrency prices, but it also brought about an exciting new development. Blockchain Technology Company BTCS (Nasdaq:BTCS) published the news that it will allow investors to receive dividends in Bitcoin (CCC:BTC-USD). Since then, the “earnings” have gained traction as investors ponder what this might mean for the cryptocurrency markets. But the company doesn’t stop there. BTCS stock has been rising all morning after another announcement from the company. BTCS is expanding its infrastructure operations with the addition of Algorand (CCC:something in US dollars).
What happens with BTCS stock
Since this development was announced this morning, BTCS stock has been moving upwards. It rose as the markets opened this morning. Despite the slight dip, it has been quick to recover and is up 18% as of this writing. The two catalysts we’ve seen from the company so far have pushed BTCS stock up by over 84% for the week and 59% for the month. BTCS may have started the year on a low, but it certainly made up for the loss and looks set to go higher.
Most of the stock’s impressive growth has been seen since the “dividend” initiative was announced. Today’s news is likely to help lift it further. However, the public is clearly intrigued by this company’s decision to enter the cryptocurrency markets in a new way. The news is that BTCS is keen to take this crypto-focused mindset even further.
why does it matter
Like Brenden Greeely from financial times He notes, “Behind the earnings is a bet that, if true, could have much greater consequences.”
It certainly can, specifically if it proves successful. But the recent decision to add Algorand to its blockchain infrastructure could also have major implications. It is certainly no surprise that BTCS would like to include it. Cryptocurrency may be down right now, but its price predictions for this year are still very hot — and for good reason. The Algorand blockchain was chosen by Drone Racing League (DRL) and developer of metaverse games stadium labs To host a drone game to play in order to earn, such as investor”Shri Dua’s report.
The market is set up for a gaming experience like this, one that will allow players to earn both crypto and non-fungible tokens (NFTs). The benefit of Algorand is still being promoted as digital currencies, as is the reward scheme we saw launch in the final days of 2021.
BTCS clearly realizes the potential in this type of facility. As Chief Operating Officer Michel Handerhan stated, “The ALGO Foundation has proposed a roadmap spanning 2030 with a focus on ecosystem support, community incentives and decentralized governance. We look forward to monitoring its developments over the years.”
what does that mean
It is not difficult to see how adding Algorand to the BTCS blockchain infrastructure could benefit both parties. The blockchain cryptocurrency protocol is highly scalable. In addition, the Algorand user community is extensive and continues to expand. It is made up of companies in the financial and fintech sectors but is also expanding to include government and public sector institutions.
If it continues to grow, and there is no reason to expect it won’t, BTCS stock could rise accordingly. The company continues to benefit from the momentum generated by the distributed news. Therefore, the news of Algorand is very timely as it will help keep the hype going.
BTCS stock is still trading at a low price. If you are looking into crypto stock offerings, you should be on your radar.
At the date of publication, Samuel O’Brient did not (directly or indirectly) hold any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com Posting Guidelines.