The stock of BTCS Inc. (BTCS) gained massively in the current market after the company announced in a press release about their dividend payment in Bitcoin. The stock of BTCS is trading at $4.60 in the current market at the time of this writing. This is an increase of 51.82% from the previously closed value. Previously, the stock closed at $3.03. The volume of the stocks traded in the last trading session was around 147.41K shares.
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Reasons for the BTCS stock
The stock of BTCS Inc. (BTCS) was gained for a particular reason when the company announced in a press release that it will pay dividends in the form of Bitcoin. This made them the first-ever NASDAQ-listed company that will be paying dividends as a cryptocurrency. They called it a Dividend. The dividend is defined by the company as the dividend paid to the shareholders in the form of cash or dividend. BTCS Inc. (BTCS) has announced to pay a $0.05 BTC dividend on the 1-day previous price of Bitcoin or if they chose cash then they will be paid USD 0.05.
BTCS Inc. (BTCS) is a blockchain technology-focused company so its topmost priority is to create awareness for cryptocurrency and its adoption as well as financial freedom. BTCS Inc. (BTCS) intends to create the infrastructure that will support blockchain technology. To achieve their vision they have decided to pay their shareholders in the form of Bitcoin as a Bividend so that more and more people adopt cryptocurrency as well as blockchain technology.
Effect on the stock gain
As soon as the news hit the market the stock of BTCS Inc. (BTCS) skyrocketed and gained as much as 44% which is a massive increase in single-day trading. This new announcement by BTCS Inc. (BTCS) has been responded to positively by the investors and its stock soared in the current market.
Conclusion
The major development seems to be very promising for the company. It could increase the interest of the company as well as the interest of the people in cryptocurrency and blockchain. If it is executed well, it could prove to be the winner for the company.
