Algorand sponsors FIFA World Cup, should you buy ALGO?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on May 3, 2022
  • Algorand will be the official sponsor of the FIFA World Cup.
  • Algorand’s value saw an increase in value of 21% in the last 24 hours.
  • Its trading volume spiked by 342% surrounding the announcement.

Algorand ALGO/USD is a blockchain platform specifically designed to function as a major payments processor, which features its own cryptocurrency token.

ALGO is the native cryptocurrency token of Algorand, and Algorand as a blockchain utilizes the pure proof-of-stake (PPoS) protocol built on Byzantine consensus.

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However, the main point of appeal for this blockchain and token currency is the fact that it is the first U.S. blockchain sponsor of the FIFA World Cup.

The FIFA World Cup sponsorship as a catalyst for growth 

Through an official announcement made by FIFA on May 2, 2022, Algorand became the official blockchain of FIFA, which will empower the global football community with cutting-edge and sustainable technology.

The partnership was announced by FIFA President Gianni Infantino and the Algorand founder Silvio Micali in Los Angeles, USA.

This agreement essentially means that Algorand will be the official blockchain platform for FIFA that will provide the blockchain-sponsored wallet solution.

Due to this agreement, Algorand will be a FIFA World Cup Qatar 2022 Regional Supporter in North America as well as in Europe, as well as the FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.

The blockchain will assist FIFA in the development of its “digital asset’s strategy” with the announcement going in-depth about blockchain technology in the specific context of non-fungible tokens (NFTs).

As such, it might be highly likely that this partnership could aid in FIFA developing its own NFT collection. This isn’t the first time Algorand as a blockchain is spreading its partnerships, as on April 26, we covered how the Algorand Foundation gave the Flare Network SupaGrant to develop a Bitcoin bridge.

Should you buy Algorand (ALGO)?

On May 3, 2022, Algorand (ALGO) had a value of $0.7155.

In order for us to get a better perspective as to what kind of value point this is for the ALGO cryptocurrency, we will be going over its all-time high point of value,  alongside the performance the token showcased throughout the previous month.

The all-time high value of the Algorand (ALGO) cryptocurrency was on June 20, 2019, when it reached a value of $3.56. This means the token was $2.8445 higher in value at its ATH, or by 397%.

When we go over the performance of the token throughout the previous month, Algorand (ALGO) had its highest point of value on April 2 at $0.9686.

Its lowest point of value, however, was on April 30, when the token decreased to a value of $0.604. Here we can see a decrease in value of $0.3646 or by 37%.

On May 3, 2022, the token increased in value to $0.7155 and will likely carry on with its growth. Based on all of this, Algorand (ALGO) can reach a value of $1 by the end of May, making it a worthwhile token to buy.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.