Best Crypto Stocks to Invest in
Digital transformation is taking place with such force that today it is hard to imagine a sphere of life that remains untouched by technology. It has changed the way we work, communicate, and even pay for goods. And as more and more companies and consumers are moving toward contactless payment, it is no surprise that cryptocurrency is now making headlines. Especially, in 2021 the surge in cryptocurrency prices has made people’s interest in it continue to soar. Learn more about “Best Crypto Stocks to Invest in“.
It seems that now crypto enthusiasts prefer digital currency even over gold. In fact, as Bitcoin is a commodity like gold, some even believe that it might replace gold as a store of value for people who remain uncertain about fiat currency. And since it is also limited like gold, investors are more attracted to it to avoid the inflationary effect.
While investing in top crypto stocks can turn out to be a great investment, it might not be for everyone. Given the highly volatile nature of Bitcoin and other cryptocurrencies, it makes more sense that risk-averse investors should be going for crypto stocks instead.
That said, considering how hot crypto investing is right now, we feel it an obligation to introduce you to the best crypto stocks to invest in 2021. Read on to find out!
Any discussion about PayPal’s crypto plans is hard to go without talking about Square. Square is perhaps the company has invested more into crypto than its competitors. To begin with, Square’s Cash App enables users to buy and sell Bitcoin pretty easily. And not just that, it also allows investors to set up recurring purchases of Bitcoin. The idea is to allow the app users to gain continual exposure to the crypto space. As a result, it has helped the company boost its growth and profits in a short time.
Just about in the last quarter, Square’s Bitcoin revenue of increased from $177.6 million to $1.76 billion in a total time span of a year. Moreover, the gross profit from Bitcoin also boosted to $41 million. And what makes investing in Square’s stocks even more appealing is that it doesn’t rely on just the Cash App to offer Bitcoin exposure. The company itself is also investing big into cryptocurrency.
In last October, the company bought 4,709 Bitcoins and added another 3,318 in the next quarter. With almost $500 million worth of Bitcoin and almost 5% of its assets now backed with Bitcoin, Square is one of those companies that have the most exposure to the crypto movement.
Riot Blockchain Inc. (RIOT)
The next up in the list of best crypto stocks to invest in 2021 is Riot, which is a cryptocurrency company focused on bitcoin mining. Riot is participating in Bitcoin’s consensus system through proof of work mining, working to find the next block to continue to build upon the chain. Riot aims to be one of the largest and lowest-cost producers of bitcoin in North America. Not only has it enjoyed a growth of over 190% but its stock is also trading at $47.72.
According to the most recent reports, the company has mined 302 BTC during the last quarter of 2020 and 1,005 newly minted BTC by the end of the year. Riot has also gained a 23% increase in production capacity as compared to last year.
With the current global shortage of ASIC mining equipment keeping the network-wide hash rate at lower levels, the company has a more favorable mining environment than ever. All of these factors and more make Riot stocks a great opportunity for crypto stock investing.
Another top crypto stock to invest in is PayPal. This is for the reason that PayPal provides customers with alternative electronic payment methods to conventional paper money. And with the pandemic halting hard cash transactions, digital payments have become a new norm. The company is not only among the early adopters of cryptocurrencies but has been aiming to take its services across the board. PayPal is now planning to expand its Pay in 4 – a buy now, pay later installment feature to its Australian users by the month of June this year.
According to the CEO of PayPal, Dan Schulman, PayPal released more products and services in 2020 than ever before and it aims to take that pace to the next level in the current year.
If all those aren’t enough reasons to invest in PayPal, the company is all set to acquire Tel Aviv-based digital asset solutions provider, Curv. This acquisition will allow PayPal to gain Curv’s cloud-based crypto security services. With so much business progress, there’s hardly any doubt that Paypal will be soaring to new heights in the crypto world.
If Tesla’s $1.5 billion investment wasn’t enough to turn the eyes of every investor toward the company, it went on to announce that now the company has decided to accept Bitcoin as a form of payment for its electric vehicles in the near future. So perhaps the biggest criticism that cryptocurrencies do not have any utility is about to lose all relevance.
Moreover, Tesla is the only company among the 10 largest market caps that has changed a portion of corporate treasury from cash into bitcoin. That said, given the cryptocurrency trends, it wouldn’t be wrong to predict that soon other high profile companies like Microsoft, Apple, and Alphabet are likely to follow suit. So, with more and more businesses seeking crypto exposure, it seems likely that there will be an influx of investments into this asset class, which will only give an even bigger boost to the value of TSLA stock.
Cryptocurrencies have captured investors’ interest far and wide. With people earning big by the surging value of Bitcoin last year, more and more people are willing to invest in it now. And while the sudden boost might have cooled off since then, the interest to find the next hot crypto hasn’t.
However, companies and people are forced to turn to digitalization as a result of the pandemic. So, investing in the technology that crypto is based on is probably more lucrative than investing in the digital currency itself. By investing in the above crypto stocks of companies that are rooting for the success of blockchain technology is the best way to get exposure to this hot investment trend.
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