Best Crypto Stocks To Buy Now As Bitcoin (BTC) Has Crossed $ 60,000?


Do you have these best crypto stocks on your watchlist this week?

As Bitcoin continues its rise, there is no doubt that crypto stocks are hot right now. Unless you’ve lived under a rock, you know the last year has been groundbreaking for Bitcoin. And over the weekend, the cryptocurrency hit a record high of over $ 61,000. Of course, the cryptocurrency has since fallen below $ 57,000 at 9:49 a.m. ET. For the uninitiated, Bitcoin was launched in 2009 and is the largest cryptocurrency measured by market capitalization and the amount of data stored on its blockchain, according to Coindesk.

Crypto enthusiasts have compared digital currency to gold. On the one hand, both are limited in supply. There is a limit of just under 21 million bitcoins created. Therefore, it’s no surprise that many investors are flocking to the digital asset to soften the inflationary effect of massive fiscal and monetary stimulus. Of course, invest in best crypto stocks can be a great investment, but it’s definitely not for everyone. Given the highly volatile state of Bitcoin and other cryptocurrencies, more risk-averse investors would instead look for crypto stocks to buy.

As the digital realm accelerates, investing in companies that make crypto ecosystems work could also be lucrative. For example, NVIDIA (NASDAQ: NVDA) and AMD (NASDAQ: AMD) are considered the backbone of the space, as their GPUs are best known for people to create new units of digital assets. Without them, mining new bitcoins is virtually impossible. Given the current evolution of the industry, it can be difficult to determine the best cryptocurrency stocks to buy. Well, if you are looking to invest in the industry anyway, here is a list of the early adopters of Bitcoin. Could these be the best crypto stocks to buy in the scholarship today?

Best crypto stocks to buy [Or Sell] At present

Square (SQ)

The FOMO moment is back when virtual currency rises at a rate mirroring those we saw in late 2017. Unlike 2017, last year saw global economic uncertainties and central bank actions that could warrant the interest. for bitcoin. Maybe you absolutely want to get exposure to virtual currency. If so, one of the best ways to do it might be to buy the fintech darling Square. The fintech company was one of the first to adopt Bitcoin among institutional players.

Source: TD Ameritrade CGU

Square didn’t buy bitcoin just to accumulate it. Instead, it generates income by buying Bitcoin and reselling it to its Cash App users with a slight mark-up. It does not charge additional transaction fees for these purchases. The Cash application saw its gross margin increase by 168% to reach $ 1.23 billion.

As early as Square’s fourth quarter, CEO Jack Dorsey explained in layman’s terms the company’s $ 170 million investment in Bitcoin: “We believe the internet needs native currency, and we believe Bitcoin does.“With increasing adoption by merchants and consumers, there is still a long way to go for Square. With that in mind, is SQ stock the fintech stock to buy and hold for the decade to come?

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PayPal (PYPL)

Then another cryptocurrency stock to watch would be PayPal. Indeed, its services offer customers alternative electronic payment methods instead of conventional paper money. Overall, this has benefited the company throughout the pandemic, where digital payments have become a new normal. Aside from being the first to adopt cryptocurrencies, the company also appears to be working hard to bolster its services across the board. For those unfamiliar with it, the company plans to expand its ‘Pay in 4’ feature, a buy-it-now and installment payment feature to Australian users later in June.

best crypto stocks to buy (PYPL stock)Source: TD Ameritrade CGU

In his recent quarterly earnings call earlier this month, CEO Dan Schulman said PayPal has “launched more products and services in 2020 than any previous year, and will accelerate that pace in 2021.“PayPal is also acquiring Tel Aviv-based digital asset solutions provider Curv.

As a result of this acquisition, PayPal would get the cloud-based crypto security services from Curv. With such impressive expansion plans, PayPal looks more than poised to facilitate the growing adoption of cryptocurrency. Could this drive PYPL stock to new highs? Be the judge.

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Tesla (TSLA)

Tesla’s $ 1.5 billion investment made headlines upon the announcement. The company has gone even further, suggesting that it expects to start accepting Bitcoin as a form of payment for its electric vehicles in the near future. The criticism that cryptocurrencies, including Bitcoin, are of no use may soon be a thing of the past. Given Musk’s visionary history, could his recent involvement in space trigger new demand for cryptocurrencies? Looks like it does right now.

best crypto stocks (TSLA Stock)Source: TD Ameritrade T & Cs

So far, Tesla is the only company in the 10 largest market caps to have moved some of its corporate cash flow from cash to bitcoin. But what if others like Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL) do the same?

Businesses are at a crossroads. Not only is cash prone to inflationary pressures, it’s also earning little or no interest right now. This has made companies exposed to crypto much sought after. If the trend continues, there will be an influx of investment in this asset class, which will bode well for TSLA stock.

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Riot Blockchain (RIOT)

Last on the list, we’ll take a look at Colorado-based Bitcoin miner Riot Blockchain. Although viewed as a bad investment by many traditional investors, RIOT stock has defied all odds and continues to trade higher in recent weeks. To put it simply, things have gone well for Riot Blockchain. On the one hand, its ties to Bitcoin are all the business needs to move forward. As a cryptocurrency miner, the company periodically takes some of its mined digital coins and sells them to generate income. And as Bitcoin rises, each singular sale is worth more to the outfit’s top and bottom results.

crypto shares to buy now (RIOT share)Source: TD Ameritrade T & Cs

Whether you think digital assets will be the future or not, it’s hard to ignore crypto mining companies like Riot. While no one can be sure that the growth we are seeing is lasting, it might not be a bad idea to strike while the iron is hot. Additionally, the company said it has placed orders for another 26,100 Antminers.

These will be filled via monthly shipments scheduled through October 2021. This suggests that Riot is on schedule to triple its current mining capacity by Q4 2021. Given the current momentum of the company, will add- Are you making RIOT stocks on your watch list?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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