In this article, we will discuss the 10 best Bitcoin stocks to invest in according to hedge funds. To skip the detailed analysis and recent market trends, skip to the end for a quick summary of the top 3 picks.
Bitcoin (BTC) has been hovering precariously in the $29000 region for over a month after showing a steady 11% increase during the same period last year. Although not classically meeting the textbook criteria from technical analysis of a head-and-shoulders pattern, price action since March 19 has been a cause for concern for many investors.
While investing in crypto is volatile, Bitcoin still has the best risk-reward profile of any top digital currency. The crypto enthusiast and Silicon Valley veteran is a supporter of decentralization, and his investment firm, Social Capital, has invested heavily in Bitcoin and other cryptocurrencies.
PEPE Coin's meteoric rise over the past few days has printed an increasing number of millionaires among its early buyers. However, the volatility of the crypto market makes it a risk investment. Therefore, investing in Bitcoin stocks is a safer option.
Matrixport, a cryptocurrency services provider, released a research report on Thursday suggesting that Bitcoin (CRYPTO: BTC) has the potential to reach $100,000 by the end of the year. The report cites several factors that could contribute to Bitcoin's growth, including increased institutional adoption and the growing popularity of decentralized finance (DeFi) applications.
The mining operations will be “carbon-free” according to the firms and the first expansion by Bitdeer into Asia. This move will help to reduce the carbon footprint of Bitcoin mining, which has been a concern for many investors and environmental groups.
Bitcoin's (CRYPTO: BTC) volatile ride from $1000 in January 2017 to its peak of $20000 by the end of that year was followed by a sharp drop, which saw its value plummet to $3000 in December 2018. However, Bitcoin has since bounced back and has continued to show steady growth over the past few years.
So, what are the best Bitcoin stocks to invest in? According to hedge funds, the top 10 Bitcoin stocks are:
- Coinbase Global Inc. (COIN)
- MicroStrategy Incorporated (MSTR)
- Square, Inc. (SQ)
- Marathon Digital Holdings, Inc. (MARA)
- Riot Blockchain, Inc. (RIOT)
- Grayscale Bitcoin Trust (GBTC)
- Tesla, Inc. (TSLA)
- NVIDIA Corporation (NVDA)
- PayPal Holdings, Inc. (PYPL)
- Advanced Micro Devices, Inc. (AMD)
As of June 2021, Coinbase Global Inc. (COIN) is the top pick among hedge funds, with MicroStrategy Incorporated (MSTR) and Square, Inc. (SQ) following closely behind.
In conclusion, Bitcoin stocks are a safer investment option than investing directly in cryptocurrency. According to hedge funds, Coinbase Global Inc., MicroStrategy Incorporated, and Square, Inc. are the top picks for Bitcoin stock investors. While investing in Bitcoin stocks is still risk, it is a more stable alternative to investing in cryptocurrency directly.