3 Best Penny Stocks To Buy If You Like Bitcoin & Blockchain Stocks?
Bitcoin & Blockchain Stocks Are Pushing Higher This Week
Some of the technology have seen a surge recently. Specifically the ones with exposure to cryptocurrency and blockchain tech. Unless you’ve been living under a rock the last few months, Bitcoin prices have continued making new all-time highs. In fact, this week BTC broke above $38,000 for the first time, ever. While some continue feeling the FOMO of not getting in when it was trading at just $4,000 a coin, others have focused on things that are beginning to experience a positive impact from the move in general.
Namely, or any company with exposure to the ecosystem is in focus. This could be bitcoin mining companies, blockchain technology companies, or even hardware manufacturers offering the “picks and shovels”. Needless to say, many of these stocks are surging recently.
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Some are now calling this the “new gold” and considering the circumstances, the argument could hold a bit more weight this time around. For instance, the shiny yellow metal rallied from $1,562 to highs of $2,089 last year. This jump of 33% was big for gold prices. But looking at the move in bitcoin, its 300%+ jump in 2020 is clearly unmatched by precious metals. Now, do cryptocurrencies hold the same type of value as gold? It depends on who you ask.
“While similarities exist between gold and Bitcoin (e.g., store of value, price determined by supply and demand), gold has been recognized as a store of value for millennia. Bitcoin has been recognized as a store of value for less than a decade.”
Jim Powers, Director of Investment Research at Delegate Advisors to Forbes*