If you are a skeptic and don’t believe in new technologies, then Bitcoin perhaps looks like a cheap imitation of money. If, on the other hand, you are an optimist and believe in the transformative power of new technology, then Bitcoin is the mint of the future. But it’s more than just mint, for all digital currencies that pass into the mainstream, will eventually help to oil and lubricate the movement of goods, services, and ideas. Wrapped up in that powerful promise is a huge opportunity for investors to make insane amounts of money via bitcoin and bitcoin stocks.
Right now the only currency digitally that holds sway is Bitcoin and this is why Bitcoin stocks are the newest search term for eager and intrepid investors. A recent report from Bloomberg said that people are now searching for “buy bitcoin” more than they are searching for “buy gold.” The reason for that isn’t difficult to see – the digital currency is on fire.
Bitcoin Stocks – The Rise of Bitcoin In 2017
At the start of 2017 Bitcoin was trading at $966; by March that figure had modestly climbed to $1081, and by June, more than doubled to $2420. Few could have imagined that by September 2017 Bitcoin would be trading at $4367; fewer still imagined anything like the $6458 Bitcoin we saw In October and by now only the truly brave is betting against Bitcoin continuing its rise. At the time of this writing Bitcoin is trading well over $11,000 with no obvious signs of slowdown even with a few pullbacks since November. Like it or not, Bitcoin is on the climb and smart investors are looking to get on board in some way or another.
From our perspective investors can play the Bitcoin breakout in one of two ways. They can either go directly into the currency, or they can go indirectly – i.e. selecting those companies that have some peripheral tie to Bitcoin and its ascendancy.
Bitcoin Stocks – A Few Stocks Worth Mentioning
The indirect route can be just as profitable as the direct route. So, with that in mind we can take a better look at some of the Bitcoin stocks that are emerging on investors’ radar going into 2018.
NVIDIA Corporation (NASDAQ: NVDA) is a well-known name in the technology space and has been around for a quite a long time. NVDA has been one of the biggest makers of graphic processing units and has helped to power not the just the PC boom of the early 90s, but the subsequent smartphone and internet boom of the 2000s. Now the company is setting its sight on the cryptocurrency opportunity, giving itself a massive new lease on life. NVDA therefore presents a good opportunity for investors who want to take the direct route to making money from Bitcoin.
Square Inc. (NYSE: SQ) is another company that could end up benefiting from the Bitcoin stocks boom. The financial services company is a big name in the merchant services aggregation space and has been one of the top companies in the last few years to truly democratize mobile payments.
Bitcoin Stocks – Two More Mentions
Bitcoin Investment Trust (OTC: GBTC) is another company worth keeping an eye on as the Bitcoin take-of continues. The trust has a market cap of $3.41B and is currently trading for over $1640 a share. Another directly relevant Bitcoin stocks company worth looking at is Digital Power Corporation (DPW). Recently DPW, through its subsidiary Coolisys Technologies, Inc. (Coolisys), unveiled plans to enter the digital currency space with own line of hardware. The company said in a release, that it “anticipates launching a line of advanced technology power systems for digital mining of cryptocurrencies, including Bitcoin and the other top digital currencies worldwide.”
Last but not least we have Overstock.com Inc. (NASDAQ: OSTK). The internet retailer is one of the core players in the multi-trillion dollar online ecommerce sector and analysts have been taking a closer look at the company in light of attention going to it from options traders. Since Bitcoin is potentially going to be the currency of choice on the internet, companies like OSTK are work keeping an eye on.