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Marathon Digital Holdings, Inc. (MARA) - free report >>
Brian's Big Idea On Bitcoin
This week Brian is taking a look at Bitcoin after the cryptocurrency ran from $27,000 to $45,000 in a few weeks. There was a good-sized sell-off and Brian takes a look at a few stocks that should be on your radar screen after the 10% drawdown in price.
There are a few factors that have been driving demand for Bitcoin of late. One of those factors is the upcoming “halving” of Bitcoin which will make the coin twice as hard to mine. In the past, the price of Bitcoin has moved higher substantially when there is a halving.
The other main idea is that the SEC is probably going to approve ETF’s to hold Bitcoin. This will bring in a broad new class of institutional investors and that demand will very likely end up pushing the price higher as they add exposure to the asset class.
While there are several Bitcoin miners to choose from, Brian takes a look at Marathon Digital (MARA - Free Report) as a name to watch. The stock closely tracks the price of Bitcoin as they mine the cryptocurrency and then sell it to pay for operations.
Riot Platforms (RIOT - Free Report) is another BTC miner that carries a Zacks Rank #2 (Buy) and is a little smaller than Marathon Digital (MARA - Free Report) .
One name that is primed to move higher with the ETF and halving tailwinds at its back is Coinbase (COIN - Free Report) . Coinbase is a Zacks Rank #2 (Buy) that is an exchange that is among the first choice for retail investors. COIN is also eyeing worldwide expansion as it looks to become the dominant exchange for Bitcoin.
While Brian possesses a cursory knowledge of cryptocurrency, he defers to David Bartosiak, the Zacks Investment Research resident expert on the subject. David runs the Blockchain Innovators service which selects the best stocks in the Bitcoin and Blockchain space and he leverages the Zacks Rank in his selection process.
David was early on several names and Brian notes that he does of great job of holding winners for the long run as his portfolio includes a stock that is up nearly 1,000%.