Brian's Big Idea On Bitcoin
This week Brian is taking a look at Bitcoin. Over the last month or so we have seen a dramatic move higher in the price of Bitcoin and there are several explanations for why this move took place. There was talk of a lot of short covering in the Bitcoin space as well as excess capital moving out of China and into a safe haven. One of the better explanations is that the SEC has backed off its objection to a Bitcoin ETF.
A Bitcoin ETF will allow institutions to invest a small amount of capital into the space with a high degree of certainty around the price fluctuation that is currently keeping a lot of institutions away from Bitcoin. One analyst on the street suggests that Bitcoin could reach $150,000 by 2025.
Brian takes a quick look at Coinbase COIN and talks about how it is an exchange where a vast majority of investors are obtaining and holding cryptocurrencies such as Bitcoin. Brian then takes a look at two miners in the space, Marathon Digital MARA and Stronghold Digital SDIG.
Brian reviews how Marathon Digital MARA is a Zacks rank #4 (Sell) and even goes into the detailed estimates page on the Zack site to explain how the stock has a low Zacks rank even though shares are up around 10% at the time of filming.
Stronghold Digital SDIG is also a Zacks rank #4 (Sell) but Brian notes that if Bitcoin continues to move higher the assets held by these miners will help the valuation for shares.
Finally, Brian looks add the pay service that Zacks runs called Blockchain Innovators. This service is run by David Bartosiak and he employs a buy and hold strategy on stocks that are in the Bitcoin and Blockchain space. Brian reviews the recent purchase this service has made and talks about how David has posted very solid gains by owning stocks that supplied the services to many of the Blockchain and Bitcoin companies.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>Marathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report
Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
Stronghold Digital Mining, Inc. (SDIG) : Free Stock Analysis Report
