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Best Crypto Stocks To Buy Right Now As Bitcoin (BTC) Breached $60K?

Bitcoin hit a new high, driving interest into these crypto stocks right now.

Do You Have These Top Crypto Stocks On Your Watchlist This Week?

As Bitcoin continues its upward climb, it’s no question that crypto stocks are hot right now. Unless you have been living under a rock, you would know that the past year has been groundbreaking for Bitcoin. And over the weekend, the cryptocurrency hit an all-time high of over $61,000. Of course, the cryptocurrency has since fallen below $57,000 as of 9:49 a.m. ET. For the uninitiated, Bitcoin was launched in 2009 and is the largest cryptocurrency measured by market capitalization and the amount of data stored on its blockchain, according to Coindesk.

Crypto enthusiasts have likened the digital currency to gold. For one thing, both are limited in supply. There is a limit of just under 21 million bitcoins being created. Therefore, it is not surprising many investors flock to the digital asset to mitigate the inflationary effect from massive fiscal and monetary stimulus. Sure, investing in top crypto stocks can be a great investment, but it is sure not for everyone. Considering the highly volatile state of Bitcoin and other cryptocurrencies, more risk-averse investors would look for crypto stocks to buy instead. 

With the acceleration of the digital realm, investing in companies that enable crypto ecosystems to function could also be lucrative. For instance, NVIDIA (NASDAQ: NVDA) and AMD (NASDAQ: AMD) are deemed as the backbone of the space as their GPUs are best known for people to create new units of digital assets. Without them, mining new bitcoin is pretty much impossible. Considering how hot the industry is now, it can be hard to pinpoint the best cryptocurrency stocks to buy. Well if you’re looking to invest in the sector regardless, here is a list of early adopters in Bitcoin. Could these be the top crypto stocks to buy in the stock market today?

Top Crypto Stocks To Buy [Or Sell] Right Now

Square (SQ)

The FOMO moment is back once again when the virtual currency is surging at a pace mirroring those we saw at the end of 2017. Unlike 2017, the past year saw global economic uncertainties and central bank actions which might justify the interest in bitcoin. Perhaps you absolutely want exposure to the virtual currency. If so, one of the best ways to do that might be to buy fintech darling Square. The fintech company was one of the early adopters of Bitcoin among institutional players. 

Source: TD Ameritrade TOS

Square didn’t buy bitcoin just for the sake of accumulating them. Instead, it generates revenue by buying Bitcoins and selling them back to its Cash App users with a slight markup. It doesn’t charge any additional transaction fees for those purchases. The Cash App saw its gross profit grew 168% to $1.23 billion.

From Square’s fourth quarter, CEO Jack Dorsey explained the company’s $170 million investment in Bitcoin in simple terms: “We believe the internet needs a native currency, and we believe Bitcoin is it.” With increasing adoption from merchants and consumers, there remains a long runway ahead for Square. With that in mind, is SQ stock the fintech stock to buy and hold for the decade to come? 

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PayPal (PYPL)

Next up, another cryptocurrency stock to watch would be PayPal. This is because its services provide customers with alternative electronic payment methods instead of conventional paper money. By and large, this has benefited the company throughout the pandemic where digital payments have become a new norm. Apart from being early adopters of cryptocurrencies, the company also seems to be working hard to bolster its services across the board. For those unfamiliar, the company is planning to expand its ‘Pay in 4”, a buy now, pay later installment feature to Australian users later in June. 

Source: TD Ameritrade TOS

From its recent quarterly earnings call earlier this month, CEO Dan Schulman said that PayPal has “released more products and services in 2020 than in any previous year, and will step up that pace in 2021.” PayPal is also acquiring Tel Aviv-based digital asset solutions provider, Curv.

Following this acquisition, PayPal would be obtaining Curv’s cloud-based crypto security services. With such impressive expansion plans, PayPal seems more than ready to facilitate the growing adoption of cryptocurrency. Could this lead to PYPL stock soaring to new heights? You be the judge.

[Read More] 4 Cyber Security Stocks To Watch In March 2021

Tesla (TSLA)

Tesla’s $1.5 billion investment grabbed every headline when it made the announcement. The company went even further, suggesting that it expects to begin accepting Bitcoin as a form of payment for its electric vehicles in the near future. The criticism that cryptocurrencies, including Bitcoin, have no utility could soon be a thing of the past. Given Musk’s visionary history, could his recent involvement in the space sparks new demand for cryptocurrencies? It sure seems like it right now. 

Source: TD Ameritrade TOS

So far, Tesla is the only company among the 10 largest market caps that has shifted some of its corporate treasury away from cash and into bitcoin. But what if others like Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and Alphabet (NASDAQ: GOOGL) do the same?

Companies are finding themselves at a crossroads. Not only is cash prone to inflationary pressure, but it also returns little to no interest right now. This has made companies with crypto exposure highly sought after. Should the trend continue, there will be an influx of investments into this asset class, and this will bode well for TSLA stock.

[Read More] Should Investors Buy These Top Tech Stocks In March? 4 Names In Focus

Riot Blockchain (RIOT)

Last on the list, we will be looking at Colorado-based Bitcoin miner, Riot Blockchain. Despite being perceived as a poor investment by many traditional investors, RIOT stock has been defying all odds and continues to trade higher in recent weeks. To put it simply, things have been good for Riot Blockchain. For one, its ties to Bitcoin are all that the company needs to march higher. As a miner of the cryptocurrency, the company periodically takes some of its mined digital coins and sells them to generate revenue. And when Bitcoin goes up, each singular sale is worth more to the outfit’s top and bottom lines. 

Source: TD Ameritrade TOS

Whether you believe digital assets will be the future or not, it’s tough to ignore crypto mining companies like Riot. While no one can be sure if the growth we are seeing is sustainable, it may not be a bad idea to strike while the iron is hot. Moreover, the company mentioned that it has placed orders for another 26,100 Antminers.

These will be fulfilled via scheduled monthly shipments through October 2021. This suggests that Riot remains on schedule to triple its current mining capacity by Q4 2021. Given the company’s current momentum, will you be adding RIOT stock to your watchlist?

By Brandon Michael

Brandon Michael is a financial specialist and financial contributor to the stock market. He enjoys writing about rising stocks and how the market changes over time. He specializes in multimedia and events, as well as social media management and media contributing. He has managed and marketed hundreds of events, as well as grown social media pages upwards of 200,000 followers and everything in between. As an active social media influencer in the car community, he understands how to recognize trends and curate content for niches. From an early age, Brandon was fascinated by the power of social media and how it built companies and careers for many. Over time he has developed many different strategies for different platforms on how to grow different kinds of pages. In addition to social media skills, he is passionate about events, it is second nature to him to promote them and make sure that everything is executing perfectly. This has allowed him to partner with some of the largest companies in the industry to run events for hundreds of thousands of people. Brandon has written many articles for many notable top websites for the last 3 years. His focus in his writing is generally rising stocks and emerging trends in the stock market, as well as bringing companies with market potential to the frontlines of the media. It is easy for him to identify trends and do extensive research to make sure he’s providing the most accurate research possible. In his free time, he continues to improve his research skills and financial knowledge to continue providing the best work possible.

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