We recently published a list of the 10 best Bitcoin and blockchain stocks to buy right now. In this article, we'll take a look at how Coinbase Global, Inc. (NASDAQ:COIN) stands compared to other best Bitcoin and blockchain stocks to buy.
Donald Trump has unveiled plans to make the United States the crypto capital of the world, while also saying he will fire Securities and Exchange Commission Chairman Gary Gensler, who has led the SEC's crackdown on the crypto market. Mr. Gensler sought to regulate a market that he believed consisted at least in part of illegal securities transactions.
Following Donald Trump's victory in the US presidential election, the price of Bitcoin exceeded $80,000 for the first time. Other cryptocurrencies also posted gains, including Dogecoin, the favorite coin of Elon Musk, an ardent supporter of President Trump. On November 29, CNBC reported that Bitcoin is on pace to post a 38% gain in November, which would be its best month since February.
Fundstrat Capital CIO Tom Lee, who has joined CNBC, is confident Bitcoin will close well above $100,000 by the end of the year, while Bitwise's Matt Hougan previously appeared on CNBC. He said the post-election market is a win-win situation. According to him, there is a clear path to $100,000 by the end of 2024, and $200,000 in 2025 is perfectly reasonable considering the trend is up and will remain for some time. As of December 5th, Bitcoin is trading at $101,158.
On the supply side, on the other hand, shortages are becoming more apparent. Metaphid CEO Frank Speiser joined “The Exchange” on November 29th and spoke about the outlook for Bitcoin. He cited record-high ETF inflows, the new administration's intention to amass strategic Bitcoin reserves, and the smaller trades appearing in the market at the same time. . However, there are not enough Bitcoins to meet the current increase in demand.
Recently, Federal Reserve Chairman Jerome Powell made an interesting new statement regarding the U.S. crypto market, calling Bitcoin a competitor to gold rather than the dollar, and considering Bitcoin as a potential replacement for the dollar. He denied the position of currency fans. Powell sees Bitcoin as a speculative asset like gold, rather than a currency.
The new administration is expected to legalize digital assets, with Bitcoin valued at over $100,000, but the market is yet to see how things will play out.
Shot of a person securely receiving crypto assets as payment. Introducing the company's payment solutions.
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To create our list of the 10 best Bitcoin and blockchain stocks to buy right now, we used a stock screener and related ETFs to create a list of the most powerful companies. We then shortlisted the top 10 stocks from the list with the most hedge fund holders. Here are the 10 best Bitcoin and blockchain stocks to buy now as of Q3, sorted by hedge fund holders in ascending order.
Here at Insider Monkey we're obsessed with hedge fund stocks. The reason is simple. Our research shows that by mimicking the top stock picks of the best hedge funds, you can outperform the market. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, outperforming the benchmark by 150 percentage points (Learn more ).
Number of hedge fund holders: 42 people
Coinbase Global, Inc. (NASDAQ:COIN) provides an online platform for buying, selling, saving, earning, transferring, and using cryptocurrency. The company also provides critical infrastructure for on-chain activities and supports builders. It is reported that in 2023, the company will hold 5% of the world's Bitcoin supply, making it one of the world's largest Bitcoin holders.
Coinbase offers a comprehensive platform powering the crypto economy with 245,000 ecosystem partners from over 100 countries. We cite first technology, easy-to-use products despite complex underlying technology, and repeatable innovation. We also grow at scale, with over $90 billion in assets securely stored on our platform.
Coinbase Global, Inc. (NASDAQ:COIN) had an encouraging third quarter as it posted its seventh consecutive quarter of positive adjusted EBITDA. Over the years, the company has sought to diversify its revenue by shifting much of its revenue away from transaction fee revenue and into subscription and services revenue. In this regard, COIN is expected to exceed $2 billion in subscription and services revenue in 2024. The company witnessed average growth in native units across staking, USDC on the platform, and custody despite softer market conditions in the third quarter.
In terms of reputation, Coinbase is the clear winner as it has served as one of the longest running crypto platforms and its customers have not experienced loss of funds as a result of security breaches. Coinbase is well-known in the cryptocurrency industry with a market-leading asset share and one of the most trusted platforms for managing cryptocurrencies worldwide.
Overall, COIN ranks 3rd on our list of the best Bitcoin and blockchain stocks to buy now. While we see COIN's potential as an investment, we believe some highly undervalued AI stocks have a better chance of delivering higher returns and in a shorter time frame. I'm doing it. If you're looking for highly undervalued AI stocks that are more promising than COIN but are trading at less than 5x earnings, check out our report on the cheapest AI stocks.
Read next: BlackRock's 8 Best Widemot Stocks to Buy Now and 30 Most Important AI Stocks.
Disclosure: None. This article was originally published on Insider Monkey.
