Bitcoin Nears $60k, Which Crypto Stocks Should You Buy?

SourceForbes
SectorFinancial Markets
CountryMiddle east

NETHERLANDS - 2021/04/02: In this photo illustration the Bitcoin cryptocurrency physical ... [+] commemorative golden symbol coins and logo seen on display. (Photo Illustration by Nik Oiko/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Cryptocurrency prices have surged this year. Crypto bellwether Bitcoin has almost doubled year-to-date to levels of about $60k as of the end of last week, as more institutional investors warm up to the currency, with companies such as Tesla also indicating that they will accept bitcoin payments from customers.

However, investing in Bitcoin and other cryptos is risky at current levels. With Covid-19 cases on the decline and vaccination rates in the U.S. rising, the economic outlook is improving. Bond yields are also trending higher, with the yield on the 10-year Treasury note rising from around 1% earlier this year to close to 1.70% currently. Considering this, investors are moving funds back to real-economy sectors, and it’s likely that non-productive assets such as Bitcoin will eventually be impacted. Our indicative theme on Cryptocurrency Stocks could be a safer way to play the long-term upside from cryptocurrencies, without taking a position in individual currencies. The theme, which includes semiconductor, ...read more...