Do you know about Bitcoin and cryptocurrencies? If so, here are the top 3 cryptocurrency stocks for long-term investment.
The future of cryptocurrency seems more evident now. Investors are understanding the need of the hour and the significance of digital currencies in the market. Bitcoin and its counterparts are getting approval across the globe—more than ever before.
For instance, when Bitcoin surged a few years ago very few people knew about it and those who got to know about bitcoin were very pessimistic about the market and its future. Also, the majority of the financial institutions were claiming bitcoin and digital currencies to be a fraud. But things changed altogether in 2020 and now, the world wants to know more about it—going forward.
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Although, the crypto market is still volatile as it’s controlled by the movement of Bitcoin. Investors need to be patient if they want to bet on cryptocurrency stocks. It will be a bumpy ride, but it will be worth it.
So, let’s have a look at the top 3 cryptocurrency stocks to invest in the long-term.
The leading online payment service, PayPal (PYPL) now allows crypto payments through its platform. Back in Oct. 2020, the company announced that it would allow users to hold and make transactions with digital coins including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
In Nov., a survey held by Mizuho Securities with 380 participants showed that 17% of users had already used PayPal to buy and sell cryptocurrency. The fact that PayPal is a very convenient and reliable payment transferring platform, the number of cryptocurrency users will increase in the coming time.
In the meantime, PayPal was buying more than 100% of all the newly issued bitcoins. So, PayPal is investing big in the cryptocurrency market—especially Bitcoin.
With PayPal’s 305 million users worldwide, the 17%, users who have started holding and making payments with cryptocurrencies, indicated almost 52 million users. Moreover, the company is looking to expand the offering to its Venmo app during the first half of this year.
Wall Street analysts expect PayPal (PYPL) will make an average earnings growth of 21%+ annually over the next five years. So, PYPL stock is one of the crypto stocks to bet on in the long run.
CME Group (CME)
CME Group (CME) is the largest financial derivatives exchange in the world. In 2020, with the surge in Bitcoin prices, CME became the biggest bitcoin futures trading platform—leading it to record trading volumes. With that, CME becomes a prominent crypto stock in the market.
Earlier this week, CME reported that the Bitcoin futures trading volume peaked at 11,179 contracts in December. This reflected a 114% surge compared to the same period in 2019. Following that, the volume of large open interest orders at the CME exchange also increased. The average daily open interest soared by 252% from Dec. 2019—indicating strong institutional interest.
CME stock has begun 2021 with a strong bullish trend and the long-term trend is also bullish. The growth in the crypto market will drive CME stock in the next few years. So, the potential is massive and CME remains a top stock in the crypto sphere.
Marathon Patent Group (MARA)
Marathon Patent Group (MARA) is a prominent Bitcoin miner and a holding company that is a parent of Uniloc. MARA stock has skyrocketed over 2,200% over the last six months with the surge in bitcoin prices.
On Jan. 12, 2021, the company announced its common stock offering of almost 12.5 million shares. The company will offer its common stock shares at a per-share price of $20 to some of its institutional investors in a registered direct offering. Moreover, Marathon has also raised $200 million in the first week of January. The company has plans to expand its bitcoin mining business. So, with the following funding, Marathon will buy more bitcoin mining equipment.
Bitcoin and other digital coins are the future of the digital world. Marathon has put all its stakes in the crypto market and is aiming to expand its bitcoin mining network. The surge in BTC prices massively uplifts MARA stock’s price. So, in the future, we can see Marathon Patent Group touching (MARA) new heights.