We recently published a list of 10 Best Bitcoin and Blockchain Stocks to Buy Right Now. In this article, we’ll take a look at where Block, Inc. (NYSE:SQ) stacks up against other best Bitcoin and Blockchain stocks to buy.
As Donald Trump revealed his plans to make America the crypto capital of the world, he also said he would fire Securities and Exchange Commission Chairman Gary Gensler, who led the crypto market crackdown. cryptography by the SEC. Gensler attempted to regulate the market that he believed to be at least partially made up of illegally traded securities.
The price of bitcoin exceeded $80,000 for the first time after Donald Trump’s victory in the US elections. Other cryptocurrencies such as dogecoin, the favorite coin of Elon Musk, a fervent supporter of Trump, also recorded gains. On November 29, CNBC reported that Bitcoin was poised to post a 38% gain for November, which would make this month its best month since February.
While Fundstrat Capital CIO Tom Lee is confident that Bitcoin will close well above $100,000 before the end of the year when he joined CNBC, Bitwise’s Matt Hougan previously appeared on CNBC to qualify the win-win market after the elections. According to him, there is a clear path to $100,000 by the end of 2024, while $200,000 is quite reasonable for 2025, given that the trend is upward and will remain intact for a while. some time. As of December 5, Bitcoin was trading at $101,158.
At the same time, there is a notable shortage on the supply side. Frank Speiser, CEO of Metafide, joined “The Exchange” to discuss his Bitcoin outlook on November 29. He mentioned that ETF flows have reached record levels, with the new administration’s intention to build a strategic Bitcoin reserve and smaller transactions appearing in the market simultaneously. . However, there is not enough Bitcoin to satisfy the current growing demand.
An interesting new statement about the US crypto market was recently made by Fed Chairman Jerome Powell when he called Bitcoin a competitor to gold, not the US dollar, thereby negating the position of crypto fans who see Bitcoin as a possible replacement for the dollar. Powell views Bitcoin as a speculative asset like gold, rather than something comparable to a currency.
With the new administration expected to legitimize digital assets and Bitcoin surpassing $100,000, the market has yet to see how things evolve.
People using the Cash app pay for goods and services, highlighting the impact of the company’s payment tools.
In order to put together a list of the 10 best Bitcoin and Blockchain stocks to buy right now, we used relevant stock screeners and ETFs to come up with a list of the most dominant companies. Next, we selected the top 10 stocks from our list that had the largest number of hedge fund holders. The 10 best Bitcoin and Blockchain stocks to buy right now were ranked in ascending order of their hedge fund holders, as of Q3.
At Insider Monkey, we’re obsessed with the stocks hedge funds are piling into. The reason is simple: our research has shown that we can outperform the market by imitating the stocks selected by the best hedge funds. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
Number of hedge fund holders:64
Block, Inc. (NYSE: SQ) is a technology company focused on financial services. The block includes Square, Cash App, Spiral, TIDAL and TBD. Square offers an integrated ecosystem of commerce solutions, business software, and banking services for sellers to grow their businesses, while Cash App lets you send, spend, or invest money in stocks or shares. bitcoins. Spiral advances the use of Bitcoin by creating and funding free open source projects, while TIDAL is a platform for musicians and their fans. TBD, it facilitates access to Bitcoin and other blockchain technologies.
Block, Inc.’s (NYSE:SQ) core businesses remain robust with strong gross profit growth for Square and Cash App. The company has also expanded its addressable market over time. With Square representing a gross profit opportunity of approximately $130 billion and Cash App representing a gross profit opportunity of nearly $75 billion in the United States, the market potential is strong. Block’s strong profitable growth shows that its ecosystems effectively deliver differentiated value to its customers.
In the third quarter, Block’s gross profit increased 19% year-over-year to $2.25 billion. Square generated gross profit of $932 million, up 16% year over year, driven by the strength of its software and integrated payment and banking products. Cash App generated gross profit of $1.31 billion, up 21% year-over-year, driven by strong performance from Cash App Card, Cash App Borrow and the BNPL platform. Overall, the company saw year-over-year improvement in all profitability metrics.
Overall, SQ ranks 1st on our list of the best Bitcoin and Blockchain stocks to buy right now. While we recognize SQ’s potential as an investment, our conviction lies in the belief that some deeply undervalued AI stocks hold more promise in terms of higher returns in a shorter time frame. If you’re looking for a deeply undervalued AI stock that’s more promising than SQ but trading at less than 5x earnings, check out our report on the cheapest AI stock.
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Disclosure: None. This article was originally published on Initiated monkey.
