It’s been a good 12 months for bitcoin they have been rising more that 260% but of course nothing comes that easy and owning this asset comes with the rollercoaster of risks, but there are a few way one can invest in a bitcoin boom without directly investing in bitcoin and taking that risk.
Mike Novogratz is one of the people who are cashing in on this high note that bitcoin has been on for the past 12 months. PayPal has also benefitted from this as there are investors who want a piece of the bitcoin cash cake just like everyone else. “There are ways to get exposure to bitcoin without owning bitcoin,” said Daniel Polotsky, CEO and founder of CoinFlip, a bitcoin ATM that lets users buy cryptocurrencies with cash.
Janet Yellen from the Biden administration stated that there are also conspiracy theories regarding this bitcoin boom and that it is mostly because all the investors mysteriously lost their passwords and could not get into their account.
Banks and other financial firms gain from bitcoin boom
The thing with Bitcoin is that sometimes the stock plunges even when its good news .if one were to take the bank silver gate they plunged almost 15% in the market even though their earnings didn’t really show that there was a need for such a plunge, even though there was this the CEO Alan Lane stated in a press release that “2020 was a year of significant growth and expansion for our business…as investment in digital currencies increased among the institutional investor community,”
Lane has the confidence to make these statements only because high profile money managers such as Paul Tudor Jones, Stanley Druckenmiller and Anthony Scaramucci have all taken up bitcoin in their embrace. It was also this king of news that bitcoin had a lot of high profile investors buying in shares so that they too could reap the benefits of this crypto currency in the market.
PayPal and Square could be big crypto winners.
There is also other companies who are in the finance area that allow one to trade via Bitcoin and they are PayPal Square, who are giants in the digital payment world who have allowed their customers to, make payments via bitcoin helping the bitcoin stock to further grow in the market. It was seen that if this were to continue then there would be other digital payment companies that would let bitcoin to be a method of payment there by making bitcoin a very in demand and high profile stock to have.
There are many cryptocurrency exchanges just like bitcoin and it was Hong Fang CEO of OKCoin that these types of investments are good for investors that are not very confertable dabbling in cryptocurrency themselves. Hong went on to say that “Look at Square: A lot of its growth is from its bitcoin business, Square is now a crypto stock, to be honest.”
