April 19, 2024
Matrixport Suggests Bitcoin Miners as Top Bet for 2024
Latest Cryptocurrency News

Matrixport Suggests Bitcoin Miners as Top Bet for 2024

Listed digital asset companies’ underperformance has prompted Matrixport, a crypto services provider, to suggest that there could be enticing investment opportunities within the Bitcoin (BTC) mining sector, as per their Thursday report.

“If bitcoin were to climb to a new all-time high of $70,000, an investor would realize a return of only 167%,” the report pointed out. To potentially attain more substantial gains, investors are encouraged to consider purchasing a diversified portfolio of publicly listed Bitcoin mining firms, including companies like HIVE Digital (HIVE), Bitfarms (BITF), and Iris Energy (IREN).

According to the note, these stocks are presently trading at a 33% discount based on Bitcoin’s current price and offer a 52% upside. Markus Thielen, Head of Research, stated, “In our regression analysis, the 10 stocks included could be valued 97% higher if bitcoin returns to $30,000 or an impressive 572% higher if bitcoin reaches a new all-time high and trades at $70,000.”

He added, “For the sake of diversification, opting to invest in a selection of discounted bitcoin mining stocks or tokens with substantial growth potential could possibly represent the ultimate bet for 2024,” while emphasizing that tokens carry considerably more risk than listed stocks.

Despite indications that the U.S. Securities and Exchange Commission (SEC) may delay the approval of a U.S.-listed spot BTC exchange-traded fund (ETF) until January 2024, Matrixport maintains a positive outlook for Bitcoin.

Photo by Leeloo Thefirst

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