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Stocks to buy that could make gains off the Bitcoin boom
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Stocks to buy that could make gains off the Bitcoin boom

The managing partner of Funstradt and bitcoin bull Thomas Lee has identified stocks that could gain on the back of Bitcoin price rises, transaction activity and Bitcoin mining. According to Lee, holding an equal-weighted basket of these stocks will offer a 135% return. Although some of these stocks are small companies and thinly traded, they could prove to be wise and worthwhile investments as Bitcoin continues to grow: MGT Capital Investments (MGTI) - a Bitcoin miner which is owned by McAfee, operating out of Washington. MGTI is leasing farmers' utility rights in order to get power at wholesale cost. Hive Blockchain Technologies (HIVE. Canada) and U.S. Global Investors (GROW) - Bitcoin mining uses a lot of electricity, and both of these companies conduct their mining operations in Iceland, a country where the cost of electricity is low. Digitalx (DCC.Australia) - an advisory and blockchain consultant. Cboe Global Markets (CBOE), CME Group (CME), and Goldman Sachs (GS) - all of these stocks are companies that benefit from transaction activity. CME and CBOE are introducing Bitcoin futures, and as early adopters, they will be in a great position to capitalise on bitcoin's rising popularity. Lee described Goldman Sachs as a "first mover" in Bitcoin futures, ahead of the game in this respect compared to the other large investment banks and Wall Street firms. Nvidia (NVDA) and AMD (AMD) - both of these hardware giants are market leaders in producing the graphics processing units or GPU card producers used for token mining. Mining Bitcoin depends on the use of specialized chips, and as blockchain grows and transactions rise, Bitcoin miners will need more and more GPUs to meet demand. Overstock (OSTK) and Square (SQ) - Overstock Medici Ventures is a blockchain retailer which allows Bitcoin as a legitimate method of payment, while Square recently announced that it would accept users buying and selling with Bitcoin. So, there you have it - 12 ways to play the Bitcoin game, without actually purchasing any of the cryptocurrency!

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Frankie Crowhurst

The cryptocurrency market is slowly picking up again after a pretty poor performance this year, and is having a positive effect on all crypto coins.

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