Cryptocurrencies are in rally mode.
Bitcoin is up to $23,000. Ethereum is up to $662. XRP is nearing 60 cents. And there doesn’t seem to be an end in sight to upside.
In fact, “Bitcoin’s scarcity combined with ‘rampant money printing’ by the Federal Reserve means the digital token should eventually climb to about $400,000, Scott Minerd, the chief investment officer at Guggenheim,” as quoted by Live Mint.
While investors can always push into the cryptocurrencies, stocks are another option.
Riot Blockchain Inc. (NASDAQ:RIOT) for example builds, supports, and operates blockchain technologies. Over the last few weeks, RIOT has run from $3.50 to $10.76. As long as the crypto rally doesn’t fade, it could see higher highs.
The same for Marathon Patent Group (NASDAQ:MARA), which mines digital assets. The company owns crypto mining machines and data center. The stock has run from about $2 to $8.23 in recent weeks.
Investors may also want to consider Square Inc. (NYSE:SQ). Its Cash App has become a trusted way to buy and sell Bitcoin. Helping a bit more, the rally in Bitcoin and other cryptocurrencies illustrates the broad acceptance of digital currencies, and could fuel higher highs in SQ.