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Nvidia and more – these stocks could benefit from the bitcoin hype

Important cryptocurrencies: Bitcoin, Litecoin, Ethereum. (Photo: Shutterstock)

If you want to benefit from the boom in cryptocurrencies but do not want to invest directly in Bitcoin, you can also look at stocks of companies that are active in the field of blockchain technology.

Cryptocurrencies such as Bitcoin and Ethereum are on everyone’s lips again after the price rally of the past few months. For many interested parties, however, the market is too volatile to invest their money there. Regardless of how market observers think about the prospects of the individual coins and tokens, the blockchain technology behind it is pretty promising for many. Accordingly, investors could benefit from companies that are active in this area.

Blockchain applications with billions of potential

Because companies that can develop a functioning business model around the new technology are more likely to benefit from the development in the long term than those who are on track alone of the cryptocurrencies. According to a forecast by Jupiter Research, blockchain applications could generate sales of four billion US dollars in retail alone in 2023. Industry observers are expecting even more.

Retail giants like Walmart or Alibaba are already relying on such applications or are experimenting with them. The use of blockchain technology and smart contracts in the area of ​​global supply chains are particularly promising. This made it easier to monitor and track them. The finanzen.net portal has listed a number of stocks that could have potential in connection with cryptocurrencies and blockchain technology.

Crypto miners need powerful hardware

First of all, big corporations like IBM, which started in 2015, stand out to tap blockchain technology. PayPal could also benefit from a positive development in the market. When it comes to mining cryptocurrencies, the manufacturers of graphics cards and semiconductors such as Nvidia and AMD also stand out. They should continue to benefit from the great demand from crypto miners for powerful hardware, so finanzen.net.

In addition, there are small caps from various countries that specialize in mining or services in trading cryptocurrencies. These include Hive Blockchain, Codebase Ventures and Interbit. Promising Bitcoin stocks from Germany are Northern Data or the Bitcoin Group, according to the financial platform. In addition, the Coinbase crypto exchange is going public this year. Coinbase is said to be worth up to 30 billion dollars.

Also interesting: Stripe, Robinhood, Coinbase and more – these billion-euro IPOs are due in 2021

(Note: This information does not constitute a recommendation to buy shares.)

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Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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