Three Stocks to Profit from Bitcoin’s Bullish Trend

Bitcoin has made a miraculous comeback in the past month, especially after plunging in May due to China’s tightening of cryptocurrency trading rules. on Aug. 23, Bitcoin topped $50,000 for the first time since mid-May.

Yesterday, the world’s most expensive digital currency closed at $49,201, 82% above its annual low of $27,700 in January, according to an article on the yahoo funding website.

Bitcoin’s price has fluctuated between $30,000 and $40,000 in recent months but has suddenly started to rise as mainstream financial services companies show interest in the world’s largest cryptocurrency.

First, PayPal Holdings, Inc. (PYPL), the world’s largest online payments company, announced that it will launch a cryptocurrency service in the United Kingdom. Starting this week, customers in the UK will be able to buy, store and exchange bitcoins. Earlier this year, it offered the same service to consumers in the United States. Notably, this is the first time PayPal has launched a cryptocurrency service outside of the United States.

Arguably, the online payments giant has taken a dangerous step by entering the highly unregulated cryptocurrency space, which is currently fraught with price volatility and consumer protection issues. Other large companies such as Tesla, Facebook, and Mastercard have also recently shown interest in cryptocurrencies.

Meanwhile, another reason for the huge jump in Bitcoin prices is the recent announcement by Coinbase Global Inc. The cryptocurrency trading platform announced that it has acquired $500 million worth of bitcoin for its balance sheet, according to news18.

The company will invest 10 percent of its quarterly profits into its cryptocurrency asset portfolio, according to news18.

Not coincidentally, Amazon, the world’s largest e-commerce company, raised the price of bitcoin last month; Amazon.com, Inc. said AMZN is considering accepting bitcoin as a form of payment by the end of this year.

The price of Bitcoin also rose after Amazon announced a vacancy for its chief expert on blockchain products. The reason for this is that investors have started speculating that IT companies will be interested in cryptocurrencies in the future, which justifies the digital currency space.

Last month, Twitter’s CEO Jack Dorsey and Tesla’s CEO Elon Musk announced plans to launch digital currencies at their respective companies, which boosted bitcoin’s exchange rate. Elon Musk has stated that he owns several cryptocurrencies, including Bitcoin, and Katie Wood of Ark Investment Management LLC agrees that companies should add Bitcoin to their balance sheets.

On top of that, according to an article in Barron’s, Katie Stockton, managing partner at Fairlead Strategies, previously stated that Bitcoin’s technical charts show a “spiral spring” configuration that suggests the price will rise shortly.

As the price of Bitcoin continues to rise, investors should focus on companies that can benefit from the positive trajectory of Bitcoin and the blockchain technology that underpins it. As such, we have identified three stocks to watch at this time.

JPMorgan Chase & Co. is one of the world’s largest banks, with $3.68 trillion in assets and $286.4 billion in equity as of June 30, 2021. JPMorgan Chase has successfully created the JPM Token, a digital currency that can be used to make fast payments using blockchain technology.

The company is currently rated #3 (Hold) by Zacks Investment Research. The Zacks Consensus Revenue Estimate for the company for the current fiscal year has risen 5.3% over the last 60 days. The company’s projected revenue growth for the current fiscal year is 58.2%. A complete list of today’s Zacks #1 stocks (Strong Buy) can be found here.

Intel Corporation is a California-based multinational corporation that is the world’s largest semiconductor company and the world’s leading manufacturer of microprocessors and chipsets. Intel has created software protection extensions to support blockchain trading and artificial intelligence (SGX) applications.

The company is currently ranked #3 among Zacks Investment Research firms. The Zacks Consensus Revenue Estimate for the company for the current fiscal year has risen 3.7% over the past 60 days. The company’s revenue growth forecast for the next five years is 7.5%.

PayPal has become a leading provider of online payment solutions due to its broad product portfolio and two-way infrastructure. As mentioned earlier, PayPal allows customers in the U.S. and abroad to make payments using virtual currencies such as bitcoin.

According to Zacks Investment Research, the company currently ranks third. The Zacks Consensus Estimate for the company’s revenue this year is up 0.2% over the past 90 days. The company’s revenue growth forecast for the year is 21.6%.

Technology IPOs with Great Profit Potential

Recent years have seen some well-known services, such as Uber and Airbnb, finally, go public. But the biggest successes have come from lesser-known big names.

For example, Xpeng, which makes electric cars, is up 299.4% in just two months. Think of it this way…

If you had invested $5,000 during XPEV’s IPO in September 2020, you would have made $19,970 in profit in November. This year’s list maybe even more lucrative, as an unprecedented influx of money pours into IPOs and the stock market breaks records.