Bitcoin’s value jumped on Monday after the platform’s developers started using a new software to mine bitcoins. The new software, SegWit2x, was launched after a consensus which would end a bitter rivalry in the cryptocurrency sector. Analysts think that Bitcoin is expected to surge in the near future. It’s pretty difficult for an average investor to reap benefits from Bitcoin, as a single Bitcoin costs over $2000. In this article we will talk about the best stocks, which you should buy in order to profit from the Bitcoin frenzy.
NVIDIA Corporation (NASDAQ:NVDA)
You might wonder what NVidia has to do with Bitcoin. NVIDIA makes the best GPUs in the world, and Bitcoin miners need high-performance GPUs to mine the coins. The company has experienced a massive demand in GPUs amid the cryptocurrency craze. Last month, NVIDIA launched a special GPU designed for mining bitcoin. ASUS Mining P106 boost the megahash rate by up to 36%. NVIDIA stock will gain value on the back of the Bitcoin trend in the world.
Advanced Micro Devices, Inc. (NASDAQ:AMD)
Advanced Micro Devices, Inc. (NASDAQ:AMD) is another great Bitcoin stock to buy in 2017. Like NVIDIA, AMD also launched its new GPU for Bitcoin mining. Mining RX 470 is AMD’s new GPU for Bitcoin miners. On June 6, AMD’s stock gained 7% when the company said it was seeing an explosive demand for its Polaris-based offerings and related products due to the rise of cryptocurrency mining markets.
Bitcoin Investment Trust (NASDAQOTH:GBTC)
Bitcoin Investment Trust allows investors to pool and channelize money towards the Bitcoin industry. The trust works like an ETF. However, the performance of the trust has been poor, as it has lost over 10% in value since the start of the year. Investing in this trust requires extreme caution.
Overstock.com (NASDAQ:OSTK), Shopify (NYSE:SHOP)
The retail industry is a big benefactor of the Bitcoin rise. You should consider investing in the companies which accept Bitcoins as a valid payment method. These companies will face an increase in sales and customers because in the future, a huge number of customers may pay via Bitcoin. Some of the best retail stocks to buy to get maximum benefit of the Bitcoin rise are Overstock.com and Shopify.
WPCS International (NASDAQ:WPCS)
WPCS International (NASDAQ:WPCS) is a relatively unknown company which develops Bitcoin trading platforms. The company also provides communication and infrastructure for companies operating in the Bitcoin sector. WPCS also runs an advanced Bitcoin training platform, btxtrader.com. Analysts think that the training platform will gain a lot of popularity as millions of people will flock to the internet to find out what Bitcoin actually is.
Goldman Sachs (NYSE:GS)
Goldman Sachs (NYSE:GS) has a massive exposure to the bitcoin industry. In 2015, the firm which led a funding round for start-up Circle Internet Financial. Goldman also has a special business segment, Principal Strategic Investments Group, whose primary mission is to pool investors’ money in the fintech sector. US Patent and Trademark Office (USPTO) awarded Goldman Sachs a patent for its proposed “SETLcoin” cryptocurrency settlement system. The proposed system is designed to settle securities trades using a built-in cryptocurrency.