Clouds. 65.2   F New York
AI-Powered News Summarizer
Connect
Top Stories

Here's how to buy bitcoin without all the risk of buying bitcoin

January 21, 2021. Summarized by summa-bot.

Compression ratio: 18.6%. 1 min read.

Bitcoin is up more than 260% over the past 12 months -- a stellar ride -- yet owning the asset is fraught with risks including wild swings in cryptocurrency prices. But there are several ways for investors to get a piece of the bitcoin boom without investing directly in bitcoin.

Several companies that are cashing in on bitcoin's rise are publicly traded, including Galaxy Digital (BRPHF), the cryptocurrency investing firm run by bitcoin bull Mike Novogratz, a top bitcoin bank called Silvergate (SI) and bitcoin mining firm Riot Blockchain (RIOT).

To be sure, crypto-related stocks can be volatile despite the dramatic increase in demand for bitcoin over the past year.

The interest from well-known money managers is a main reason why Mike Venuto, portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK), a fund that invests in bitcoin and blockchain technology companies, owns Silvergate.

Venuto, who also holds Galaxy Digital in the fund as well as bitcoin miners Riot Blockchain, Marathon Patent Group (MARA) and Hive Blockchain (HVBTF), said he's looking for the pure-play companies in crypto that stand to benefit the most from bitcoin's rise.

And Venuto's fund also invests in digital payment giants Square (SQ) and PayPal (PYPL), which now allow users to trade bitcoin.

We're launching our very own token $SMR on Binance Smart Chain.

Summarizer will soon be exclusive to $SMR holders.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions