In 2024, crypto stocks and cryptocurrencies gained significantly. Many think the run just started. Of course, you can buy Ethereum and Bitcoin. There are other methods to profit on crypto's surge. Two crypto stocks could rise in value in the coming months and years.
A hidden approach to bet on crypto adoption boom Since Bitcoin's 2009 launch, crypto enthusiasts have talked about "mass adoption." This statement refers to when millions, possibly billions, of individuals own and use crypto. Some say mass adoption has happened. Most Americans know about cryptocurrencies, and millions own or trade them. One survey found that 25% of Americans hold Bitcoin, and majority want more.
Billion people don't own crypto. Despite historically unpredictable currency rates, growing regions like Latin America are ideal for bitcoin adoption. Buy Nu Holdings (NYSE: NU) stock to bet on Latin Americans adopting cryptocurrencies, a wager with significant upside given the region's over 650 million people.
Nu appears to be a bank. The company offers checking, savings, credit, debit, insurance, and personal loans. Nu offers all these services through a smartphone app, which is the secret. This sets it apart from incumbent banks, which have hundreds of branches. Those branches cost money, so competitors can't move as swiftly or efficiently as Nu.
Nu can instantly distribute a new product to its over 100 million clients on any given day. It introduced NuCripto in 2022 to let customers purchase, sell, and deal in crypto. More than 1 million signed up in the first month.
Nu has a big presence in Latin America's crypto industry, but most of its revenue comes from fiat currencies. Nu may benefit if you think regions like this will adopt crypto in the future. With a $50 billion market value, this stock is long-term safe.
This firm is banking everything on Bitcoin. Block (NYSE: SQ) may have a similar advantage in the U.S. market as Nu in Latin America.
Block, previously Square, changed its name in 2021 to reflect its concentration on Bitcoin and blockchain technologies. Businesses can accept bitcoin payments with Square today. Block's Cash App lets friends and relatives send and buy crypto. Block enterprises like Spiral and TBD are investing heavily to boost Bitcoin's developer environment. Block is betting big on Bitcoin's rise.
Nu stock is costly at 10.3 times revenue, but its quick expansion makes it affordable. Block stock trades at 2.4 times revenue, which is fantastic. Block is in a turnaround under creator Jack Dorsey. In 2021, Block's stock was valued above 10 times sales, but it has since suffered losses and slowed revenue growth.
The company has earned its first quarterly profit in almost two years, indicating early success in the recovery. Block stock is a great buy if you want to bet on cryptocurrency adoption at a discount.
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