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Matrixport still maintains a positive outlook for BTC, even though the US SEC has delayed a decision on seven applications to spot Bitcoin ETFs on its desk.
According to recent metricsport reportPoor performance of listed crypto companies shows that there could be huge investment potential Bitcoin (BTC) mining space that investors can take advantage of. The report compares the benefits investors would see from exposure to Bitcoin alone and a diversified portfolio.
BTC is currently trading at $26,474.99, but if the price of the flagship coin surges tremendously and reaches a new all-time-high (ATH) of $70,000, investors stand to gain just 167%. In the report, Matriport highlighted that investors are more likely to record huge profits if they buy a diversified portfolio of publicly listed mining companies.
“In our regression analysis, the 10 stocks included could be worth 97% more if Bitcoin returns to $30,000 or if Bitcoin reaches a new all-time high and $70,000,” said Marcus Thielen, head of research at Matrixport. The trade could be up an impressive 572%.” ,
Some of these publicly listed BTC mining companies are Bitfarms Limited (TSE:BITF). Iris Energy Limited (NASDAQ: IREN), and HIVE Digital Technologies Ltd. (CVE: HIVE) which is now pivot For Artificial Intelligence (AI). At current BTC prices, most of these stocks are trading at a 33% discount, offering an upside of approximately 52%.
Matrixport Bitcoin Stock Status Still Unstable
It is noteworthy that the prices of these shares fluctuate from time to time depending on many factors. In 2021, sustainable-energy mining company Bitfarms saw its stock decline Down 8.6% to $3.9 and it was also its first day of public trading on the Nasdaq exchange. It closed the day at $3.96, down 7% from its opening price of $4.27.
At the time, some heavy selling in the crypto market was attributed to the sharp decline.
On the other hand, Iris Energy stock jump It surged by 21% after announcing its major hash rate expansion plans a few months ago. Taking into account these price movements and the volatility and risks associated with cryptocurrencies, Marcus Thielen, head of research at Matrixport, still believes that a diversified portfolio of discounted publicly listed companies is a better investment option with significant returns.
He tagged this strategy as the “ultimate bet for 2024”.
“For diversification, investing in a selection of discounted Bitcoin mining stocks or tokens with substantial growth potential could potentially represent the ultimate bet for 2024,” Thielen underlined.
Matrixport still maintains a positive outlook for BTC, even though the United States Securities and Exchange Commission has delayed a decision on seven applications to put a spot bitcoin exchange-traded fund (ETF) on its desk. In a previous report, the crypto service provider had said that the price of Bitcoin could see a significant increase force to accelerate Starting from October, it may extend till the fourth quarter.
If this call is successful, it could push the price of BTC to $37,000 by the end of the year.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves writing about real-life applications of blockchain technology and innovations to promote general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain media and sites.
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