This week in his YouTube series State of the Market, Chief Income Strategist Marc Lichtenfeld investigates the unconventional asset investors everywhere are raving about: cryptocurrency.
Bitcoin, the most well-known crypto, accounts for 50% of the more than $2 trillion digital currency market.
But other coins, like Ether (or, as we heard from Contributing Analyst Jody Chudley on Thursday, the infamous Dogecoin), have also soared in 2021.
Amid a challenging and unpredictable year, investors have rallied behind the idea of a digital future.
Cryptocurrencies like Bitcoin operate on a ledger-like database called blockchain.
This technology has uses in everything from transaction record-keeping to secure digital voting and quality assurance for food supply chains.
The technology behind digital currencies has the potential to transform a wide variety of industries…
But right now, crypto’s main appeal is as a trading vehicle.
Fourteen percent of the U.S. population owns some form of cryptocurrency – and more have expressed interest in getting started, especially amid concerns about a weakening dollar.
If you’ve been hesitant to dive into this exciting and speculative market, it may be time to get creative…
There are safer ways to seek profits than by risking your money on a specific coin. For instance, there are several stocks out there that benefit from the rise of crypto.
These stocks are what are known as pick-and-shovel plays.
During the gold rush, the entrepreneurs who made the most money weren’t the ones who went prospecting for gold.
They were the ones, like Levi Strauss, who sold essential goods – like picks and shovels (and denim jeans) – that enabled the prospectors.
Now, as the market sees a new rush for crypto, the timing is right for just this kind of pick-and-shovel play.