Top Crypto Stocks for Explosive Growth in 2024 and Beyond
The crypto market continues to sizzle with Bitcoin prices still above $60,000, despite a recent pullback. While buying Bitcoin directly is one way to increase exposure to the crypto market, there are other options available, including investing in conventional stocks that have significant ties to the crypto world.
One such stock is PayPal (NASDAQ: PYPL), a company known for its payment services with over 400 million users. PayPal made a strategic move in 2013 by acquiring Venmo, a peer-to-peer money app that has seen explosive growth in recent years. Venmo users can now transact in various cryptocurrencies, including Bitcoin, making it a key player in the democratization of finance trend.
Although PayPal’s traditional business has been shrinking, its foray into crypto payments could be a game-changer. With a massive user base and the potential to bridge the gap between traditional finance and crypto, PayPal’s stock could see significant growth in the coming years.
Another stock to consider is Block (NYSE: SQ), which also has exposure to crypto payments through its Cash App. In addition to offering crypto transactions, Block has other business lines focused on blockchain technology, such as TBD and Spiral. Its Square platform allows merchants to accept crypto payments, and even its music streaming app, Tidal, is exploring blockchain for copyright verification.
Despite recent growth challenges, Block’s stock is currently undervalued, offering investors a unique opportunity to gain exposure to the crypto market. With multiple avenues for growth and a low price-to-sales ratio, Block could be a solid investment for those bullish on the future of crypto.
Both PayPal and Block are featured on the Motley Fool’s list of 10 best stocks to buy right now, highlighting their potential for explosive growth in the coming years. As the crypto market continues to evolve, these stocks could be well-positioned to capitalize on the growing interest in digital assets.
Investors looking to diversify their portfolios and increase exposure to the crypto market may want to consider adding PayPal and Block to their watchlist. With the potential for significant growth and a strong foothold in the crypto world, these stocks could be worth a closer look for those seeking to ride the wave of the digital currency revolution.
