A Stock To Buy To Play Cryptocurrency Boom?

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No kidding. If you want exposure to cryptocurrency but don’t want to take time to open a new account to trade the currency directly, there may be some stocks to buy that will help you benefit from the boom. Keep in mind that you can buy to play a bull run or short them if you think they’re going to drop in price. No matter the case, stocks could be your best bet at playing the cryptocurrency boom.

With digital currency prices at near all-time highs, startups have started to raise millions from initial coin offerings. But with countries like China halting trading on ICOs and even going as far as banning cryptocurrency all together, what could be something to pay attention to especially if you were crazy enough to short this market?

Nvidia Corp was recently pointed out by Morgan Stanley after it had made one hundred and thirty million dollars just from chip sales alone. Now obviously this is a chip make but in particular, their massive sales influx were from chip sales due to the mining of Ethereum coins. Now the stock is already trading around 40 times its earnings.

Keep in mind that all year the share price of this chip maker has been climbing like crazy. Chief Executive Jensen Huang said the cryptocurrency boom can be lasting, specifying that other digital currencies are beginning to also grow in popularity, “Cryptocurrency and blockchain​ is here to stay. The market need for it is going to grow, and over time it will become quite large. It is very clear that new currencies will come to market, and it’s very clear that the GPU [graphics processing unit] is just fantastic at cryptography,” Huang said. “This is a market that is not likely to go away anytime soon, and the only thing that we can probably expect is that there will be more currencies to come. It will come in a whole lot of different nations. It will emerge from time to time, and the GPU is really quite great for it.”

But the question is, “Does the market say to short or is there room for growth?”

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