Stock picker Tom Lee has a long track record when it comes to making smart recommendations of stocks to buy. Recently, he entered into the cryptocurrency world and talked about Bitcoin.
For those reading this living under a rock, Bitcoin is hot right now, with prices surging over 1,000% in 2017. This post isn’t going to go into the minutiae about Bitcoin, as you can learn Bitcoin basics in other posts.
Today I will be looking at Bitcoin related stocks that Tom Lee thinks are a worthy investment.
5 Bitcoin Related Stocks To Make Money
#1. Nvidia (Nasdaq:Â NVDA)
Nvidia is a chipmaker that can greatly benefit from the Bitcoin craze. The reason for this is simple. A simple way to get Bitcoin is to mine them. But to do so you need a powerful CPU that can run complex processes to mine effectively.
Seeing as I recently wrote that I am bullish on Nvidia, it should come as no surprise that I agree with Mr. Lee on this pick. With the price of Nvidia coming back from a sell off, now could be a great entry point into this stock.
#2. Square (NYSE: SQ)
Square has disrupted the retail marketplace by making it easy for small businesses to accept credit card payments. With their innovative devices and software, anyone can turn their phone or tablet into a point of sale device.
In November, Square CEO announced that the company would allow users to buy and sell Bitcoin on their app.
I can see why Mr. Lee likes Square because of this announcement, however, this is a long stretch as one of the Bitcoin related stocks. I don’t see people signing up for Square to simply buy and sell Bitcoin. If anything, people will do so on the many Bitcoin exchanges out there.
Additionally, I doubt many of the small business owners that use Square devices are going to risk their business revenues buying and selling Bitcoin. I would stay away from this stock if you are looking to get exposure to Bitcoin.
