Bitcoin might be a good investment but Bitcoin mining stocks aren t
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Last Updated: Feb 21, 2021, 05:48 PM IST
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Take Canaan Inc. the largest member of the Elwood Blockchain Global Equity Index. The Hangzhou-based company makes chips and equipment used in miners.
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If you believe in Bitcoin, you buy Bitcoin. And if you’re wary, you stay away. That’s about the simplest way of calculating your investment options when it comes to the world’s most infamous speculative bet.
Of course, you can join the hoards of Telegram and Reddit groups claiming to understand and predict the twists and turns in the cryptocurrency’s price, making you just that much smarter than everyone else. Well done.
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If you believe in Bitcoin, you buy Bitcoin. And if you’re wary, you stay away. That’s about the simplest way of calculating your investment options when it comes to the world’s most infamous speculative bet.
Of course, you can join the hoards of Telegram and Reddit groups claiming to understand and predict the twists and turns in the cryptocurrency’s price, making you just that much smarter than everyone else. Well done.
But there is another option: invest in stocks of Bitcoin-related companies, including those that supply the “miners” the computers that solve the complex algorithms which underpin the cryptocurrency network. That is, buy shovels in a gold rush.