Crypto Is Back: Buy These 2 Cryptos and 1 Stock Right Now
With Bitcoin (CRYPTO: BTC) soaring by more than 110% this year, and with many other cryptocurrencies following close behind, the growing consensus appears to be that the long "crypto winter" that kept a lid on prices may finally be over. In mid-October, for example, Wall Street giant Morgan Stanley (NYSE: MS) suggested that "crypto spring" could soon be on its way.
This profound change in market sentiment could open the door for huge gains for select cryptocurrencies, as well as for a handful of stocks highly leveraged to the crypto industry. With that in mind, I've picked out two cryptos and one stock that could be potential accumulation targets as we head into 2024.
The obvious pick here is Bitcoin. This was the one cryptocurrency mentioned by Morgan Stanley's wealth management team, and the one that has been getting a lot of attention from institutional investors throughout the year. A major catalyst will be the launch of the first-ever spot Bitcoin exchange-traded fund (ETF) for the U.S. market, now scheduled for the first quarter of 2024. This product launch could lead to a tsunami of new money flowing into Bitcoin. As much as 10% of all Bitcoin circulating in the world could soon be held by spot Bitcoin ETFs.
Source Fool.com
