Top Picks 2021: Grayscale Bitcoin Trust (GBTC)

01/14/2021 4:45 pm EST

Focus: FINANCIALS

Mark Skousen

Editor, Forecasts & Strategies, TNT Trader

Grayscale Bitcoin Trust (GBTC) is a great speculative stock that invests in Bitcoin and other cryptocurrencies, explains Mark Skousen, growth stock expert and editor of Forecasts & Strategies.  

Based in New York, Grayscale is the world’s largest digital currency manager. It offers exposure to Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Horizen, Litecoin, Stellar Lumens, XRP and Zcash. 

Bitcoin and other digital currencies are viewed as an alternative to gold as an inflation and crisis hedge. Consumer are still not using Bitcoin for retail purchases, largely due to its volatility.

But that could change now that two huge consumer-payment companies, PayPal (PYPL) and Square (SQ), have added it to its payment system. Bitcoin has also drawn institutional interest because of its technological innovation. 

JPMorgan (JPM) recently stated, “We have always believed in the potential of blockchain technology and support cryptocurrencies as long as they are properly controlled and regulated.” 

Blockchain is an integral part of the digital currency world. It has great promise in data storage and has particular application to record keeping in financial markets, real estate (eliminating the need for title insurance) and even politics (eliminating voting fraud). 

The famed commodity trader Paul Tutor Jones, Wall Street legend Bill Miller and hedge fund billionaire Stan Druckenmiller are fans. The stock was up sharply last year, and is undoubtedly selling at a premium, so expect lots of volatility along the way.  

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