Over the last few months, Bitcoin was cut in half.
From a high of $68,978, it plummeted to a low of about $35,000.
However, after catching major support dating back to mid-2021, Bitcoin is showing strong signs of life. Helping, President Biden just announced an executive order on cryptocurrencies.
In fact, according to CNBC, “Biden’s executive order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics say could leave the country’s industry behind the rest of the world.” The order also directs the U.S. government to explore a potential central bank digital currency.
In addition, according to NBC News, “Although a U.S. digital currency would not necessarily change much in terms of everyday experiences like buying goods and services, economists say it could transform central and commercial banking, as well as government sanctions, banking accessibility and taxes.”
So how do we profit from that?
There are two ways. One, you can always invest in Bitcoin, with hopes it can regain losses. Or, two, you can invest in badly beaten Bitcoin mining stocks, such as:
Marathon Digital Holdings (MARA)
Wherever Bitcoin goes, MARA is sure to follow.
Also bouncing from major support, Marathon Digital Holdings could push higher. In fact, from a current price of $25.80, we’d like to see it rally back to $35, near-term. As of March 1, the company said it produced 360.3 self-mined bitcoin during February 2022, a 729% increase from 43.4 self-mined bitcoin in February 2021. It also Increased total bitcoin holdings to approximately 8,956 BTC with a fair market value of approximately $386.8 million.
Riot Blockchain (RIOT)
Riot is also rallying from major support. From a current price of $16.75, we’d like to see the miner rally back to $28, near-term. In February 2022, Riot produced 436 BTC, an increase of approximately 189%, as compared to February 2021 production of 179 BTC. As of February 28, Riot held approximately 5,783 BTC, all produced by the Company’s self-mining operations.
Bit Digital (BTBT)
BTBT is also bouncing from major support. From a current price of $3.50, we’d like to see BTBT challenge $8, near-term. In its most recent quarter, the company said revenue from Bitcoin operations was $10.1 million.
