Best stocks of 2023 are Bitcoin-related stocks

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Last Updated on 6 November 2023 by CryptoTips.eu

At the end of the first quarter, we compared American stocks that did very well this year to Bitcoin. At the time, the winners were Meta and Nvidia.

However, after seven and a half months into 2023, two Bitcoin-related stocks are in the top ten list of big winners for US investors. Bitcoin mining companies Riot Platforms and Marathon Digital Holdings are up nearly 330% since the start of the year. The digital currency itself may be (only) up some 80% since the beginning of the year, but it are mainly the Bitcoin-related stocks that are doing well for American investors.

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Adjustment and Wallstreetbets

In this year’s US list of best-performing large stocks, we mainly see technology companies (still Meta and Nvidia), but also some Bitcoin-related stocks, such as Riot Platforms, Marathon Digital and Microstrategy.

Microstrategy’s growth is likely due to Bitcoin’s ETF applications (from Blackrock, among others) being in the business news in recent months (and investors know that Microstrategy owns so many Bitcoins), but what about Riot Platforms and Marathon Digital, both of which could normally only rise if the price of Bitcoin also rises.

Actually, Bitcoin mining companies in the US have adapted to the weather and the needs of the average Texan it seems (Texas is the center for Bitcoin mining companies in the US). Riot Platforms’ capacity to provide excess energy is now so good that it can simply sell additional energy to the Texas government during a month in which Bitcoin’s price remains stable. Texas really needed it during the heat waves of June and July in order to keep aircos turning, so Riot Platforms got extra cash on top of the 80% profit that the price of Bitcoin already gained in 2023.

Furthermore, Riot (like Mara) is also very well known to the WallStreetBets public, which still consists of several million retail investors.

As WallStreetBets did not allow direct investments in crypto in 2021, when they became very well known for the Gamestop and AMC mania (Hollywood is now making another movie about it with Seth Rogen), the ordinary investors on Reddit could then only focus on Riot and Mara, the two Bitcoin mining companies that made several thousand percent profits during the 2020-2021 Bitcoin bull run. Since then, the two have remained very famous.

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Of course, 2022 was a very bad year for Riot and Mara (just as it was for Bitcoin), but 2023 seems to have ushered in quite the turnaround.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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