The cryptocurrency market has turned hot again in 2020 as the Bitcoin’s recent massive rally attracted investors’ attention. As of December 22, Bitcoin has seen an astonishing 190% gains in the last three months, and it has risen by nearly 300% this year.
These massive gains are much higher as compared to any Canadian stock in the S&P TSX60 Index. Among the TSX60, Shopify stock is currently at the top with its roughly 200% YTD (year-to-date) rise against the index’s minor 2.7% gains in 2020.
Elon Musk on Bitcoin The Tesla founder Elon Musk is well known for being outspoken and his super active Twitter presence. In 2020, he became the second-richest person on the planet, as his electric car company’s shares saw massive gains. Interestingly, Tesla stock is up by 676% on a YTD basis.
Musk recently surprised everyone by seemingly bashing Bitcoin. On Sunday, he called Bitcoin “almost as bs as fiat money” in a tweet. But later, he appeared interested in knowing if making large transactions in Bitcoin was possible while replying to a tweet from Michael Saylor, the founder and CEO of MicroStrategy.
EV stocks are still attractive Musk’s intentions and views about Bitcoin remain unclear. But the recent rise in electric vehicle (EV) demand could just be the beginning of a sustainable positive trend.
That’s why you must include some EV stocks in your portfolio. Here’s one great Canadian EV stock that you can buy today.
EV stock to buy on TSX There was a time when BlackBerry (TSX:BB)(NYSE:BB) was the world’s most popular smartphone company, until Apple (NASDAQ:AAPL) launched its iPhone. BlackBerry no more is a smartphone company, but it’s an enterprise security software and services giant today.
BlackBerry now makes most of its revenue from the internet of things segment, which accounted for more than half of its total revenue in fiscal 2020. Geographically, the company has a stronghold on the North American market. It has many big automakers on its client list that have helped the company improve its financials over the last few years.
On December 1, the company partnered with Amazon’s subsidiary Amazon (NASDAQ:AMZN) Web Services to develop and market its intelligent vehicle data platform. This new BlackBerry platform will help automakers provide a consistent and secure way to read and control vehicle sensor data. The platform is expected to add more functionality to electric vehicles — making them more attractive for consumers. You can expect BlackBerry’s new platform to become very popular with the rising EV demand in the future.
Bottom line While many electric car companies’ shares have already seen big gains in the last few years, the EV revolution makes many small growth companies’ stocks (including auto parts suppliers and tech companies like BlackBerry) very attractive. Such cheap stocks could potentially yield much better and sustainable returns in the long term compared to Bitcoin.
The post Elon Musk: Missed the Bitcoin Train? Buy This 1 EV Stock Today Before it’s Too Late appeared first on The Motley Fool Canada.
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. David Gardner owns shares of Amazon, Apple, and Tesla. Tom Gardner owns shares of Shopify, Tesla, and Twitter. The Motley Fool owns shares of and recommends Amazon, Apple, Shopify, Shopify, Tesla, and Twitter. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Motley Fool Canada 2020
This Article Was First Published on The Motley Fool
