Elon Musk: Missed the Bitcoin Train? Buy This 1 EV Stock Today Before it’s Too Late

While Elon Musk’s views about Bitcoin remain unclear, it’s a well-known fact how Tesla — his electric car company — made him the second-richest person in the world. Here’s one great EV stock to buy on TSX today.

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Big Bitcoin logo.

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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 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 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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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.

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