It’s never been easier for Canadian investors to bet on Bitcoin. Many big-league firms and smart people have embraced the cryptocurrency with investments. Others are willing to accept it as a legitimate means of transaction. And others, like the great Warren Buffett, are still on the sidelines. And they’ll probably stay on the sidelines indefinitely. The man doesn’t sound enticed in the slightest when the topic of Bitcoin and cryptocurrencies are brought up. Heck, he even sounds slightly annoyed when the discussion of Bitcoin keeps popping up.
You don’t need to bet on Bitcoin for a shot at multi-bagger gains
The man thinks such digital tokens are worthless — and I’m not inclined to disagree with the man. Bill Gates once stated that he’d short Bitcoin if there were an easy way. With numerous ETFs, including the Purpose Bitcoin ETF and numerous other cryptocurrency miners, that one could sell short, Gates can bet against the wildly volatile asset, but I don’t think he will. Not after the short-squeezing mania going on at WallStreetBets (WSB), who will stop at nothing to make the big-league short-sellers feel the pain.
If you’re like me and aren’t ready to jump on the Bitcoin bandwagon (don’t feel like you need to just because your friends have gotten rich off it), there are numerous other hyper-growth stocks out there that can allow you to make big money over a concise time frame. Now, we’re all about long-term investing here at The Motley Fool, but if you’ve got the disposable income and seek to bag the next big multi-bagger opportunity, there are great options on the TSX Index.
Many up-and-coming growth stocks, which remained out of the radar of our friends to the south, have doubled up many times over in 2020. And there are still many hidden gems out there that are capable of such growth over the next decade.
Could Score stock Score you multi-bagger gains?
Consider Score Media and Gaming (TSX:SCR) or theScore. The firm has a front-row seat to what could be one of the hottest Canadian markets in 2021. Legalized single-game sports betting is a budding market, and I think theScore has the management to capture a huge chunk of the market while forming a moat around it.
I’ve referred to theScore as the next DraftKings or the Canadian version of DraftKings in prior pieces. The opportunity at hand is incredible, as too are the capabilities of management. If theScore can execute its growth plan, I do not doubt that the stock could continue to be re-valued to the upside.
Of course, shares are ridiculously hot here, after having surged nearly 700% since November. Shares have since cooled off, pulling back by nearly a third. And if you’re interested in placing a bet, I’d say now is as good a time as any. But please, do dollar-cost-average your way into a full position over time. Score stock is wildly volatile, and if the momentum continues in the negative, you could easily lose your shirt as shares could realistically fall back to the mid-teens.
The company recently closed a US$186.3 million IPO in the U.S., which could fuel the stock’s next leg higher as the market frenzy continues. The stock is expensive at 75 times sales, but compared to Bitcoin, which has no intrinsic value, I’d say Score is the better bet any day of the week. Just be mindful of the downside risks and be ready to buy on pullbacks.