2 Top Stocks That Could Soar Higher Than HIVE Blockchain

HIVE Blockchain stock is one of the hottest momentum plays on the TSX, but if you don’t get Bitcoin or crypto, here are two other high-upside stocks.

| More on:
edit Business accounting concept, Business man using calculator with computer laptop, budget and loan paper in office.

Image source: Getty Images

I’m not a huge fan of Bitcoin or cryptocurrencies, but if I had to choose a way to invest in the boom, I’d have to go with a miner like HIVE Blockchain stock. Like in the world of commodities, the miners are the way to go, as they’re leveraged to the price of the underlying asset, promising greater gains for those who truly believe that prices of the underlying commodity will soar.

Frankly, I think the best-in-breed miners are the way to go. And I certainly wouldn’t advise anyone to hoard Bitcoins in a wallet, just as I wouldn’t advise anyone to bury gold bars in their back yard.

We’ve heard horror stories already. People losing access thousands of dollars worth of cryptocurrencies. With HIVE Blockchain or any other cryptocurrency miner, you’re getting security and great custodians. More importantly, you get peace of mind and greater upside potential than Bitcoin, Ethereum, or any other cryptocurrencies that HIVE mines.

A great crypto investment — but only if you know what you’re buying!

What makes HIVE great is that it provides diversification into the crypto world beyond Bitcoin. Moreover, it’s a low-cost miner, with locations in literally some of the coolest nations (Canada, Sweden, and Iceland) with below-average energy costs. Add sustainable energy into the equation, and you’ve got the formula for the perfect cryptocurrency miner that any investor could ask for.

If you’ve got an extra $4,000 that’s just sitting around like a sitting duck, waiting for inflation to erode its value, it may make sense to grow it in a momentum name like HIVE Blockchain stock. If you understand how blockchain technology works and the stakes involved with a bet on a crypto miner, you have my blessing to get in.

Just be mindful of amplified volatility, which will not be everybody’s cup of tea.

Investing in Bitcoin and blockchain is not for everyone!

For the average investor who can’t explain what blockchain technology is, I’d look elsewhere to grow your money. If you don’t know what you’re investing in, you’re speculating and are more likely to lose money as you follow the herd out of a name, possibly at a time when you should be going against the herd. Know what you’re investing in! And if you can’t explain the concept of crypto to your non-investor friend, you’re in the wrong game.

In this piece, we’ll have a look at two high-upside Canadian stocks for the rest of us. Those who don’t get cryptocurrencies, Bitcoin and the hype surrounding the blockchain or anything related like NFTs (Non-Fungible Tokens).

Consider Score Media & Gaming (TSX:SCR)(NASDAQ:SCR) and Docebo, two up-and-coming Canadian tech stocks that are far easier for the average Canadian to understand.

Unlike Bitcoin or cryptocurrencies, which have no intrinsic value, theScore and Docebo are rapidly-growing firms whose value may yet to be fully recognized.

Each firm has a front-row seat to some large total addressable markets, with the talent and expertise to capture the lion’s share over the next decade and beyond. For Score, it’s going after the sports-betting market, and Docebo has a moat around the booming niche Learning Management Systems (LMS) market.

Like growth? Insist on massive TAMs!

Score Media is an early-stage company with a tiny $1.7 billion market cap. The firm has great managers behind theScore app and is poised to make a big splash into the Canadian single-game sports betting scene, which is on the cusp of legalization. If Score can manage to capture a modest slice of the pie, the stock could prove to be a major multi-bagger over the next few years.

If it can’t execute or the federal government pulls back on its legalization plans, the stock could slip, and the 84 times sales multiple on the stock may prove unjustifiably high. The risks are extremely high, but I’d argue that the potential rewards are much higher, making Score Media stock a great buy for venturesome investors hungry for huge gains, like those possible with a name like HIVE Blockchain stock.

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.

More on Tech Stocks