For years, investors have heard of Bitcoin and blockchain technology. However, with so much volatility in the price of Bitcoin and other cryptocurrencies such as Ether, it seemed to many that the entire space was a bubble.
There weren’t necessarily any fundamental reasons for these assets to rally in the past — at least none that made any rally last more than a few months.
Nevertheless, the industry has continued to grow and develop. This time around, it looks like the industry has the momentum and popularity to see mainstream adoption over the coming years.
This has many investors scrambling to invest in the best cryptocurrency, whether that be Bitcoin, Ether, or some other new, up-and-coming technology.
However, the best crypto investment may not be in a coin itself but in Galaxy Digital Holdings (TSX: GLXY), one of the top crypto stocks in Canada.
Investing in Bitcoin and Ether
Bitcoin is the most popular cryptocurrency for a few reasons. The main reason, though, is because it was the first cryptocurrency created.
And while that has made it the most popular, it’s also why its technology has some flaws. Newer cryptocurrencies have improved on some of these shortcomings, which is why some other cryptocurrencies are worth investment, too.
One of the most important factors with any currency, though, is the mainstream adaption and the fact that more people use it.
That’s one of the biggest fundamental necessities with any cryptocurrency you’re going to invest in — a growing number of use cases to do with the coin. Otherwise, you just own a coin you can’t do anything with. So, although Bitcoin’s technology has some shortcomings, it has some of the most use cases of any digital coin there is.
Ether is a little different. The cryptocurrency is crucial to power the Ethereum network, which has plenty of its own advantages.
The Ethereum network and the smart contracts it can run have shown the future of blockchain technology, which is why it’s an investment so many are excited about.
Both Ether and Bitcoin are worth an investment today. In fact, if you have the funds to invest in crypto and diversify your investments in the industry, each is worth an investment.
However, if you’re going to make just one investment in the industry, rather than betting on any single crypto, I’d consider a stock like Galaxy Digital instead.
Galaxy Digital Holdings
Galaxy Digital is one of the best ways to gain exposure to the growing crypto industry, because rather than being a cryptocurrency company, it’s approached the industry in an entirely different way.
Galaxy Digital is a financial services company with investments and businesses across all spectrums of the crypto industry.
For starters, the growth stock has capitalized on the growing popularity among investors with its asset management segment. The company has several funds investors can buy to gain exposure to cryptocurrencies like Bitcoin or Ether.
One of its most popular funds, for example, is CI Galaxy Bitcoin ETF, which allows investors to gain exposure to Bitcoin through a simple exchange-traded fund.
As of June 30, Galaxy Digital has over $1.4 billion in assets under management. That’s up more than $1 billion since June 2020. Plus, that’s just one of Galaxy Digital’s many segments.
The company also offers prime brokerage services, has its own mining segment, a venture capital arm, and much more.
It’s a total investment bank for the crypto world, and as a long-term investment looks like one of the best ways to gain exposure to the industry.
That’s why, rather than investing in a single asset, like Bitcoin or Ether, Galaxy Digital seems like a much better investment.
As long as the industry continues to grow and gain popularity, the company should be able to take advantage. So, if you’re looking to make a long-term investment in the crypto industry, Galaxy Digital is easily one of the best stocks to consider.
