Crypto loyalists were buoyed up by news that Amazon will start accepting Bitcoin (BTC) as payments by year-end 2021. The price rose to US$42,235.55 on July 29, 2021, the highest climb since mid-June. However, the e-commerce giant denied the media report by London’s City AM newspaper.
The denial caused Bitcoin’s 1.13% slide on July 30, 2021. What triggered the insider report was a job posting from Amazon for a digital currency and blockchain product lead. But a press statement by a company spokesperson read, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”
Investors might have to shun the highly-volatile crypto and shift to safer growth stocks that could deliver bigger gains. Corus Entertainment (TSX:CJR.B), for example, is certainly a better alternative.
Bitcoin sails rough seas, with more bad news circulating lately. Institutional investors Tesla and MicroStrategy reported millions of dollars in impairment losses on their BTC holdings. Again, the volatile nature is showing. It seems that rumors, good or bad, will dictate the price movement from here on.
North Carolina Representative Ted Budd said, “You even have some in the House that sit not too far from me on the House Financial Services Committee that would call blockchain basically a financial 9/11.” Budd is a member of the House Financial Services Committee and Congressional Blockchain Caucus.
Rising crypto threats
The world’s most popular digital currency is under fire from governments and regulators. In the U.S., Democratic Senator Elizabeth Warren, a known anti-crypto, wrote U.S. Treasury Secretary Janet Yellen and other regulators urging them to develop a “comprehensive and coordinated” framework for addressing risks in the cryptocurrency market.
Warren said, “As the demand for cryptocurrencies continues to grow and these assets our financial system is under growing threats.” She adds that an under-regulated cryptocurrency market poses a significant risk to major financial players, such as hedge funds and banks.
TSX’s top growth stock
Corus is among TSX’s top draw in 2021. The entertainment stock trades at $5.79 share (+37.99% year-to-date), or 151.74% higher than a year ago. Had you invested $10,000 on July 30, 2020, your money would be worth $25,173.91 today. Market analysts recommend a strong buy rating. Besides the upside potential of 39.55% to 72.71%, the stock pays a 4.15% dividend.
The $ billion media company is back in harness following the fallout from the global pandemic. Corus should be an excellent option if you’re looking for a reopening play. Its financial position is healthier now after washing down 20% of its outstanding debts in the last two years.
In the first half of fiscal 2021 (six months ended February 28, 2021), management reported a 16% and 29% increase in net income and free cash flow versus the same period in fiscal 2020. The most notable milestone was the doubling of paying subscribers on Corus’ streaming platforms to over 500,000.
According to Corus President and CEO Doug Murphy, the company has reached an inflection point in the dynamic industry environment. Sadly, you can’t say the same for Bitcoin. Expect more pain as the crypto continues to shrug off its notorious image. Corus Entertainment is the better choice because unlike Bitcoin, it has true fundamentals and visible growth potential.