Crypto investors are returning attention to two big catalysts – a bitcoin ETF and the Bitcoin halving – and Bernstein has ways to play each. Crypto is entering a seasonally upbeat period for markets just as investor interest in crypto has been brought back to life thanks to renewed optimism in recent weeks around a potential bitcoin ETF being approved in 2024.
It happens approximately every four years, when the reward for mining bitcoin is cut in half as mandated in the Bitcoin code to reduce the supply of the cryptocurrency over time. It's a highly anticipated market moving event for investors. "If you are looking to gain exposure to the new bitcoin cycle, you should buy a clear category winner – our pick is Riot," Chhugani said, which Bernstein sees as a "relative share gainer" after the halving.
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