Bitcoin Rises Above $13,000: This Is Why You Should Buy Hive (TSXV:HIVE)

Hive Blockchain Technologies Ltd. (TSXV:HIVE) is a great way to get exposure to cryptocurrencies, as Bitcoin shoots past $13,000.

| More on:

Bitcoin has been making headlines lately for breaking past the US$13,000 barrier after a period of not having any growth. This was largely driven by Facebook announcing it was going to launch its own cryptocurrency called Libra and an increased use of blockchain technology overall.

What is cryptocurrency anyways?

If you have been keeping up with cryptocurrencies and banking over the last decade, then you probably know about blockchain technology. It is the technology behind Bitcoin, whose central role is record keeping. Blockchain technology is mainly referred to as a distributed, decentralized, public ledger. The blocks in the blockchain store information about transactions and those who are participating in the transactions.

Ever since its advent, Bitcoin has changed the way that we perceive global currency. This cryptocurrency has become an alternative to credit cards and cash, and a lot of merchants have embraced this digital currency as a reliable form of payment.

Any Bitcoin transaction is conducted directly between users, and you don’t need to have a physical currency to partake in transactions. Its popularity continued to grow because of the impressive price gains. Every transaction is verified and recorded in a blockchain. You can receive payments after mining bitcoins successfully.

Hive Blockchain

One renowned cryptocurrency cloud mining platform is Genesis Mining. In 2017, Genesis Mining partnered with Foire Group to launch Hive Blockchain (TSXV:HIVE), which is a major blockchain infrastructure company.

The company is one of the best ways to invest in cryptocurrencies in Canada. And it mainly deals with blockchain investment and cryptocurrency mining. It also has mining facilities in Sweden, Norway, and Iceland.

There are several reasons why you should consider buying Hive. For starters, the company gives you exposure to the blockchain space. Moreover, it indicates the potential for more growth in the future because the operations of the company are cash flow positive.

It is imperative for you to know that the cryptocurrency market experiences fluctuation; therefore, holdings may vary from time to time. You will, however, be glad to know that in February 2018, Hive Blockchain reported having $5.8 million in cryptocurrencies, which is quite impressive.

Another key reason why you should buy Hive is that it deals with several cryptocurrencies, which makes it better than mining companies that deal with only one cryptocurrency like Bitcoin. The diversity of this company provides you with some sense of security, because you don’t have to worry much about one currency falling more than the other. Additionally, the company operates in multiple countries, which further spreads out the risk.

Hive Blockchain Technologies also provides you with an excellent way to invest in cryptocurrencies and blockchain. The company aims to give users a safe way to invest so that the potential for loss is at minimal levels. But it is advisable for you to approach any investment with caution. You should start with a little amount of your portfolio to avoid major losses.

The company also works with a proficient team of staff that has a clear grasp of the capital markets. As a result, it can provide you with a unique way to learn more about investing in the blockchain and give you the needed exposure to the cryptocurrency markets.

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.

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. David Gardner owns shares of Facebook. Tom Gardner owns shares of Facebook. The Motley Fool owns shares of Facebook. Fool contributor Adam Othman has no position in the companies mentioned.

More on Tech Stocks

A person uses and AI chat bot
Tech Stocks

AI Where No One’s Looking: Seize Growth in These Canadian Stocks Before the Market Catches Up

Beyond flashy headlines about generative AI, these two Canadian AI stocks could deliver strong returns for investors who are willing…

Read more »

Data center servers IT workers
Tech Stocks

Better Buy: Shopify Stock or Constellation Software?

Let's dive into whether Shopify (TSX:SHOP) or Constellation Software (TSX:CSU) are the better options for growth investors in this current…

Read more »

nvidia headquarters with nvidia sign in front
Tech Stocks

Nvidia Just Delivered a Beat-and-Raise Quarter. There’s 1 Red Flag Investors Shouldn’t Ignore.

The chipmaker continued to benefit from robust demand for artificial intelligence (AI). But can it last?

Read more »

GettyImages-1473086836
Tech Stocks

Why Super Micro Computer Stock Is Soaring Today

The volatile stock is getting a boost from Nvidia.

Read more »

Snowflake logo in snowflake office on wall_snowflake-1
Tech Stocks

Here’s Why Snowflake Stock Skyrocketed Today

Shares of the data company are up 32% for the day.

Read more »

man touching magnifying glass button on floating search bar internet google search engine
Tech Stocks

Why Alphabet Stock Was Sliding Today

The parent company of Google is facing heat from U.S. regulators.

Read more »

chart reflected in eyeglass lenses
Tech Stocks

Top Canadian AI Stocks to Watch in 2025

Celestica (TSX:CLS) stock and another Canadian AI stock are worth watching closely this holiday season.

Read more »

Nvidia Voyager Headquarters
Tech Stocks

Why Nvidia Stock Rallied (Again) on Tuesday

The chipmaker is expected to report earnings this evening.

Read more »