It’s been hard to ignore Bitcoin lately. As of this writing, the cryptocurrency was approaching its all-time high. By the time you read this article, it may have surpassed it. Driven by increased institutional interest, bitcoin has soared in 2020.
That might be a good reason to explore alternatives. Now that everybody and their dog is using bitcoin to hedge against inflation, the asset may be set for a correction. Certainly, such a setback has never stopped BTC’s long-term bullishness before. But now may not be the best time to initiate a brand new position in crypto.
But that doesn’t mean that you have to forget about big gains. This year, there have been plenty of tech stocks that have delivered gains rivalling bitcoin. Buying one of them might be a better idea than buying BTC right after a 225% rally. With that in mind, here are three great tech stocks that could beat Bitcoin in the year ahead.
Lightspeed POS
Lightspeed POS Inc (TSX:LSPD)(NYSE:LSPD) is one of Canada’s best recent tech Initial Public Offerings (IPOs). It went public in March of 2019 and has risen 215% since then. It’s not hard to see why investors have sent LSPD stock soaring. The company has a lot in common with Shopify, another fairly recent Canadian IPO that delivered even better returns. Unlike Shopify, though, Lightspeed is still under the radar and doesn’t have a nosebleed valuation. It has delivered stellar results this year, growing earnings by 62% in the second quarter.
Docebo
Docebo Inc (TSX:DCBO) is a brand-new e-learning startup that’s perfectly positioned to profit from the work-from-home trend. Like most work-from-home stocks, it could lose out if a COVID vaccine is deployed faster than anticipated. But it’s otherwise got plenty of room for growth.
In the third quarter, DCBO delivered 55% revenue growth and positive adjusted EBITDA. As a reward for the strong results it’s been posting, the markets have sent DCBO up 273% so far this year. Make no mistake: DCBO is a risky play. If the work from home trend stalls out, its e-learning modules will likely be less in demand. But it would make a solid addition to a well diversified tech stock portfolio.
Upcoming IPO: AirBNB
Last but not least, we’ve got the one American IPO on this list: Air BNB
This company hasn’t gone public yet, but is likely to before the end of the year. And its IPO has the potential to be very lucrative for those who get in early. The company is already profitable going into its offering, which is rare for tech companies at this stage in the game.
As well, the company stands to benefit from the arrival of a COVID-19 vaccine. When the pandemic ends, then people will gradually start travelling again, which will lead to more AirBNB bookings and a better future for this soon-to-be public company. Overall, it’s an IPO you don’t want to miss.
