In this article, we discuss 3 best cryptocurrencies Redditors are buying. Surprisingly, neither Ethereum nor Ethereum Classic made our list. If you want to see more cryptocurrencies in this selection, check out 7 Best Cryptocurrencies Redditors Are Buying.
3. Cardano
Cardano is a proof-of-stake blockchain platform that aims to bring about positive global change. It is an open-source project that was launched in 2017. The native ADA token is designed so that users can participate and carry out transactions on the Cardano network. Those who own ADA tokens can vote for proposed changes to the underlying software. In 2020, Cardano underwent a Shelley upgrade to make its blockchain “50 to 100 times more decentralized” as compared to alternative blockchains. Cardano was founded by Charles Hoskinson, one of the co-founders of Ethereum.
Apple Inc. (NASDAQ:AAPL) is one of the American technology giants that are backing the development of the cryptocurrency space, by allowing Apple Pay to purchase cryptocurrencies and supporting blockchain technology via strategic investments. Among the hedge funds tracked by Insider Monkey, Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of the company, with approximately 895 million shares worth $122.3 billion. Overall, 128 funds were bullish on Apple Inc. (NASDAQ:AAPL) at the end of June, compared to 131 funds in the prior quarter.
Here is what Alger Capital specifically said about Apple Inc. (NASDAQ:AAPL) in its second quarter investor letter:
“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”
2. USD Coin
USD Coin is a stablecoin pegged to the U.S. dollar on a 1:1 basis. Each coin in circulation is accompanied by $1 held in reserve, in a combination of cash and short-term U.S. Treasury bonds. USD Coins are issued by regulated financial institutions. USD Coin is working to develop an ecosystem where the currency will be accepted by multiple wallets, crypto exchanges, service providers, and decentralized apps.
Cryptocurrencies like USD Coin are supported by firms like Mastercard Incorporated (NYSE:MA), which allow customers to use digital currencies for daily transactions. Mastercard Incorporated (NYSE:MA) also helps blockchain and digital asset companies with operational scalability. According to Insider Monkey’s data, 137 hedge funds were bullish on Mastercard Incorporated (NYSE:MA) at the end of Q2 2022, compared to 136 funds in the prior quarter. Charles Akre’s Akre Capital Management is the leading stakeholder of the company, with 5.8 million shares worth $1.8 billion.
Here is what Baron Fintech Fund has to say about Mastercard Incorporated (NYSE:MA) in its Q2 2022 investor letter:
“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Mastercard Incorporated (NYSE:MA) added the most value. These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”
1. Bitcoin
Bitcoin is the oldest decentralized cryptocurrency that has first-mover advantage in the crypto universe. It has managed to build a global ecosystem, with millions of crypto enthusiasts investing in the currency. Bitcoin remains the crypto market leader even after more than a decade of its launch and after multiple currencies turning up in its wake. It is the safest form of crypto investment and one of the best cryptocurrencies that Redditors are buying.
Alphabet Inc. (NASDAQ:GOOG) is one of the most prominent companies looking to explore crypto and blockchain potential, with heavy investments in the space. Among the hedge funds tracked by Insider Monkey, Alphabet Inc. (NASDAQ:GOOG) was part of 153 hedge fund portfolios at the end of Q2 2022, compared to 160 in the earlier quarter. Harris Associates is a notable stakeholder of Alphabet Inc. (NASDAQ:GOOG), with 1.75 million shares worth $3.8 billion.
Here is what Baron Durable Advantage Fund has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q2 2022 investor letter:
“Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising company. Shares of Alphabet declined 21.6% in the quarter due to concerns about slower global growth impacting the company’s core advertising business. We retain conviction in Alphabet’s merits as it continues to benefit from growth in mobile and online video advertising, which accrues to its core assets of search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in Cloud, AI, and Autonomous Driving (through its Waymo subsidiary).”
You can also take a look at 12 Best Communication Stocks To Buy and 10 Best Cheap Technology Stocks To Buy.
