In this article, we discuss 5 best cryptocurrencies to invest in for beginners according to Reddit. If you want to see more crypto options for beginners, check out 11 Best Cryptocurrencies To Invest In For Beginners According To Reddit.
5. Polygon
Polygon, formerly known as Matic Network, is a platform that simplifies Ethereum scaling and infrastructure development, making it the first user-friendly, well-structured platform of its kind. Its core module is the Polygon SDK, which is a versatile and flexible framework that can support building multiple types of applications. By using Polygon, Ethereum is effectively transformed into a multi-chain system, also known as the Internet of Blockchains, similar to other systems such as Polkadot, Cosmos, and Avalanche. Polygon leverages Ethereum’s security, active ecosystem, and transparency. The $MATIC token will remain in circulation and will play an increasingly important role in securing the system and facilitating governance.
Block, Inc. (NYSE:SQ) is a multinational fintech company that caters to various industries, including financial services, mobile payments, and point of sale. Its Cash App offers a convenient way for users to invest in both stocks and Bitcoin. It is one of the best cryptocurrency stocks to consider.
On March 1, Baird analyst David Koning stated that he would not be shocked if the price hikes on three of Block, Inc. (NYSE:SQ)’s products result in at least $60 million added to the Square segment annualized gross profit. This would equate to a 2% or more increase to the segment gross profit and roughly a 1% increase to the total company gross profit. The analyst maintained an Outperform rating and a $92 price target on Block, Inc. (NYSE:SQ).
According to Insider Monkey’s fourth quarter database, 70 hedge funds were long Block, Inc. (NYSE:SQ), compared to 75 funds in the preceding quarter. Cathie Wood’s ARK Investment Management is the leading stakeholder of the company, with 9 million shares worth $565.7 million.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Block, Inc. (NYSE:SQ) was one of them. Here is what the fund said:
“Block, Inc. (NYSE:SQ) provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”
Given this cash-generation power, we are naturally drawn to what we believe are strong and profitable financial institutions when the price is right. Presently, we believe the valuations of our financial holdings are not only reasonable, but extremely compelling, and our portfolio composition reflects this view. Representative financial holdings in the Fund include Wells Fargo.”
