cryptocurrency services provider Matrixport, publicly traded Bitcoin published a report claiming that mining companies can perform much better compared to the BTC price.
The report, published on Thursday, highlights the underperformance of publicly traded digital asset companies and claims that the Bitcoin (BTC) mining space looks bullish for 2024.
The report states that if Bitcoin climbs to its all-time high of nearly $70,000, an investor would only make a 167% return. However, according to the report, greater gains can be achieved by purchasing a diversified portfolio of publicly traded bitcoin mining companies, including firms such as HIVE Digital (HIVE), Bitfarms (BITF), and Iris Energy (IREN).
According to the report, compared to Bitcoin’s current price, mining companies are trading at a 33% discount. Markus Thielen, director of research at Matrixport, wrote in the report: “According to our regression analysis, the 10 Bitcoin mining companies included could be valued 97% higher if Bitcoin returns to $30,000, or 572% higher if Bitcoin reaches an all-time high and trades at $70,000.” .”
*This is not investment advice.
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