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Forget Dogecoin, Buy These 3 Tech Stocks Instead

Stock Markets41 minutes ago (Apr 30, 2021 12:30PM ET)

(C) Reuters. Forget Dogecoin, Buy These 3 Tech Stocks Instead

Despite its history as a cryptocurrency that started as a meme and was built with the intention of mocking the concept of Bitcoin, Dogecoin has gained fame recently. However, its wild rally has raised the specter of a price bubble and filled investors with apprehension. As such, we think Dogecoin should be treated as a digital currency that lacks the differentiation and utility to be meaningful. Instead, we point to technology stocks Intel (INTC), HP (HPQ), and Fujitsu (FJTSY) that have the potential to outperform the market even in the post-pandemic world, and as such deserve far more attention. Let’s discuss.The meme-inspired cryptocurrency Dogecoin has attracted attention in the past couple of weeks. Although it caught the attention of investors for its crypto-craze-driven rally, its advance is probably not sustainable because of its deficiencies as a real-world digital currency. Even if cryptocurrencies in general eventually become mainstream, Dogecoin may not become widely accepted due its high volatility and limited market presence.

Putting the hype to one side, a much better and safer option for investors now is in technology stocks. They are buoyed by increasing demand for next-generation technologies. The tech industry enjoys favorable investor sentiment, as evidenced by Technology Select Sector SPDR Fund ETF’s (XLK) 54.3% returns over the past year, compared to SPDR S&P 500 ETF Trust’s (SPY) 43.3% gains over this period. Surging demand for electronic devices, coupled with the need for good connectivity and performance, has further accelerated the technology industry’s growth. The global market for big data technology is expected to grow at a 14% CAGR of 14% over the next six years to reach $116.07 billion in 2027.

Intel Corporation (NASDAQ:INTC), HP Inc. ((NYSE:HPQ) and Fujitsu Limited (FJTSY) are much less volatile than to Dogecoin and hold solid upside potential. So, we think it could be wise to bet on these stocks now.

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Forget Dogecoin, Buy These 3 Tech Stocks Instead

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