I am bullish on Riot Blockchain (RIOT<\/a><\/strong>) stock. The cryptocurrency revolution is still alive and well, even if it took a pause for a while. If you\u2019re looking for a convenient way to bet on a comeback in crypto and miners, Riot stock could be your ticket to long-term wealth.<\/p>\n Riot Blockchain is a bitcoin (BTC-USD<\/strong><\/a>) miner and was an early mover in this industry. There\u2019s a limited supply of 21 million bitcoins, but there are still many bitcoins left to be mined. Therefore, there\u2019s room for a company like Riot to profit even as cryptocurrency prices rise and fall.<\/p>\n Granted, mining businesses are highly dependent on the prices of whatever they mine. It\u2019s just like gold miners, which tend to flourish when gold prices go up but struggle when the gold loses value. Riot Blockchain has a similar correlation with bitcoin, and that\u2019s bad news when bitcoin\u2019s falling \u2013 but when it\u2019s rising, this could give Riot\u2019s shareholders a powerful boost.<\/p>\n It\u2019s no secret that cryptocurrency prices have generally declined in 2022 so far. Indeed, bitcoin just had its worst first half of a year in its history. That\u2019s a hard pill for crypto bulls to swallow, perhaps, but let\u2019s not forget that bitcoin recovered from multiple steep drops in the past.<\/p>\n The worst of this year\u2019s bitcoin selling may be in the rear-view mirror, however. Prime Trust President Erin Holloway hinted at a crypto-market bottoming process, saying, \u201cI think we\u2019re starting to see what I call the seller fatigue,\u201d and, \u201cA lot of people have already rebalanced their portfolios accordingly.\u201d<\/p>\n Holloway further suggested that, while traders should expect day-to-day volatility, the \u201csteady dives are coming to slow its pace\u201d in the cryptocurrency market. Though there\u2019s certainly no guarantee, folks who hold Riot Blockchain stock might hope that Holloway\u2019s optimistic forecast turns out to be correct.<\/p>\n Also optimistic is Riot Blockchain CEO Jason Les, who recently provided the company\u2019s stakeholders with an exciting announcement. Specifically, Les reported that Riot is expanding its Texas-located Winstone mining facility to around 700 megawatts. The CEO also engaged in a little bit of bragging, declaring that the Winstone facility is \u201cthe largest facility in North America and what we will believe will soon be the largest in the world.\u201d<\/p>\n To a certain extent, bragging is part of a blockchain company CEO\u2019s job description, and so is rallying the troops in favor of crypto\u2019s future. Thus, it\u2019s understandable for Les to declare that cryptocurrency mining is \u201cgoing to continue to flourish in the United States,\u201d and that \u201ceven though Bitcoin mining economics have gone down, there\u2019s still tremendous opportunity here.\u201d<\/p>\n When bitcoin slid below the key $20,000 level a week ago, it must have dealt a tough emotional blow to cryptocurrency defenders. Just remember, though, that investing should be viewed as a marathon, not a sprint.<\/p>\n Moreover, a turnaround may be in progress as bitcoin recently popped back above $21,000, and had its best day in a month on July 18. In light of this, Oanda Senior Market Analyst Edward Moya is bracing for better times, saying, \u201cIf bitcoin continues to stabilize here over the next two weeks, the crypto winter could be over.\u201d<\/p>\n If the crypto winter does finally end and bitcoin heads toward $30,000, $40,000, and beyond, consider how far Riot Blockchain stock could run. Just as gold mining stocks typically provide leverage to the gold price\u2019s moves, Riot stock tends to magnify the movements of bitcoin.<\/p>\n Of course, this magnification is a double-edged coin, as swift drops in the bitcoin price can lead to steep losses for Riot\u2019s shareholders. Still, if you can tolerate the ups and downs, Riot Blockchain stock is a convenient way to wager on a cryptocurrency comeback in your brokerage account.<\/p>\n Besides, if you\u2019re going to bet on a bitcoin miner, Riot\u2019s as good a pick as any right now. In an update for the month of June, Riot Blockchain revealed some staggering stats that should quell the skeptics\u2019 concerns.<\/p>\n If you can believe it, Riot Blockchain managed to produce 421 BTC in June, up approximately 73% year over year. That same month, the company sold 300 Bitcoin and thereby generated roughly $6.2 million in net proceeds. Furthermore, Riot held around 6,654 BTC as of June 30.<\/p>\n According to TipRanks\u2019 analyst rating consensus, RIOT is a Strong Buy, based on\u00a0six unanimous Buy ratings. The average Riot Blockchain price target is $23.83, implying 282.5% upside potential.<\/p>\n There\u2019s no guarantee that bitcoin will head higher in the coming months. If history is a reliable guide, though, then big drops in bitcoin tend to lead to powerful rallies eventually.<\/p>\n If the bullish thesis holds for bitcoin, then Riot Blockchain\u2019s CEO\u2019s confidence will be fully vindicated. In that case, Riot Blockchain\u2019s shareholders might hope for returns that outpace bitcoin\u2019s gains by several magnitudes. Just be sure to keep a small position size, as steep drops are always a possibility.<\/p>\n Discover\u00a0new investment ideas<\/a>\u00a0with data you can trust<\/p>\n Read full\u00a0Disclaimer<\/a>\u00a0&\u00a0Disclosure<\/a><\/p>\n<\/div>\nRiot Blockchain\u2019s CEO is Confident about Crypto Mining<\/strong><\/h2>\n
Riot Blockchain Ramps up its Mining Activity<\/strong><\/h2>\n
Wall Street\u2019s Take<\/strong><\/h2>\n
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<\/figure>\nRiot Blockchain Stock May Offer Multi-Bagger Returns<\/strong><\/h2>\n