December 23rd, 2021 | 12:47 CET
BYD, CoinSmart, Bitcoin Group - New run-up
Perhaps the latest correction is a sign that cryptocurrencies, specifically the most prominent digital currency, Bitcoin, are coming of age. Despite the insane price targets of over USD 100,000 spread by self-proclaimed crypto gurus via YouTube and Twitter, the digital currency consolidated sharply within hours to around USD 42,000 from the high of USD 68,800. Now came another run-up and the battle for the USD 50,000. According to industry insiders like MicroStrategy CEO Michael Saylor, Bitcoin will always rise.
time to read: 3 minutes
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Author:
Stefan Feulner
ISIN:
BYD CO. LTD H YC 1 | CNE100000296 , Coinsmart Financial Inc. | CA19260N1042 , BITCOIN GROUP SE O.N. | DE000A1TNV91
Table of contents:
Author
Stefan Feulner
The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
He is passionate about analyzing a wide variety of business models and investigating new trends.
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Bitcoin Group with milestone
Bitcoin Group shares were hit hard during the recent sharp correction. After a mid-November high of EUR 56.00, the value of the Herford-based Company plummeted to prices below EUR 40. Currently, the share is on the verge of breaking out above the EUR 42.50 mark again, which should generate another buy signal. If the overall market continues to rise, the next higher resistance at EUR 46 should only be a matter of time.
Operationally, a milestone was reached with the expansion of the marketplace offering for the approximately 1 million customers on bitcoin.de to include crypto-to-crypto trading. As of now, trading of pure cryptocurrency pairs is also possible on the trading platform operated via the subsidiary, futurum bank AG. Customers can trade Ethereum, Ripple and Dogecoin against bitcoin via Bitcoin.de. Bitcoin Group SE is thus the first German provider to offer crypto-to-crypto trading options on its platform.
The analysts at GBC AG see the stock as a clear buy candidate with a price target of EUR 120.00. Due to the high scalability of the business model, the experts also expect margin improvements with the increasing revenue and anticipate EBITDA of EUR 18.31 million in 2021 and EUR 20.05 million in 2022. Net income should grow accordingly to EUR 12.40 million in 2021 and EUR 13.63 million in 2022.
CoinSmart focuses on regulation
With a market capitalization of EUR 37.78 million, crypto platform CoinSmart is still valued at a manageable level compared to the major players. There are already considerable advantages in terms of impending regulation. The Canadian Company itself is already regulated in its home country, Europe and the United States. It is active in over 40 other countries and sees itself as a full-service provider for digital currencies. In addition to regular crypto trading, CoinSmart also wants to offer credit cards, tokenization of tangible assets, NFTs and, for active traders, derivatives and margin trading.
The strategy of the management around CEO Justin Hartzmann lies in the fact that a regulated business convinces customers and creates the long-term trust that financial products should stand for. In doing so, the Canadians seem to have struck a chord. The number of customers increased from 26,500 at the end of 2020 to 158,600 at the end of October 2021. In terms of competition, the CEO sees his Company as significantly undervalued compared to its peer group: "CoinSmart is currently valued at just over twice its revenue. For Voyager, this value is more than 10, and for Netcoins, it is around 14. Of course, companies are not easily comparable 1:1 with each other, but we do not consider this discrepancy justified. Unlike our competitors, we have a positive net result and a strong user base with more than 120,000 customers. To catch up with the competition in market valuation alone, our market capitalization would have to multiply," Hartzman said.
Read an in-depth interview with the CoinSmart CEO here: news.financial/interviews/coinsmart-interview-this-crypto-platform-is-unique
BYD creates new capacity
Although rival Tesla already makes it possible to pay for your Tesla with Bitcoin and, more recently, even merchandise with the meme coin DOGE, you don't hear anything from the Chinese electric car company in this regard yet. Instead, the "Build Your Dream" Company attracts attention with consistent operational news.
Due to the strongly increasing sales figures, BYD wants to expand its battery production capacities in China significantly. Thus, a contract was signed with the city government of Fuzhou in the Chinese province of Jiangxi to construct a new battery production facility for e-vehicles. The technology company plans to invest around EUR 1.1 billion in the gigafactory with a capacity of 15 GWh per year in the Fuzhou Hi-Tech Industrial Development Zone.
BYD's share price recovered to EUR 28 after a correction and a setback. The Company is considered one of the most interesting in the electric car market in the long term.
Cryptocurrencies suffered from sharp price corrections in recent weeks. As a result, the prediction of prices above USD 100,000 for bitcoin is history for the time being. Bitcoin Group, as well as CoinSmart, are poised for a rise. BYD could also turn around after a short setback.
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