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Drop Dogecoin and Buy These 4 Software Stocks Instead

Stock MarketsJun 14, 2021 01:30PM ET
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© Reuters. Drop Dogecoin and Buy These 4 Software Stocks Instead

Digital currency Dogecoin’s exponential gain based on hype in the absence of tangible drivers makes it highly overvalued now. So, instead of betting on this highly risky asset, we think it could be smart to instead bet on Microsoft (MSFT), Oracle (ORCL), SAP (SAP), and Dassault (DASTY (OTC:DASTY)) to capitalize on the solid growth prospects of the technology industry in general and these names’ tangible growth drivers in particular. Read onto learn more.While the popular cryptocurrencies have not been attracting significant investor attention lately, digital currency Dogecoin has stolen the show. However, after hitting an extraordinary high, it is losing value on investor concerns over the creation of an asset bubble. Factors such as slow adoption, limited real-world use and the absence of any tangible factors behind its skyrocketing rally, among others, make it a highly risky asset.

Conversely, software solutions have been playing an important role in the digital transformation of businesses worldwide. Even though investors’ rotation away from expensive tech stocks amid the economic recovery this year has led to a correction in software stocks also, the industry nonetheless holds immense growth potential.

Investors’ interest in the software stocks is evident in the SPDR S&P Software & Services ETF’s (XSW) 16.1% returns over the past six months. And, according to Grand View Research, the global business software and services market is expected to grow at an 11.3% CAGR over the next seven years. So, we think it could be wise to stay away from Dogecoin and bet on established players in the software space Microsoft Corporation (NASDAQ:MSFT), Oracle Corporation (NYSE:ORCL), SAP SE (DE:SAPG) (SAP), and Dassault Systèmes SE (DASTY). They have immense growth potential.

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Drop Dogecoin and Buy These 4 Software Stocks Instead
 

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