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Forget Dogecoin: These Growth Stocks Are a Smarter Bets

Stock MarketsJun 23, 2021 01:30PM ET
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© Reuters. Forget Dogecoin: These Growth Stocks Are a Smarter Bets

Because governments worldwide are expected to eventually crack down on cryptocurrencies—emulating China’s actions, due to concerns over massive energy consumption and illegal activities facilitated by these currencies—Dogecoin’s prospects look bleak. We think investing in growth stocks Pfizer (PFE) and Broadcom (NASDAQ:AVGO) could generate better returns. Let’s discuss.Although Elon Musk’s support helped Dogecoin benefit from a skyrocketing rally earlier this year, the cryptocurrency has plunged more than 30% over the past month with China's intensifying crackdown on cryptocurrencies on concerns over massive energy consumption in the mining process and illegal activities using these digital currencies. Because these are deemed legitimate concerns, governments around the globe might follow China and implement their own restrictions on cryptocurrencies. Furthermore, the Federal Reserve’s indication that it may increase interest rates sooner than previously anticipated could create put more pressure on risky assets like cryptocurrencies. So, we think the prospects for Dogecoin look bleak.

In contrast, quality growth stocks are gaining investor attention amid the economic recovery given their ability to grow faster by capitalizing on supportive fiscal and monetary policies. This is evidenced by the SPDR Portfolio S&P 500 Growth ETF’s (SPYG) 4.4% returns over the past month compared to the SPDR Portfolio S&P 500 Value ETF’s (SPYV) 2.1% loss and the SPDR S&P 500 Trust ETF’s (SPY) 1.2% gain over the same period. According to The Conference Board, the U.S. real GDP is expected to rise 9% in the second quarter of 2021, which bodes well for growth stocks.

So, we think it could be wise to bet now on Pfizer Inc. (NYSE:PFE) and Broadcom Inc. (AVGO) because they possess solid growth attributes and are well positioned to deliver impressive returns.

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Forget Dogecoin: These Growth Stocks Are a Smarter Bets

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