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Argo Blockchain shares: should I buy?

first_img Our 6 ‘Best Buys Now’ Shares Image source: Getty Images Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! “This Stock Could Be Like Buying Amazon in 1997” Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Edward Sheldon, CFA | Tuesday, 12th January, 2021 | More on: ARB Simply click below to discover how you can take advantage of this. Argo Blockchain shares: should I buy? Argo Blockchain (LSE:ARB) shares are getting a lot of attention right now. Last week, Argo – which has seen its share price nearly triple in 2021 – was the most purchased stock on Hargreaves Lansdown. Should I buy ARB shares for my own portfolio? Let’s take a look at the investment case.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Argo Blockchain: what’s all the fuss about?Argo Blockchain is a technology company that is focused on large-scale cryptocurrency mining. For those who don’t know much about crypto-assets, this is essentially the process of using computers to solve complex algorithms and create new coins. Headquartered in London, Argo operates a number of strategically-located crypto mining facilities across North America. Its mission is to run an efficient mining infrastructure that supports the continued growth, innovation, and function of the world’s top blockchain networks.After its recent share price rise, the company now sports a market capitalisation of nearly £350m.Benefiting from the Bitcoin priceArgo posted a strong trading update last week. This is not so surprising given Bitcoin’s recent strength.The company advised that during the month of December, it mined 96 Bitcoin or Bitcoin Equivalent (BTC). This took the total amount of BTC mined in 2020 to 2,465.Based on crypto prices and foreign exchange rates, mining revenue for December was £1.63m, up from £1.48m in November. The average monthly mining margin was approximately 60% for the month, up from 57% in November.Argo also stated that at the end of 2020, it held 209 BTC in Bitcoin and BTC equivalents, in accordance with its asset management strategy.“The Bitcoin market has entered 2021 on a roll, and we are very optimistic this year will continue to see an increasing mainstream adoption of cryptocurrency. We look to the future with much optimism“, commented Argo’s CEO Peter Wall. Looking at these results, the company appears to have momentum right now. Argo Blockchain shares: should I buy?In my view, the investment case for Argo Blockchain shares boils down to one’s long-term view on crypto-assets such as Bitcoin.If Bitcoin continues to gain acceptance as a legitimate asset (some investors see it as the new gold), and its price keeps rising, Argo Blockchain could do very well. If Bitcoin goes to $200,000, for example, Argo could make a lot of money.However, if Bitcoin crashes again, like it did in early 2018, Argo could face challenges.Personally, I’m not so convinced about Bitcoin’s long-term prospects. I am bullish on blockchain technology, in general. I expect to see the world’s central banks roll out digital currencies in the not-too-distant future.However, I believe that cryptocurrencies such as Bitcoin are simply too volatile to ever be used as real currencies. Bitcoin, for example, was down around 25% yesterday at one point.Given that Argo’s fortunes are tied to the performance of Bitcoin and other crypto-assets, I think this growth stock is best left alone right now.In my view, there are much better (and safer) growth stocks to buy. See all posts by Edward Sheldon, CFA I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Like this one… Edward Sheldon owns shares in Hargreaves Lansdown. The Motley Fool UK has recommended Hargreaves Lansdown. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.last_img read more