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Crypto Mania Meets Tech Boom: European Investors Flock to Nvidia and Bitcoin

Last Updated February 14, 2024 11:50 AM
Giuseppe Ciccomascolo
Last Updated February 14, 2024 11:50 AM
Key Takeaways
  • Bitcoin has remained the top digital asset for European investors.
  • Some analysts predict further price increases, while others warn of potential corrections.
  • Nvidia emerged as the top stock choice, fueled by its growth, artificial intelligence leadership, and strategic partnerships.

Bitcoin retained its dominant position among the digital assets favored by European investors, followed closely by Ethereum and Tether. However, the start of 2024 reaffirmed investors’ strong interest in technology companies, with Nvidia, Tesla, and Amazon emerging as the top three favorite stocks among the average European user.

Will Bitcoin and Nvidia’s appeal continue to shine this year? Bitpanda users think so .

Why Bitcoin Is Still The King

Bitcoin surged to the top of the ranking, likely fueled by its robust performance in early 2024, as outlined  in a note from Bitpanda. The cryptocurrency kicked off the year at $42,343, following a 10% growth over the preceding 30 days. It then topped $50,000 on February 12, 2024.

Experts at Bitpanda attributed this growth to several key factors, including the long-awaited approval of a spot bitcoin ETF in the middle of the month and the impending fourth halving of Bitcoin scheduled for April 2024.

These developments, coupled with Bitcoin’s perceived status as a safe haven during economic uncertainty, increasing institutional adoption, and clearer regulatory frameworks, may have bolstered its appeal among investors.

Analysts have generally expressed optimism, with some even predicting that Bitcoin’s price could surpass $48,000 post-halving, while others have cautioned about the potential for a correction.

AI Influences Investors’ Choices

Among European users, Nvidia emerges as the top choice for stock investment, propelled by its remarkable performance in recent months and optimistic future outlook. In 2023, Nvidia demonstrated impressive growth, doubling its price within a year.

In 2024, it sustained this momentum by continually achieving new all-time highs nearly every day, largely driven by the sustained demand for artificial intelligence (AI) chips.

The company’s popularity soared, particularly following a strategic partnership with Meta Platforms (formerly Facebook). It also solidified its dominance in the generative AI market, boasting a market share exceeding 85%.

Tesla Follows Nvidia

Investors exhibit a strong preference for technology companies, with Nvidia, Tesla, and Amazon ranking highest among the average European investor. However, Italy bucks this trend in terms of preference order, with Tesla gaining more favor than Nvidia.

Italian users showed a notable inclination towards Tesla stocks, particularly following its remarkable 60% growth in 2023, highlighted Bitpanda.

On January 2, 2024, Tesla exceeded Wall Street expectations for fourth-quarter deliveries, achieving a record-breaking 484,507 vehicles sold and meeting its annual target of 1.81 million in 2023.

Despite this achievement, analysts remained cautious , particularly regarding earnings and potential challenges anticipated in 2024.

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