5 Best Cryptocurrency Stocks to Invest in 2021

4. Tesla, Inc. (NASDAQ: TSLA)

Number of hedge fund holders: 62  

Tesla, Inc. (NASDAQ: TSLA) is an electric vehicle and clean energy firm that has consistently backed the rise of blockchain-based digital currencies. The company has recently announced that it will resume Bitcoin payments for vehicle sales once Bitcoin miners use at least 50% clean energy for their operations. The company had earlier suspended Bitcoin payments for sales after chief Elon Musk raised environmental concerns around mining. It is placed fourth on our list of 12 best cryptocurrency stocks to invest in 2021. 

Tesla, Inc. (NASDAQ: TSLA) stock was given a Buy rating by investment advisory Mizuho on June 15 on the back of strong battery electric vehicle sales trends. The company is the largest EV firm in the world, controlling more than 24% of the total market share in the industry globally during the first three months of 2021. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA)  with 24.4 million shares worth more than $16.3 billion.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”