Planning to gift Bitcoin (CRYPTO:BTC) or another crypto for Christmas? You’re not alone

Have you ever received cryptocurrencies for a gift?

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Bitcoin symbol inside an open gift box.

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Bitcoin (CRYPTO: BTC) and Ethereum (CRYTPTO: ETH), the world’s number 2 crypto, have shaken off their losing streak today.

Bitcoin is up 2.5% over the past 24 hours, currently trading for US$60,444 (AU$82,800). That gives the world’s original crypto a total market valuation of US$1.143 trillion, according to data from CoinMarketCap.

Ethereum, Bitcoin’s closest contender, is up 5% in 24 hours. One Ether is currently worth US$4,312, giving Ethereum a market valuation of $512 billion.

Now crypto investors just need to hope the tokens hold their value through Christmas.

Why Christmas?

It won’t take up any space in your stocking

Do you remember getting cash from your grandparents for Christmas? Maybe a $10 or $20 note to save or spend as you saw fit.

Well times, they are a changin’.

According to a new study by crypto.com, 26% of Australians who hold crypto intend to gift some for Christmas.

Commenting on the findings, Ian Lowe, CEO of crypto trading platform Dacxi, said “It’s not surprising at all that with the value growth in most cryptocurrencies this year, and particularly over the last three months, that many investors are keen to help their friends and family make their first steps in crypto.”

Lowe said the proliferation of new crypto platforms makes it easier than ever to buy crypto. And many platforms, like Dacxi, have a “gifting feature”.

According to Lowe:

The media narrative around crypto, which has seen a marked shift away from a focus on its perceived volatility and towards the very real long-term investment potential, has helped move the buying and selling of coins into the mainstream consciousness. Parents would often gift a child a share of a company to teach them about investing. In cryptocurrency, it’s much the same.

“Christmas is a time of year when people are always looking for the opportunity to excite and impress loved ones,” he added.

How have the number 1 and number 2 crypto been performing?

Ethereum has narrowed the gap with Bitcoin in the crypto space this year.

Ether is up a whopping 487% since 1 January 2021.

Bitcoin is up a more sedate 105%.

What will the number one and number two crypto be worth on December 26?

That remains to be seen.

Should you invest $1,000 in Ethereum right now?

Before you consider Ethereum, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Ethereum wasn't one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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