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3 Stocks to Buy Instead of Dogecoin

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·4 min read
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Dogecoin exploded during the past few months on the back of investments from Elon Musk. However, it looks like that could all be coming to at least a partial end. The billionaire made a remark on Saturday Night Live that sent the cryptocurrency falling. It then fell even further when Musk announced he would be backing away from the support in cryptocurrency.

As I’ve said before, if you believe cryptocurrency is the future, fine. Keep investing in Dogecoin. However, as I’ve also said before, this area is still incredibly risky. So with that being the case, it might be better to consider these other three stocks instead.

Ditch Dogecoin for secure growth

One of the best places to invest today is the energy sector. Thanks to a vaccine rollout, the rebound is already well underway. After years of production decreases and oil and gas gluts, the pandemic has created a demand for oil. With commuters and air travel pushing the way, investing in a stock like Suncor Energy (TSX:SU)(NYSE:SU) is a far better investment than Dogecoin.

Suncor stock is the largest fully integrated oil and gas company in Canada. It offers investors massive growth at its current share price, trading at 1.2 times book value. Shares of Suncor stock are already up 22% in the last year, and it also offers a dividend yield of 2.97% at writing. That dividend was slashed during the pandemic, so investors could also soon see secure growth in dividends should Suncor stock return to previous prices. That’s something you’ll never get from Dogecoin.

Top tech pull back stock

The tech sector is another industry seeing a massive pullback. The pandemic sent text stocks soaring; however, with the end of the pandemic on the horizon, many investors are taking their earnings. A company like BlackBerry (TSX:BB)(NYSE:BB) shares reach $36 before crashing down to where it trades now at about $10 per share. So why invest in BlackBerry stock over Dogecoin? The rebound.

Cryptocurrency is going through a potential correction. Meanwhile, the tech sector is going to need a correction of its own, but in the opposite direction. BlackBerry stock is set to continue climbing, especially over the next decade. The company’s investment in software for electric vehicles in particular will see revenue explode. That also has to do with its partnership with Amazon Web services.

So while Dogecoin and BlackBerry stock are both down, BlackBerry stock is in for a more sustainable rise. Should investors see 52-week highs again, that’s a potential upside of 260%!

Soaring comeback

Investors fear that investing in the airline industry is still shaky at best. Those investors would not be wrong, completely. The airline industry is going to have to adapt just as it did back in 2001. There will be a lot of investment needed, and companies like Air Canada (TSX:AC) will be put even more in debt.

However, Air Canada stock will rebound eventually, making today’s share price of around $25 a steal given the potential for growth in the next decade. In fact, over the next two or three years, there is likely to be an incredible increase in air travel. Economists believe there will be a second Roaring Twenties to look forward to. Consumers have paid down debt and are now looking to spend. Vacations are likely high on that list.

So when it comes to Air Canada stock or Dogecoin, I’m going with air travel. People will be back in the air once again. Dogecoin, however, has a future that’s far more risky.

The post 3 Stocks to Buy Instead of Dogecoin appeared first on The Motley Fool Canada.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Amy Legate-Wolfe owns shares of AIR CANADA. David Gardner owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.

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