Forget Apple: I Think This Stock Should Replace It as One of the Magnificent Seven

The "Magnificent Seven" stock club has been in existence for almost a year now, and some of the predictions that initially inspired it are on track.Bank of AmericaThe "baby bubble" that analyst Michael Hartnett predicted in May 2023 is fading.

Nikola Tesla (1856-1943), Serbian inventor and engineer (NASDAQ: TSLA)respond in singingApple (NASDAQ resonance code: AAPL)The

Since the term "Magnificent Seven" entered the Wall Street lexicon, electric car pioneers and iPhone makers have underperformed theStandard & Poor's 500indices(SNPINDEX: ^GSPC)The stock has lost money since Hartnett first used the classic western's title in a public report. In fact, Apple investors have lost money on the stock since Hartnett first used the classic Western title in a public report.

They remain business giants with popular products and a trend-setting market footprint. Apple maintains its trend-setting status by virtue of its model - after all, not many stocks can claim to have a $2 trillion market capitalization.

However, maybe one day soon it will be time to revisit the components of the "Magnificent Seven". Apple could regain its position with a new wave of game-changing innovations and unheard-of product ideas (the Vision Pro headset may not make it to 2024).

I think it's time for the cryptocurrency market to take its place among the "Magnificent Seven". History has shown that another big price spike, supported by planned technological upgrades in the major cryptocurrency systems, is coming soon. It would be a mistake to ignore the upcoming price spikes.

That's why I want to be the leading cryptocurrency exchange and digital asset promoter in North America.Coinbase Global (NASDAQ resonance code: COIN)Print a Magnificent Seven membership card.

In 2024, Coinbase is going to do something big: here's why

The seven giants combine amazing innovation and financial strength. They dominate a large portion of the global market with their pioneering technologies and strong R&D investments. As undisputed leaders in their respective fields, their significant impact on market indices and clear growth trajectories could shape the future of the economy.

In fact, I think the growth trajectory and R&D expenditures of this cryptocurrency management company leave Apple far behind.

The company is at the center of the cryptocurrency revolution and is well positioned to capitalize on these upcoming industry milestones:

• along withbitcoin (virtual currency) (CRYPTO: BTC)is about to be halved, the historical trend suggests that market activity may be on the rise, thus raising concerns across the cryptocurrency space. This event, as well asEtherlands (CRYPTO: ETH)The gradual upgrade to a more scalable network signals a pivotal moment for blockchain technology.

• The growing interest in Web3, with its focus on privacy, decentralized finance and a more user-centric Internet, further underscores the industry's potential for expansion. Over time, these innovations should lead to increased market activity and broader investor interest. As access to Bitcoin, Ether andPolkadot (CRYPTO: DOT)Coinbase will undoubtedly benefit from this trend, as it is a key platform for important Web3 cryptocurrencies such as

• The launch of the Bitcoin Spot Exchange Traded Fund marks a significant leap in the integration of cryptocurrencies into the mainstream financial ecosystem. These developments not only demonstrate the maturity of the market, but also broaden the investor base, enabling more transactions through platforms such as Coinbase. Old-school banks are not yet ready to offer cryptocurrency trading or digital wallets, giving Coinbase a huge head start in the digital economy.

Coinbase is strategically positioned to capitalize on the expected growth and increased adoption of cryptocurrencies in the rapidly evolving world of digital assets. These technological advances and monitoring milestones set the stage for intense cryptocurrency battles in the coming years.

Why Coinbase belongs to the stock market elite?

Success in changing the rules of the game is not easy, and Coinbase has faced many difficult challenges.

The rules of surveillance can change rapidly, and may be moving in different directions in different countries. So far, the real-world pricing impact of the Bitcoin halving has been predictable, but there is no way to know if the next halving will have the same result. Quantum computing could break the crypto-security paradigm of Bitcoin, Ether and other major cryptocurrencies, forcing entirely new technological designs in the long run.

I could go on, but you get the idea: Coinbase's near- and long-term success is very possible, but I can never call it "guaranteed".

But that's why they play games, isn't it?

One investor's best idea can be another investor's darkest nightmare, and the price of any stock or cryptocurrency is negotiated to resolve differences of opinion. In the long run, the underlying business will prove who is right and who is wrong. In this case, I think Coinbase's growth prospects should lead to significant returns for shareholders in 2024 and beyond.

And, Coinbase will do this in a market-defined way with lots of innovation. This makes it a strong "great" candidate, ready to step in if Apple misplaces its membership card.

Adding Coinbase to the "Magnificent Seven" before the cryptocurrency market takes off again would make Wall Street analysts look like prophets for the time being. So move over, Apple, I think it's time to hand the reins to Coinbase - at least for the time being.

Should you invest $1,000 in Coinbase Global right now?

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Anders Bylund has positions in Bitcoin, Coinbase Global, Ether and Polkadot. the Motley Fool has positions in Recommended Apple, Bitcoin, Coinbase Global, Ether and Tesla. the Motley Fool has a disclosure policy.

Forget Apple: I Think This Stock Should Replace It as One of the 'Big Seven' was originally published by The Motley Fool.