Argo Blockchain shares are falling. Here’s what I’m doing

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Our 6 ‘Best Buys Now’ Shares Nadia Yaqub | Tuesday, 18th May, 2021 | More on: ARB Enter Your Email Address Nadia Yaqub has no position in any of the shares and cryptocurrencies mentioned. The Motley Fool UK owns shares of and has recommended Bitcoin and Tesla. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img “This Stock Could Be Like Buying Amazon in 1997” Argo Blockchain shares are falling. Here’s what I’m doing I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Image source: Getty Images. As I write, Argo Blockchain (LSE: ARB) shares are down 8% in a week. It’s a stark contrast from the impressive 190% increase since the beginning of the year.But is this a buying opportunity? I think so. I’ve covered Argo Blockchain shares through the highs and lows. And I reckon as a long-term investor, this company is at the forefront of its field.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Why are Argo Blockchain shares falling?I’m not surprised that if the price of Bitcoin falls then this will impact Argo Blockchain shares. After all, the company is a cryptocurrency miner.Elon Musk , the boss and founder of Tesla has been at it again. Last week, he announced that the electric car company will no longer accept payments for vehicles in Bitcoin due to concerns over climate change. Of course, the price of the world’s leading cryptocurrency took a tumble and Argo Blockchain shares fell too.It’s worth noting here that in February, Musk highlighted that Tesla has purchased $1.5bn of the world’s largest digital currency. This sent the crypto market into a spin. And a raft of companies followed suit, making the digital assets more acceptable.But there were concerns that Musk may have dumped Tesla’s cryptocurrency holding. This resulted in the price of Bitcoin falling and has had a knock-on effect with Argo Blockchain shares. The stock was trading on a very high valuation and so it was going to be sensitive to any negative news.Of course, this is just investors reading between the lines. Musk has recently tweeted that “to clarify speculation, Tesla has not sold any Bitcoin”. My viewI think it’s obvious that Musk’s tweets carry huge influence, but I’m not reading too much into this. In fact, I take these with a pinch of salt as there are too many conflicting messages.Despite this, many other large companies have now accepted cryptocurrency. And I reckon there’s a wider acceptance of digital assets happening. This may slow down, but it’s still gaining traction.I also don’t think that these same firms that have accepted cryptocurrencies, will backtrack on their decisions. To me, this would look somewhat unprofessional and would give the impression that a strategic decision can’t be made.Should I buy Argo Blockchain shares now?I think it’s encouraging that Argo Blockchain has adopted climate change very early on in its business journey. Last week, the company announced that it has signed a Crypto Climate Accord (CCA) in partnership with DMG Blockchain Solutions. This is to reduce emissions in the cryptocurrency industry.This comes after the company has teamed up with DMG to launch the first Bitcoin mining pool powered exclusively by clean energy. So while Musk stopped cryptocurrency payments due to climate change, Argo Blockchain is already on top of this. It’s using renewable energy to power its mining. Hence reducing its carbon emissions.On this basis, I’d buy Argo Blockchain shares on this dip as a long-term investor. But it’s not for the faint-hearted. The stock is volatile and I’d expect this to continue. I’d also only invest what I could afford to lose. But as part of a very diversified portfolio, I think things look promising for the company. See all posts by Nadia Yaqublast_img

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