Bitcoin (BTC-USD) and other cryptocurrencies experienced a sharp decline on Thursday following the release of U.S. economic data showing higher inflation and slower growth in the first quarter of 2024. The U.S. GDP growth was reported at 1.6%, lower than the expected 2.5%, while the GDP price index came in at 3.1%, higher than anticipated. That backdrop forms my list of crypto stocks for investors to buy this month.

CoinDesk noted that Bitcoin briefly fell below $63,000, dropping more than 4% before recovering to around $63,700. Ethereum (ETH-USD) also experienced a 4% decline, trading at approximately $3,100.

The good news, however, is that I am still firmly bullish on the potential of Bitcoin to soar to new heights, which is expected to be a significant tailwind for crypto stocks for the rest of the year.

So, here are three crypto stocks for investors to consider in 2024.

Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) focuses primarily on Bitcoin mining and blockchain technologies.

For 2024, RIOT is focusing on expanding its mining capacity with plans to enhance its self-mining hash rate significantly. The company aims to increase its hash rate from 12.4 EH/s to over 28 EH/s by the end of 2024.

RIOT is a formidable crypto stock in its own right with a great hash rate, but there’s more to the thesis that should be considered for investors.

As InvestorPlace reported previously, RIOT has gone on to reach considerable gains in the last few days, rising a dramatic 46%.

That price increase comes amid rising short interest, which now accounts for more than 13% of RIOT’s float, hinting at a possible short squeeze. The situation is bolstered by increasing mentions and positive sentiment on social media platforms.

Speculation aside, this could position RIOT as a great pick to ride out the rest of the year.

Coinbase (COIN)

Coinbase (NASDAQ:COIN) is a leading platform in the cryptocurrency exchange arena.

COIN typically follows a close price correlation with Bitcoin and is often more volatile than the underlying. That could potentially amplify one’s returns as well as losses by holding COIN.

There could be a good reason that whales are pouring into the market based on recent developments. A significant transaction involving $1.3 billion in USD Coin (USDC-USD) being transferred to Coinbase was noted by market observers as a potentially strong buy signal for BTC and ETH.

For 2024, COIN is forecasting a continued increase in total cryptocurrency market capitalization, which doubled in 2023. Key themes for COIN in 2024 include increased institutional investment and favorable macroeconomic conditions for risk assets.

While interest rates may have indeed stayed higher for longer, we are likely near the peak of the cycle. The instabilities throughout the world may have thrown investors off guard, but I think the market could catalyze into a strong rally. That makes COIN one of those crypto stocks for investors to keep on their watch lists.

MicroStrategy (MSTR)

MicroStrategy (NASDAQ:MSTR) stands out for its substantial investments in Bitcoin, positioning itself as a major corporate holder of the cryptocurrency. 

However, some issues could be clouding MSTR’s valuation.

The introduction of spot Bitcoin ETFs in January 2024 poses a new challenge for MSTR. These ETFs provide investors with simpler and potentially cheaper access to Bitcoin, which could undermine the premium that MSTR’s shares have commanded due to direct Bitcoin exposure​, CryptoGlobe reported.

However, as of the end of 2023, MSTR reported owning approximately 190,000 bitcoins, with the market value of these holdings considerably exceeding their cost basis.

It’s for this reason I believe that MSTR could rocket to new heights later in the year as the market rises since its book value per share would also improve as a result.

I think MSTR is one of those crypto stocks to consider as it gives investors a solid hybrid of owning a traditional stock that has significant indirect exposure to Bitcoin.

On the date of publication, Matthew Farley did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.