Executives from six cryptocurrency companies appeared before the House Financial Services Committee Wednesday, as lawmakers spent hours trying to better understand how to approach crypto regulations.
Regulation comes with security and one potential beneficiary of such could be Palantir Technologies Inc (NYSE:PLTR), according to Guy Adami, director of advisor advocacy at Private Advisor Group.
“They have a crypto-security platform that I don’t think the market fully comprehends,” Adami said Wednesday on CNBC’s “Fast Money.”
Palantir announced its Foundry software would support cryptocurrency platforms earlier this year.
“We think we’re going to be a massive accelerant for crypto companies,” Palantir COO Shyam Sankar said during the company’s most recent earnings call.
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Adami expects Palantir to be at the forefront of crypto security.
“If that is the case, which I think it will be, this stock should be significantly higher,” Adami said.
He acknowledged the stock has been tough to own, trading down more than 15% year-to-date. Still, Adami emphasized that long-term investors seeking crypto exposure should look no further than Palantir: “If you want to look downstream, look at Palantir.”
PLTR Price Action: Palantir has traded as high as $45 and as low as $17.05 over a 52-week period.
The stock was up 1.36% at $20.09 in after-hours trading Wednesday.
Photo: Cory Doctorow from Flickr.