Bitcoin, crypto miners face growing interest with mixed feedback, analyst says

D.A. Davidson analyst Christopher Brendler is bullish on bitcoin (BTC-USD) and crypto mining as earnings growth is set to "explode" in this underappreciated sector, Brendler writes in a note to clients. It appears institutional investor interest has risen due to bitcoin (BTC-USD) making new all-time highs last week, inflation concerns, Coinbase's (NASDAQ:COIN) successful initial public offering, Securities and Exchange Commission approving bitcoin futures ETF and overall increased use and adoption of digital assets, according to the note. Still, "we found close to 100% agreement with our near-term bull case, but also plenty of skepticism, mostly around valuation," Brendler notes. "We admit traditional valuation metrics may not apply in this sector as future cash flows are exceedingly difficult to predict." Bitcoin (BTC-USD +4.8%) recovers back over $60K on Monday, now changing hands at $63.6K. Bendler highlights specific crypto miners that he rates as a Buy including Core Scientific (NASDAQ:XPDI), as the