Forget Bitcoin, Here are Two Cheap Stock Canadian Investors Should Consider

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Despite the tough COVID-19 conditions, S&P/ TSX Composite Index managed to soar to a new record in 2021. The cryptocurrency space recorded an all-time high in the first quarter of 2021. Bitcoin rose above $60, 000 in middle April, and its peers also gained mainstream approval on a platform like PayPal.

Despite the attention the crypto space has received in recent months, international regulators have digital currency in their sight. In 2017, regulatory pressure was one of the reasons Bitcoin fall. In 2021, Bitcoin is under the same pressure as China seeking to undermine the cryptocurrency spooking investors.

Due to the unpredictability and volatility in the crypto space, it is difficult to get a good discount in this sector. Though Bitcoin has not worked well for its critics, the digital currencies may have their day soon, mostly due to regulatory pressure. Right now, these cheap stocks are instead more lucrative.

Kinross (TSX: K) (NYSE: KGC)

Kinross is a Toronto-based gold producer. Share of the firm has risen by 17 in the recent months. The gold price hit a record of $2, 000 per ounce in 2020. However, the precious metal came down tumbling in the summer of last year. Due to inflation and the crumbling crypto, investors are once again looking at the precious metal.

In the first quarter of 2021, Kinross reported adjusted net earnings of $192 million, which is about a 51 percent rise from the previous year. Kinross metal sales reached $985 million are rise from $879 in the first quarter of 2020. Kinross stock has a very
attractive price-to-earnings ratio of 5.7 at the time of this writing.

Sun Life (TSX: SLF) (NYSE: SLF)

This is another cheap stock to consider buying over Bitcoin. Sun Life is a Toronto-based company that provides insurance, wealth, and asset management solutions. In the first quarter of 2021, Sun Life’s stock has climbed by 10 percent, but its stock is down 3.3 percent month over month.

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