Can I backlink to my competitors?

Hi guys,

I am developing an information website about cryptourrences - what is the best hardware wallet? What is Moons crypto? How to buy Bitcoin? etc.

In one of my articles, I want to provide the backlink to "the best hardware wallet for long-term storage", but I don't have the article for this topic yet. My direct competitors have those articles.

The link here seems a natural embed and I would like to link to one of my competitors in order to attain the following benefits:

1. The user will find usefulness in cicking that link at the time of writing that passage.
2. Subsequently, I will be able to create the article on this topic and change the backlink from the link to the competitor to the link to my own article. (I link to many sites, and I plan to do these replacements for years to come.)

Should I create backlinks to my competitors? Is there anything bad about it for my SEO efforts?