Investment Bets That Were in the Spotlight This Week
Bloomberg Wealth reviews assets — Bitcoin, GameStop, Tesla’s Chinese rival Nio, Airbnb and Asos — that made a splash over the past few days.
Is the Bitcoin juggernaut faltering? After hitting a record of almost $42,000 on Jan. 8, the digital currency tumbled to a low of around $30,000 just a few days later. While the coin has recovered, wild swings have left investors divided on whether this is a healthy correction or a sign of an impending collapse.
Believers point to increased institutional acceptance of the coin, its potential to join the likes of gold as an inflation hedge and just the sheer amount of money looking for somewhere to go in an era of record low rates. Skeptics argue it has no intrinsic value and that it’s a speculative bubble. The U.K.’s financial watchdog warned this week that consumers should be prepared to lose all their money if they invest in cryptocurrencies.