SECOND TAKE
BLOOMBERG OPINION: Bitcoin — thus endeth the first lesson
If it buys a Tesla today but only half a Tesla tomorrow, its volatility makes it useless
24 May 2021 - 13:35
Anyone who still thinks bitcoin is a viable form of money should have learnt otherwise last week. The cryptocurrency’s wild fluctuations say it isn’t. For those just looking to get rich quick, the message is even simpler: buyer beware.
At one point on Wednesday the price of a bitcoin had dropped more than 40% over a week — disconcerting for the throngs of retail investors who, egged on by Elon Musk and other celebrities, had helped drive it up more than 230% over the previous six months. In a matter of days, hundreds of billions in virtual wealth disappeared...
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