If your digital currency is sitting on an exchange, is it really yours?
Retail investors piled into Twitter Inc. stock on Thursday, after the world’s richest person and head of Tesla Inc. roiled the financial world with an audacious bid to purchase the company for $43 billion. Musk later expressed doubt about whether the blockbuster deal will succeed, but that didn’t do much to deter non-professional traders.
Hundreds of celebrities from Madonna and Reese Witherspoon to Paris Hilton and Justin Bieber, have bought, endorsed or invested in projects or companies that promote nonfungible tokens over the last year — in some cases sending the prices of digital assets soaring.
Meme stocks, cryptocurrencies, the broader stock market: All have tumbled with astonishing speed this year, and few strategists think the pain will end here.
When was the last time your entire paycheck shrank by more than 20%? If you are being paid in Bitcoin, the answer was Saturday, when the token fell as much as 21% in a matter of hours.