No End to Whiplash in Meme Stocks, Crypto and More
The New York Times
With the pandemic starting to ease in the United States, many had expected a year of wild investments to slow. It hasn’t. Yet.
SAN FRANCISCO — All year, amateur investors, propelled by a social media frenzy and a bit of boredom, have poured money into risky forms of investments like meme stocks, SPACs and Bitcoin. With the pandemic easing in the United States and the country reopening, many market watchers expected the investment world to return to something resembling normalcy. That hasn’t happened. Over the last month, overlapping investment manias have become even more unpredictable. Special purpose acquisition companies, known as SPACs, a trendy way for companies to go public, have dried up. Investments in digital art — another pandemic favorite — have also slumped. Bitcoin has lost nearly 30 percent of its value in just the last week. But so-called meme stocks have soared.More Related News