Can You Get Rich With Bitcoin? Sure, But Slowly

Chances are in the past few weeks someone has given you a stock tip—maybe to buy bitcoin or invest in GameStop . In part because of Covid-induced boredom, the country is witnessing an unprecedented interest in financial speculation. This craze is fueled by business celebrities like Elon Musk, who announced Monday that his company Tesla had purchased $1.5 billion of bitcoin. Last Thursday Mr. Musk tweeted in support of the cryptocurrency dogecoin, which was created as a joke in 2013. What is the average investor to make of all this? When stocks shift by hundreds of percentage points in a day, there’s only so much the government can do to protect you. Instead, investors should look past the tweets and Reddit posts and get back to fundamentals. Yes, even bitcoin has fundamentals. There are two stories you can tell about Mr. Musk’s promotion of bitcoin. The first is a cynical…

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