Gen Z Business News

By Dima Kulakov

Bitcoin’s Plunge

Bitcoin plunged to near $30,000, continuing a major sell-off that took place over the past few days.

Bitcoin was down over 30% today and fell to a value the coin hasn’t traded below since late January.

Bitcoin has thus nullified all its gains following Tesla’s announcement that it would purchase $1.5 billion worth of the cryptocurrency. It’s also down almost 50% since hitting a record high of $64,829 in mid-April.

On May 12, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using bitcoin, on Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business, including trading or exchanging fiat currency for cryptocurrency.

Fidelity Investments Teen Account

Fidelity Investments is lowering the barrier to entry into the stock market for teenagers.

They are launching the Fidelity Youth Account, “an investing and savings account for 13- to 17-year-olds.” The no-fee account will allow teenagers to buy and sell ETFs, Fidelity mutual funds, and stocks.

The accounts are available for teens whose parents have Fidelity accounts, in the United States, but hopefully, this service will be expanded to Canada shortly.

The account comes with a debit card and lets teens trade with no account fees or commissions. Parents are able to monitor activity.

“Our goal for the Fidelity Youth Account is to encourage young Americans to learn through action and foster meaningful family conversations around financial topics,” claimed Senior Vice President of Acquisition and Loyalty at Fidelity.