
Bye now, cya later? – Money Mate

Are Australians ready to splash the cash?

The week as a chart



Musk tweets, Bitcoin tumbles
The power of an Elon Musk tweet was in full force again this week.After driving up the price of Bitcoin with a US$1.5 billion investment in the cryptocurrency, the Tesla founder tweeted this week that “Bitcoin and Ethereum seem high lol”.As a result, Bitcoin plunged from a US$58,000 record high to end the week below US$50,000.Meanwhile, payment platform Square bought US$170 million dollars of Bitcoin – tripling its investment.And Ethereum topped US$2000 for the first time.

Buy now, pay later, under global microscope

- BNPL ASX companies valued at AUD$50BN.
- Afterpay ASX200’s best-performing stock in 2020.
- Australian code of conduct begins March 1.
The buy now, pay later (BNPL) sector’s status as a pandemic winner has been reinforced with data showing the sector’s stratospheric growth over the past year as regulators begin to undertake action to mitigate the growth of BNPL customers acquiring unaffordable debt.
The combined value of 13 ASX-listed BNPL companies is worth more than AUD$50 billion following triple-digit share price growth for the likes of Afterpay, Zip Co and Sezzle.
After initially falling sharply, the BNPL sector quickly rebounded in March 2020 as lockdowns and travel restrictions boosted local domestic economic activity.
Afterpay topped the ASX200 in 2020 as the best performing stock, surging 1680% from AUD$8.90/share on March 23 last year to a record AUD$158.47/share on Feb. 10.
Zip Co has surged 1038% from a low of AUD$1.23/share on March 23 to a high of AUD$13.92/share on Feb. 16, while Sezzle has provided investors with a 2815% gain from AUD$0.40/share on March 23 to AUD$11.63 on Feb. 15.
In June 2020, BNPL transactions totalled 4.8 million – a growth of 43% from June 2019.
Fueling the growth, analysts say, is a trend away from credit cards along with online buying and a preference for smaller payments over time.
However, it’s also causing financial distress, with an Australian Securities and Investment Commission report revealing one in five customers are failing to make repayments.

Read the full story
in the Grafa app
To read the full article and more in the Grafa app, available on all app stores.
Track the trends
Get the hot tips first
Stay close to your investments
Learn to trade like a pro
Let your money entertain you
See more stories like this

Similar stories
Which stocks are shooting up today?
After the first 20 minutes of trade, these are the stocks that are shooting higher
...read moreCurrencies while you were sleeping
The Australian dollar was higher against the major currencies overnight. The Aussie dollar is buying
...read moreCrypto while you were sleeping
CRYPTO TOP 10 CLUB Here are the gainers and losers out of the Top 10
...read moreDrill down into today’s commodities
Today’s prices for the basket of key commodities tracked by Grafa are as follows: The
...read moreWhat to expect on the ASX today
ASX Futures trading higher ahead of the market open in Sydney. Dow Jones closed up
...read moreThe cryptos making waves in the afternoon
CRYPTO TOP 10 CLUB Here are the gainers and losers out of the Top 10
...read moreThe price we have to pay: Australian businesses reveal
48% of businesses say they will not raise prices, primarily due to the desire to
...read moreThe biggest movers of the flyweight cryptos today
Of the micro cryptos, these ones were the movers. Mcashchain rose 338.90% to US$0.015, closing
...read moreThe biggest movers of the featherweight cryptos today
Of the smaller cryptos, these ones were the movers. Mirrored iShares Gold Trust rose 353.48%
...read moreThe biggest movers of the middleweight cryptos today
Of the middle-sized cryptos, these ones were the movers. Metacraft rose 66.39% to US$1.31, closing
...read moreSee more stories like this
