Bitcoin Shoots Past $20,000. Why It’s the Best-Performing Investment of the Year.
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,617,430 (-0.29%)       Melbourne $983,992 (+0.22%)       Brisbane $1,009,807 (-0.35%)       Adelaide $906,751 (+1.13%)       Perth $909,874 (+0.75%)       Hobart $736,941 (+0.17%)       Darwin $686,749 (+1.64%)       Canberra $966,289 (-0.61%)       National $1,049,206 (-0.00%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $766,563 (+0.96%)       Melbourne $496,920 (-0.51%)       Brisbane $594,946 (-0.69%)       Adelaide $471,433 (-1.10%)       Perth $470,780 (+0.05%)       Hobart $511,407 (+0.29%)       Darwin $390,827 (+5.09%)       Canberra $473,306 (-0.38%)       National $543,725 (+0.24%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 11,294 (+339)       Melbourne 15,418 (-206)       Brisbane 8,328 (+106)       Adelaide 2,290 (+107)       Perth 6,015 (+41)       Hobart 1,117 (+4)       Darwin 282 (+1)       Canberra 1,069 (+44)       National 45,813 (+436)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,483 (+156)       Melbourne 8,805 (+44)       Brisbane 1,732 (+14)       Adelaide 433 (+26)       Perth 1,443 (-2)       Hobart 188 (+12)       Darwin 369 (-2)       Canberra 1,049 (+3)       National 23,502 (+251)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $610 ($0)       Brisbane $640 ($0)       Adelaide $610 (+$10)       Perth $660 ($0)       Hobart $550 ($0)       Darwin $750 (+$25)       Canberra $670 ($0)       National $670 (+$5)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $580 ($0)       Brisbane $620 ($0)       Adelaide $500 ($0)       Perth $610 (-$10)       Hobart $450 ($0)       Darwin $580 ($0)       Canberra $550 ($0)       National $592 (-$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,754 (-19)       Melbourne 6,704 (+157)       Brisbane 4,270 (+30)       Adelaide 1,344 (-9)       Perth 2,367 (-11)       Hobart 271 (-22)       Darwin 88 (0)       Canberra 520 (-13)       National 21,318 (+113)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,969 (-121)       Melbourne 6,440 (+1)       Brisbane 2,292 (+7)       Adelaide 370 (-4)       Perth 636 (-35)       Hobart 114 (-6)       Darwin 178 (+18)       Canberra 808 (+9)       National 20,807 (-131)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.57% (↑)        Melbourne 3.22% (↓)     Brisbane 3.30% (↑)      Adelaide 3.50% (↑)        Perth 3.77% (↓)       Hobart 3.88% (↓)     Darwin 5.68% (↑)      Canberra 3.61% (↑)      National 3.32% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.09% (↓)     Melbourne 6.07% (↑)      Brisbane 5.42% (↑)      Adelaide 5.52% (↑)        Perth 6.74% (↓)       Hobart 4.58% (↓)       Darwin 7.72% (↓)     Canberra 6.04% (↑)        National 5.66% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 30.9 (↓)       Melbourne 33.2 (↓)     Brisbane 33.0 (↑)        Adelaide 25.3 (↓)       Perth 35.4 (↓)     Hobart 38.5 (↑)        Darwin 42.4 (↓)       Canberra 32.4 (↓)       National 33.9 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 31.9 (↓)       Melbourne 34.3 (↓)       Brisbane 30.0 (↓)     Adelaide 25.1 (↑)        Perth 34.9 (↓)       Hobart 32.8 (↓)     Darwin 44.8 (↑)      Canberra 40.8 (↑)        National 34.3 (↓)           
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Bitcoin Shoots Past $20,000. Why It’s the Best-Performing Investment of the Year.

By Avi Salzman
Thu, Dec 17, 2020 6:10amGrey Clock 2 min

Bitcoin crossed US$20,000 on Wednesday for the first time, the latest milestone in a rally that has made it the best-performing investment of 2020. Bitcoin was trading just above $20,500 on Wednesday morning, up 180% for the year.

Bitcoin has crossed $19,000 several times this year, after first hitting that number in 2017. But it consistently faltered just before hitting $20,000 and had fallen below $4,000 as recently as March.

It is nearly impossible to explain Bitcoin’s price changes, but analysts had described $20,000 as a key psychological level—like other big round market numbers that don’t mean very much on their own.

The rise has been fueled this year by institutions, which have been growing more comfortable with Bitcoin and even holding some on their balance sheets. Massachusetts Mutual Life Insurance Company (MassMutual), an institution that has been around for 169 years, announced last week that it had bought $100 million in Bitcoin, joining companies like Square (ticker: SQ) that have already bought in.

The enthusiasm is filtering down to retail investors, who now have more options to buy crypto, including through their PayPal Holdings (PYPL) accounts.

News that big companies are buying in “swells consumer interest,” says Nigel Green, founder and CEO of deVere Group, a financial advisory and fintech firm.

There is no generally accepted way to value Bitcoin, and it produces no cash flows. But high demand can spur price increases, because the cryptocurrency’s software limits its supply to 21 million. More than 18.5 million Bitcoins have already been created.

If Bitcoin can hold this level, some analysts are predicting sharp moves higher.

“If Bitcoin is able to stay meaningfully above $20,000 for a few days, we would expect prices to move significantly higher over the next six months,” says Greg King, CEO of Osprey Funds, the digital asset subsidiary of REX Shares.

But exciting numbers like $20,000 can be dangerous with a volatile asset like this. Cryptocurrency exchange OKEx and blockchain data firm Kaiko released a report this month showing that large traders tend to sell their positions just as smaller traders jump in — meaning the “smart money” may be unloading crypto as soon as they see hype-fueled rallies like this. And with selling pressure, the price can turn south in a hurry.

“When Bitcoin rallies, the market tends to forget previous, long-drawn-out bearish stretches, and the sentiment shifts to manic euphoria,” the report notes.

 



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Starbucks is making another major leadership change just one week after new CEO Brian Niccol started his job.

Michael Conway, the 58-year-old coffee chain’s head of North America, will be retiring at the end of November, according to a Monday filing with the Securities and Exchange Commission.

The decision came only six months after Conway took on the job. His position won’t be filled. Instead, the company plans to seek candidates for a new role in charge of Starbucks’ global branding.

The chief brand officer role will have responsibilities across product, marketing, digital, customer insights, creative and store concepts.

“Recognizing the unmatched capabilities of the Starbucks team and seeing the energy and enthusiasm for Brian’s early vision, I could not think of a better time to begin my transition towards retirement,” wrote Conway in a statement.

Conway has been at Starbucks for more than a decade, and was promoted to his current job—a newly created role—back in March, as part of the company’s structural leadership change under former CEO Laxman Narasimhan.

The coffee giant has been struggling with weaker sales in recent quarters, as it faces not only macroeconomic headwinds, but also operational, branding, and product development challenges.

Narasimhan was taking many moves to turn around the business, but faced increasing pressure from the board, shareholders, and activist investors.

One month ago, Starbucks ousted Narasimhan and appointed Brian Niccol, the former CEO at Chipotle, as its top executive. The stock has since jumped 20% in a show of faith for Niccol, who started at Starbucks last week.

When he was at Chipotle, Niccol made a few executive hires that were key to the company’s turnaround.

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