The wild ride of Bitcoin this week, fueled by Elon Musk’s tweets, snuffed out speculative excesses and led to a broader reckoning for the troubled asset. While some crypto hedge funds are buying the dip, Bitcoin’s savage swings may deter mutual funds and pension funds from jumping in. The price fluctuation also means Bitcoin can’t be used as a viable form of money, Bloomberg’s Editorial Board writes. Lawmakers in Washington are struggling with what to do about crypto, and the U.S. Treasury tightened tax enforcement on crypto transfers. One Bloomberg editor watched as two people made him a cryptocurrency in under 10 minutes.

What you’ll want to read this weekend

A delay in getting a second Covid-19 vaccine shot can boost its efficacy, a new research shows. Some vaccines are helping countries slow infection rates faster than others.In India, a cascade of rare, life-threatening complications deepened its Covid misery.

In a super-charged economy, companies are panic-buying. South Korea’s early trade data show exports are set to surge amid global reopening. The U.S. housing market has a bottleneck that’s even bigger than lumber: a lack of land.

Morgan Stanley Chief Executive Officer James Gorman unveiled his biggest leadership shakeup in over a decade, with a group of potential successors who are mostly White and male. Across companies, Black workers are reporting higher rates of burnout.

Top: Morgan Stanley Chief Executive Officer James Gorman; Bottom left: Ted Pick, Daniel Simkowitz, Andy Saperstein and Jon Pruzan.

Source: Al Drago

Amazon is considering buying MGM for $9 billion, a deal that may bring a fresh shine to old movie libraries. HBO Max will sell a lower-priced tier with ads for $9.99 a month.

Take an inside look at Manhattan’s “Little Island,” a new public park that looks like a cluster of flower buds sprouting from the Hudson River. If you are a frequent flyer, sitting on a pile of unused airline miles could cost you.

What you’ll need to know next week

• EU leaders meet in Brussels to discuss emissions targets. 
• Wall Street bank CEOs to testify before Congress. 
• Robinhood may reveal its IPO filing for the first time. 
• Japan to open large vaccination centers in Tokyo and Osaka. 
• UEFA Europa League soccer final to be held in Poland. 

What you’ll want to read in Bloomberg Wealth

New York’s Rich Ditch the Masks and Party

Just as Wall Street offices are filling up, New York’s high-flying social life is returning, with cater-waiters, high heels and all the other wonderful and annoying things about being in person to support a cause. Of course, gatherings are outdoors and in smaller groups, but the masks are largely off, with safety protocols still in place. Let the benefits begin.

Nelle Miller, standing, at Central Park Conservancy’s hat lunch.

Photographer: Amanda Gordon/Bloomberg

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