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Battered Investors Now Find Thrills in T-Bills

James DiCio spent much of the last eight years riding cryptocurrencies’ double-digit gains and losses. Lately, the 24-year-old has found a new hot investment: short-term government debt.

Weary of big swings in digital currencies, the pilot from Bohemia, N.Y., sold most of his crypto holdings last year, shifting his money from one of the most volatile investments to one of the safest. Now about 20% of his portfolio is in four-week to 13-week Treasury bills, these days yielding as much as 3.3%, the most since he was 9.