👩‍🎤 Crypto "coin crowding"

...move over, Bitcoin [Disclosures]( Mood: watching Elon and Miley on SNL [DigitalVision via GettyImages] Last Week’s Market Moves Dow Jones 34,778 (+2.67%) S&P 500 4,233 (+1.23%) Nasdaq 13,752 (-1.51%) Bitcoin $57,943 (+2.52%) Dow Jones 34,778 (+2.67%) S&P 500 4,233 (+1.23%) Nasdaq 13,752 (-1.51%) Bitcoin $57,943 (+2.52%) Hey Snackers, We hope your mothers enjoyed some nice flowers, brunches, and Mother's Day appreciation cards. Elon Musk's mom apparently [received]( Dogecoin. Tech stocks fell for the week, while the [Dow]( and the [S&P 500]( soared to fresh highs. Investors were relieved by the Fed's pledge to continue its easy monetary policy — especially after that [bummer]( April jobs report. Want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. Crowd "Coin Crowding" has arrived — and it's not just a Bitcoin trend Much wow, such coin... Crypto "mainstreamification" has reached a level that goes far beyond just Bitcoin. [14%]( of the US population now invests in cryptocurrency, and American crypto owners could double in 2021. This year, [Bitcoin]( has nearly 2X'd in value – and altcoins have seen even bigger rallies: [Ethereum]( is up ~400%, and [Dogecoin]( has soared 13,000%. According to a Gemini [survey]( two-thirds of US adults who don't own crypto are "crypto curious.” ~60% of people who do own crypto rate their knowledge level as low. Not just Elon... A few factors seem to be contributing to "coin crowding" — aka: people pouring into various crypto coins. - Retail investors have more access to crypto than ever through commission-free brokerages and crypto exchanges. Savings have been padded by stimulus checks, and many are sitting at home with free time. - Institutional investors like banks, hedge funds, and corporations have been investing in Bitcoin — some even see it as a hedge against inflation. In March, [Tesla]( [said]( its Bitcoin investment was worth $2.5B. - Cultural trends: Celebs like Elon, Lil Yachty, and Jake Paul have promoted Bitcoin and altcoins (see: Elon's SNL Doge [skit](. Crypto convos are dominating social media, from Clubhouse to subreddits. And Bitclout "influencer coins" [are]( apparently a thing. - Expanded uses of crypto and blockchain tech are fueling excitement. [Paypal]( is letting users shop at 26M merchants with crypto. Developers are building "[decentralized finance]( apps on the Ethereum blockchain — which is also used to mint those [viral]( NFTs. THE TAKEAWAY “Coin crowding” is here... In January, Bitcoin made up 70% of total crypto value (which was $1T). As altcoins like Doge and Ethereum have rallied, Bitcoin now makes up less than 50% of crypto market cap — which has doubled to over $2T. Now, smaller altcoins like DigiByte, VeChain and SafeMoon are gaining traction. But the Fed just [warned]( that asset prices are vulnerable to significant declines if investor sentiment shifts. And it's possible that out of hundreds of coins, only a few might survive over time. It's a new, culturally-driven phenomenon with high volatility risk – and the long-term outcomes are still unclear. Events Coming up this week... Mickey's back... [Disney]( reports earnings on Thursday, two weeks after The Happiest Place on Earth reopened in CA. For a year, Disney has been a tale of two earnings: sales of its profit puppy Parks & Experiences [plunged]( because the only park we experienced was in a car. Meanwhile, streaming thrived thanks to Disney+, which hit 100M subs (half a Netflix). Investors want to know if Mickey can keep up strong subscriber growth. Google Meet me in Miami... [Airbnb]( doesn't do room service, but it's worth more than [Marriott]( and [Hilton]( combined (its IPO was a bigger [blockbuster]( than Wonder Woman). Airbnb was resilient last year, despite the travel-pocalypse. US travel is picking up, and the work-from-anywhere life has you Zooming in from forest cabins. Airbnb's "single priority" now is prepping for a travel rebound. In Thursday's earnings, we'll see if that's panning out. Zoom Out Stories we're watching... Bad timing... Last week, [Pfizer]( and [Moderna]( reported chunky Covid vaccine earnings. Also: the Biden admin [supported]( a proposal to temporarily waive IP protections for Covid-19 vaccines. Vax-makers' recipes would be public. Pharma companies [say]( that won't help curb rising global Covid cases short-term, because of production challenges. Pfizer's CEO said patent-sharing would discourage innovation. On Friday, EU countries [pushed back]( on the proposal, too. Broke the streak... After falling for nearly 12 months straight, the US unemployment rate unexpectedly [jumped]( to 6.1% in April. 266K jobs were added last month — economists were expecting 1M (womp). Millions of Americans are unemployed, but companies in industries like construction, manufacturing, and restaurants still [can't]( find enough people to hire. Potentially holding workers back: child-care burdens, Covid fears, and boosted unemployment benefits. ICYMI Highlights from last week... - [Ban]( FB's Oversight Board delivered a precedent-setting Trump ban decision. Buuut: FB still needs to decide whether to permanently ban Trump. - [App]( The heated Epic-Apple trial kicked off last week — it could be a make-or-break moment for Apple's iPhone app control. - [Eats]( Uber scored record quarterly bookings, because it's a food delivery company now. Eats = more than 60% of Uber's biz. What else we're Snackin' - [Rise]( Why so many Millennials are struggling with Imposter Syndrome — especially when it comes to money. - [Work]( Simplify your time management with the "Rule of 4" (hours per day). - [Love]( How adult children affect their mom's happiness. - [Read]( 32 essential Asian-American writers, and why you should read them. - [Live]( A Harvard Professor's simple trick to stop wasting your life. 🍪 Want to start Snacking daily? Sign up [here]( for our daily market newsletter. The Snacks Daily Podcast Roku is known as "the people's streaming stick" (not you, Apple TV). Now, its little dongle is getting huge: Roku has conquered 54M living rooms. Tune in to our [snackable 15-minute pod]( for the full story. Snack Fact Of the Day [1 in 10 businesses in the US are Asian-owned]( This Week - Monday: Earnings expected from Virgin Galactic, Marriott, Tyson Foods, Simon Property Group, Duke Energy, and Coty. National Women's Health Week - Tuesday: Earnings expected from Roblox, EA, Unity Software, Palantir, and QuantumScape - Wednesday: Earnings expected from Bumble, Wendy's, Lemonade, Coupang, Wix, Wish, Vroom, and Toyota - Thursday: Weekly jobless claims. Earnings expected from Disney, Airbnb, DoorDash, Coinbase, Rakuten, and Alibaba - Friday: Earnings expected from Honda Authors of this Snacks own: Bitcoin and shares of Disney ID: 1640847 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed Robinhood account or any other account, and are not an offer or sale of a security. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk and the past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. The price of a given security may increase or decrease based on market conditions and customers may lose money, including their original investment. Robinhood Financial LLC, member FINRA/SIPC. Testimonials may not be representative of the experience of other customers and are not guarantees of future performance or success. Robinhood Financial LLC, member FINRA/SIPC. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences]( To unsubscribe from all commercial emails, click [here](