🍋 Crypto Goes Mainstream

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"You either die as a founder-run company or live long enough to see your company run by an Indian dude." – Walter Chen

Good Morning! Jack Dorsey stepped down as Twitter CEO yesterday and was succeeded by CTO Parag Agrawal (pls enjoy the Dorsey exclusive meme section below). US stocks bounced back after the apocalyptic trading session on Friday, as President Biden announced that the Omicron variant won't result in "shutdowns or lockdowns." In makes-no-fkn-sense crypto news of the day, a cryptocurrency called Omicron rose as much as 10 times from Friday to Monday morning cause why not.

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1. Story of the Day: Crypto Goes Mainstream

"Crypto," "Web 3.0," "NFTs," "Bitcoin." If you don't hear at least one of these words daily, you are probably living in a cabin without internet in Wyoming. The crypto world had been a scam in many people's eyes before this year, but 2021 is the year crypto went mainstream.

Bitcoin cynics like Adam Davidson are coming around to the technology, people are allocating more and more of their portfolios to crypto assets and even institutions want in (we got a Bitcoin ETF this year).

Crypto is also infiltrating broader culture: Crypto.com recently acquired rights to change the Staples Center to Crypto.com Arena for $700 million. Celebrities from Tom Brady to Reese Witherspoon to Steph Curry (Bored Ape Yacht Club member) are signing record deals and launching their own NFT collections.

It doesn't stop there, even brands that have absolutely nothing to do with this world (Budweiser) are embracing the movement. Head over to Budweiser's Twitter (changed name to beer.eth) and you'll find a page that looks more like an NFT influencer than a beer company.

While the space is full of scammers and people trying to make a quick buck in rug pull schemes, there are plenty of smart voices (& money) that are standing by the movement. Things like DAOs (decentralized autonomous organizations) have potential to revolutionize entire industries like VC. ConstitutionDAO raised $40 million in less than a week to bid on the US Constitution. Mark Cuban spent much of his Sunday explaining to his followers use cases for decentralized applications.

Short Squeez Takeaway: Scammers in the industry have definitely given it its bad rap. As acceptance of crypto continues to grow and the world becomes more decentralized, the scams will not go away (maybe even increase) but many cynics are going down the crypto rabbit hole themselves and finding out it's not such a scam after all. Oh and something tells us long-time Bitcoin fan and ex-Twitter CEO, Jack Dorsey is building his next billion dollar start-up in the metaverse. 

Source: Bloomberg

2. Markets Rundown

  • US stocks traded solidly higher, as President Joe Biden told Americans the fight against the Omicron variant of coronavirus won’t involve “shutdowns or lockdowns.”

Movers & Shakers

  • (+) Moderna ($MRNA) +12% after CEO Stephane Bancel said an Omicron vaccine could be ready by early next year but a 100-microgram dose of the booster shot could be ready "right away."
  • (+) Coinbase ($COIN) +5as the price of Bitcoin rebounded.
  • (–) Merck ($MRK) -10% after Citi downgraded Merck to neutral from buy.

3. Top Reads

  • Parag Agrawal is central to Jack Dorsey’s plans to revamp social media (CNBC)
  • Growing accustomed to fear (AWCS)
  • Lululemon fires back at Peloton in growing feud over clothing patents (CNBC)
  • MicroStrategy will not stop buying Bitcoin
  • Workers quit jobs in droves to become their own bosses (WSJ)
  • North Carolina’s furniture hub is booming. What comes next? (NYT)
  • Schick owner Edgewell Personal Care buys women’s razor brand Billie (WSJ)
  • World's first living robots can now reproduce (CNN)
  • Robinhood short sellers winning big as brokerage’s shares tumble (Bloomberg)

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4. Book of the Day: Surrounded by Idiots

Do you ever think you’re the only one making any sense? Or tried to reason with your partner with disastrous results? Do long, rambling answers drive you crazy?

You are not alone. After a disastrous meeting with a highly successful entrepreneur, who was genuinely convinced he was ‘surrounded by idiots’, communication expert and bestselling author, Thomas Erikson dedicated himself to understanding how people function and why we often struggle to connect with certain types of people.

Packed with ‘aha!’ and ‘oh no!’ moments, Surrounded by Idiots will help you understand and communicate with those around you, even people you currently think are beyond all comprehension. And with a bit of luck you can also be confident that the idiot out there isn’t you!

“By adjusting yourself to how other people want to be treated, you become more effective in your communication."

5. Short Squeez Picks

  • Invest in venture capital with Sweater Ventures, the first VC fund for the retail investor
  • Developing every skill – Patrick O'Shaughnessy talks to CEO of Wayfair Podcast
  • Inside a $21M wine collection 
  • Register for the last few spots at the Shaka Club x Overheard on Wall Street Holiday Party (aka the "Holiday Board Meeting") on December 4 at the McKittrick Hotel 

6. Daily Visual: Cocaine Capitals of the World

Estimated quantity of cocaine seized by authorities in 2019 in kg
Source: Statista

7. Daily Acumen: 3-Question Rule

There are three things you must always ask yourself before you say anything.

Does this need to be said?

Does this need to be said by me?

Does this need to be said by me, now?

So you get home from work, you want to tell your significant other that you’ll have to cancel the weekend getaway because you’ll be pls fixn’ all weekend, but you notice that they have had a pretty bad day. 

Does this need to be said? Yup

Does this need to be said by me? Ummm yeehaw who else? 

Does this need to be said by me, now? Nah, you can wait until they’re in a better mood.

You get it. 

Source: Inc

8. Career Portal

If you are looking for a new job, check out our Career Portal, where we curate the the best jobs in finance and crypto for you.

Employers: If you are looking to hire a candidate and want to post a job, just click on "Start hiring" on the top right corner of the Career Portal.

9. Memes of the Day

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