- __[Ban](https://snacks.robinhood.com/newsletters/xxzKq0L1JKq9mrKPFzS8t/articles/S1MoP96NVK4Fxs70nHlr3/):__ __FB__'s Oversight Board delivered a precedent-setting Trump ban decision. Buuut: FB still needs to decide whether to *permanently* ban Trump. 
- __[App](https://snacks.robinhood.com/newsletters/5mrz8IgUB1Bjuc9ILsHQOj/articles/4GARoezVkzR6VmTXvlwEa1/):__ The heated __Epic__-__Apple__ trial kicked off last week — it could be a make-or-break moment for Apple's iPhone app control.
- __[Eats](https://snacks.robinhood.com/newsletters/7smONUNjrn1RF9LBhEgLe7/articles/2aGMAsFF7RhrjGK8g17FCy/):__ __Uber__ scored record quarterly bookings, because it's a food delivery company now. Eats = more than 60% of Uber's biz. 

ICYMI

Highlights from last week...

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Max Knoblauch

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Tesla CEO Elon Musk’s xAI raises $15B in latest funding round, up from $10B reported in September

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__Much wow, such coin...__ Crypto "mainstreamification" has reached a level that goes far beyond just Bitcoin. [14%](https://www.gemini.com/state-of-us-crypto) of the US population now invests in cryptocurrency, and American crypto owners could *double* in 2021. This year, __[Bitcoin](https://robinhood.com/crypto/BTC)__ has nearly 2X'd in value – and altcoins have seen even bigger rallies: __[Ethereum](https://robinhood.com/crypto/ETH)__ is up ~400%, and __[Dogecoin](https://robinhood.com/crypto/DOGE)__ has soared *13,000%*. According to a Gemini [survey](https://www.gemini.com/state-of-us-crypto): 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](https://robinhood.com/stocks/TSLA)__ [said](https://www.reuters.com/business/autos-transportation/tesla-says-bitcoin-investment-worth-248-billion-2021-04-28/) 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](https://www.youtube.com/watch?v=x5RCfQyTDFI)). Crypto convos are dominating social media, from Clubhouse to subreddits. And Bitclout "influencer coins" [are](https://www.benzinga.com/markets/cryptocurrency/21/04/20747194/how-bitclout-aims-to-let-people-bet-on-twitter-influencers-using-creator-coins) apparently a thing. 
- __Expanded uses__ of crypto and blockchain tech are fueling excitement. __[Paypal](https://robinhood.com/stocks/PYPL)__ is letting users shop at 26M merchants with crypto. Developers are building "[decentralized finance](https://snacks.robinhood.com/newsletters/2ljZrAfkicFWeqM3uRyEVF/articles/7pjZAtHAv8QEKdd9xnkN1R/)" apps on the  Ethereum blockchain — which is also used to mint those [viral](https://snacks.robinhood.com/newsletters/4CMp4ZxaXNDVcia7phbTi8/articles/2dLrCxa5wrlsuga9kmuKtF/) NFTs. 


_Mood: watching Elon and Miley on SNL [DigitalVision via GettyImages]_

Crowd

__“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](https://www.wsj.com/articles/covid-19-still-among-major-risks-to-financial-stability-fed-says-11620331219) 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. 

"Coin Crowding" has arrived — and it's not just a Bitcoin trend

__Mickey's back...__ __[Disney](https://robinhood.com/stocks/DIS)__ 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](https://snacks.robinhood.com/newsletters/7kUCvPmXZ2AB4lOFC3m77C/articles/1FLj6gpv6tXolPZxSGju70/), 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](https://robinhood.com/stocks/ABNB)__ doesn't do room service, but it's worth more than __[Marriott](https://robinhood.com/stocks/MAR)__ and __[Hilton](https://robinhood.com/stocks/HLT)__ *combined* (its IPO was a bigger [blockbuster](https://snacks.robinhood.com/newsletters/5bz9qW2WXWRwJlMpsAJeyn/articles/3hbeTbZoN5WvRJteko4DaC/) 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. 


Events

Coming up this week...

__Bad timing...__ Last week, __[Pfizer](https://robinhood.com/stocks/PFE)__ and __[Moderna](https://robinhood.com/stocks/MRNA)__ reported chunky Covid vaccine earnings. Also: the Biden admin [supported](https://snacks.robinhood.com/newsletters/7smONUNjrn1RF9LBhEgLe7/articles/4GUGqbhYGdsfyMcKDiqUuK/) a proposal to temporarily waive IP protections for Covid-19 vaccines. Vax-makers' recipes would be public. Pharma companies [say](https://snacks.robinhood.com/newsletters/7smONUNjrn1RF9LBhEgLe7/articles/4GUGqbhYGdsfyMcKDiqUuK/) 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](https://money.usnews.com/investing/news/articles/2021-05-07/eu-split-on-vaccine-waiver-idea-unlikely-to-take-clear-stance) on the proposal, too.

__Broke the streak...__ After falling for nearly 12 months straight, the US unemployment rate unexpectedly [jumped](https://www.wsj.com/articles/april-jobs-report-unemployment-rate-2021-11620332156) 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](https://www.wsj.com/articles/millions-are-unemployed-why-cant-companies-find-workers-11620302440?mod=hp_lead_pos1) find enough people to hire. Potentially holding workers back: child-care burdens, Covid fears, and boosted unemployment benefits.


Highlights from last week...

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