“Now let’s talk crypto” [Moment via Getty Images]
“Yesterday’s price is not today’s price.” Rapper Fat Joe’s iconic phrase is resonating again with economists: The #bars sum up the 7% year-over-year spike in inflation reported for December, a 40-year high.
Stocks fell today with the tech-heavy Nasdaq sinking 2.5% as Microsoft and Amazon weighed on the market.
Spreading like wildfire... The US is seeing record hospitalizations, driven largely by people under age 60, as uber-contagious Omicron spreads. (FYI: Hospitalization totals include people who test positive after being admitted for non-Covid reasons.) Omicron is half as likely to hospitalize people compared with Delta, but there are way more cases: The US logged a record 1.35M new infections on Monday, the highest daily total for any country. Omicron accounts for about 98% of cases in America.
Called in sick... As if supply and labor shortages weren't enough, Omicron is causing mass disruptions in sectors that require IRL work — think: empty grocery shelves and global manufacturing delays. A fifth of US hospitals are severely understaffed, and a fifth of NYC subway workers were out sick last week, which caused train delays. It’s hitting businesses too:
2022 could be the year Covid is “normalized”... World leaders have started positioning the virus as a normal part of life. The UK told the British public that they would have to “learn to live with” Covid, and Spain’s prime minister suggested the EU should consider treating it as an endemic illness like the flu. Biden too is preparing Americans to accept the virus as part of daily life. The upshot: Scientists are seeing signals that Omicron could peak soon in the US.
Keeping up with crypto... Kim Kardashian, Floyd Mayweather, and other celebs are being sued over promoting alt-coin EthereumMax as part of an alleged crypto scam. The mysterious coin debuted in May claiming to “bridge the gap between community-driven tokens” and legacy crypto — but provided few details.
Crypto’s Wild West… is under scrutiny. While micro-influencers increasingly promote new cryptos, celebs like Kim K have unprecedented reach. As FOMO-driven investors try to score on the $3T crypto market, a growing number of fraudsters are taking advantage. Last year, crypto crimes hit a record $14B, and scammers lured investors with trend-based coins (see: Squid Coin).
Crypto scams are bad for crypto… While some argue that crypto is in the late-adoption phase, celebrity endorsements open the door to millions of new investors who might not have enough information to tell which coins are legit. About 100 new coins are created every day. Scams are further motivating regulators and investors in favor of more transparency and safeguards around crypto.
Correction: In the Snacks newsletter published on Thursday, January 13, we misstated who Floyd Mayweather fought in his high-profile boxing match. It was Logan Paul, not Jake Paul. We’ve updated the online version of the newsletter, and we regret the error.
Harry’s Razors raised a freshly shaved $140M to become a brand incubator.
Tune in to hear why Harry’s edge isn’t the direct-to-consumer product — it’s the D2C mindset.
Authors of this Snacks own Bitcoin, Ethereum, and shares of: Apple, Amazon, CVS, Delta, Google, Starbucks, Uber, and Walmart