SIX things you need to know this week in 60 seconds.
1. Could we see a 2018 repeat?
2. ConstitutionDAO, but for a sports team
3. Retail investors’ response to Omicron everything: BTFD
4. Carbon credits are breaking the market!
5. NFT art is just the beginning
6. Huge win for (the guy who thinks he’s) Satoshi NakamotoCarbon credits are breaking the market!
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At the end of September 2018, the Fed raised interest rates and dropped “accommodative” language from its policy statements. What ensued was the sell-off you see above, followed by a swift rally to new highs (read: a buy the f***** dip opportunity).
Last week, Jerome Powell put a moratorium on “transitory” talk and signaled a more hawkish stance to come. On December 14/15, the Fed will meet to (likely) announce an acceleration in the tapering of asset purchases and begin discussing when to raise interest rates.
GRIT’S TAKE: The economists at FT expect quantitative easing to be completed by March, with rate hikes following sooner rather than later.
GRIT’S ACTION: Inflation reading of 6.8% YoY this morning = long stocks & crypto for me!
Under the Radar
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2. DEALS & IPOs
Literally everyone who followed the ConstitutionDAO story:
ConstitutionDAO failed spectacularly, but it put decentralized autonomous organizations on the map in a big way. It even inspired a Vancouver-based group to take DAOs one step further into the mainstream.
The Krause House is a community of basketball fans who have raised $4.2M worth of ether with the purpose of buying the New Orleans Pelicans. Unfortunately, the Pelicans are worth $1.5B which means there’s a long way to go.
To “realistically” (the team isn’t for sale, plus the sale would need to be approved by the NBA Board of Governors) have a shot at becoming a minority owner, the DAO would need to come up with around $300M (20%).
GRIT’S TAKE: At the very least, Krause House will serve as an experiment into what DAOs can accomplish and how best to execute them.
GRIT’S ACTION: GritDAO coming !
3. STOCK MARKET
Retail investors’ response to Omicron everything: BTFD
It didn’t take long for retail investors to take advantage of the sell-off caused by the discovery of the Omicron variant. In fact, they poured over $10B into U.S. stocks over that week for the largest retail flows on record!
And if you thought they were going to let a few hawkish comments from the Fed get in the way of their strategy, think again!
Last week’s dip, triggered by Jerome Powell’s calls for an acceleration in tapering, was quickly erased by the same retail investors, who poured $2.2B into U.S equities.
GRIT’S TAKE: There are 3 certainties in today’s world: death, taxes, and retail investors smashing the buy button on each and every dip.
GRIT’S ACTION: Love the GRIT +300K retail investment community. We are incessantly chasing ROI together for life ; )
Carbon credits are breaking the market
No, that’s not the chart of a new cryptocurrency or meme stock — that chart shows the price of carbon credits in the E.U.!
Prices have rallied so hard they triggered a cost containment market mechanism that goes into effect “if allowances trade at more than double the average price of the previous 2 years for 3 consecutive months”.
This means that policymakers will need to gather around tea & crumpets to decide whether or not they will intervene to reign in prices. A decision is expected by December 14.
GRIT’S TAKE: What’s behind the surge? Gas shortages reliance on carbon-intensive coal demand for carbon offsets
GRIT’S ACTION: I am up BIG on two carbon deals. Loving #Savetheplanet + #MakeMoney
NFT art is just the beginning
NFT sales volume for the first 10 months of 2021 tottaled $26.9B. That’s a sh*tload of JPEGS!
While it’s true the bulk of these sales have been driven by NFTs that most would categorize as ‘art’ or ‘collectibles’, we are starting to see countless NFT projects that offer actual utility:
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