MAJR Newsletter 029

Looking for a new job, how about crypto?

Jul 01, 2021

@tverd

MAJR NEWS BRIEF

In this morning’s brief, I wanted to highlight a recruiting trend happening amongst top institutions and the deeper implications of this movement.

Crypto minds are wanted.

Today, it is one of the biggest advantages to be able to understand and wrap your head around cryptocurrency. This is beginning to show up in corporate America as many high-profile firms have issued crypto related job postings.

At the end of May, Apple Inc. made headlines as they posted a job notice seeking a ‘Business Development Manager - Alternative Payments’. Basically, they want someone who knows crypto. Plain and simple. Whoever assumes this role will be tasked with spearheading “end to end business development, including screening partners, negotiating and closing commercial agreements and launching new programs.” Of course there are specific qualifications to be a candidate for the job, and the second requirement listed on the website stuck out to me most.

“5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, and cryptocurrency.”

It is evident what they are looking for, but Apple is not the only exhibiting the desire to toss their hat in the crypto ring.

Point72 Asset Management, a hedge fund founded by New York billionaire Steven Cohen, is the latest company on the prowl for a reliable crypto employee. It was reported yesterday afternoon that the fund, which has ~$22.1 billion worth of assets under management, is searching for a ‘head of crypto.’

Travis Kling, who is a former Point72 portfolio manager, left the firm and launched his own cryptocurrency hedge fund in 2018 called Ikigai Asset Management.

Now, Point72 is looking to have their own, in-house crypto wizard. Though it is not 100% clear what specific projects the company will explore, the point is they are exploring.

“We would be remiss to ignore a now $2 trillion crypto currency market. We are looking at opportunities around blockchain technology and its transformative and disruptive capabilities.”
- Statement from Point72

This is big news coming from a very powerful and prestigious firm. Keep a watch for where they deploy their cash and what they do.

Cohen recently indicated that he is “fully converted to crypto” in an interview with macro researcher, Jawad Mian. I highly recommend checking it out.

Wrap Up

People are looking to get in crypto or better understand it somehow. One way is to surround yourself with experts in the space, and this is exactly the strategy behind some of the leading companies out there. Apple and Point72 are just two of the more recent, yet significant names wanting in on the action. Bulge bracket banks, such as Goldman Sachs and JP Morgan, have already built out a cryptocurrency team or something like it.

Cryptocurrencies are having a strong emergence into various industries. The need for crypto minds will only continue to increase and become more in demand.

Everyone is getting into crypto. Those that don’t will get left behind. Apple, Point72, and these other firms are trying to keep up with the pace.

It pays to know the world of digital assets.

Brevin White

@brevinwhite

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IN OTHER NEWS:

Data from Cointelegraph Markets Pro and TradingView tracked a 5% decline in bitcoin overnight on Wednesday. As Cointelegraph reported, eyes are now on an area between $32,300 and $33,000 to provide a floor.
Bitcoin technical analyst Willy Woo believes that this is not a bear market because on-chain indicators are signaling a recovery and the asset is still being bought by long-term hodlers.
The Mark Cuban-backed non-fungible tokens (NFT) marketplace Mintable has raised $13 million in a series A funding round from investors including Ripple.
Tron, which is currently the leading blockchain for Tether’s USDT, is USDC’s fifth network.
Federal Reserve Bank of Dallas leader Robert Kaplan reiterated his view that it will soon be time for the U.S. central bank to slow the pace of its $120 billion a month in bond buying stimulus.
Federal Reserve Chairman Jerome Powell says controlling inflation expectations is key to achieving the central bank’s twin goals of price stability and maximum employment. The trouble is that it is far from clear the Fed can do that as the economy emerges from the pandemic.

FACTS

Steve Cohen owns the New York Mets, a Major League Baseball team.

Citigroup pays $20 million annually for the naming rights to the stadium. The 20-year deal worth $400 million was made in 2006 but started in 2009 after construction of the stadium was completed.

Who knows, Cohen may choose crypto to be the next name displayed on his stadium.

Raoul Pal: Preparing for the Exponential Age Amid Inflationary Pressure (w/Ash Bennington)

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THIS IS NOT FINANCIAL ADVICE. IT’S IMPORTANT TO DO YOUR OWN RESEARCH. INVESTING IN CRYPTOCURRENCY OR ANYTHING FOR THAT MATTER COMES WITH RISK. THE INFORMATION PRESENTED IN THIS NEWSLETTER IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY.

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