Domain Daily: Scavenging for Dollars

The Dose

  • Buy What You Know

  • Collect Them All

  • Inflation Winners

Knowledge Is Power

It's not the volatility that is keeping most people from buying bitcoin. Instead, it's a lack of knowledge, according to a study commissioned by Cash App parent Block. 

The Point: Block surveyed 9,500 people in 14 countries. 51% of respondents said not knowing enough about bitcoin is why they have yet to buy it. That was a far more common response than either cybersecurity risks (32%) or volatility (30%).  There are a few takeaways here. First, based on the results of this survey, we're still early in bitcoin's adoption. While it might seem like bitcoin's gone mainstream, most people still don't know much about it.  Second, and relatedly, there's still a lot of work to do to educate people about bitcoin, which could have consequences in investment activity. The study found that once people understand bitcoin, they're far more likely to invest. 41% of respondents who rated their knowledge as at least "fair" said they planned to buy bitcoin in the next year.

Guide to Bitcoin

Marketing Makeover​

The Netflix animated series Love, Death & Robots is sending viewers on a digital scavenger hunt. QR codes tied to NFTs can be found on social media, on billboards, or by watching the show. Nine codes are waiting to be discovered, one for each episode in the show's latest season.

The Point: Coinbase Super Bowl ad meets the Starbucks NFT customer engagement strategy. Now, it’s a show that leverages both concepts to keep viewers hooked. People are, by nature, collectors. And companies have long played into those tendencies to attract and retain customers (think limited edition giveaways, for example). Companies are betting that instinct will also extend to digital goods. If it works out, businesses will undoubtedly save on marketing while pushing NFTs further into the popular consciousness. 

What Are NFTs?

Stretch Your Dollar

Discount retailers are benefiting from inflation. Dollar General and Dollar Tree both raised their expectations on their financial outlook last week.

The Point: We usually talk about how inflation eats into company profits. But there are pockets of the economy that benefit when prices rise. Discount retailers are one such example. Both Dollar General and its competitor Dollar Tree exceeded Wall Street's quarterly earnings expectations when they reported results last week. They also raised their outlooks for the rest of the year as more people turn to them to save on everyday purchases like groceries and forgo typically more expensive retailers. 

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*The content team responsible for the above content uses primary and secondary sources they believe to be accurate, which includes but is not limited to Bloomberg, The Wall Street Journal, Financial Times, and CNBC, among others. 

*  Domain Money Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission and an affiliate of Domain Money, has (as of this writing) the following assets mentioned in this communication as part of its managed portfolios: BTC, NFLX, COIN