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Americans pocketed $4B in bitcoin profits in 2020, analysis reveals

June 8, 2021

Americans got richer off bitcoin than any other country last year — pocketing $4.1 billion in profits as the price of the volatile cryptocurrency soared to $29,000 from under $10,000, according to a new analysis. 

The US was followed by China, which cashed out some $1.1 billion in profits in 2020, according to data published Monday by blockchain firm Chainalysis. 

Japan came in third with $900 million, followed by the United Kingdom with $800 million and Russia with $600 million

The figures only cover realized gains, meaning that profits still held in cryptocurrencies or in exchange accounts are not included. 

According to Chainalysis, Americans appear to have stepped up their bitcoin investments last year, despite nationwide lockdown orders and record unemployment. US crypto investors then cashed out toward the end of the year when the price of bitcoin has soared more than three times its $9,000 price tag. 

Bitcoin was hovering at about $33,000 Tuesday morning after declining 10 percent in just one week, according to Coindesk data. Coindesk

“US-focused exchanges saw huge inflows in 2020 that appear to have been realized toward the end of the year, which likely accounts for the country’s large gains,” the analysts wrote.

But many people who sold bitcoin in late 2020 probably wish they had held on for longer. Bitcoin continued its eye-watering bull run through April of 2020, peaking at $63,000 — more than double 2020’s high point. 

The cryptocurrency has slumped back near 2020 levels in recent months — hovering at about $33,000 Tuesday morning after declining 10 percent in just one week, according to Coindesk data. 

Chainalysis produced its estimate by collecting data including deposits, withdrawals and web traffic from cryptocurrency exchanges like Coinbase.EPA

While cryptocurrency profits can be hard to track due to the currencies’ intentionally decentralized nature, Chainalysis produced its estimate by collecting data including deposits, withdrawals and web traffic from cryptocurrency exchanges like Coinbase.

Last year, other countries that realized large gains from bitcoin include Germany and France with roughly $600 million each and Spain with $500 million. South Korea, Ukraine, the Netherlands, Canada and Vietnam all booked about $400 million in profits each. 

Bitcoin’s 2021 woes have been attributed to a number of factors, including the US government’s ability to recover the bitcoin ransom from last month’s Colonial Pipeline hack. That has been cited as evidence that the cryptocurrency is more traceable than previously thought, potentially decreasing its value to certain investors. 

The US was followed by China with $1.1 billion, Japan with $900 million, the United Kingdom with $800 million and Russia with $600 millionREUTERS

The cryptocurrency market, which was once dominated by bitcoin, has also been complicated in 2021 by the rise of NFTs and heightened interest in alternative digital coins like Ethereum. 

AYRO Receives $2 Million Purchase Order for New Club Car Current EV Following Launch

June 8, 2021

The purchase order is for the Club Car Current for 2021, demonstrating high demand for the new light-duty EV drop.AUSTIN, TEXAS, June 08, 2021 (GLOBE NEWSWIRE) — AYRO, Inc. (NASDAQ: AYRO), a designer and manufacturer of light-duty, short-haul, and last-mile delivery electric vehicles (EVs), today announced the receipt of an initial purchase order valued at $2 million, subject to the terms and conditions of the Master Procurement Agreement executed March 13, 2019. This immediately follows the launch of the 2022 Club Car Current, the next generation of the Club Car 411 that features new options for improved safety and comfort in the same compact, customizable design that universities, restaurants, governments, hospitals, hotel resorts, sports stadiums, and airports across the U.S. have come to love. This first purchase order signals the strong, and immediate, demand for the Club Car Current as business sustainability goals and EV adoption increase.The Club Car Current fills the gap between full-sized trucks and small utility carts, which makes it ideal for low-speed logistics and cargo services in campus and urban environments. Similar to the previous generation, it is engineered for multiple bed options and accessories – van box, pickup truck with sides, flatbed configurations – for fleet versatility. It is also deemed road safe by the U.S. Department of Transportation and certified under California’s California Air Resource Board (CARB) Certification Program with “cleanest” scores for global warming and air quality of zero emission vehicles. Gallery Carts will customize the Club Car Current to support a wide range of on-board food and retail options, and Element Fleet Management will offer this vehicle alongside its financing, maintenance, roadside assistance, and other fleet services and solutions. This 2022 vehicle offers new features and improvements which provide owners and operators with the following:New body panel material composition, improving strength and durability for challenging environments All new look consistent with the Club Car brand Redesigned cab interior optimizing driver and passenger comfort—focus on creating more space and improved temperature managementEnhanced safety features conforming to FMVSS standards—e.g., pedestrian low-speed warning systemTested and certified to SAE J2258 (LSV) and J2358 (Non-LSV) standardsAll new accessory suite and bed options to expand use cases“Club Car has been a strong partner for getting our light-duty, low-speed EVs to customers that need them, and this purchase order is a great example of our successful collaboration,” said Rod Keller, CEO of AYRO. “The Club Car Current navigates campuses and narrow urban streets seamlessly while also carrying significant loads for meeting last-mile distribution challenges—this is something most other EV’s are not designed to handle.”

When compared to small gas- or diesel-powered trucks or vans, the Club Car Current features a 50% reduction in weight, approximately 49% reduction in annual operating expenses and 47% reduction in overall volume or size, allowing it to maneuver tight spaces and go where other vehicles cannot. The compact, efficient and sustainable design bodes well for diverse use cases. Versatile enough for any microdistribution task, the Club Car Current can serve food on university campuses, support local delivery for restaurants, or move goods and equipment around government or corporate campuses, hospitals, hotel resorts, sports stadiums, and airports.Karma Automotive will assemble the Club Car Current at its state-of-the-art Innovation and Customization Center (KICC) in Moreno Valley, California as part of its strategic partnership with AYRO announced last year. KICC’s supply chain capabilities and resources allow AYRO to rapidly respond to customer and market demands for unique, task-oriented configurations and build-outs of the Club Car Current.ABOUT AYRO, INC.Texas-based AYRO, Inc., engineers and manufactures purpose-built electric vehicles to enable sustainable fleets. With rapid, customizable deployments that meet specific buyer needs, AYRO’s agile EVs are an eco-friendly microdistribution alternative to gasoline vehicles. The AYRO Club Car 411 and Current are the only zero-emission, light duty EVs known to AYRO that can be optimized for the needs of any sustainable fleet. AYRO innovates with speed, discipline, and agility, and was founded in 2017 by entrepreneurs, investors and executives with a passion for creating sustainable urban electric vehicle solutions for micromobility. For more information, visit: www.ayro.com.ABOUT CLUB CAR

Club Car has been one of the most respected names in the golf industry for more than half a century. The Club Car product portfolio has grown to include much more than golf cars, now encompassing golf and commercial vehicles, multi-passenger shuttle vehicles, rough-terrain and off-road utility vehicles and street legal low-speed vehicles for commercial and consumer markets. For more information, visit www.clubcar.com.FORWARD LOOKING STATEMENTSThis press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “may,” “plan,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements and include the expected value of the purchase order and the assembly, customization and offering of vehicles by AYRO’s strategic partners. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: the ability of AYRO’s suppliers to deliver parts and assemble vehicles; the ability of the purchaser to terminate or reduce purchase orders; AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable; the impact of public health epidemics, including the COVID-19 pandemic; the market for AYRO’s products is developing and may not develop as expected and AYRO, accordingly, may never meet its targeted production and sales goals; AYRO’s limited operating history makes evaluating its business and future prospects difficult and may increase the risk of any investment in its securities; AYRO may experience lower-than-anticipated market acceptance of its vehicles; developments in alternative technologies or improvements in the internal combustion engine may have a materially adverse effect on the demand for AYRO’s electric vehicles; the markets in which AYRO operates are highly competitive, and AYRO may not be successful in competing in these industries; AYRO relies on and intends to continue to rely on a single third-party supplier in China for the sub-assemblies in semi-knocked-down state for all of its vehicles; AYRO may become subject to product liability claims, which could harm AYRO’s financial condition and liquidity if AYRO is not able to successfully defend or insure against such claims; increases in costs, disruption of supply or shortage of raw materials, in particular lithium-ion cells, could harm AYRO’s business; AYRO may be required to raise additional capital to fund its operations, and such capital raising may be costly or difficult to obtain and could dilute AYRO stockholders’ ownership interests, and AYRO’s long term capital requirements are subject to numerous risks; AYRO may fail to comply with environmental and safety laws and regulations; and AYRO is subject to governmental export and import controls that could impair AYRO’s ability to compete in international market due to licensing requirements and subject AYRO to liability if AYRO is not in compliance with applicable laws. A discussion of these and other factors with respect to AYRO is set forth in our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date they are made and AYRO disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.###Media Inquiries:AYRO, Inc. Chelsea LauberMedia Relations Contactayro@antennagroup.com

Club CarTrent Bailey704-430-6759trent.bailey@clubcar.comInvestor Inquiries:AYRO, Inc.CoreIRJoseph Delahoussaye IIIVice President of Investor Relations516-222-2560investors@ayro.com

Apple is encroaching on Facebook's territory like never before with new social features

June 8, 2021

In this articleFBAAPLApple Share PlaySource: AppleStarting this fall, the decade-long spat between Apple and Facebook will start a new chapter. And this part of the story has Apple encroaching on Facebook’s territory in ways it never has before.On Monday, Apple revealed several new social features that will come to iPhones and iPads with the launch of iOS 15 this fall.Soon, iPhone users will be able to hold FaceTime video calls with Android and Windows users for the first time. They will also be able to use a new feature called SharePlay, which lets you hold a FaceTime call and watch a streaming movie, listen to music, or share your screen with your contacts. IMessage is getting a boost as well, with new features that make it easier to share web links, photos, Apple Music tracks and Apple News articles with your contacts.In short, Apple is laying the groundwork for a suite of social features designed to let you do a lot of what you would normally do on Instagram and Facebook, only with more emphasis on privacy. Think of it as a watered-down social network without all the bloat and annoying stuff you find in other apps.It’s the kind of stuff that will drive Facebook CEO Mark Zuckerberg absolutely crazy.Zuckerberg has already said he considers Apple a major competitor, largely because of apps like FaceTime and iMessage that come preinstalled on the more than 1 billion Apple gadgets in use around the world.On top of that, Facebook late last year started an anti-Apple PR and advertising blitz over a new iOS privacy feature that limits how companies like Facebook can use your personal data to send you targeted ads. (Facebook makes most of its money from ads, and needs that targeting data for its ads to be effective.)It’s no coincidence Zuckerberg took a swipe at the 30% fee Apple collects from many app makers on the iPhone just hours before Apple’s big event on Monday.Apple’s new social features in iOS 15 are also coming well before Zuckerberg can complete Facebook’s pivot to privacy, which he announced more than two years ago. In Zuckerberg’s view, there will be two types of social sharing on the internet in the future: private communication, such as messaging in Facebook apps like WhatsApp and Messenger, and public communication, like posts on Instagram or the core Facebook service.Apple’s announcements on Monday proved you don’t need Facebook for a lot of the stuff you already do on Facebook. Why log into Facebook or Instagram and give up personal data when you can just as easily share photos, messages, and videos right there in iOS 15?If Zuckerberg was right and there will be a large swath of communication that takes place on a “privacy-focused” version of the internet, Apple has largely beaten Facebook to that future.

Reddit and global news sites including FT, New York Times and Bloomberg experience outage

June 8, 2021

In this articleNYTCofounder and executive chair of Reddit, Alexis Ohanian.Jerod Harris | Getty ImagesReddit and global news websites including the FT, New York Times and Bloomberg are experiencing an outage, with some users unable to access the sites.Some visitors to the websites in both the U.K. and U.S. received the error message: “Error 503 Service Unavailable.”The U.K. government website, gov.uk, is also affected.U.S. cloud computing services provider Fastly is currently experiencing a technical issue.In an update at 5:58 a.m. ET the firm said on its website that it was investigating the issue. It has provided several updates since saying it is continuing to investigate.Fastly operates a content delivery (or distribution) network. This is a network of servers and data centers around the world that enables the transfer of assets needed for loading internet content like HTML pages, javascript files, images, and videos.Matt Taylor, a product manager at the FT, wrote on Twitter: “Fastly, the CDN provider, is having a massive outage, resulting in Twitch, Pinterest, Reddit, The Guardian, and the FT returning 503 errors.”This is a developing news story.

Alibaba expands cloud products with livestream shopping in its battle against Amazon

June 8, 2021

In this articleGOOGLAMZNMSFT700-HK9988-HKZhang Jianfeng, president of Alibaba Cloud Intelligence, speaks during the opening ceremony of Alibaba Renhe Cloud Data Center on September 16, 2020 in Hangzhou, Zhejiang Province of China.Qian Chenfei | China News Service | Getty ImagesGUANGZHOU, China — Alibaba has launched a slew of new cloud computing products as the Chinese e-commerce giant looks to expand across Asia.Cloud computing is seen as a key profit driver for Alibaba over the long term and in the past few years, it has been boosting its presence aggressively outside of China.On Tuesday, Alibaba announced plans to open a new data center in the Philippines by the end of the year and launched a third data center in Indonesia. Expanding data centers allows cloud providers to boost their capacity in certain countries or regions.Alibaba also launched a cloud-based livestreaming product designed for online shopping. It will allow e-commerce players to launch a live stream shopping feature on their websites or apps that are hosted on Alibaba’s cloud.Livestream shopping usually involves a host talking about products that customers can buy directly via the live broadcast. It has become very popular in China and is growing in other parts of Asia.The Chinese e-commerce firm hopes that such a product can help it stand out from U.S. rivals including Microsoft and Amazon in the cloud market.In the Asia-Pacific region, Alibaba was the biggest public cloud market vendor at the end of 2020 with a 19.2% share, according to IDC, boosted by success in China. Amazon was second with a 10.5% share.However, in the global market, Alibaba still trails Microsoft, Amazon and Google.Read more about China from CNBC ProCiti upgrades Nio, says growing EV demand in China can lift stock more than 50%Chinese yuan will become a top reserve currency sooner than expected, says Ray DalioChinese consumers are getting richer. UBS picks the stocks to cash inAlibaba’s cloud announcements come after it reported its first net loss as a public company in the January to March quarter. The company was hit with a massive $2.8 billion fine as a result of an anti-monopoly investigation by Chinese authorities.Maggie Wu, Alibaba’s CFO, said the company would invest “incremental profits and additional capital” in “new businesses and key strategic areas” in its current fiscal year.In China, Alibaba faces growing competition from other technology giants including Huawei and Tencent which more recently have stepped up their cloud computing investments.

Apple bull expects iPhone maker to hit $3 trillion market cap in 2022

June 8, 2021

In this articleAAPLVarious models of the Apple Inc. iPad at the company’s Yeouido store during its opening in Seoul, South Korea, on Friday, Feb. 26, 2021.Jean Chung | Bloomberg | Getty ImagesApple could hit a $3 trillion market capitalization in 2022, according to Wedbush analyst Dan Ives, who is bullish on the tech giant.The iPhone maker’s shares are down about 5% year-to-date. Earlier this year, investors dumped the company’s stocks following a historic December quarter.Apple is the world’s most valuable company with a current market cap of around $2.1 trillion. It crossed the first trillion in 2018 and the $2 trillion mark in 2020. Analysts, including Ives, have previously talked about Apple’s roadmap to the record $3 trillion mark.”We think ultimately 12 to 18 months from now,” Ives told CNBC’s “Street Signs Asia” on Tuesday when asked about a possible timeline to the next milestone.”If you look at the innovation, if you look at the supercycle playing out in the services business right now, I believe this is just sort of the next stage of growth,” Ives said, adding it is set to prove to skeptics that Apple remains focused on innovation.In late April, Ives increased Apple’s price target from $175 a share to $185, maintaining an outperform rating on the stock. Apple’s shares closed at $125.90 per share during normal trading hours on Monday.Software servicesApple has been viewed as a hardware company for years while CEO Tim Cook pushed the narrative that the firm’s iOS operating system has a services ecosystem — built around a base of more than one billion device users — that’s a big part of its future.But the mix of hardware and software has evolved and in 2020, the tech giant received its biggest endorsement from Wall Street and investors.Ives values Apple’s software services business at about $1 trillion at the moment, and expects it to increase to about $1.5 trillion in order for the company’s market value to hit $3 trillion.”They have put an iron fence around their install base, continue to monetize it, and the bears and skeptics will continue to doubt them,” he said.He said Apple continues to “prove them wrong.” He added: “Which is why when I look around the corner, despite this digestion period, I see a $3 trillion market cap (in) 2022.”At its Worldwide Developers Conference, or WWDC, on Monday, the company showed off a slew of new updates for Apple’s major products. It included the iOS 15 — the latest version of the iPhone operating system.New iPhones are also expected later this year, while an Apple Car is also in the works.Ives said that at the moment, Apple is laying the foundation for the next stage of growth where software and services play important roles.Risks to the $3 trillion targetThere are several potential risks that could hinder Apple from reaching the historic $3 trillion market capitalization, according to Ives.They include a court battle with Epic Games, maker of the popular video game Fortnite, where Cook faced sharp questioning from the judge last month.Last year, Apple removed Fortnite from its iPhone App Store, saying that the game violated its guidelines for its software distribution platform. Epic Games responded by filing a lawsuit within hours, accusing Apple of anti-competitive behavior. Apple then filed counterclaims and responses, seeking damages for Epic Games’ breach of contract.Ives also pointed to growing regulatory scrutiny around the world. The European Commission said in April that the iPhone maker “abused its dominant position” in the distribution of music streaming apps through its Apps Store.— CNBC’s Eric Rosenbaum contributed to this report.