Pippa Stevens from CNBC.com brings you the most important business news headlines. In today’s show, Kate Rooney breaks down the meme-inspired cryptocurrency dogecoin on what supporters claim is “Doge’s Day”. In addition, the “After Hours” team is launching the launch of today’s Apple product.
Novogratz: Dogecoin, bitcoin are both rallies, but these cryptocurrencies are quite different
Mike Novogratz, a long-time cryptocurrency, pointed out on Tuesday that bitcoin and dogecoin, although both have held strong rallies this year, are very different in terms of their design and risk profiles.
Bitcoin was launched in 2009 and has grown in combinations and starts in the largest digital currency in the world. On the other hand, the dogecoin was started as a joke in 2013, but has grown this year as a so-called hype trade on social media hype, including favorable comments from billionaire CEO Ella Musk and other celebrities.
Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services company, told CNBC’s “Squawk Box” that bitcoin is “a well-thought-out, well-distributed value store that lasted 12 years and is in increase in adoption, in which dogecoin has literally two guys holding 30% of the entire offer. “There are also ‘tens of billions of dollars’ of capital and operating expenses put into the bitcoin ecosystem every year, which simply does not exist for dogecoin,” he added.
Here’s everything Apple has just announced: new iPads Pro, colorful iMacs, AirTag and more
Apple said on Tuesday that it will launch new state-of-the-art iPads that use the company’s M1 chip, which is also used on its Mac computers. Previously, iPads used A-series chips, which power the company’s iPhones. Apple says it is the most powerful tablet on the market.
It also includes an enhanced USB-C connector that will allow the iPad to connect to higher-resolution monitors and download images from a camera faster.
The 12.9-inch iPad Pro has an improved screen using a range of LEDs, which is brighter and has a better color resolution than previous displays, using a technology called Mini-LED.
Netflix reports a dramatic slowdown in subscribers
Netflix shares fell as much as 11% in trading after the program, after reporting a large shortage of subscribers in its first-quarter profit report. The company also said it expects to add about 1 million subscribers in the current quarter.
“We believe that the increase in the number of paid members has slowed down due to the large increase in Covid-19 in 2020 and lighter content in the first half of this year, due to delays in Covid-19 production,” Netflix said in a letter to shareholders.
Netflix continued to compete against a large number of competitors, including Disney + Disney and Hulu, AT&T HBO Max, Apple TV +, Amazon Prime and Comcast NBCUniversal’s Peacock. The company said in its report that it does not believe that competition plays a factor in the low number of subscribers.