Why Dogecoin Is Up 20%
Bloomberg
(Bloomberg) – For Ahmad BinDawood, last year’s share offering in the eponymous Saudi grocery business was a chance to shape his legacy at the family firm he’s worked at since the age of eight, while cementing a $3.1 billion fortune built over the decades by his father and uncles.As the October public offering of BinDawood Holding Co. got underway, details emerged of some $76 million in previously undisclosed loans made by the Saudi company to family members. In a departure from the traditional secrecy associated with the kingdom’s family firms, Jeddah-based BinDawood revealed everything, put the IPO on hold and gave buyers the chance to take their money back.As the loans were quickly repaid, the sale resumed and eventually raised about $500 million for the family, attracting $29 billion in bids along the way.“We have to be very transparent with investors,” BinDawood said in an interview in Riyadh last month. “If there is any disclosure at any time that we need to make, we will go ahead and do it. So we took this on the shoulder and decided to announce it.”The success of the IPO has helped establish BinDawood, 37, as one of a new breed of Saudi executives rising within a corporate world that was largely off-limits to foreigners until a few years ago. What’s more, it has made him emblematic of a drive to shake up traditional ways of doing business, dovetailing with Saudi Crown Prince Mohammed bin Salman’s goal of transforming the oil-rich kingdom into a regional business hub.That mold-breaking character can even be seen inside BinDawood stores. The past few months have seen the company doing prominent Valentine’s Day and Easter promotions, a move unthinkable just a few years ago in a country that has historically adhered to a strict Wahhabist interpretation of Islam.Prince Mohammed’s commitment to reshaping the economy isn’t all working in BinDawood’s favor. A sudden decision to triple value added tax last year hit consumer spending. Higher customs duties and fees on expatriates are driving up costs for Saudi firms, too. And all at a time when the Covid-19 pandemic has been stoking unemployment.“We remain cautious of near-to-mid term growth across the consumers space as market size shrinks on potential expat depopulation,” said Mehwish Zafar, a senior equity analyst at Arqaam Capital in Dubai who has a “hold” recommendation on the shares. Like-for-like sales growth will probably be negative until at least 2022, he said, with growth only coming from new store openings or acquisitions.Shares in BinDawood jumped more than 30% in the days immediately after the sale. They have since slipped back, showing as of Monday a gain of about 11.5% from the listing price.It’s a performance that has helped buttress the family’s bid to diversify into other assets while strengthening the core business, a goal identified by Ahmad BinDawood as key to avoiding the kind of strife his father feared might undermine the business as it passed to a new generation.“The majority of family businesses don’t survive the transition to the third generation, and that’s something that concerned my father a lot,” BinDawood said.Pilgrims ProgressThe rise of the BinDawood business has been some 40 years in the making. Once a small-time vendor of Arabian perfumes and groceries to pilgrims visiting the Islamic holy sites of Mecca and Medina, it is now a nationwide concern spanning supermarkets and hypermarkets, hotels and distribution centers. The grocery business alone employs more than 10,000 people across 74 stores.Ahmad BinDawood’s own destiny was sealed as soon as his father, Abdulrazzag BinDawood graduated in the 1980’s from the King Fahd University of Petroleum and Minerals in Dhahran. Instead of following his peers into the oil industry, he decided to join his brothers Ismail and Abdullah in their burgeoning retail trade.Which is why Ahmad found himself on the front line at such a young age. At just eight, he was helping to sell items to the pilgrims during his school holidays, envious of friends who were away avoiding Saudi Arabia’s scorching summers.“Our friends were traveling and off enjoying themselves and sometimes we would would ask: why not us?” BinDawood said. “But that experience built the passion in us to stay in the business that our father and our uncles built.”A decision to push into online shopping and delivery helped prepare the firm for lockdowns during the coronavirus pandemic, but couldn’t outweigh the hit from the absence of religious tourists who were prevented from entering the kingdom for much of the year. While profit climbed almost 7% last year, it had slumped more than 53% in the fourth quarter as Saudi Arabia reimposed travel restrictions.BinDawood is still optimistic that shoppers will return as travel resumes, though how quickly pilgrims come back to Saudi Arabia in anything like their previous numbers remains uncertain.Next up may be the purchase of a rival grocery chain to expand into neighboring countries, BinDawood said. At the same time, the IPO proceeds will help further develop the BinDawood Group family office, which Ahmad’s father is now running. That fortune, which is split across several family members, is estimated at about $3.1 billion, according to the Bloomberg Billionaires Index.“The IPO had two main angles to it – sustainability and continuity of the business first, and second the diversification for the family,” he said. “We are in the process of building the family office and bringing in the right talent.”More family businesses are likely to follow in BinDawood’s footsteps. The IPO of Saudi Aramco in 2019, which many Saudis never thought they would see, “has been a massive driver in motivating families to take their operating businesses public to help grow their enterprises and generate new wealth,” said Tayyab Mohamed, co-founder of London-based family office staffing firm, Agreus Group.For all the challenges, Ahmad BinDawood is optimistic, citing his life-long involvement in the business as a foundation for success.“Retail is embedded in our DNA now,” he said.(Updates share performance in ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
KRONOS ADVANCED TECHNOLOGIES INC ACQUIRES 600,000,000 DOGECOIN CASH
Los Angeles, CA, April 12, 2021 (GLOBE NEWSWIRE) – KRONOS ADVANCED TECHNOLOGIES, INC. (OTC MARKETS: KNOS) (“KNOS” or the “Company”), a product development and production company that has significantly changed the way indoor air is moved, filtered and sterilized today announced that last month it completed an exchange with the Dogecoin Cash Foundation of its entire holdings in First Bitcoin (Crypto: BIT) for 600,000,000 Dogecoin Cash (Crypto: DOG).
This enables KNOS to participate in its recently formed DogeSPAC at a greater rate than the 20% already earned as the SPAC’s sponsor.
“With the growing excitement around Dogecoin Cash, Kronos aggressively accepting Dogecoin as payment, and our popular limited edition air purifier rebranded as AirDOGE, we felt that swapping into Dogecoin Cash was a natural fit,” stated company President, Michael Rubinov.
Customers can purchase the company’s revolutionary clean air products using U.S. Dollars, Dogecoin, and other cryptos by visiting the Kronos shopping portal: https://www.1800safeair.com
About Dogecoin Cash
Dogecoin Cash was created as a non-inflationary complement to the original Dogecoin, utilizing several important advancements in crypto since the introduction of DOGE in 2013, including:
Proof of Content
Instead of the carbon-emitting Proof of Work mining used by coins like Bitcoin and Dogecoin, Dogecoin Cash uses the innovative new Proof of Content mechanism to distribute DOG to the community. Under the Proof of Content system, content creators can earn Dogecoin Cash by sharing links on the social platform Tipestry, where members vote to determine how much crypto each post and comment receives. Rather than encouraging energy consumption, this new system rewards people for creating and sharing content.
Proof of Work mining currently uses as much power as some entire countries including Greece and Argentina. According to a recent report published by Bank of America, “We believe ESG-minded [environmental, social, and governance] investors have to pay attention to the enormous environmental costs of Bitcoin.”
Story continues
DeFi
Designed to operate within the decentralized finance ecosystem, Dogecoin Cash exists on both the Ethereum blockchain as an ERC-20 token, and on Binance Smart Chain in the BEP-20 format. It is currently tradeable on decentralized exchanges including Uniswap on Ethereum and PancakeSwap on Binance Smart Chain. Holders can also stake their Dogecoin Cash via smart contract at stake.dog, store their tokens in a wide selection of Ethereum and Biance Smart Chain wallets, and exchange them for other assets such as non-fungible tokens (NFTs).
About Kronos Advanced Technologies, Inc.
The Company was initially founded in 2002 and funded by the U.S. military to develop electrostatic air movers. Eventually, the Company moved into the consumer air purification business. It began operations as a product development company that invented and significantly changed the way air is moved, filtered, and sterilized. Historically, Kronos has focused on developing, marketing, and selling the Company’s proprietary air movement and purification technology. Serving the Indoor Air Quality (IAQ) market, Kronos technology uses state-of-the-art high voltage patented processes without the use of traditional porous HEPA filters. Kronos-based products move air silently, filter, sterilize, and purify the air while dramatically reducing energy consumption to half of a 60-watt light bulb. Kronos devices can be variable in shape or size and, therefore, have the potential to be scaled-down for air purification in cars or scaled-up in size for industrial and hazardous gas destruction. The technology is currently being implemented in multiple standalone products for businesses, homes, and vehicles of all types -to move, sterilize and filter air, including removing allergens down to 14.6 nanometers, passing through our patented technology -replacing expensive outdated passive HEPA and other filtration type systems. There are broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices. Examples of immediately addressable markets include schools, universities, healthcare facilities, operating rooms, manufacturing clean rooms, and the cabins of automobiles and commercial aircraft.
Kronos is the first publicly traded company that accepts DOGE coin as a form of payment for its products, as well as other crypto currencies.
Recently, the Company filed for a provisional patent involving an innovative protective face mask with antimicrobial and anti-cellphone radiation protection features. The Company is planning to file additional patents to improve its existing technology as well as enter into new market segments but will continue to market air purifiers and other consumer products. The Company is an exclusive distributor and licensee of the latest generation of air purifiers based on the Company’s CORE technologies. The Company markets its products as Airdog® and KRONOS® brands. All Kronos products come with Kronos Promise ™ -Your Satisfaction is Guaranteed!
Company offices are located in Los Angeles, California.
Shopping portal: https://www.1800safeair.com
Follow KNOS on Twitter: https://twitter.com/kronosati
Follow KNOS on Facebook: https://www.facebook.com/kronosati
Follow KNOS on Instagram: https://www.instagram.com/kronos_ati/
Follow KNOS on Youtube: https://www.youtube.com/channel/UCdtrQDt1R26Ulh8v-S-EpJg
Follow KNOS on Reddit: https://www.reddit.com/user/Kronos_ATI
Follow KNOS on LinkedIn: https://www.linkedin.com/company/kronos-advanced-techngologies-inc
Contact us via info@kronosati.co or visit https://www.kronosati.co or https://www.1800SafeAIR.com
Disclaimer
This news release does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Kronos Advanced Technologies Inc or any other third party regardless of whether such security, product or service is referenced in this press release. Furthermore, nothing in this press release is intended to provide tax, legal, or investment advice and nothing in it should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Kronos Advanced Technologies does not represent that the securities, products, or services discussed in this press release are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, and/or tax and accounting advisor regarding your specific business, legal or tax situation.
Social Media Disclaimer and Forward-Looking Statements.
Kronos Advanced Technologies investors and others should note that we announce material information to the public about the Company through various means, including our website (https://www.kronosati.co/investors), through press releases, OTCmarkets filings, public conference calls, via our corporate Social Media accounts, listed above. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the OTC Markets at OTCMarkets.com. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products.
The forward-looking statements included in this press release represent the Company’s views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.
SOURCE: KRONOS ADVANCED TECHNOLOGIES, Inc
Phone inquiries: 1-800-SAFE-AIR (option #4)
Should You Invest in Dogecoin?
Dogecoin is receiving a lot of attention, but experts warn that investors should proceed with caution despite the hype. (Yuriko Nakao/Getty Images)
This year has brought newfound attention to Dogecoin, a cryptocurrency created in 2013 with a market capitalization of around $9 billion – good enough for a spot among the top 20 largest digital currencies in the world.
Although the Dogecoin price is only around 7 cents, the crypto, whose symbol is “DOGE” on exchanges, is nonetheless up around 1,400% so far in 2021. Pronounced “dohj coin,” the virtual currency has exploded onto the scene this year, with a handful of celebrity fans, including Tesla (ticker: TSLA) CEO Elon Musk, hyping it on the way to new all-time highs.
So, what’s the DOGE appeal? Should you invest in Dogecoin? Putting the cryptocurrency in context by looking at its history, comparing it to rivals and examining its improbable rise should help answer that question.
2021: Year of the Meme
“Dogecoin has been an interesting development for traders,” says Julian Hosp, CEO and co-founder of Cake DeFi, a decentralized finance service letting users loan out cryptocurrency to generate yields. “It’s funny when you think about the fact that Dogecoin was initially created as a joke based off a meme,” Hosp says.
That’s right. Dogecoin’s mascot is a shiba inu dog that became an internet meme in 2013. Unlike Bitcoin, it’s not really in the conversation for being a good store of value, either: Currently, there are more than 129 billion DOGE in existence. There are less than 19 million Bitcoin around, and only 21 million that can ever exist. There’s no cap on the maximum number of Dogecoin units, and billions more are created each year.
That’s some serious dilution.
That massive supply should help explain how a coin trading for roughly 30 times its price a year ago and more than 10 times its price at the beginning of the year could still only be worth about 7 cents.
Of course, it makes sense that a silly token would take off in 2021 – a year in which so-called “meme stocks” like GameStop (GME), AMC Entertainment (AMC) and Bed Bath & Beyond (BBBY) soared on the heels of Reddit-induced hype.
“It really goes to show the power and influence of social media and the ‘meme community’ as a legitimate driving force behind the currency’s adoption and enduring popularity,” Hosp says.
All three of the meme stocks above – GME, AMC and BBBY – are now well below the highs set in the speculative mania that gripped markets in late January and early February.
Investing in Dogecoin is easy; anyone with some spare change and a Robinhood account can participate in the phenomenon. But should you buy Dogecoin? That’s a different story.
Trying to Value DOGE
For George Chrysochou, investor and global marketing manager for Financer.com, there are more red flags than DOGE’s meme status alone.
“The project is community-driven since its inception and never received institutional adoption,” Chrysochou says. “It has no official road map nor a white paper. Its founder and leading developers ceased working on the project in 2015, and on several occasions, mentioned that they believe it’s overpriced.”
“Without a proper team, technological development and road map, Dogecoin will likely not be a reliable investment in 2021,” Chrysochou says.
Those are important qualitative factors to consider. And with cryptocurrencies, which don’t have the benefit of earnings expectations or dividend yields, qualitative factors are important. But there are some quantitative ways of estimating a currency’s fair price, including looking at how it’s been historically valued in comparison to other cryptocurrencies like Bitcoin.
The DOGE vs. BTC comparison is best done by pricing the currency in microunits of Bitcoin called satoshis, or sats, which represent a hundred millionth of a Bitcoin.
Chrysochou notes that Dogecoin’s peak value by this metric was in 2014, hitting 272 sats.
“In the 2017 peak, it hit 155 sats. And in 2021, it hit 200 sats, before correcting to approximately 100 sats,” Chrysochou says. “In the most optimistic scenario for this bull cycle, Bitcoin reaches $300,000 and DOGE reaches the 300 sats mark, which is approximately 90 cents.” Dogecoin, worth around 7 cents today, would still have to more than double in value relative to Bitcoin to reach the 90 cent mark. It’s worth about 118 satoshis today.
Proceed With Caution
So, is Dogecoin a good investment?
“As much as we like the attention and growth that these moments bring, we also need to be careful to educate new users on assets' risks with little to no value or utility. There are over 15,000 projects in crypto,” says Alex Mashinsky, CEO of Celsius Network.
“If you have found yourself interested in cryptocurrency because of Dogecoin, I urge you to keep going because beyond the hype, there is a real revolution happening that demands more attention,” Mashinsky says.