Skip to main content

tv   Fast Money  CNBC  August 27, 2018 5:00pm-6:00pm EDT

5:00 pm
you had an excuse to go for some of the beaten up industrial areas. first, new high in seven months. it's a long repair process, probably more positive than negative that you extended friday's new high. >> mike, great stuff morgan >> that does it for closing bell, fast money starts now. fast money starts right now, live from the nasdaq market, overlooking times square traders on the desk -- tonight on fast, it's a bit coin bonanza. we have guests lined p we start off with what fueled today's market rally a huge step forward in ending
5:01 pm
the trade war. >> at least ending one front in that trade war content environment for cars made in the region also the time frame of the deem, the u.s. says it will be reviewed often and last for 16 years. that's a big change from the u.s.'s prior proposal to have the deal expire after just five years. mexico is calling it a comprehensive understanding. it could stand alone if no deal is reached with canada this week the country was very clear here is larry kudlow a few moments ago on the prospects for a candidate deal. >> we would really like a deal with them, there's a bunch of issues, we've been at it for some time.
5:02 pm
from time to time, the president has said, if we can't reach a good strong fair deal with canada, we may have to resort to auto tariffs >> those auto tariffs would be added to the steel and aluminum tariff tariffs. >> and also the massive tariff on china talks between the u.s. and china last week ended with a whimper and the white house moved forward today with an aide package. a lot of people are trying to drop parallels, saying this is a good signal. mexico and canada are initiating a deal that's been in place. >> kayla, thanks
5:03 pm
with the record run, with that, the record run rages on. the dow crashing through 26,000, for the first time since february the nasdaq cruising through 8,000 for the first time ever. is this the beginning of the end of the trade war if so, what areas of the market can you buy? >> guy adami >> that show on nbc. >> the apprentice? >> that show >> one of my favorites >> doesn't it? >> the fact that the s&p is now above the january high i think that's encouraging, what does it mean it means we're in new parameters for the market we continue to grind higher. the caveat being, fix was up higher today it's worth pointing out. i think that kayla headed to the top of the show. he won the trade war on half a front. the china trade war is where the yankees beat the orioles this weekend. all those games count.
5:04 pm
the red sox -- mexico is an environment, it's the chinese we have to beat >> when everyone was so pessimistic. you start seeing the light at the end of the tunnel, running out of daylight going into year end. i think it's still a buy i want to buy the trade stocks underperformers. >> the stocks we saw go up today, the carmakers >> the poster children >> have you a weaker dollar tonight. which is going to help some of those multination 58s. i don't know if this could be -- this could be a melt higher. not a grind higher we had the best performing economy in the world the dollar is the new vicks, lower is better for economies, our economy's are going well people are putting money into this can't it would not surprise me to see a meltup based on this move
5:05 pm
forward. >> we didn't mention what happened in china. we had the yuan on a 10-week losing streak, which is key. >> it shows the policy makers there are rational players i've always believed there are the stability in their currency, larry kudlow talked about it in his last episode, either way they've been working toward being on the global stage as a clearinghouse, as a place to do business i think they're going to do what they have to do and they're going to separate. >> how about the rest of the world. when i think about a trade deal getting done here, and look at europe having underperformed in the last year, that's a much more important trade that aligns mexico i think we want to get that done as well. i would be looking for some of those global trades, whether it's owning germany. either way, emerging markets closed above the 50 day. they have been assaulted and much of that are chinese internet >> do you think this advance was
5:06 pm
too premature. this is an agreement because nothing's been agreed to with mexico not with canada yet it's really a quarter of a front. >> at the end of the day, there are constructive negotiations on a bilateral basis, as we heard from the president that's encouraging, that will not be the crux of the china trade discussions, is unrelated to what we're doing with autos say what you want about steel, it's all about technology, it's all about china made in 2025 we're concerned about their willingness to assert themselves >> we had zero >> skating to the first -- >> we had zero -- >> you go up. >> zero last week, we have 25% of that trade tariff talk, now we start to see, is it going to be short covering, is it going
5:07 pm
to be the unwise, the rotation, probably all of the above, and i think you have to be in the market >> what's the bigger deal here nafta or china >> china the market is anticipating that. do i want to wake up tomorrow, and there's some movement on the china front, and all of a sudden the stock market is up 2%, and i'm under investing, that's the fear that's the fomo right now, that's why i think you can have a meltdown whether or not we get a china deal is irrelevant today, because they're trying to anticipate as steve mentioned, where that disk goes it's a hockey puck >> we mutt off any real china until after midterm elections. that's very important for this administration with good news happening here -- or have we. >> that's what the chinese delegation says. >> they're playing as hard a
5:08 pm
ball as trump is playing here. >> it's true confusing you mentioned this being under invested something will happen in the trade war. that could happen much more so in china a market that's down 20% year to date we saw something happen. we had stability in the yuan and all of a sudden it was up 2% >> without question, but who's better suited to play the long game at this point the chinese or us many president xi doesn't have to win re-election ever, he has the job as long as he wants. i think they're far better suited >> here's an ultimate, would you rather i'll go to the ambassador. u.s. markets at all-time highs or the chinese markets right now. >> if the u.s. continues to chug higher, the rest of the world is going to do better you make the most money when things go from horrible to bad
5:09 pm
i wouldn't say it's horrible, these are over sold on a relative basis, you did the ratio of the een against the spy. these are extreme levels of over sold >> emerging markets -- >> where do you find value let's bring in rebecca patterson. always great to see you. >> what are you telling clients to do right now? >> stay invested >> we got a little more defensive about a year and a half ago we went from being overweight equities to being neutral. we've used a bar bell approach, so we've been overweight tech for the last few years, that's helped our performance a lot we had some manage volatility. be neutral on the defensive, helps us with the volatile periods like we had the beginning of this year the tech and consumer discretionary has helped us get the returns we need for our clients. >> is it time to be rotating
5:10 pm
into the stocks. we saw the financials looking nice with a gain in today's session. even though the yield curve got flatter. that makes you think maybe this notion that it's time to go into value is really keeping hold here. >> i mean, value is definitely underloved or completely unloved is a better phrase for it right now. there are probably pockets in there to play in, financials are interesting, i worry that the curve is going to keep flattening for a variety of reasons. at the front end and the fed to a lot of global factors keeping the long end down. that's one factor among money that's going to drive the financials we have a little bit right now i would be hesitant. i wouldn't have enough conviction to go full bore right now.
5:11 pm
>> how do you explain in a >> it could be the wind blowing my hair back, it could be anything i think your point is really a good one on em one needs to be active there i think europe's interesting, because when we think about the trade wars, you know, i would guess the administrations gain a lot more pressure from attorneyers, from voters in the auto sector, and that's more of a domestic play you want to be careful with it's going to benefit europe more than china. if you're looking for pockets of value besides value of style, germany is interesting, germany has some value right now it plays on china, on the u.s., and a resolution on autos. >> we're talking about china and that is the tougher negotiation, when do you get
5:12 pm
worried that this negotiation has gone too far and is starting to do damage >> it was an amazing trip to china. already in july, the chinese government was giving subsidies to export related firms. they already started a few months ago they flow they need to manage the pain to keep social stability. they're there. the exchange over the weekend is meant to help negotiations with the u.s. fine, stabilize currency, focus on the fiscal stimulus, they're going to play the long game to your point earlier they have more leverage than america gives them credit for. >> rebecca patterson -- >> it's not today, i still think health care outperforms in this tape names like pfizer and lily
5:13 pm
tim and i just talked about, i think that will work >> looking at for below ten is attractive i want to see if it's more fan the financials, a one hit wonder, one day wonder probably be a buyer if it continues the strength above ten. >> some of these resources do look oversold. we're going to do a cannabis sector in the third block. your long cover calls is what i've been doing there. >> i'd look again, still trade wars, look at something like magna international. if you think there's going to be a deal out there, nga is going to be the one that's going to respond best >> joining us tomorrow on the trade deal, and more, steve mnuchin will join squawk box at 8:00 eastern time.
5:14 pm
elon musk will not be taking the company private after all. could this be the beginning of problems for the ceo pot stocks are on fire speculation of another big deal sweeps the market. tim see more is going to weed out the rumors for you later, we are 45 minutes away from bit coin boom or bust. he will join us as well, we are live from mesqren w rkity.s ua ine thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.
5:15 pm
- anncr: as you grow older, -your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.
5:16 pm
thanks, janet. it's welcomemy happy place. store. you can learn how to switch to xfinity mobile, a new wireless network that saves you cash. and you can get 5 lines of talk and text included with your internet. and over here i'm having my birthday party. dj fluffernutter, hit it!
5:17 pm
♪ dj fluffernutter simple. easy. awesome. ask how to get $300 back when you sign up for xfinity mobile, and purchase a new samsung phone. visit your local xfinity store today. welcome back to fast money you know what, let's just call the whole thing off, announcing late friday night, he's no longer planning to take the company private. while his plan appears to be over, the legal struggles may not be >> an interesting three week flirtation with taking tesla private in a note that was sent out from tesla friday night. elon musk summarized his reasons for sighting if the company is better served. the chief one being he thought it would be too much of a distraction.
5:18 pm
he wrote, i knew the process of going private would be challenging. it's clear it's even more time-consuming and distracting than initially anticipated those are the reasons he gave on friday night you still have the sec investigation. nobody's expecting him to stop down as ceo. but does the board put pressure on him perhaps take a little bit off of his plate, and finally the question of whether oar not the company can be profitable in the third quarter. you take a look at shares of tesla, a couple other things to keep in mind the company is expecting to raise capital by the estimation of most analysts it doesn't mean it's going to happen, but it may happen. they have convertible bonds due next march that's going to factor into the decision of raising capital over the next couple months
5:19 pm
two legal things to keep in mind one is the question of whether or not tesla is now primed to get a lot of share holder lawsuits because of the tweet that may come up over the next several weeks or months. earlier today, a judge dismissed a shareholder lawsuit against tesla. it was filed against someone who said, they set target for model three production the judge said, no, that's not how this works security laws protect companies from not achieving production targets. it wasn't like they were deceiving people they have all the caveats in there that things may not happen the judge dismissed the lawsuit. >> the roundup of what the analysts on the street were saying about tesla are they still just as bullish or has some of the bloom come off the rose to quote one of the
5:20 pm
analysts you quoted? >> it was joe spec i would say the bullish analysts remain bullish, though they admit this three-week exercise, whatever you want to call it, does raise questions about the credibility from elon musk and from the tesla board they don't think it's crippling, and that it will slow down tesla. they're still bullish, the last three weeks has them say iing hmmm >> what should this show >> some type of automaker that's in office. you have' lon musk as your visionary founder. you need to have someone come in and do that. the second thing you need to worry about is raising money the tesla bonds were down.
5:21 pm
it might be a little more difficult to raise some money. that was an overhang for tesla right now. >> listen, i agree with what phil just said when he came out with that tweet, i thought for certain that thing was going to make a b-line to 420, i was wrong >> you thought that a b-line to 420, you thought that funding was secure >> as you should have. >> that's what the ceo told you. >> it seemed logical to me a lot of people were duped, i don't know if that's correct the trajectory of the stock was going there anyway, prior to him saying that. that's the problem with the sec. he said funding was secured. that's a real problem with domino effect, that's not going to clear that quickly. the sec investigations take some time
5:22 pm
the guide level he talks about has been supporting back until june that remains support in the name as of recently, i would not be -- i'm not in the stock now, and i don't think you should touch it until you see anything clear. >> this takes the pressure off of -- there's a lot of pressure. you get to this place where you take the glow off the man. i can't expect sec, i'm not worried about that i'm just worried about the fact that the operational reality of this company can possibly raise capital. it's front and center, while bmw, those cars are getting a lot of attention for being high quality competitors at a time when they can ramp up. the free pass afforded to elon musk may not be there in early october, the next time the company reports. >> the next capital raise, is a
5:23 pm
huge opportunity next one might not be so much an opportunity. >> that's what the bond market is telling you there are overhangs. we don't know if there's going to be a new ceo. they've got to raise money there's production, now the focus is on production you better hit those numbers now, that's all you're doing, there's so many over hangs, i don't think you have to buy the stock yet. still ahead, the crypto craze hasn't gone anywhere they'll be here, talk about the state of the market, and where they're placing their crypto bets right now in the meantime, here's what else is coming up on fast. it's shares of surging amd and you won't believe how high one of our traders sees it going. plus -- ♪ puff the magic dragon >> investors who pass on pot
5:24 pm
stocks might be making a big mistake. cannabis names continue their search and tim willell tyou which one is the best one to buy right now, when fast money returns alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. (vo) ovewhelming air fresheners can send you running. so try febreze one. with no aerosols and no heavy perfumes.
5:25 pm
so you can spray and stay. febreze one. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty. ♪
5:26 pm
welcome back to fast money, pot stocks catching fire aditi roy is in san francisco with more on the cannabis craze. >> cannabis stocks have been on a tear recently. and industry insiders say it could be fueling this latest surge. the company reached an agreement with nova scotia liquor corporation. there are reports that uk based spirits maker diagio may be talking to at least three canadian cannabis companies about a deal 37 diagio not commenting on the specific deal. we are monitoring this space
5:27 pm
closely. people on the street saw that move as a huge validation of the industry and many are wondering who is next. they've seen shares go up between 50 and 107% in the last two weeks. in a statement, aurora cannabis says about deal speculation in the industry, there's so much happening in this area right now, and we think it has incredible potential the consolation deal made some believe legalization in the u.s. may not be as far off as many of us think the addressable market for canadian companies is not just canada, but the u.s. market. it's a big change investors weren't paying attention to before the deal. even though these are high flying names, they have low short interest and another thing
5:28 pm
to keep an eye on. tilray reports its first earnings tomorrow. >> cannabis king tim seymour is back at the plaza. you can see we're outlininging some potential players if you've been following the sector, you know about diagio many it comes to a dynamic here who would they be interested in buying one of the big canadian three that remain. all of these names are interesting candidates frankly, this is the cheapest name in the business going into earnings tomorrow night, that's for investors a name i would be more cautious on here who is the right fit for diagio.
5:29 pm
a free commercial officer. we learned about three weeks ago, moulson has done a deal where they're going to make infuses cannabis beverages the big ma gila is budweiser is it kronos, tilray i don't think it's important to speculate here on the names as much as it is to understand the dynamic of what's going on in the industry you see different faces, phase one was the regulatory phase phase two is the strategics are coming, and there's no question that these guys are playing offense not defense. the valuations have to make sense if you have an international market which all these guys do, this is a consumer products business all the focus on production and the cost of the underlying prop
5:30 pm
misses the point that these big boys know all about how to develop brands they've developed big brands already in canada, and that's why they're targets. that's why you should stay focused on them. >> i bought can in apy on friday i said there may be steam left for the bulls. it's up to 15% when tilray reports, this has been about m & a, the huge day, will tilray take all the helium out of the space or is that just a minor speed bump >> in terms of how you trade the sector right now, we talked about this on options action on friday you had a huge run there's a good chance you could pull back, look at the valuations of the companies, and this is your cheapest company up there significantly.
5:31 pm
tilray has critical mass on its board, i think the dynamic here is investors need to look at things on a bottom up level. look for alignment, that's how you should be looking at this sector, right now you've had a 40% move in the week i like watching the nfl draft on tv, i know you're a big fan as well what i really enjoy is when the analysts are at the board and they move players names over to a team what tim seymour just did there. >> plasma history. >> it's fast money plasma history. >> look at what we're doing here just like that, suddenly you got a new can of marijuana beer. cannabis beer, is that your name who knows. these guys are you all looking >> the ceo will be on the
5:32 pm
closing bell tomorrow. can't get enough head to cnbc breakdown we are just 30 minutes away from cnbc's bitcoin boom or bust director they'll both be here in just a few minutes. he aisle, even if it's a better car class than the one you reserved. so no matter what, you're guaranteed to have a perfect drive. [laughter] (vo) go national. go like a pro. see what i did there?
5:33 pm
5:34 pm
5:35 pm
♪ summer lovin' happened so fast ♪ >> i can see you in the danny zucko role >> pete played danny in the production of grease in high school >> is this what -- this is grease in case people out there don't know >> how about kinicky it's been a summer of lovin' adding a whopping 11 $1/2 billion in market cap in that time the car that looks like the one from the classic movie grease. has amd run too far too fast >> i would be fading this run. i have not been in the name.
5:36 pm
70s as a group look interesting. what's been sideways to down action intel is the best of the bunch the ceo not as big of a deal the guidance also -- on the second half of the year, is particularly conservative. there's room for them to try the upside >> why don't you try some of those upside calls it still has momentum. i would be cautious. i don't know if i'd but an extra dollar in it today the chip space, i would be a seller of amd. i bought it below $10. i thought i hit a home run you see this rip roaring rally it's had i go to nvidia i think they check a lot of boxes even at these levels >> that's a good would you
5:37 pm
rath rather >> it's easy, you've seen twice over the last 20 years or so it's happened twice, it feels like it's going to happen again. goldman sachs upgraded from neutral a couple weeks ago guess who's going to have to upgrade it again many. they're taking on intel on data center their margins are great. wonderful ceo. i think this still has room to the upside >> options traders are betting amd's big run is far from over hey, mike. >> so yeah, this is actually setting some records over here, this thing traded over a million calls today, when i was looking at these earlier, the most active were the weekly 26 calls, they traded about double the average already high volume, it
5:38 pm
was over 5 times by the end of the day. these calls that expire this coming friday traded almost 100,000 contracts. and bk said, don't commit a dollar, they were committing about 80 cents to make bullish bets >> the stock will be pretty reckless at this point given the wild hockey stick like move. >> for more options action, can you check out the full show friday 5:30 p.m. eastern time. from summer lovin' to a summer of discontent a number of big names get crushed in the last few months which ones can survive the pu e purge? see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that.
5:39 pm
jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. a place for mom. you know your family we know senior living. together we'll make the right choice.
5:40 pm
5:41 pm
talk to me about who you see the threat is in terms of your safety who are you guys afraid of >> security through obscurity. so "can't talk about it. >> what happens if somebody kidnaps you, we want x number of bit coin and they're given a crypto currency, do they get away are they not traceable any more? >> i'm not going to answer that. >> because the answer is yes >> he sits on a fortune built on
5:42 pm
bit coin catch the rest of the interview tonight. in the original documentary, bit coin boom or bust, we take you through the good, the bad and the ugly of the crypto burst this on a day where bit coin is about to hit 7,000 while it's failed to see a breakout it's been outperforming all coins, which have had a dismal summer it's looking like a summer of pain for crypto's in general, bit coin is holding up in the last two months. it's still down 48% this year. that's nothing compared to the competition. ether is down about 41% this summer it's swung from $1400 in january to $277 today. this is amazing volatility the same with bit coin down about 70% this summer.
5:43 pm
83% year to date, ouch and this summer has been bad for bit coin's competitors, overall, everything has dropped about 60% this year. that's the way to look at the total valuable crypto currencies down from 572 billion the end of september. it's a drop of 60% bit coin right now, 116 billion market cap, that's about half the 220 billion dollar market cap that hit at the end of 2017. what happened, could i name the ways the sec denying a bit coin etf continuing revelations about break ins and thefts a continuing crackdown on krip foe trading overseas, all adds up to a season for crypto bulls. it's not clear that retail investors have permanently lost
5:44 pm
their risk appetite. the experience will make many of them more cautious about long term buy and hold. 2018 shaping up to be the dot com summer for crypto investors. can't wait to see the special and all those weird people you interviewed. >> we have some mainstream people to. there's some mainstream -- bob pasani at the nysc our next guest doesn't think it's the cream of the crypto world. it scores the highs and lows of bit coin, we thought we'd kick off our own bit coin special with none other than bit coin jesus himself. roger, good morning to you. >> good afternoon to you in new york >> let's kick it off with bit coin cash. that's where you're putting all your eggs in in terms of the
5:45 pm
crypto basket. it's down about 35% this month does the pras tell us the story of bit coin cash in terms of adoption and the use of bit coin cash for transactions, do you think? >> a moment ago, i heard the announcer talk about the reasons why the market was down you left out the most important reason, that's the etc bit coin was not usable for commerce at all the transactions became slow anyone else that was trying to use it for commerce switched to something else i remember when i saw spotlight bit coin was about a dollar. then dropped all the way back down to $2 a 90% drop over the next year there. you don't skate to where the
5:46 pm
puck is currently, you skate to where it's going in the future it's very very clear for the future, i think bit coin cash is the best at this standpoint i don't encourage anyone to put all your investments in one currency >> what does your crypto portfolio look like right now, roger? >> i hope i have some ether, some dash and some btc as well a little bit of everything is a good idea. take your pick >> are you more diversified in your portfolio than you were a year ago >> it's maybe two, maybe three years ago, i saw the writing on the wall not one bit coin to be able to
5:47 pm
fail they had this absolutely insane idea in their mind they literally topped about popping the champagne i saw that coming down the line. 99% of my crypto currency. it was when i saw this crazy economic talk, people talk about how it's a good thing. at the time i did that, bit coin's market share was 99% of all the crypto currencies. today it's somewhere south of 50%. they're openly cheering for high sees and slow transactions about it's insane to anyone who realizes crypto currency is usable as a currency they don't have high fees. >> i'm curious on bit coin cash.
5:48 pm
there's been some problems with the community about are we going to have multiple bit coin crashes? >> i think that's very unlikely. there's not -- every crypto currency community but a bunch of the bit coin talkers are sitting down and talking about what we think is minor. i think things will be settled by that. >> bit coin cash kumbaya happening in bangkok >> may not be there. canadians billionaires i think it will -- i hope it ends in a bunch of kumbaya things i think that's the least likely outcome. >> thank you for participating
5:49 pm
in the documentary as you'll see at the quarter of your screen, we're 11 minutes away from the premiere of bit coin boom or bust on cnbc. this rift in the bit coin cash community makes you think of a -- >> it's not unusual, what we're talking about, is a group of people trying to come to a consensus, and figure out what the best path forward is, just like in washington, d.c., we have disagreements and ultimately you come together the difference here is, can you split off, and you can have a fork it is a concern, but if they can resolve it at this meeting, that actually would be positive >> this is some meeting, though, isn't it >>. >> is it is, it is jean na-wu >> could we see the price move >> i think you could
5:50 pm
>> their financials have come out, they own a lot of bit coin cash they have an economic incentive to get this resolved >> what would be the resolution? >> what would -- >> it would be an agreement on what the software's going to look like going-forward. i don't want to get too technical, there's disagreements over what the software should look like, what the rules should be, if they can come to some kind of agreement and say we're going to have one bit coin cash. under ten minutes to bit coin boom or bust, don't go anywhere in the meantime, light coin founder charlie lee will h- on the crypto craze much more fast still ahead
5:51 pm
take prilosec otc and take control of heartburn. so you don't have to stash antacids here... here... or, here. kick your antacid habit with prilosec otc. one pill a day, 24 hours, zero heartburn.
5:52 pm
5:53 pm
welcome back to fast money, less than 10 minutes away from cnbc's boom or bust. the crypto craze is just a scam. let's bring in charlie lee he's joining us now from san francisco about charlie, great to have you with us. >> it seems like bit coin is in a purgatory in terms of trading. when do you think it can get up to its past highs of 20,000. >> it's hard to predict prices i've been in this for seven years. sometimes it comes back within 6 months or a year sometimes it takes three or four years. it's kind of hard to say >> what do you think price tells us about the crypto currency or
5:54 pm
the network in which its kbilt does it tell us anything about adoption, viability. when we look at the price of bit coin or any other crypto currency, what is that a measure of in your view. >> i think in terms of long term it tells us the success of crypto currency. short term it doesn't tell us month. this gives us so much adoption and bit coin it's all about speculation these days in the future. the price will reflect the success of crypto currencies >> the last time we spoke to you, you had recently sold all your crypto currency do you see this reprieve in price, the decline as a buying opportunity. >> for me i sold because of a
5:55 pm
conflict of interest i'm not going to buy by coins any time soon. it's always good to buy on the way down the dollar cost average your buy in that's what i will recommend people to do as long as you don't spend money that you can't afford to lose, i think that's fine, it's really bad for people who mortgaged their house, put all their money into a coin and watch it drop like 80% as long as you can afford to spend some money, it's perfectly fine >> charlie, it's bk. >> you have the light coin summit coming up, what do you want the takeaway from that to be what do you expect coming out of that >> i like people to focus on technology on adoption and also how to scale. things like helping bit coin, i like to see more talk around that i think with the price currently depressed. it's a good time to sit down and
5:56 pm
have their head down and work and get stuff done that's what i've seen in the past few bear markets, actually. >> charlie, it's been a pleasure speaking with you. we hope you'll come back on the show soon. could this summit be a catalyst. >> it could be any of these conferences, and summits have been catalysts. as a trading style it hasn't worked that well elizabeth stark has been working on that. there's been some amazing things going on some real technological advances. >> up next, final trades y want, understanding we're not in this alone, and teaching my kids that no ambition's out of reach. ambitions live everywhere.
5:57 pm
synchrony helps make them happen with data, insights, financing and technologies. ♪ ♪ synchrony. what are you working forward to?
5:58 pm
who would have guessed? an energy company helping cars emit less. making cars lighter, it's a good place to start, advanced oils for those hard-working parts. fuels that go further so drivers pump less. improving efficiency is what we do best. energy lives here. improving efficiency is what we do best. ♪ ♪ wake up early, o. ♪ slap on some cologne ♪ i'm 85 and i wanna go home ♪ ♪ just got a job ♪ as a lifeguard in savannah ♪ ♪ i'm 85 and i wanna go home ♪
5:59 pm
♪ dropping sick beats, they call me dj nana ♪ ♪ 85 and i wanna go don't get mad. get e*trade, kiddo. final trade, tim >> i'm watching this bit coin special and then i'm buying some ewg, because i think it's oversold >> oil is the most important trade out there, oih, look at that one >> if you can break above ten and hold ten, get that one >> the sony beta max is ready
6:00 pm
to -- >> marathon oil looks like they want to break out about $22. >> that does it foreus here on fast, thanks for watching. more fast tomorrow at 5:00, don't go anywhere, cnbc's prt inooorus bm bt emieres right now. lee: i've been covering finance for a long time, and i can tell you, i've never seen anything capture people's attention like bitcoin. ♪ ooh, crypto ♪ bitcoin makes the champagne blow ♪ everyone from c.e.o.s to waiters started asking me all about it. so, i decided to take a deep dive into the world of cryptocurrencies. and let me tell you... it's been one strange trip. man #3: bitcoin -- that's my currency. the most important invention of humankind. because it had to be that way. get the [bleep] out of here. -can you buy a hit man? -anything you can think of. stevens: for those of you that have never hired an escort,

3,828 Views

info Stream Only

Uploaded by TV Archive on