down being rescued by others like banks today i do think there's apprehension with the headline. >> positive on the day and a big day depressed to mapth marks, does it for the cloelgz bell and fast money starts right now. >> "fast money" starts right now, in nasdaq marketsite overlooking times square in the midst of key trade talks the administration is dealing with another bombshell as staffers go rogue >> nike r releases the controversial ad with colin kaepernick this afternoon and some are calling it a dangerous move first, we talk about executives having their day on the hill in washington, d.c. jack dorsey at the tail end of six and a half hours of testimony between both the house and the sen auto let's get to julia boorstin on

the ground with the story. julia? >> melissa, that's right jack dorsey is still in this hearing room behind me testifying before the house energy and commerce committee. it has been a very long day for him because remember, he started his day sharing the stage with sheryl sandberg. the two of them testifying before the senate intel committee and that hearing was their work to prevent election interference they said they're collaborating with each other as well as government agencies and cybersecurity companies to make sure they're doing with everything they can with new technology as well as employees to prevent interference with the upcoming midterm elections >> let me be clear, we are more determined than our opponents and we will keep fighting. when bad actors troy too use our site, we will take it down and when our opponents use new

techniques we will share them so we can strengthen our collective efforts. >> after that, hoe went to map up three and a half hours of testimony any it has to be difficult. >> it's focused on go twitter. twitter shares dipped today as dorsey made it clear that he's investing to clean up all of those issues no matter the short-term cost to the company take a listen. >> our singular objective as a company right now is to increase the health of public conversation, and we realize that that will come at short term cost. we realize it would be removing accounts

google was notably absent from these hearings today leaving a seat empty to indicate that it invited alphabet ceo larry page who declined and the committee rejected google's offer to send its policy svp kent walker. now google criticized for failing to send an executive and samberg and dorsey were also praised to answer a range of questions. become to you. >> this all of the doj indicating that they will examine whether or not social media giants are stifling viewpoints it's just -- the hearings may be almost wrapping up, but what's the next step. >> back to the google point, it will be interesting to see what google is called again and a lot of the questions in the hearings

were answered with dorsey saying we'll have to follow up and send you more information dorsey who has been pressed on the question of bias said that when it comes to examining bias and algorithms that they designed algorithms to be fair, but they're in the early days of really understanding the issues of bias and and they're starting to steady. i it's my happeneding that ga rith ams. >> thank you, julia boorstin joining us from rayburn over in congress the social stocks in the spotlight getting slammed. twitter, facebook, google all under pressure the nasdaq as a whole falling, and it is with other noting, guy, that twitter close to the

lows of the session. >> twitter down 6% i don't think the party's over >> i have to be, you know, i have to be honest and earnest about this earnest when zuckerberg testified back in april and march, the stock was trading 155 or so. it was in any way whatsoever and the stock would ral there and traded north of $200 we are now lower in facebook than we were after they reported that release when it was down 25%. i happened to think that facebook has the exist earn risk. >> i think twitter out of all of them must be the most competitive at this priss given that they're one of the properties out there and the google was up 9% and if i had to line them up, i would buy twitter first, facebook next >> why does twitter have an

exi existential issue? >> they were in favor and we sort of went through this already once i think it is weak today i wasn't confident at the end of the day the way twitter acted and if you take a look at what performed last month and what performed this month, if you look at the chart, you have technology out of favor. that was your big winner in august it's out of favor this month if you look at the retail stocks and the homebuilders those are what's rallying today, but i think it might be one or two days. >> all right you tell me that a company is going to spend more money and we don't know how much is needed to problem, and there could be bias that they don't even know. i don't know if i'm comfortable with this. >> i think the higher risk, in my opinion is to twit are. right now we have the bank accounts to deal with and the idea that they're going to start spending and he said it does not matter in the short term isn't that sort of similar to what we heard from facebook after we got through the earnings call and suddenly they talked about how much money they

were going to be spending and far more than anybody expected and that's what sold off facebook one again so i look at facebook and look at the first, and he had to come sdpoun it does make you woonder and i've been punished by the accounts look at how many different accounts are out there >> isn't there the new service twitter is offering and i think it's more about the new service that they're offering and the accounts that you know are verifyid and think that's the strength behind twitter and it's not so much the fluff and it's the spending that will follow now according to what jack was saying today the amount of spending could be extreme. >> i don't own twitter. here's the pushback on maybe why i would want to buy it if you were concerned about

dorsey doing a good job today and you thought, all right he's not going to admit to enough to come after him with regulations. i thought he tilly did an excelle excellent job and i know i can't speak for all of the members of congress or the house that they believe that he takes this very seriously, right and that they want to try to do the right thing which sort of takes some of the pressure off of the legislators which is nearly impossible. >> for that reason, i think he did a job good yb and that would be my bullish case for twitter sxir pad news, and it's not going to come up not the performance. >> in the marketplace. a thing, maybe >> there is a wide, so rowe

have -- >> no, it was everything my thing is can it be longer than a one or two-day, three-day event because you're not getting the superior growth. we had staples lead and superior leave and they were flat on year and the last three and there are reasons to rotate out of tech. >> it could be, but i doubt when people look after a week, they're not going to get growth of 20% to 25% of reasonable valuations in most of these names. so i think it will be a one or two-day or three-day event >> this isn't day one. if you look where google has been, i don't know, day ten. it's been 4% or 5% >> that's a big move >> that would be sort of a vacuum and i would not be a seller of google down here no way >> facebook, instagram will be

huge and they'll talk, no question about it. in the short term there's risk and the pushback steve made a similar point i don't think twitter should have ever talked about daily average user, monthly average users. google doesn't do it and gene munster will be on and he can address it, i'm sure and it's a wrong metric to use and it's a delivery system and people have to wrap their head around that if they were to get away from it and if they were to say we'll stop reporting daus and maus it may hurt for a couple of days in terms of stock performance, but in the long run it. >> when you do searches on twitter, so it doesn't matter whether you're an active user or not. you could not even be a user and seven on tw even twitter >> they'll have to spend more than we think they're going to spend. i don't know monthly active user and here we are talking about

big issues that really could change the way they do their business how will they conduct their business and how will they operate, and the valuation of twitter. >> the valuation and the metrics are higher it makes it far more comfortable and facebook >> should there be a further discount in your view to any of these stocks >> facebook, the discount has been for the most part in my opinion, most of it has been priced in and sheryl said that the idea that hey, look, we would be open to some sort of regulation >> hold on the president is speaking apparently and we want to listen in to him live right now >> almost 4 million jobs created since the election of which -- [ applause ] more americans now employed than at any point in our history.

more people employed today than ever in our history. we created 400,000 manufacturing jobs manufacturing jobs are growing at the fastest pace in more than 30 years economic growth last quarter was 4.2% and as you people know, it was headed down big, and it was a low number a very low number. it would have been, in my opinion, it would have been less than zero. it was headed to negative numbers. new employment claim, recently hit a -- think about it, the unemployment picture in the country is the best it's been in 49 years african-american unemployment in the history of our country ages, unemployment lowest in the history of our country hispanic-american unemployment lowest in the history of our country. i mean, i'm just looking at these, just point after point. under my administration, veterans unemployment reached

its lowest in many, many years almost 3.9 million americans have been lifted off food stamps just since my election then you go into all of the benefits that we got from the tax cuts all of you people benefited tremendously from the tax cuts [ applause ] you go into right to try you have the right if a person is terminally ill and you have to try and see whether or not a drug that's not approved yet can be used. they didn't allow that a point after point getting rid of the individual mandate and the most unpopular thing there is in obamacare, coming up with new health care plans. we've never had -- even if you look at the olympics we got the olympics, the world cup. you just saw them, they were at my office after the world cup and we have started the wall nobody has ever done, in less

than a two-year period what we've done so when you tell me about some anonymous source -- >> we've been listening to the president answering questions at an event with local sheriffs and he's talking about how strong the economy is, pointing to various figures on unemployment, the various races and how low it has been we'll go back to the event if there is any more that we need to hear. actually, we are going to go back he's addressing "the new york times," let's listen in. >> six and a half years from now. "the new york times" and cnn and all of these phony mead why outlets wi media outlets will be out of business because there will be nothing to write and nothing of interest nobody has done what this administration has done and i agree. it's different from an agenda which is much different than ours and it's certainly not your agenda, that i can tell you. it's about open borders and it's

about letting people flee into our country. it's about a disaster and crime for our country. so they don't like donald trump and i don't like them because they're very dishonest people. remember this also about "the new york times," when i won they were forced to apologize to their subscribers. they wrote a letter of apology it was the first time anybody's ever done it because they covered the election incorrectly. so if the failing new york times has an anonymous editorial, meaning gutless. a gutless editorial. the poll numberses are through the roof and the poll numbers are great and nobody will come close to beating me in 2020 because of what we've done we've done more than anybody ever thought possible and it's not even two years so thank you very much. appreciate it. [ cheers and applause

>> we wanted to get back to that, to president trump's first comments published in the new york times anonymously and it was a senior white house administration official and let's get to eamon javers for more on the story. >> eamon that was an astonishing moment right there. you saw the president standing in the middle of the room in the center of the carpet defending himself and his presidency against what he called a gutless editorial anonymously published in "the new york times" and criticizing "the new york times" and the media generally defending his administration in terms of his economic successes and his policy wins. the president very, very defensive there and very, very supported there in that room you heard the cheers from the group of sheriffs who had been assembled for that particular event. this is a crowd that really likes this president of the united states and he was basking in their approval there on a day in which he has been forced to respond to this bob woodward book which includes some

scathing criticism of him allegedly from members of his own cabinet and his administration and this anonymous official saying the president is doing harm to the country and there is a group of officials inside the president's own administration who have tried to thwart him from within until his administration is over and it's an astonishing moment and we've never seen anything like it. >> eamon, thank you. coming to us from the white house. the president said about "the new york times" that they will be out of business the new york times does not like him and he doesn't like "the new york times" and they're dishonest people will this affect and we'll look at this through the lens of the stock market, of the market and the economy. will this affect the trump agenda which has been positive as a whole for the stock market. guy? >> every time the president wants to come out and speak, many of the things that he's saying right now he can back up

in terms of the economic situation, but you just wonder are we in a better position in some of the trade or not and that's something i think if he can get through this negotiation a lot of people will be applauding what he's doing if he can get through with canada, china and maybe bring down some of the negativity that we're hearing about the president and what's happening abroad because from the market's perspective, that's what we're all looking at right now. >> anonymous op ed comes out and the bob woodward book comes out and we are weeks away from the midterm election and they will be close and they were called to be close in terms of whether or not the republicans could hold on to a majority there what do you think? impact >> i think it will probably blow over quickly because i think -- people -- he is the most divisive and i don't say it in the way we talk about it normally people feel very strongly one way or another and i don't think as damning as this editorial, as unusual as that is, the ones who love him they're still going to

love him and those who don't absolutely won't no matter what, no matter how good the economy is, no matter what and those who love him, no matter what, they'll stick it with him. >> the agenda is a bipartisan effect democrats have been complaining about unfair trade with china. the republicans are complaining about unfair trade with china. >> think a conclusion with that would be new highs within the marketplace and heading into it, you will have a lot of headlines that are tradable and i don't think any of them have long term, long-lasting effects >> i think once we get a resolution to that, and the midterm, it's almost as if the republicans had conceded, kwausz i conceded the house >> i don't think that's the case i think when you listen to the media i think there is a quasi concession on behalf of the republicans. i don't think --

if that happens, in terms of getting tax cut 2.0 across and in terms of a potential infrastructure plan, that threatened, no if that consensus and if that thought -- there was a republican got taxed 2.0 because they don't want to create an issue going into the midterm election so that being already be off the white board so to speak. >> whether it's trade induced or not, to me the real concerns is the fact that the emerging markets continue to break down the global currency and the volatility and currencies is at an alarming rate mary talked about it she talked about that being one of their major concerns. i think we think, maybe correctly, by the way that our markets are impervious to that i would push back and say at a certain point it's going to matter and i'm just not sure what point that will be on the time line yet. >> jeremy siegel today was talking about the markets he talked about if we work it out with canada and china, do you have 10%

upside >> we have more on the executives testifying on capitol hill gene munster is here to braid the executive performances and one trader is calling it a dangerous move we will explain and later, guy adami pounding the table on one high-flying food stack he thinks is about to head higher. we're live in the nasdaq-amex in the heart of new york city we'll be back right after this your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

if you're a girl from compton, don't just become a tennis player. become the best athlete ever that's more like it. don't ask if your dreams are crazy. ask if they're crazy enough. >> a sneak peek of nike's controversial ad featuring controversial quarterback colin kaepernick during the falcons-eagles season opener on nbc. shares of the shoe giant fin irk up a half a percent this after declining 3% in yesterday's session. what's your take >> you know, it's such a dangerous move that they're making right now to go in this direction because all you've got to do is look back in 2016-'17 season and you can see that ratings have dropped and the super bowl was down 7% and it's not all attributed to

the kneeling i think that's what everybody is looking at and they see what this ad campaign is doing and it will be divisive the one thing that i do, first of all, it's a bold move by nike and they're not someone who has put bold things in the past, as well and they've embraced a lot of different areas where folks wouldn't have gone and north america is only 30%. >> the turnaround in stock has been because of the inflation. >> i think that was part of it mel, and quite honestly, it's the growth they're seeing internationally and the trajectory of that growth in china and other emerging markets. i think there's a lot of reason. 60% is coming from international. >> they don't care about the kneeling and the nfl and they probably don't even, many of them are probably not paying attention to colin kaepernick. >> they probably don't even know who he is. >> it's from 2016. >> from that perspective it won't hurt them nearly as bad, but i still think it will have impact on the stock.

>> is that what you started out with do you think they'll lose the nfl? >> no, i'm not saying that i'm just saying that the backlash could be pretty negative for the nfl and for ratings, but for nike, it could be okay. >> it might not be as painful for nike, but i still think it's a dangerous move for nike. >> it's like a poke in the eye to roger goodell, and the opener, and do you think that's what they were attempting to do and i respect people that say he will not buy another nike product. i hear him 100%. my pushback is i don't think any merchant knows their customer as well as nike does and they've probably been working on this not for the last six days and the last six to nine months and i'm sure they did every channel check and every focus group that you could possibly do, and i understand, in my opinion i would take the short-term pain which came in the move yesterday

for what is their next client base which is the millennials and gen xors so i think it will work for them. >> the message of the ad is inspirational. you saw the bit on serena. that was amazing. >> well, serena is amazing, but that's a different show. i agree with what guy is saying. i think also, do you remember the pepsi ad and how disastrous, and they were received more poorly within a day. within a day you can bet nike was watching all day yesterday. how is this going for us how is this going? do we push ahead and clearly, they think they should, right? because they're doing it >> although yesterday the stock was down 3%. >> the market was down 12. >> i understand it's coming from a higher level >> i don't think they're looking at the stock being down 3% i think they're look at much broader and how did the stock do one day, and how was our core customer and who we think is going to be our core customer.

>> exactly >> how are they receiving this message. >> and obviously, well enough that they're pushing forward >> coming up, the emerging market crush continues and the global sell-off may not be as bad as it looks. i'm melissa lee, you are watching cnbc. first in business worldwide. here's what else is coming up on "fast. >> what are they doing here? >> they're selling, mortimer >> that's ridiculous >> okay. it's not that ridiculous the crypto universe is in a selling frenzy as wall street could be about to turn its back on the bitcoin ballers we've got the details. plus guy adami is stepping up to the plate with one left for dead stock he says is about to crush the competition. he'll give us his fa pchstit much more fast money right after this

welcome back to "fast money," trade war fears taking

the global market. and the global emerging markets have seen a meltdown european markets also suffered with italy down 20% from the highs and south korea and japan have seen significant drops as well amidst the global sell-off and u.s. stocks are where you want to be, and yeah i think when we look at e.m. right now as we know, certainly a tough year, 52 back in january all of the way down to 42 today. i think the big question for investors is does this spread home upon does this come home and does this weakness show up with u.s. stocks i want to show you three charts that we believe will continue to support the case for being long u.s. and the first is the fact that despite all of the stress globally the hedges here at home haven't worked this is stocks well tipped to bonds. stocks are making new highs relative to bonds. the defensive trades are not

working and stocks relative to tlc. along those lines. if we look at paper versus rock, banks relative to gold, very similar message and sideways all year just started to break out and another example on the risk on asset banks, relative to gold, we think that's a positive and then lastly, if we look at the industrials. very important group, a sector that was previously impacted by em and the sectors are actually getting better and this is a three-month relative high for the industrials versus the s&p and this is made by caterpillar and deere ultimately getting better here's deere, de 30% correction this year i thought very important bottom back mere on august 17th on three times average daily volume the stock is on the verge of breaking out and we get it above 148 and it bodes well for industrials and it bodes well for the market and the em stress

is not spreading >> chris, come on over >> wait a second >> did he poll the team? >> no. so does this mean that there is a rotation going on or rotations that you would recommend i mean, if we're going to value industrials, we're going to value banks and to say technology >> i think it may be, but these are sectors both industrials and banks that have quietly been improving all summer if you look at the responses that post earnings it was the sectors that worked best relative to anything else. bellwether stocks with deere and mmm and honeywell, the transports and we see the strength in the rails and we see the strength in the airlines and this is a sector that's getting better the bank of america back at 31 and the regionals have acted well and the stress that we've seen from em doesn't seem to be

coming back home and i think if anything, some of the really shakeouts you've seen in beaten down groups are probably here. >> how does tech look these days >> it's getting more nah irrorrw i think the semis are good despite the weakness we've seen in the names >> the cisco and a qualcomm are actually improving here. so there seems to be a changing of leadership within tech. i don't think the sector as a whole is done quite yet. >> so when you look at emerging market and the eem which is heavily asia dependent and you look at a stock that is drilled down a little deeper and alibaba which is the moster child for the tariff trade woes and everything else, where do you think we go if that rips higher. you could see the equity market catch down to the u.s. market? >> i'm not as quite convinced. i look at it this way s&p down

8%, china down 20. i think it's pretty clear the market's perception of who is winning the trade war. you see such an exodus of money over the last number of months and the borrower is probably pretty low as we move in the back half of the year. >> let me ask you something like a cat. that has a lot of exposure outside of the united states and does that then make it not one that you'd want to avoid for something? >> sure. i think what's really notable is the last week in particular as em has seemingly gotten worse. tech hasn't, right there seems to be an early message there that the weakness in those parts of the world might be overdone. >> all right >> chris, thank you. it's good to see you >> breaking it down. >> we do this segment and pedro over there power pitched caterpillar, a week or so ago and i lose track of time i'm getting old, you know? >> i know.

>> he mentioned valuation and we talked about the fact that they have this humongous stock buyback. $4.5 billion left and another 10 billion on top and in terms of pedro's power pitch, caterpillar looks pretty interesting >> all right still ahead, the crypto space on reports that goldman is ditching for a bitcoin trading desk >> crypto could be a $10 trillion industry earlier this year it doesn't matter to bitcoin's bottom line and jack dorsey getti getting grilled on the hill after a long day of testimony. >> gene munster llwi give us his take when fast returns your infrastructure supports

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welcome back to "fast money," twitter ceo jack dorsey finishing up his afternoon of testimony in front of the house, this after the morning in front of the senate. let's bring in gene munster for his take on the testimonies and what it could mean for big tech. what is your takeaway? what do you tell investors >> i think that this cloud is going to blow over for at least for facebook and twitter i think that they have other problems beyond what happened today, but our general sense is that we're just not big believers in their themes more broadly, but the stuff that happened today will blow over, but google will not blow over. they should have showed up and ultimately, you will see more questions directed at google because remember that facebook, that facebook addressed the key questions.

youtube still has a council and the google piece is yet to come. >> in terms of twitter, are you concerned with what happened with facebook in terms of the investor concerns about bending could also grip twitter now that we hear jack dorsey essentially saying we'll have to spend more and also acknowledging that there could be bias in the algorithms which is not something we heard before to try to figure out whether or not they're bias with the algorithm algorithms they're the bread and butter of the business >> it is free speech is the central point and they need to do some catch-up and that's what they're talking about here, but the scope of this is really hard to determine. i don't think it's fully priced into twitter i think when thai do ultimately report the september quarter some of that spending may surprise investors even more than what happened today if you look at facebook, it's an obviously much bigger platform

and about six times the size of twitter and if you look at what happened with facebook, 20,000 additional people to monitor content and the spending has been a dramatic impact on their bottom line, and i think that we're just scratching the surface when it comes to twitter. >> gene, we want you to be the professor now and grade the performance of the ceo let's start off with sheryl sandberg, what grade would you give her >> she gets an a-minus watching sheryl is like watching an assassin. she runs for governor of california in 2026 jack dorsey, what grade? >> b-minus jack stood for what twitter believed in, but didn't quite resonate with the senators and they have more work to do in terms of improving their platform to eradicate some of this influence. >> and i know google didn't send an executive and they tried to send their svp, but the committee didn't want any part

of that. what grade would you give google >> so they fail. some people would say an incomplete score and we decided to give them an f. when the government calls, when senate call, show up find a way to make it work you have to wonder what the schedules were like for neither of the ceos to actually show up. it doesn't seem like there's any good excuse there. in terms of the questions that congress missed. what would you have asked? >> i think they sort of scratched the surface around bots and keep in mind, when you're interacting with different accounts on facebook or twitter, sometimes you're interacting with not a human, with a bot, and i think getting more along the lines of what that piece -- that could have been helpful i think for the senators and separately, it would have been nice to know what the senators were thinking about how they view this regulation around what these platforms are doing and almost facebook and twitter needed to ask a question to them more broadly.

that's still an open-ended question sheryl was clear that they're doing the self-policing and don't need to do anything more uncle sam, but that was a big open-ended question that still could weigh on some of these stories over the next six to 12 months >> gene, thank you so much >> gene munster on his take on the testimony and i want you guys now to grade the grade. >> a game within a game. >> what did you think of gene's grade? >> a vf or a facebook grade. >> they deserve the f, google. as a shareholder i'm disappointed, i'm very disappointed pip think y disappointed i think you go there, take your lashes and move on that would be far less dramatic than this, right that shot of the empty chair is, that's not a great image at all for them >> we had some senators say they

were arrogant, real, just sort of, you know, taking google to task for not sending anyone. >> rightfully so, right? >> that is very disappointing. i think sheryl sandberg is very smart. she also looks very stead, riy,t right? she was well prepared and knew what she wanted to get across. i would say a minus? probably like as i could see her wanting to go back >> an a is out there what do you make of the grade. b-minus makes total sense and jack dorsey did a fantastic job. they'll have to spend some money and because of that, we saw what happened with facebook and gene pointed it out as well, and i think that will impact people more when they see the actual numbers and what they're going to have to spendto actually do what they would like to do to clean this up? >> do they get an a for honesty? >> i think the delivery was great. i don't know if i would want to

give them an a for that? >> i think in this particular case maybe it moved around that. >> still trying to figure out why you would not want an a minus. >> i would kill for an a minus >> i wish. >> one trader just made a $7 million rebound ahead of facebook our dan nathan is over at the mraz to break it down. >> it's not a $7 million back especially when it closed in a four-month highs and it was about one and a half average daily volume and there was this one trade that you talked about that stuck out to options traders. it was an opening buy in january 2020 expiration, that's 17 months from now a trader paid $3.50 for 20,000 of the jan 2020 270-calls for $3.50 up 60% from the current trading levels and

up 25% from the levels that we were at in july and this is not a great way to make a bullish bet if you are not already there, but the main point as i suspect, this say very long holder levering up the position and he thinks this stock or she is way, way overdone and i want to go to the chart because this is important when we talk about what is a good probability bet it's about a 15% probability that these options are in the money on jan 2020. here is this massive gap from july that's when the company guided to the fact that they'll be spending more money from investors to kind of get this privacy issue under control. the stock, like i said closed at an all-time low and four-month lows and this gap from the april earnings event is probably the next stop and that's at 160 and obviously traders are eyeing 150 to the down side one more point here. when we look at the next chart this is basically the all-time

chart and obviously, here is the 150 level and good support when the stock was at the all-time high at 218 those january, 2020, 270-strike calls and that is what i suspect that a long holder is trying to get back to new highs over the last year and a half or so >> thanks for that, dan. nice to see you. for more options ak check octiot out friday at 5:30 one wall street analyst says there's something about the ngllrt investors are getti a he'll be here to explain when "fast money" returns

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bitcoin and goldman sachs decided to break up with the bitcoin trading app. been pisani is waback with more >> goldman sachs was looking to laur launch a crypto trading desk lloyd blankfein tweeted that it was still thinking about doing something on bitcoin, but nothing happened and now a report from business insider says goldman is shelving those plans due to regulatory concerns and bitcoin is falling in response goldman refused to confirm or deny the report, but they did issue this statement in response to client interest, they are deciding how best to serve them in this space and they're exploring how to best ser an institutional investor like goldman would drive additional demand and second that a bitcoin etf might be approved by the sec. neither of those have happened

and the lack of those catalysts will likely make it a lot more difficult for bitcoin to move in the short term finally, melissa, canopy growing, one of the largest pot stocks hit another new high today more than doubling in just the last three weeks pot stocks have replaced crypto as the new fast money trade. back to you, melissa >> thanks. bob pisani at the nyse does this mean that wall street is over bitcoin and are bitcoin's last days behind them? they could be worth $10 trillion rbc analyst mitch is with us >> the move by goldman seems to include the fear that the institutionalinvestors have cold feet about bit coin because of regulatory issues should this be a concern for bitcoin investors? >> i don't think it's a really big concern. first of all, the institutional investors that have been involved for the last five years or so is still involved in the space and still tracking very

closely. what i think goldman is having a hard time with is they can't find a way to get institutional investors to invest and they're investing in a circle which is essentially a competitor to coin base, right? so they are able to get trading flows in the retail side, but the institutional side is very difficult and so i think what they're realizing now is probably the next step to get them and they're waiting now for a bitcoin etf to be approved >> you first came on the show with the initial report and that was that bitcoin and the ecosystem could be a trillion dollars. have you pared that back at all? have you adjusted to that given the developments that you've seen in bitcoin and given the price fluctuations that we've seen >> no. i would make the same comment i made earlier and you can't look at this on a year to year basis because basically it's like a venture capital investor where you get ten to 15 years, but if you wanted to look at the energy

dynamics and the thing that you're waiting for are two things in the next six to nine months and i think in order for an etf to get approve side to own the underlying bitcoin and they actually didn't own any bitcoin and they were placed on pruch you are pricing and there's one more negative thing that needs to happen and all of the funds that raised money at the highs for a cryptocurrency hedge fund, they'll probably start shutting down. those are the two things we're look at energy, but if you look at it from a technical perspective everything is ahead of the plan. >> we have to keep it short tonight. thanks so much for your time mitch talks about the five to ten-year plan and that's what we've heard from the folks in the crypto world and that's something to be kept in mind i leak the plays outside of it, the secondary plays and amd, for example, nvidia. amd has been flying and we've

been watching it for the last couple of days >> final trade next. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. when it might be time to buy or sell? with fidelity's real-time analytics,

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twitter, i am still long. >> love my groceries you know that. >> kroger. >> ahead of earnings. >> that does it for us thanks so much for watching and so you back here for more fast the "mad money" with jim cramer starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica other people want to make. just trying to make you some money. my job is not just to entertain you, but to educate and teach you. so call me at 1-800-743-cnbc or tweet me @jimcramer. we need to stop treating fang -- facebook, amazon, netflix and