>> yeah. >> we have got a real issue if we don't address this. >> i know it is not open to people with a bachelor's degree but i think there is a segment there that could benefit from something like this. gentlemen, thanks for your time. i am glad we could get this in multiple versz. that does it for "the exchange," everybody thanks for tuning in on a very busy afternoon "power lunch" picks things up right now. welcome, everybody, to "power lunch." welcome back the our old home in studio a stocks are off their lowers after mitch mcconnell said he will offer a short term debt ceiling extension to democrats, as ylan mui put it, an yomp ramp to this crisis, a manufactured crisis we will all have the details plus, doubling down, gm expanding its plant. an ambitious goal. and power player harold ham

will be with us to weigh in on the energy crisis in europe and asia and whether their problem will become our problem. and the social dilemma, mark zuckerberg responds to allegations against facebook bottom line, will advertisers take a stand we have a very big, busy hour ahead. glad you are here. kelly. >> tyler, thank you. hi, everybody. october is living up to its volatile reputation. the dow is only down 63 points we were down 459 at the session lows the s&p is only down 3 points. the nasdaq is positive by 20 if you are wondering what turned things around, two factors today. russia saying it let supply more natural gas that helped energy reverse course earlier on. of course, gives relief to bond yields and the rest of it. more recently the headlines on the debt ceiling

the ten-year is now at 1.52% it has actually been up a little bit here just lately, as sentiment has proved meanwhile, keep an eye on macy's on a report that activist jammeh is calling on them to spin off its e-commerce unit. we reached out for comments to macy's and jammeh and haven't gotten a response. rising bond yields along with inflation and debt worries have been putting pressure on stocks all do i language now down 92 points on the dow. we are, as kelly pointed out, off the lows of the daze the nasdaq just turned briefly positive by .1%. despite all the volatility our next guest finds opportunities in technology which has been hit hard this week jason ware is a partner and cio of abeion financial group. good the see you kelly made reference to the notion that october is notebook as a volatile month. but october correct me if i'm wrong, gets a bad rap as

generally a bad month. >> good to be with you, tyler. yes, that's correct. october is often seen and characterized as a bad month if you look historically it is kinds of an average month. over the last 20 years, as far as the calendar is concerned, it has been about the seventh best month in the calendar looking back since world war ii. it fits somewhere roughly in the same area. so it's not something that investors should fear, although october is often times the most volatile mont of the year. we see the biggest intraday swings instocks kind of like w are seeing today in october. oftentimes the first half of the month is slop lee and the-second half gives a good setup for the holiday season in the fourth quarter. understand it might be volatile for a while. >> as one of my managers said during delivering alpha last week, stuff seems to happen in october. indeed, it does.

>> yep. >> that's probably why it gets the rap it does. you like some of the big tech names. you do not own facebook anymore. why did you get out of it. >> were you prescient in -- pat yourself on the back if you would like, were you prescient in foreseeing what might come facebook's way >> it's a great question we got out of it a while back, before the pandemic. the stock had done well despite our call that the culture of facebook was for lack of a better term toxic that the decision making quality at company was questionable and that the business practices had us concerned about the long term growth of facebook in terms of regulation and also just folks wanting to use the platform. we certainly have seen a decline in usership on the facebook platform over the last couple of years. nevertheless, the stock has done

well i think we got the business right, but the stock has done okay despite that. we continue to think longer term, though, if facebook runs into pretty strong head winds as far as these challenges are concerned. >> what about the rest of big tech, jason? >> we like a lot of the faanng games, we have been owners of apple, amazon, microsoft, google, et cetera. these are strong secular growth companies with wide economic moats that continue to dominate their respective categories. the good news is that if you look at the valuations of these companies whose fundamentals continue to compound upon themselves, these stocks don't look all that expensive. apple is a sub30 p/e microsoft is around 32 times forward earnings adobe is at its lowest relative valuation to its history nevertheless, revenue growth continues to be well north of 20 trz. we think you can stick with the large company technology names especially in an environment where we think growth at the

macro level will normalize thus making secular growth more attractive by comparison. >> one of the stocks you like is a name that hasn't gotten much play in recent years it has been the opposite of a market darling that is oracle why? >> yeah, we recently picked up oracle during the ever grand volatility a couple of weeks ago. we think the company is doing a great job pivoting toward the cloud. it reminds us a lot of microsoft five or sick years ago after nadella took over, in that it's an underappreciated enterprise cloud play and it has a good valuation vis-a-vis some of the other cloud areas in mega cap growth technology. it is trading around 17 times forward earnings despite the fact they have a really large installed base of enterprise customers regarding their database management systems and their crms for years we think they can transition and have shown they will transition a number of these clients over

to the cloud they were the sixth largest cloud player a couple of years ago. they are now firmly number three. we like what they are doing at oracle the stock is not expensive. >> final thought how much does the washington opera affect you and how your manage your portfolios >> that's a great question a timely question. the answer is, not much. these so-called events, these manufactured crises in d.c., whether it is government shutdown or debt ceilings can oftentimes be scary and be headline risks but for those with a financial plan and a good, well diversified portfolio and a sound asset allocation you have got to look through the noise and realize these oftentimes get solved in the 11th hour. we are seeing an offramp with what mcconnell and the republicans are offering we expected some resolution, albeit ugly in the 11th hour just given the magnitude of the downside if they do nothing. >> appreciate you being here.

>> good to see you. spac 50 index of the biggest spacs. while those have not been great for investors they have been great for wall street. >> the house always wins in the spac market its house of wall street that's netting a huge pay day amid the recent volatility morning star estimates investment banks have brought home $20 billion related to the $200 billion raised in the spac market over the last years that rate is about 50% higher than bankers get for taking a company public traditionally that's because banks have more touch points from underwriting the offering of the special purpose acquisition company to arranging the merger financing known as a pipe. to advisory work on the event dial morning star says of the banks, ever car and lazard benefitted

the most meanwhile, investors in publicly traded spacs have been in the red with spaces of all stages seeing declines so far year to date such large fees are bound to raise questions now about banker incentives as well as due diligence. >> certainly will, leslie. thanks. >> thank you. coming up, gm's road ahead the automaker has a plan to double its annual revenue by 2030 in a digital push to be more like tesla. plus, bitcoin hits a five-month high. can the bull run last? our trading nation team will place their bets on bitcoin. back up to $54,000 that building you're trying to buy,

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so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. welcome back to "power lunch. i'm dominic chu. check out shares of electronic arts down 7% on the heels of a beta release of its highly anticipated battlefield 2042 game with some reviewers and social media users complaining about lackluster performance and buginess with the game now, the release was already delayed by about a month due to the ongoing impacts from covid-19 worries about another delay could be weighing on the stock meanwhile, take two interactive and action vision both in the green today, take two one of the highest gainers in the video

game category. dom, thank you. today we are learning more about gm's ceo's aggressive push to turn the company not just to electric vehicles, but to autonomous vehicles. phil lebeau is at the gm technical center in warren, michigan hi, phil. >> day, high letter. we are in the midst of the investor day presentations we are about halfway through the day. we will hear from the cfo, paul ja jacobson later today big headlines. as you look at shares intraday not a whole lot of movement in shares the headline, they are planning on doubling their annual revenue by 2030. so if you go back to the last precovid normal year, if you will, they had about $142 billion in annual revenue. they plan to get up to $280 billion f just -- just to use that as a benchmark by 2030. they plan to do it primarily through boosting revenue through

software and services. here's the ceo talking about the potential. >> yes, there will be subscriptions. we have a successful on star subscription business. we have that nochlkt we are going to build on that what is enabling this and the ability to offer so many software services is our v.i.p., our vehicle intelligent platform that allows us to do over the air updates to all the systems in the vehicle then you think about the sensor asks the cameras, we have. leveraging that functionality to provide value to the customer. >> another goal announced today, general motors will be the leader in ev sales in the u.s. -- now, it is important for me to point out they don't give a time line when this will happen context. here's the market share in evs right now in the united states no doubt tesla dominates this category 63% market share gm, third w 9% market share. look at shares of general motors and tesla really in the last year

while gm hasn't done a whole lot in the last couple of months you have seen tesla moving higher. gm will unveil its let me trick silverado pickup truck this january at the consumer electronics show a lot of announcements coming out here today the most important, gm is trying to pivot aggressively into using electric and autonomous vehicles as the basis for software as a service using subscriptions. you will say i will pay x amount per month to have this service in my vehicle. that's big pivot to be made. but that's one that gm believes they can make. back to you. >> ill if, let me make sure -- you may have mentioned this. did mary barra say when she expected gm to be number one in ev sales. >> nope. >> because that gap between where they are now and where tesla is now and tesla won't go without a fight is pretty wide. >> correct correct. they don't give a time frame for when this will happen. general motors believes as it rolls out more electric

vehicles, trucks, suvs, some luxury sedans in there, from cadillac they believe as you see more of these available they will then pick up market share and they will surpass tesla and become number one in evs in the united states as you mentioned, tyler, tesla is note going anywhere this is a huge climb this they have in front of them if they are going to overtake tesla. >> i am going the lose 30 pounds, but i am not going to say by when. kelly, you had a question. >> i was going to say the ultimate open question is this area, the detroit michigan area will remain critical to the ev supply chain as it was for cars, right? >> it will and you see the development that's going on here at the technical center and you realize how much this area will be growing in terms of its technical capability so much is being done when it comes to evs in the silicon

valley on the west coast but down road twoer three huge buildings are being built. they are pumping a lot of money into the future here at this techer in. >> phil lebeau in michigan for us for more on gm and the stocks you need to know, sign up for jim cramer's investment club he will be ends issing daily mails to give you his unique insights into the market sign up to finds out more at cnbc.com/investingclub or point your phone at the qr code on the screen i will give you time so people with focus and think about it. shoot it, bang. >> don't we all know how to use it, all the menus? the restaurants, exactly new developments out of washington on the debt ceiling senator mcconnell a short time ago said he will offer a short-term debt ceiling extension. that's why the market is looking more positive.

kayla tausche joins us along with tony fratta let's start with you for your reaction to this strategy here. >> look, i mean, it's welcome. anything that gets this across the line without, you know, more drama is good. we will see the details of it and how it's going to play out but look, everybody knows, if you have been in washington and you have dealt with this before you know that this has to get done there isn't a question of whether it could get done or whether there is confusion over it it has to get done because it is a permanent blot on and cost for the government glad to see a little bit of help on it. i don't think it was a sustainable position to be blocking democrats from voting on the thing that you are saying you want them to vote on >> kayla, tell us about what -- if the country went into a

temporary default, what wouldn't get paid who wouldn't get paid? social security? military families? i can't imagine that any politician would want that to happen >> no. and certainly, it would really harm relationships between the u.s. and its creditors overseas. treasury yields would spike. you would see a lot of dislocate in the market. but the messaging campaign that the white house is ramping up today is trying to communicate exactly how the average american would be impacted. borrowing costs would rise social security would not get funded troops would not get paid. and then, interestingly, the administration has now pointed out that the stock market would fall they brought that up with the nasdaq ceo at the white house event earlier today. i talked with some of the administration source about this dynamic. they note that in 2011 the stock market fell 17% before a compromise was reached of course we have seen a far more muted response in the stock market this time around.

so there has been a belief that if there had been more market pain, then perhaps an outcome that had been more ideal would have been reached in this scenario and what's unclear at this pointed, tyler andcaly, is whether the white house is going to try to exact more pain in the markets to get a legislative outcome that is seen as better politically for them, or whether they will be willing to take one of the two offers that senator mcconnell has put on the table. >> right now, to your point kayla, the market has just in the past 20 minutes since we made the first report on this, i would has gone up. it's in positive territory after spending most of the day negative tony, these crises -- as you point out, this is not our first time down this path. the idea of a manufactured crisis why -- why does this happen all the time who comes out of it smelling better ever? >> i think -- nobody comes out smelling better in it. to be clear, i don't think there

is any -- much political pain in voting for a debt ceiling. i think that's a mistaken political understanding. there's a lot of pain in not voting for it if it doesn't happen the real misunderstanding i saw somebody trying to explain yesterday -- to your point, i think i have been through 15 or 20 debt ceilings raise going facebook my dayings at treasury department there is always this m misunderstanding the original purpose never had anything to do with limiting debt someone was trying to explain the issue and had it all wrong there is so much misunderstanding about it. it is not a useful concept for talking about the debt or spending it's a convenience for congress so they don't have to vote on every security. >> what was it original purpose if it wasn't to limit the amount of money the government could

borrow or spend? what was it? >> the constitution requires congress to authorize borrowing by the federal government. it goes back to the founders they didn't like seeing kings out there creating debt that the legislatures, parliament, had to fund so they said look, you need to come to us and ask us for permission every time you are going to borrow for the federal government that was final until world war i when there was a lot more requests congress finally said, look, don't come to us every day with these requests here's a number. borrow up to that number and when you hit that number, come back to us and we will raise the number that's the debt ceiling. >> got it. >> it had nothing to do with limiting debt. it was a convenience for congress so they didn't have to approve every bond offering, every note that was being put out by the federal government. >> i see. >> so this convenience has been bizarrelyturned into this bludgeon of every

administration what is short sighted for republicans is 18 months from now they may be the ones having to vote for this thing, too, with all of the same misinformation again it's not -- you know, it's bad policy it's -- it leads -- it comes from this misunderstanding of what exactly it is. >> kayla, my understanding is there are different pathways to different numbers that would make us either hit it again in a very short period of time or maybe a longer time frame like tony is referencing. why can't we just raise it to some large number? why is it that it just seems to be a little bit at a time. >> or issue a trillion dollar coin or do away with it altogether it really depends on the nuts and bolts accounting of this of course the treasury holds the keys for all of that i defer to tony on expertise there. kelly, what what it is going to come down to the next couple of hours is how the white house responds to this because for the last two weeks the white house has said that the ball is in

republicans' court that they have the ability to pass in. and now senator mcconnell is saying we are the only ones floating a compromise. we are the only ones who have suggested two paths out of this. we will hear from jen psaki in just over an hour. she will be on the hot seat to tell us how the white house is going to respond and whether they are willing to take the economy to a brink to get there on a bipartisan basis for a longer herm raise. i am told the white house feels it has four republican votes so far. they need more than double that. we will see in an hour or so i am given to think, tony, and ka la, of the famous phrase from the god ferry, one of the movies, i am going to make you an offer you cannot refuse in some ways, some of these offers are i am going to make you an offer you cannot accept we will see if the democrats accept this seeming offramp or olive branch or whether they see

it as political gamesmanship lady, and gentleman, thank you tony, kayla. bitcoin, too big to ignore bank of america giving digital currency its stamp of approval saying bitcoin could form a new asset class withitin p bcolaying a major role we will zhaus when "power lunch" returns. why is cvs pharmacy® america's choice for vaccinations? because we all got the covid-19 vaccine and flu shot. and i could make the appointments right here. save time, schedule online. no wonder cvs pharmacy®

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welcome back to "power lunch. i'm leslie picker. here's your cnbc news update at this hour. los angeles is close to formally adopting one of the ountry's strict u.s. covid vaccine mandates the council voted 11-2 to require vaccination proof for indoor establishments including entertainment venues the city's mayor says he will sign the measure. the biden administration is planning to spend $1 billion on at-home rapid covid tests. that's designed to make them less expensive and more available. right now, they are sold out in many areas in texas, crude oil gushed from a leak at a marathon petroleum refinery officials say there is no danger but there is a big mess to clean up. the fire department in portland, oregon released a video what have they are calling a smoke explosion that hurt two

firefighters they were hospitalized although the injuries are being described as minor still lots of smoke there. back over to you, kelly. >> wow. >> whoa, man >> look at that. >> glad the injuries were just minor. that is quite the exposition. >> thank you very much leslie picker. let's get a check on markets. do i see this correctly, tyler wow. >> look at that? quite a turnaround the dow was down 459 points this morning. it is now up 22. that's about an eight basis point percentage gauge s&p up seven points. nasdaq up a third of 1%. energy prices are now in the red after the russian president vladimir putin said he will boost supplies to help stabilize europe nat gas is down 10%. social media navigating

another minefield following the whistle-blower testimony the founder of humane tech tristan harris will weigh in when punch returns

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to settle at the highest levels since december of 2008 these roller coaster moves are tame compared to what we are seeing in europe where a confluence of factors is fuelling under energy crunch limited supply from russia certainly playing a part moving over to oil, it is also red. wti is down 1.9% to $77.47 earlier in the session it got within striking distance of $0, hitting a high of $79.78 brent crowd do you know to $81.14 data out today showed a larger than expected build in u.s. stockpiles kelly with crude inventory rising by 2.3 million barrels last week. >> very busy time for energy pippa thank you. are the volatile markets here to stay why where do price goes next? could the power crisis in europe happen here. hamd harold hamm joins us. welcome. >> good to be with you. >> i want to ask you a question

that skips past the worst of what is happening right now and ask which price is going to fall first, and hardest, oil or nat gas? >> i am not sure i don't predict prices very good, obviously, but we are price picker, not price makers i think you have to remember where we came from we came off of a very large oversupply coming over the covid thing. and basically to a fundamental undersupply that we have right now. and it's all man made, all due to federal lands, personaling bans and leasing bans. and also pewtive legislation and policy that the administration is trying to put through so it's all man made it doesn't have to be. prices are up 45% on gasoline and 35% on heating oil and

things like that so consumers are feeling it. like i said, doesn't have to be, it is all man made it's all due to the policy of this administration. so, you know, i would say to joe, the president, come on, man, fix your energy plan. that's all you have to do. >> that's a fair shot, i guess let's go more specific here and get a little more into the details of this. i mean, we were creating what, 11 million barrels a day of oil recently has that been changed? >> no, no. we are still just a million and a half barrels shy of where we are at a high. so, i mean, you know -- >> is that because of federal regulation or because demand is not what it was? why would that be? why would it be less >> no, demand is back. and that's the issue

demand came back and we are right back where we were practically precovid. so, yeah, federal regulations. you know, that's holding us back also, access to capital and everything else that you get when the administration comes against you. so, you know, that's the issue that we have here. >> harold, if i can just ask you about that point it's not just policy here. investors have been burned by shale and by energy for the past decade even under the trump years, that was true i mean look at the market catch exxon. it's only $250 billion right now with an $80 oil price. it is telling you investors don't have the appetite for these sustained losses >> well, that's not quite true they weren't burned for decades. that's for sure. as shale was being developed, you know, there was some capital that was put in without a good

return certainly when everybody was trying to hold the leases they had. so there is reason for that. so it wasn't decades let's get that right but today we are seeing cash flow that's being generated by companies and the investor interest should be there it is coming back slowly we just have to earn that credibility back so, you know, this whole thing doesn't have to be -- we are at a critical point right now and all you have to do is change some policy, and people can go back to work in this industry. so we are thinking about american consumers first and you know, it doesn't have to be this way. normal normally, these transitions are driven by affordable efficient fuel transition. but that's not what this administration is trying to do they are trying to make this all about getting rid of all fossil

fuels. >> what should consumers expect as we move into the high heating season even though it is a lower driving season but what should consumers expect in terms of how much higher their heating bills are going to be this year than last >> obviously, they are up. i said 35% so it's going to cost more it all depends on the winter and what goes on there but we have seen in europe these renewables are not -- wind quits blowing and their natural gas is up to $25 ncf. >> i mean here we are still somewhat insulated we will see just how much more production we can bring to curve these impacts. harold thank you for joining us todays we appreciate it. >> you bet thank you very much. >> harold hamm. zuckerberg firing back at the facebook blbler, defending the company and tech based platforms.

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welcome back to "power lunch," everybody. after the bombshell

whistle-blower testimony from former facebook employee frances haguen, where she alleged facebook's sows division and undermines democracy in pursuit of profit facebook's krechlt mark zuckerberg responded in a lengthy post writing, quote, the argument that we deliberately push content that makes people angry for profit is deeply illogical. we make money from ads adsers consistently tell us they don't want their ads next to harmful or angry content let's dive into the public debate over social media's role and facebook specifically with tristan harris, cofounder and president of the center for humane technology and a former design ethicist at google. tristan, welcome back. good to have you here. >> good to be here. >> how do you respond to what mr. zuckerberg says there. he makes the point we make money from ads and advertisers don't want to be associated with foul or angry-making content?

>> it's ridiculous you know, first of all, it took him i think more than a week to respond. i mean this has been going on i think three weeks, the "wall street journal" facebook files were released. it is important here a lot of facebook's counter-response is attacking a single person. this isn't about this whistle-blower it is actually about facebook's own research that's what the whistle-blower came forward to present is thousands of pieces of facebook's own research showing that it drives division. a simple case is the political parties throughout europe facebook made a change to its algorithm and the political parties in spain, poland and places like that said facebook we know you change your algorithm. facebook said people have that conspiracy theory all the time what do you mean they said no you changed your posts because we used to post papers and people were get a lot

of attention from people now the only thing getting attention is when we post information about our opponents. we have zuckerberg's digital hand that controls the basis upon which politicians and media get their distributions. how many are going to watch this interview on air with us versus how much of what i am saying go to downstream on social media. they are the digital hand of the attention economy. they choose who gets regulated and we know that the outrage wins not obviously hateful stuff but the low grade division that permeated our society. it has been going on ten years you look around you and you shouldn't be surprised why society looks as polarized and crazy as it does right now. >> we used to say on madison avenue sex sells right now, in this world outrage and inker sells.

>> yes, but -- >> i will give you a two fer and then kelly will jump in. mr. zuckerberg also says, well, yes, a lot of this -- you criticize us for doing research. would we be better off -- should we not do research into what we do why should we be criticized for doing research that helps the world understand what we are doing? >> i don't think they should be criticized for going research. in fact there should be much more research that's done. the problem is in their own documents, this is all in the "wall street journal" facebook files. time and time again their researchers identified a solution and said this would be best for people. but then if it conflicts with what was good for engagement, the decision making and zuckerberg sometimes himself said we are only going to do what's good for engagement they found it would be more effective to reduce -- than the billions of dollars they spend on fact checking combined to deal with misinformation they

found it would be more spectacularive to reduce the reshare button once you do that twice and then the reshare bulleton would disappear. the delta variant has a high viral load and spreads rapidly you are changing the virality of information. you are not changing what people can safe you are just saying, hey, should we create, like the most viral stuff constantly or should we dial it down their own research said that would be a bigger fix than billions of dollars spent on fact checking but zuckerberg didn't want to do it because it means that the entire company is incentivized about how much engagement they can get. his own employees would leave because they didn't get their bonuses if they made the change. >> it disrupts the web. >> their profits i don't think zuckerberg is an evil person. i think he has been trapped by a set of incentives he created thousands of employees said i need to hit my performance benefit.

if it is gauged on the amount of engagement they drive, and they missed that goal they wouldn't get under bonuses. that's an example of one tiny thing that would make a huge difference right now that would cost them nothing. it is a one click change it would reduce virality it is not about censorship or left or right. >> i think that conversation was provocative enough that it will do we on twitter thank you. what should we do now? facebook is probably the place where this is most acute but you could make similar arguments for a lot of social media. what is to be done are regulators going to get to the point of dictating facebook -- you know, you can hit the reshare button is mark zuckerberg going to have to step down and some kind of different thing put in -- how does this work now from here, do you think? >> first, i appreciate you

bringing up it is not just facebook i wish that "wall street journal" called it the social media engagement files it is true for facebook, twi twitter. in terms of what needs to happen, it's a really big problem, right, but i will say that for the first time yesterday -- honestly, i have been working as you both know maybe on this topic for about eight years. for those that saw the social dilemma, this has been a long haul i was almost in tears yesterday seeing her present to congress and seeing a bipartisan consensus emerge i saw senator moran and senator bloomenthal say we have small differences in this. one replied we have almost no differences we need to solve this together. i am optimistic. people are trying to paint this as some kinds of left intent to sensor the right this is not about censoring one side or the other. it is about what would be safer

for our democracy. that's the goal. >> tristan, always good to have your perspective we thank you we will have you back soon tristan harris. >> thank you. bitcoin is bouncing back, hitting a nearly five-month high it was over $55,000 a little bit earlier this morning. speaking of regulatory sir es, maybe fo eang our trading nation team will discuss these developments, next

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welcome back to "power lunch. i'm seema mody bitcoin rallying today and briefly topping $55,000. that is a five-month high. regulatory fears easing this week after both treasury secretary janet yellen and s.e.c. chair gary gensler said they have no plans to impose restrictions so is it too late to buy into this crypto trade? let's bring in the trading nation team. i believe after breaking above 52,000, which you say is a key resistance level, you say bitcoin has more room to run that is despite a number of nft funds launching in the fourth quarter. >> yeah, 100%, seema if you look at it from an infrastructure standpoint, you're looking at more institutions getting involved.

we saw the u.s. bank is offering institutional custody services we're also seeing bank of america implementing research on bitcoin as well. so i think there is still more room to run. you see the bitcoin bailed out in el salvador that seems to be going well with 2 million users. twitter and strike partnership, that's also going to be rolling out. i think that's another use case for bitcoin as well. over the next two months a better news flow than we saw previously and i think that's going to drive a little bit of the momentum and spike forward if we get more price up for more volume in the buying i think that could push us a little bit higher. so i'm still buying. i think it's an opportunity for investors to really do some more due diligence and see if it makes sense for them as well >> bitcoin up 7% today where does it land by year end >> i do think we can get to 60,000 bitcoin by year end but i'm less concerned where bitcoin's going to necessarily go

and i also understand this summer talking about my game plan and how i want to buy it. i was looking beginning to re-enter the market at 32,000 bitcoin and buy bitcoin and ethereum all the way down to 20,000 bitcoin i didn't get my full position. but what that did is it got me doing more research and trying to find out where else could i invest this money in crypto. and there are multiple decentralized platforms that really could compete with ethereum, bitcoin. solan is my highest holding. that has risen pretty sharply. another is algorand. that feels like solana two to three years ago. algorand is one that's much cheaper at about $1.90 it's using that as support and i think on a trading basis you can do algorand as long as

it holds above $1.50 both of these are available on coinbase >> so many cryptocurrencies. thanks, gentlemen, great to see you both and for more "trading nation," you can head to our website or follow us on twitter up next, more on today's big market reversal. it's green across the board. we've also got a stock soaring about 20%. we'll tell you about it. don't go anywhere. and now the latest from "tradingnation.cnbc.com and a word from our sponsor.

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look at this turnaround in the markets. the dow can't hold onto its gains. it was briefly positive. it's down 11 points. nasdaq's up 30 and there you see that was after those debt ceiling breakthrough announcements earlier this hour. >> yeah. so take them for what they're worth. apparently it just kind of kicks the can down december so we have a couple more months to talk about it "power lunch" is over. "closing bell" starts right now. ♪ >> welcome to the "closing bell," everyone. i'm wilfred frost. stocks making a major comeback, climbing all the way back and turning positive as we head into the final hour of trade. >> welcome, everyone, i'm sara eisen. wall street keeping a close eye on developments out of washington president biden meeting with business leaders about the debt ceiling. and there's late-breaking news here that congressional republicans will propose a deal. much more on that in just a moment the energy market also remains top of mind. oil and natural gas pull back from multi-year highs. and crypto has bee