we are back with merry christmas and he's glad to be the instrument of that. always good have you with us. merry christmas to you. that is dead. thank you, pastor. thanks for being with us. >> from fox business headquarters in new york city, the new "wall street week." tranter welcome to the program that analyzes and helps position you for the week ahead. i maria bartiromo. we have a big program for you today and this weekend are interested observer editor jan grant is my special guest. later in the program, bitcoin billionaire investor will join the program to explain bitcoin to us in this incredible news. a look at the headlines from wall street to main street. house and senate republicans spending the early part of the week working out differences between the two bills before coming to an agreement on the final version this week.

key aspect to tell you about. the corporate tax rate 21%. the president had been pushing for. the top individual rate will be lowered from 39.6 to 37% could eliminate a mound of state and local tax deductions are remaining. the alternative minimum to go with the corporations that remains for individuals at a much higher threshold. ovonic your individual mandate gets repealed. the bill set to be voted on early next week. some republicans trying to insert last-minute changes to win their vote could this be explained by doug jones over controversial republican roy moore will cut the gop majority 51-49 in the senate. time is that the absence forgetting the bill to the president just before christmas. the federal reserve announced in wednesday it will be raising interest rates the third time this year lifting rates by a quarter of a point. janet yellen holding our last

meeting said she expects the jobs market economy to continue strengthening over the coming few months. good news in a tall push stocks higher this week with all the major indices finishing in the green. investors witnessing history this week with the launch of the world's first-ever bitcoin futures exchange that went live sunday, last sunday at the cb o. surging better than 18,000 on its first day of trading. all the way up to 18,000. talking about 20,000 right now. we'll be speaking shortly the two men behind the change, tyler and cameron winklevoss. fox business parent company, and the all stock deal worth an estimated $52.4 billion. disney will be acquiring fox movie studio as well as the cable network fx and "national geographic." also get substantial stakes in who would guide. i asked rupert murdoch on a morning show, "mornings with maria," why he fell in the

entertainment business now. >> we see that the way people watch the networks, the individual programs and you've got a certain time, the end of the week it will have doubled. the end of the month redoubled again. maria: especially the netflix of the world spend upwards of alien and the seven commit $10 billion original content. federal reserve raising rates expect it. janet yellen caution investors on inflation despite the strong economy. jim grant is here, editor of grant's interest rate observer joins us right now. great to be here. thank you for joining us this morning. interest rates this week and as we are talking about this great economy can you look at the tenure and should take longer

rare rates are so low and the interest rate observer titled the latest case of the 0% jump on handle. >> first of all, i think the most consequential prices and capitalism kind of future cash flows are very sensitive prices may happen to be under the thumb and government authorities and the bank of japan and of course to my mind the three now is the european central bank. these raids in europe are extraordinary. i observe interest rates for a living. we all have to have some job. i thought i had seen it all. there's something called telecom, which as you might surmise that the telecom business and it has speculative

grade that to be sure of, but still junk and outstanding for the year 2022 123 and meals, not quite investment grade securities are less than 1%. 0% is the way you begin to describe, but bear in mind the rate of inflation which doesn't explain why your 2%. so the yields are less than the expected rate of inflation in central banks to impose in the gives you no question against the credit risk inherent in a low rate of security. these are purely uneconomic yield and they are the world is so europe is 3000 miles of salt water away.

however, through the agency of arbitrage and that these rates are to a degree everyone's rate. so they really feel great. so it's fabulous. maria bartiromo come you should know she is an author as well as a tv personality and your excellent "wall street journal" column, but one of the darkening clouds i submit is the distortion by the central bank specifically central bank. in what you referred to i point out right now to synchronize global growth story. they are predicting 4% growth

next year and when you look at where interest rates are, >> we have equity valuations the second highest by the late 1990s. we've had graveyard quiet and volatility, perfect peace and quiet, which measures the stock market. every day except weekends and maybe we'll get around to fixing not. so graveyard volatility and depression level interest rates. by some measures, the sovereign debt yields are the lowest in like six or seven years. maria: jim great to see you. happy new year. jim graham. don't go anywhere. my interview with cameron and tyler winklevoss is next. zar: one of our investors was in his late 50s

right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. ♪ for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air. that amounts, over the course of the week, to about 10 pounds of carbon dioxide. growth is good, but when it starts impacting our quality of air and quality of life,

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maria: welcome back. the winklevoss transduced to be synonymous with facebook not in a market after missing $11 billion in their face looks at him in their facebook sentiment they invested in bitcoin in 2013 now claiming to be the world's first bitcoin billionaires. they would not tell me how much they all and at first on fox interview i asked them about their new bitcoin futures exchange at the cboe -- cboe and what it means moving forward. >> this is the first-ever bitcoin futures trading right now this morning on the futures exchange. so it is important because to this point is basically been a

stock market, so this is the first time people can express easily a short position on bitcoin. so that will create a truly two-sided market, which should reduce volatility in the long term and also increase price discovery and just make it easier for institutions and individuals to gain access and exposure to bitcoin with the contract he does it is cached scheduled to come by with cash and schedule adding cash. you don't have to actually deal with bitcoin but you can get the investment exposure to it. just another financial product an easier way to get access. maria: certainly more liquidity. you made the point on the morning show people can put their money where their mouths are because you've got people like jamie dimon calling bitcoin a fraud. we think it's a fraud, go ashore at. >> we've been working hard to give jamie dimon a fraud too short a client bitcoin cadena

says they fraud or a bubble you can bet against it. >> yeah, talk is cheap than on his right now you can actually, like cameron said, bet, like him inside, dead against us. we encourage jamie dimon to personally bet against this, take jp morgan's balance sheet. we will see what happens. but now they can do it instead of throwing stones. maria: tyler coming by to explain this because people are wondering what bitcoin is backed by. the dollar is backed by the full faith of the treasury and the u.s. government. what is bitcoin backside? the mac great question. we think of bitcoin is gold. some people point to an intrinsic bow you a bold but that doesn't explain the value. an unexplained 10% from a 15% of the valley of gold. gold has value because we all agree it has value as well

except gold and it has a collective acceptance and value that way. bitcoin in addition to being increasingly accepted around the world and more people come into the system by the day has the mining network which is one of the largest in the world backed by cryptography. a lot of people look at the u.s. dollar or government backed currencies and say a the government has counterparty rest. the average lifespan of a currency is roughly 27 years. look no further than the zimbabwe dollar. they have a trillion dollars bill. the history of most currency is really terrible and so yes i'm a living in the u.s. but look at the u.s. dollar and say what is wrong with that but in reality, most currency is out there fail. maria: so how many bitcoin to you both on? cannot we are not counting that right now. >> we are just to talk about the

bitcoin contract. we may discuss that later at some point. maria: look, this past week and opens the thousand dollar stake, 1000 contracts traded in the first hour. i'll call tapping because the volatility in the website crashed on less than 24 hours. we know the currency has risen 1500% this year. 2000% this year. maybe bitcoin is real, but is it a bubble? it's a great question. people use the word hobbled and this is basically bitcoin's 20th bubble. we came in five years ago. at $30, $100, 500, 1000. now we're at a bubble of 17,000. gold has been a bubble for thousands of years. but the bubble framework is really not correct to put against bitcoin. when you think of a company in

their stock price, if they produce x amount of your one year and a say in the next year in the stock price goes up and the economic productivity hasn't changed, we see that company is overvalued. it is not a company. it is a network in the value of networks is and squared. the amount of users is end. if i'm the only person in the world u.s.a. phone is not really valuable i can't call you. if you buy a phone, you actually increase the value of my phone inadvertently or not even knowing because now it is useful. same thing with a social network. the first person on facebook lonely place, not much to do. all of a sudden 100 people you can share stories and pictures. maria: that's a good analogy. a billion people at the billion

square. that all of a sudden the value gets exponentially greater and that is how we value bitcoin. money is a network. people believe in the u.s. dollar it has more value. people believed in bitcoin it has value. people believe in gold has value and that's a linear increase by definition the more people that get into bitcoin it makes it more valuable. when we take frameworks to bitcoin, it is misguided because it is a network. it is not a company. maria: we will be back with more from the winklevoss brothers when "wall street week" continues.

>> welcome back to "wall street week" and more on the interview with the winklevoss twins. maria: have you sold any bitcoin so far? >> we purchased tickets to space a couple years ago and we clearly overpaid for that. but look, we believe long-term there is still a long way for bitcoin value to go from here. we think it is gold to plano and his distracting gold which is a $6 trillion market cap. if you look today at 300 alien dollars, it looks like it's certainly appreciated quite a bit in the past year. we have been saying for the past five years when bitcoin was a $1 billion market cap, the better gold if you look at the properties of gold, and like scarcity, divisibility,

portability, bitcoin equals or surpasses gold across each categories. for example, gold is scarce, bitcoin is actually fixed at 21 million traded divisible into 100 million pieces. it's hard to cut up bars of gold and they are hard to move. they are not nearly as portable. part of this i think is a generational thing. i hate to say that. if you talk to millennial circuits on the street, they don't want hardware. they want software. they get bitcoin, no explanation necessary. they don't talk about wanting to wear bitcoin or why isn't it shinier. they live in a digital world. they live in a 24/7 world. they are connected all the time and bitcoin is money built for the internet that moves like information and e-mail and everything else. gold is the old world. it had a place. it's had a great 3000 year run and bitcoin has only been here

for 10 years, but it's cutting them quite a bit. >> that's absolutely right. taking a break from the real world used to be how things were. now people take a break from the online world and step into the real world, the right back for like 10 minutes, that they live most of their lives in a digital world. maria: are you surprised at this incredible success? you are early believers, but wow. >> when we first found bitcoin or came across it, came across a comment sounds at a huge idea, kind of crazy. it is not crazy to be very skeptical and say this is either like huge for total -- back in 2012, but kept learning, kept asking questions, ticketing incredible answers back.

i just couldn't see how this could work or wouldn't work. maybe that is what makes us a little bit different in the way we think about things or we are kind of optimist i wanted deeper in look for that thing. we obviously get really passionate about it. we really couldn't see why we wouldn't be sitting here today five years ago when we wouldn't be sitting here today talking about this conversation. that was sort of our thinking the whole time. >> we thought it was a binary outcome, zero or as large as gold for even bigger. maybe we see the world differently and one of the few that talk the way but i think it's not really a surprise we are here today. >> the other thing that's interesting is we don't think this is by any means the finish line. we think this is the bottom of

the first inning. bitcoin world is a huge step your gemini trust company was a huge step two years ago for the new york state to charter a trust company in our space, but there is so much more to do insight to build out the ecosystem and build more sophisticated financial products, but also a lot of work to do in crypto currencies big problems with different technology and so we are super excited because this is definitely the starting gun in a way for us than all the sudden the finish line. maria: my thanks to cameron and tyler winklevoss. stay with us.

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maria: welcome back a welcome back a big market event coming next week that could impact your

money. earlier in the week the very latest numbers on the housing market as well as the housing market index, existing home sales, on the docket. later in the way, the latest on new home sales and the shf a house price index. also the very latest on some important market movers like the gdp. two straight quarters of 3% growth. durable goods orders a market that mover. income and consumer segment in the week i had. a few good names reporting earnings. the latest quarterly numbers from fedex, bed bath and beyond, general mills, black berry, nike, rite aid. next week on wall street -- "wall street week", very good notion, my special guest in an environment where leonardo da vinci painting is going for $450 billion. we went to find out what is going on in the art market. i'll see you on sundays for

"sunday morning futures" like 10:00 a.m. eastern on the fox news channel. that's it for us. have a great weekend, everybody. i'll see you again next time. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show,