ashley: i would think quite a few. i will go with number 3, 13. stuart: brenberg. brian: you said 17, i say 17. stuart: you got it right. did you look it up? 's 7 - the first governor to be elected was thomas jefferson and the election of 1800, the most recent governor to win the white house was george w. bush in 2,000. didn't know that, 17 governors became president. thank you for sticking around for the whole show. good stuff. to in at one p.m. to in at one pm today, fox business, "the big money show". friday feedback coming up next, send your questions and comments to varneyviewers@fox.com. that is it for "varney and company". coast-to-coast starts now.

stuart: the price you pay thinking you nailed the prices people will pay. investors spooked again, some big ones just learned the hard way on inflation with a high number. the latest consumer price index is down, 9.1% rate was running months ago but the latest, 3. 4% year-over-year figure is a long way from the 2% the federal reserve wants. that's the problem and that could prove the battle royale today. juggling the quick rate cuts investors don't want to see but aren't going to get at least right away. sort this out like bitcoin will eventually sort out where it's price goes following the sec moved to allow trading. it is hovering around $45,000 a coin. it had been up to 49,000. one guy still sees it going 150,000 in the next 12 months. another 500,000 in the next 5 years. it is crazy. crazier times for sure.

we will get the read on why this could be a watershed moment for bitcoin. and michael sunshine on bigger implications for all things crypto. it is all about the price folks will pay and maybe not pay. so far it's kind of a standoff. j woods, freedom capital markets chief global strategist at the big board on some of the moves we've been seeing. we thought we had the inflation thing set in stone. federal reserve was going to cut interest rates. you are not among them. maybe as soon asmara chip. now it's getting pushed back in this report, so much for those. >> reporter: seems like it is getting pushed back. we still have another cpi report before the march meeting, the focus will be on the january meeting. we don't expect them to cut at all. the language we want to see, what this reading will lead them to do down the road. this reading caught us off guard. a lot of harder than it

expected but given the trajectory, you put in perspective nicely at the top where we were 18 months ago to where we are now. one slight uptick could be a 1-off and the one term trend continues to be down but we saw -- we still have a lot of work to do to get the 2% goal which seems lofty. let's get 3% and see how we go but right now the market is taken in stride. i thought we would be awful little more on fear. don't like what the wrestlers doing but the s&p 500 still technically giving back a little of its recent gains but this pullback is to me somewhat natural and given this news, this headline number i thought we would be coming in a little bit more. i think the focus is on earnings season which kicks off tomorrow. stuart: a lot of earnings are expected to be pretty good, the banking sector is what everyone follows because it is the lifeblood for us. what do you expect from the 80 earnings? >> reporter: we had 3 can second-quarter negative growth which i expect growth and

jpmorgan is the perfect want to kick this off tomorrow. this is the largest bank in the world, they are turning off of all time highs, had a tremendous run but from a technical teca overview this thing broke out, how many banks are trading at all-time highs, jpmorgan is the one you want to see lean. i don't expect to continue this ridiculous run it has been on but the pullback could be an opportunity to purchase and i want to hear how loans are going, mortgage rates are pulling back, they went through a two year stretch with lack of loans because rates have been going up. we had a week ipo market to say the least and they are at all-time highs so they are set up to do great things. then you have bank and city to follow, wells fargo. they will set the stage for an interesting earnings season. neil: the new england patriots announcing bill belichick

stepping down as head coach, we don't know what his future plans are but he did refer to the fact that as long time coach of the new england patriots, having got 9 super bowl appearances, six actual championships, 14 victories of the coaching the record, he still has some juice and energy and him. he' s not telegraphing where he might go or what he wants to do but it is a historic moment. may have referenced tom brady, he likes the backdrop of all of this right now. one of the greatest players of all time, certainly didn't hurt although super bowl appearances with mister brady at the helm a. we will keep you posted. if you get any ideas on his plans. we want to go to the grayscale ceo, big news today on bitcoin. to michael of course, all

things crypto related but i am noticing that bitcoin has had a wild swing in the course of the last 24 hours but why is that? are they trying to grasp the enormity of this? >> thanks for having me back on great to be here, the last 24, 48 hours have been a blur. putting crypto, if there wasn't some volatility, what we would be focused on is the fact that these approvals came through yesterday afternoon and we've been able to uplift to the floor of the stock exchange. neil: it will make it easier to trade, to change the environment but do you think it will make a huge difference? how would you characterize the impact of this? >> many people have often looked at crypto and perhaps

bitcoin most specifically since it had the largest market of any of the crypto assets, being outside the financial system. the fact that bitcoin offered the protections of the spot, really weeds this asset class into our financial services system. that to a signals the staying power of this asset class and opens up the opportunity to a larger group of investors. stuart: i want to expand on that if i can. my buddy charlie gasparino is weighing in on this, good to see you. you know michael glennwell. charles: i think it's a big day. rome wasn't built in a day. lauren: 1 wouldn't it be funny if we look back and find out rome was built in a day? really embarrassing. but this is like it was, that kind of watershed moment.

>> there's been scandals. >> we are having microphone issues, hopefully we can address that. i want to go back on the wrong built in a day thing, the significance of this day because even when the sec rode off on this, gary gensler was not exactly saying the most robust things about it, that angered kathy would but what did you make of his push and pull on this? >> if you look closely at the remarks, he pointed to grayscale's victory last year. it is unfortunate the sec initially denied the application to uplift. we did need to make the tough decision to sue our regulator, we got unanimous victory in court, and not only have they uplifted to nyc but paved the way for additional products come to market and we are opening access to crypto for another group of investors.

charles: there is a maturation going on here. having retail being able to buy it on a real exchange, i am sure the people at coin base will be annoyed but publicly traded established exchange is a huge step towards mainstreaming crypto. jack: fear that. charles: the rubber will meet the road at some point. is bitcoin which is created, not backed by anything, it is created by a bunch of computers, people and computers trying to figure out complex mathematical questions, is this thing, it is really like the value is pretty nebulous. can that hold through this? will average people want to buy the currency of international money laundering which is what bitcoin is.

neil: i was noticing not only is bitcoin, it was almost closing in on $50,000 a coin, now we are around 45 but as you want to be it is low. it was up 7%, 6%, we had exar p happen at 8%, now it is up 5. 5% so there are different plays on this and i get that. i'm wondering whether people thought the volatility might ease with this street read moment if you liken it to that but it won't be for the faint of heart. what do you think of that? >> you gentlemen have had on a few points. i want to push back, bitcoin is not the currency for international money laundering. bitcoin has been shown time and again -- charles: i'm not a bitcoin hater but people use this stuff to do nefarious things. it is proven. it is known.

by the way -- neil: the vast majority. let him answer. >> let me be on the record saying bitcoin is one of the worst tools possible to move value if you are doing anything illicit or nefarious. as you guys -- neil: is hard to trace. that is why -- >> you guys hit on a couple things. one of the things i believe in which is bitcoin is multidimensional. you mentioned is bitcoin a currency, is it a store of value, is it inflation hedge, and i think each of these investments around bitcoin can resonate, multiple of them can be true. there can be multiple truths around this. that's why bitcoin may in fact appeal to different investors. charles: let me say bitcoin is used for a lot of bad stuff. it is absolutely proven. so it is one dollar.

neil: dollars are used for the same purpose but having said that what do you think will tell you where this goes? charles: just so you know i am apolitical with this. i see positives with this. edward: to much like the people you cover, you hate everyone equally. it is fair and balanced. >> i like larry think but i broke his chops. larry fink would say, he's the head of black rock which is one of the providers of this along with michael, he used to be a hater and now he is not. it is it is not just because you wants to make money which he does. michael does as well. we all do. he has also seen that you can't change the fact a lot of people, not talking criminals in this case. a lot of people see bitcoin and crypto as a store of value entered inflation hedge. one reason they do is --.

20 they've got this thing going for it, just that. charles: if you think about it, look what happened since the pandemic, the fed has come in and aced the currency in ways we never had before, 0 interest rates. the fed, the us dollar, the us dollar. neil: what are you saying? >> in 2,023, bitcoin is one of the best-performing assets over the year. directly to what is being said here about investors looking get to bitcoin as an inflation hedge. that thesis around investing in bitcoin. charles: everybody takes on bitcoin by saying it's not backed by the taxing power of the us government but the taxing power of the us government only goes so far and currencies are based on what someone would want to buy it for, the value of it is in many

ways based on faith in the american system so you could argue this a lot of different ways. neil: could i get your take, which we had more time but i talked about giving crypto and invaded -- related investments nods in etf with a lot of people coming into the market that they might not have. i'm wondering what it means for demand, for price. anyone's guess but the demand, now you have a reason, like a good housekeeping seal of approval. >> when we talk to our investors and survey the investment community there has been investments that were patiently watching for bitcoin to debut in the etf rapper. they've been waiting for the protections of the etf rapper so even just here alone in the us, when you look at the financial advise market, $30 trillion worth of wealth that has not been participating.

i think the uplifting of the debut of these other products really does open up the market and can satisfy some of that. charles: and neil brings up a good point. in this sense, real financial advisors now say okay, my client who has $1 million in assets which you need to go to a financial advisor these days, want you, 60% stocks, 20% bonds, 30% bonds, 10% crypto. does crypto become part of the asset mix? that is still to be determined. neil: thanks, didn't look like that they would come with the back-and-forth on this. i actually missed both, the trading range within bitcoin alone is more like $6000 from where we were briefly yesterday

afternoon, as high as $50,000 a coin so it does show you, not for the faint of heart, even with this on again off again blessing, it is a wild ride. it doesn't mean it is any less. in the meantime wild ride to the candidates with days to go before the iowa caucuses. let's get the latest from iowa where you will find grady trimble. >> reporter: most of the top gop candidates are here in iowa making last-minute push trying to reach voters with multiple events throughout the day today but it is worth pointing out that donald trump fresh off of that town hall last night on fox news is not here anymore. he's in manhattan in court once again but his former hud secretary, ben carson, is hoping to rally support behind the former president speaking to voters here, caucus goers here today.

south dakota governor christie know him was here to stump for trump, we don't want to read too much into these appearances but people are speculating who donald trump could pick as his vp if he's the gp nominee. he said at last night's town hall, >> if you're the nominee which you expect to be, who would be in the running for vice president? >> i can't tell you that. i know who it's going to be. we will do another show sometime. >> we will have to wait and see on that. as you know, former new jersey governor chris christie shook up the race yesterday when he announced he is dropping out. speculation is some of his support especially in new hampshire could go to nikki haley. haley has been fending off attacks from donald trump over her record on immigration and she is defending herself today.

>> we have to defund sanctuary cities, we put 25,000 border patrol and ice agents on the ground and let them do their job. we will go back to the remaining mexico policy because no one should set foot on us soil. instead of catch and release we go to catch and report. >> as we get closer and closer to caucus day we are watching the polls. this one from suffolk university shows christie dropping out of the race does give the former south carolina governor a tiny boost in iowa but she is still more than 30 points behind trump. a lot of ground to make up. christie was caught on a hot mike before his announcement yesterday saying haley is going to get smoked in the race. we will start to find out whether that is true or if christie is wrong in just a few days time. neil: i know that was an open mic remark, the foreigner governor didn't know but others

say he did know it was open and didn't care. do we know if that is sorted out? >> i don't know the final word on that but chris christie is someone who is known to speak is mine. he doesn't do a lot by accident. it would be surprising if he didn't know about that but you never know. hot mike happen. we see it in our industry and it is possible it happened to him too. neil: thank you very much grady trimble, we will be joining him this weekend with coverage around-the-clock on the system of big donors. a lot of money floating around in the state. in the meantime bill belichick has made official that he is stepping down as top coach of the new england patriots. no indication where he might be going. there are a number of teams that are interested in having him. the owner of the new england patriots saying it is the end of an era and it is.

keep in mind, under mr. belichick the new england patriots had nine super bowl appearances, won six championships and one of the greatest coach quarterback relationships in football history, referring to tom brady who got mentioned once or twice at the same conference. we've got more. (vo) sail through the heart of historic cities

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>> after discussions, we agreed to part ways. for me, this is a day of celebration. start with robert and his family, so much thanks for the opportunity to be a cochair for 24 years, an opportunity to see tremendous support, we had a

vision of building a championship football team here, it exceeded my wildest dreams. adam: bill belichick making it official after 4-13 season. he is out and leaving and we are told it was mutual and agreed to with the owner of the new england patriots, no indication where he goes from here. he will probably have some thoughts on that. we speak to former miami marlins president. good to see you. was this a mutual thing? >> i don't think anything is mutual. robert kraft made clear the patriots didn't make the playoffs. he was probably going to move on. we all excited this in the industry but also hoped it would be done with aplomb and that is what this was. you don't often see that, you say it was mutual but in fact he had a contract for next

year. he's fired but he will get another coaching job and you heard kraft say in the press conference i'm going to root for you except if you overplay us. it is clear belichick was ready to go and see if the grass could be greener and robert kraft was ready to see if another coach could make him happier. neil: if you're the owner, is that considered a trade? >> no. i have been part of a trade. we traded all the way back in 2,012 when we won the world series of the chicago white sox, get a player to get a coach. it is very rare but i've done it twice. to get an executive too. we are good at doing that but the patriots are not getting compensation. what they will get is mitigation, so the money that they owe him for next season whatever he is paid by his next team gets taken off the top. stuart: let me ask about the

state of football now. is 17 game season. some teams rose to this odd location. others did not but how did you see it going? >> they added the extra game for revenue. fox was happy to have another weekend of games and it is all about taking care of your broadcast partners. what players are saying is give us a bigger piece of the pie and what nfl says is there's a salary cap, you get a percentage of revenue. let's increase revenue together and we all make more money. if the nfl could they would have two more weeks because every time a football game is on network it out draws any show. even more people than us. neil: i'm wondering why doesn't baseball or basketball get that? i know there are fewer games but it is really lopsided. >> it is extremely lopsided. when you look at the top 100 shows on tv the nfl has 86 or

88 of them. why do other sports not get those numbers? regular seasons, more games but let's talk about the popularity of football. it is simply a behemoth. we would spend hours in major league baseball. how could we be more like the nfl? even if you shorten the season to 150 games it doesn't come close to the 17 games the national football league gets and the playoffs, every game in the playoffs starting this weekend is game 7. neil: i could give you free advice. you saw the success of taylor swift this year. adele at the games just showing up. >> she would have to date one of the players. that's a very important point. neil: he is an encyclopedia on this. i'm not throwing that out. that they lawsuit but we have a lot coming up.

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neil: today's closing argument day in new york at the civil fraud tile for donald trump. the former president is there. haven't seen him leave yet. lydia has more from new york city. >> reporter: the defense just wrapped up their closing arguments after 12:00 noon,

presenting just two hours worth of arguments, donald trump was not permitted to speak to the court during those closing arguments but he did good address reporters outside the courtroom after they concluded. as a reminder, accused by the new york attorney general of inflating the value of his assets to obtain more favorable terms on loans for his businesses. he told reporters there is nothing wrong with the loans the banks are paid and bankers were happy, here's more of what he said. >> the son attorney general that hates donald trump. it is a shame. she should be criminally liable for this. >> reporter: the judge found donald trump liable for fraud. there is no jury deciding this case.

the judge ordered trump's business licenses to be canceled. that could potentially result in the dissolution of trump's companies in new york that own properties all over the state. that issue is already on appeal. this morning the new york attorney general letitia james issued a statement saying this in part, quote, throughout this trial we revealed the full scale and scope of that for odd. i'm proud of case we presented and confident that the fact and the rule of law are on our side. today's closing arguments are the last chance for trump's attorneys to convince the judge that he should spare them, spare trump and his businesses from paying hundreds of millions of dollars in fines and their last chance to convince him that trump's businesses should continue to operate in the state. we expect closing remarks to be presented from the attorney general's office to kick off this afternoon. each side is budgeted 2 hours

and 15 minutes and we will follow it throughout the day. neil: i want to go to the former deputy assistant attorney general. the judge not allowing a closing statement surprise some folks but he did seem to have a good rationale behind it, things he would have allowed donald trump to do and say, what was the dividing line? >> everything about this case was unprecedented. i don't recall a time when somebody like donald trump who is not the lawyer, doesn't have a law degree wanted to appear in court and deliver his own closing statement in a civil case like this, a fraud case, that is remarkable. the other thing is that the judge didn't band donald trump from speaking. he said you could deliver your closing argument as long as you don't violate the other rules that he tried to impose, don't attack the judge and the clerk,

don't attack the attorney general's office, don't give a campaign speech. i thought donald trump might go forward and give the closing argument under those conditions but he refused but as we saw in the clip you played he might step out at the end of the proceedings later today and give the closing arguments he wanted to give anyway outside the courtroom. neil: he is supposed have oppressor later on today, some remarks on this case come up there he is technically violating what the judge told him not to do. >> once he is outside the courtroom, once the case is over, donald trump can say you can't stop me from giving a political speech in front of the courtroom and we will get to hear what he was going to say anyway. what's really going on as we see the closing arguments, the case is over.

donald trump lost on the fraud claims, how much punishment is going to be meted out to trump and the trump organization and his family so i think he's using this as a platform for his political campaign, to press his message that he's being persecuted by prosecutors and that will be the theme of his comments. neil: politically it has worked for him. don't know the legal angles but politically it has been a good strategy so thank you, good seeing you again. any word out of the former president we will pass along. passing along bitcoin gets a little bit of street crowed with an etf devoted to those who want to trade on the market and can but it has been a wild ride, almost a $5000 a coin ride, pushed and pulled and back on. kathy word on that and more next.

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neil: bitcoin got a little streak read today. allowed this to trade in the stock market, that's the way to democratize the process. it has been a multi thousand dollar range in the swing of these coin prices. kathy would joins us now. i had the pleasure of talking to her, she is not only a well-known american investor, founder and ceo, makes a lot of big bets and a lot of big areas

and then regret sniffing a little later on. very good to have you. thanks for being here. let's talk a little bit about this reaction. people thought this was the good housekeeping seal of approval, some streak read that would spread to the crypto community. that appears to be happening but hasn't taken away some of the volatility. what do you think? >> going into this day there was a big anticipatory move in the price and there's been all kinds of speculation. is this a cell on the news event or will it turbocharge? it is that dueling match that taking place. longer-term we think the resolution is going to be on the upside. we agree this is a seal of approval, the fcc chairman

gansler still is. it blessed bitcoin through an etf. we are thrilled. stuart: you're being very diplomatic, you did express concern that the sec in writing off on this might have made things a little worse because we approve the listing and trading of certain spot bitcoin shares, we did not approve or endorse bitcoin. investors should remain cautious about the risks associated with product whose value is tied to crypto. you said something that denigrated it. what did you think? >> he has been consistent if nothing else. we know some of the research team at the sec know what they are talking about, they know what this is and most importantly it is now an etf rapper.

from a safety and security point of view the etf rapper has proven itself over the last year. neil: a lot of people think when you have a etf, something that is a vehicle to take advantage of a high trend, you have two different funds that deal with that but i notice on artificial intelligence you've got a lot of tesla in their. you've got a lot of roku, shopif gmac. it is concentrated when all is said and done in a few names. explained that. >> we are a high conviction manager to begin with. during the bear market for innovation stocks and 21-22, what we did is we concentrated towards our highest conviction needs.

we have a scoring system that concentrated towards the higher conviction, 58 names at the peak in february 2021, two in december of 2,022. we are at 27 now, north of 30. it is part of what we do during a bear market and as a bull market expands, and more ipos come out, we diversify the portfolio. neil: you would call tesla, hope i'm not misquoting you, the greatest ai play and it is a top player in your funds. are you over exposed to it, do you worry about getting overreliance on it? >> not at all. it is behind coin base right now in the portfolio, but we

believe in that portfolio. we believe that while tesla's ev, electric vehicle business has been better recognized in the evaluation, what we do not believe is recognized much at all is the move towards autonomous mobility. some people call him robo taxis. with cruz's affective demise in the last few months more and more people are dismissing the opportunity where we believe the breakthroughs in artificial intelligence increased the probably of tesla's success. we call autonomous mobility the greatest ai project in the world and we believe autonomous taxi platforms will scale up

into the $8 trillion-$10 trillion range by 2030 locally including china, half of which will go to the platform players like tesla. we think these platforms will submit to natural geographic monopolies. we think tesla is in that position in the united states. neil: it wasn't one of the magnificent seven but as the new year began, reports of elon musk and others that hampered his ability to do his job and has the shareholders are concerned about that. is this something you worry about? >> i think the joe rogan show set that discussion off.

we know tesla very well within tesla. and the elon as well and i can tell you there is no more serious and focused executive in the world. neil: the fact these charges are out there and have been on and off for quite some time, so much of the company, the investment is attached to the personality like in the old days of apple with steve jobs. is his health and performance crucial to you sticking with tesla? >> i think in order to scale the model 3 and everything, we needed the brute force, and first principles thinking that elon brought to the company and imbued the company with. and now on the autonomous front, we would like to see him

finish that project, but this company, tesla, elon musk, has surrounded himself by incredible leaders. he gets the best talent in the world, because he's working on the hardest project in the world. people actually burn out and some of them come back because there's no more exciting place to work from an intellectual point overview and innovation point of view and humanity point of view changing the world and making it a better place. lauren: 20 with that extent to space x when it goes public? >> don't x will ever go public but it extends to space x. in terms of elon surrounding himself by the finest minds in the world absolutely. another incredible project with the goal of mars, there are some people, they believe that was why they were put on earth

and what better place would they be? neil: let me step back, we talked about bitcoin and it's crazy ride. there's an analyst out there, tom lee who sees $150,000 bitcoin in the next 12 months around $45,000, sees it going to 500,000 in the next five years. what do you think of that? >> we in our big ideas report can see the building blocks for our base case in 2030 is 600,000, tom lee and we are quite well aligned. the case for 2030 is $1.5 million. you can see the building blocks, one of the biggest

building blocks is institutional. institutional ownership of a new asset class. the reason that is so important to institutions is if a new asset class is not correlated to other asset classes, then what typically happens by putting some of it into a portfolio construction, you increase returns per unit of risk, and so institutions have a fiduciary responsibility to take a point of view on this asset class and are doing so at a time when there are 19.5 million bitcoin outstanding roughly, and the highest you will ever see that go is 21 million units and if you examine the holder base which you can because this is a very transparent network, 15

million of the 19.5 outstanding in what we saw strong hands, long-term holders. they have not moved bitcoin from their wallets in one hundred 55 days, so there is a scarcity value evolving now in this new asset class. neil: are in. we follow it closely. good talking to you, found around cio, good seeing you. thank you. in the meantime here, the dow down 43 points, the market in general is holding up with these renewed inflation pressures and a cpi report that was stronger than thought, so far hanging on more strongly than thought. can help you prepare for today's longer retirement. hi mom. that's the value of ownership.

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we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones neil: always get nervous when i bump into rick reichmuth and say how are things looking? you don't want to know. he didn't say that but with this forecast, what is happening, maybe we don't want to know. i had a feeling. >> reporter: nobody wants to know, we have rough weather in store for almost everybody over the next couple days. this is the storm, snow squall warning in flagstaff, arizona, heavy snow causing dangerous conditions across i 40, this is the energy that is the next storm we are watching following

a similar track to the storm we had a couple days ago that was so powerful, severe weather, snow, rain, flooding etc. winter storm warnings in effect, this will start tonight across nebraska and iowa which will have very cold weather behind it. the caucuses coming up this week, we have the snow here tonight into tomorrow morning moves off a little farther to the east by the time we get to midday tomorrow. saturday you start as rain and turn into snow but a lot of people getting snow across the western great lakes. some spots 5 to 8 inches in the chicago area but north of that some really big numbers. towards area of wisconsin maybe a foot and 1/2 of snow. we have a severe component. today we have the threat for significant tornadoes around the texarkana area. be careful here tomorrow. tornadoes across georgia, the

carolinas overnight, talking about this across areas of mississippi. there's a storm behind this we are going to be watching. this one potentially brings much colder air that will settle in over the next day or so and the next storm potentially brings significant snowstorm across the northeast because of air like this that's coming in. look at these wind chills. it will be brutally cold this weekend across the area. neil: when a season starts off this way is that a harbinger of things to come? as the beginning goes like they say about market so goes the rest? >> not necessarily. december was really warm and mild, january really cold and active, doesn't mean february will stay that way. probably the parents which is by mid february and calm things down a little bit. neil: stick to this weather thing, you showed great promise. good seeing you. is and he good at this? i told you. taylor rig is a really good at "the big money show"