excess bid could only lowly china bandspread coy how will we survive treat the mainstream media well in fact baidu the e bay of china and the longer it was because i but it was only ever one of by these many subsidiaries which is bitcoin and that was just for one samsung product for several weeks as those weeks only one point three seven bit cleaner ever sent to buy do look here this is their wallet see that six hundred twenty seven point eight three pounds. john also announced a ban on financial firms transacting and bitcoin the government will treat but coined not as a currency but as a commodity. and as such individuals and companies are free to set up and going exchanges and transact in bitcoin the government warns soever that they are on their own to try to move as much of that work as you went out of the country as they possibly can imagine that the government will not take on the risks of individuals and corporations how indeed will we serve low lives to see that yes max

well when this announcement came from china of course the price of between did plummet quite a bit on the exchanges and but it's now back up again but i want to look at that headline for a moment china bans financial companies from bitcoin transactions so the central banks that the public however was free to transact in them they just wouldn't allow the banks there to transact and this got a lot of attention but at the same time which went completely unnoticed other than by c. and b. c. and this article here big question recognized by germany as private money bitcoin is not classified as imani or foreign currency the finance ministry said in a statement but is rather a financial instrument under german banking rules it is more akin to private money that can be used in multilateral clearing circles the ministry said this is quite remarkable of course because of the importance and significance of germany in europe and we should have competition in the production of money i have long been a proponent of frederick august on high exclaim to denationalize money because our

first step in this direction said frank schaffner a member of the german parliament's finance committee who has pushed for a legal classification of bitcoin bitcoin as a commodity yes that's true that's what we've been saying all along it's a precious number just like gold is a precious metal and you have monetary metals like gold that are used as money and over thousands of years as we had to. the next period of our life here on planet earth humans will switch from the monetary metal of gold to the monetary number numeral is ation of bitcoin which is a precious number there are twenty one million of these precious numbers to be mined in total and they are the monetary new numeric city that will carry us into the twenty first century so china is correct and the chinese people are correct if they ever want to preserve their wealth they have gold silver and bitcoin to do so now back to the story about germany accepting it as private money so c.b.c.

went on to interview kathleen brooks a research director at fork's dot com and she told c.m. b c i think it is interesting that germany has gone ahead and given legal status to the bitcoin as it could become an alternative to the euro if the single currency ever ceased to exist if the euro does go belly up the german authorities could potentially still collect tax if everyone started using bitcoin that's a good example of german forward thinking well the germans appreciate the engineering behind but gone the germans appreciate that the i.m.f. is bankrupt and that if the euro were ever to encounter some existential crisis the i.m.f. is not going to bail out the euro but bitcoin could potentially bail out the euro and they talk about bitcoin being able to extinguish debt this is generally the terms used by the austrian school of economics that talk about gold as the only debt extinguisher that is worthy of the name and now we have bitcoin so the only thing we don't have is the majority of the austrian economic school adopting or accepting bitcoin for what it is and we will but they will they will fall like

dominoes one by one they all come over to the side of the debate in a city group also this past week while the world's media was paying attention to the china story citi group also said that reserve managers may be starting to look at bitcoin as well and that it would be better actually than the s.t.r. for example you know jim rickards theory that will fold over all of the globe. well debts into an s.t.r. well this could be better he said because it's no individual currency is just of the representative nation states is a separate currency on its own like the f.d.r. was originally designed to be a trade currency well he said this citigroup analyst said that it wouldn't be something that reserve managers would move into first but their incentive is not to be the last and if they start looking at bitcoin then it would be put the u.s. dollar in jeopardy you know right it does it will it will kill the u.s.

dollar that's without question the question is will it replace the special drawing right term in terms of settling international debt obligations as the currency crisis and currency wars continue i think jim record so you mentioned you wrote the book currency wars going it's not on his radar he doesn't understand that this is actually a superior mechanism for a currency war enabler then the special drawing rights his to his money of the i.m.f. that he talks about as being the go to currency as you have a recalibration of the global currency grid i think he's going to be wrong i think because he's going to be the go to currency the s.t.r. will end up just being another over leveraged pile of junk that is useless and you know i think jim records will also come over to this way of thinking about actually well i think the interesting thing here is not to look at the price it could be one hundred dollars it could be fifty dollars it could be a thousand dollars it could be five thousand dollars the interesting thing is the debate in that discussion happening and this is only less than four years after it was created less than four years after the nakamoto has spread this idea out into

the world and it's up at the level of federal reserve bank of the people's bank of china these are discussions happening at that level across a banking analyst now looking at ways that this could be used what it actually means what bitcoin actually means and i'm going to take us to this next headline here this is quite simply the biggest endorsement that big queen has ever received this is according to business insider who are very much against bitcoin previous. and now they're big tear leaders for it david wu f.x. and rates strategist at bank of america merrill lynch said we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers as a medium of exchange between has clear potential for growth and our view and with that he provides this chart which compares it to western union as you see blue is the western union and red is big and if you notice western union income was down

twenty percent in the third quarter this year when they had to reduce their rate their transfer fees well they would. a maryland bank of america clearly copying my work i mean is almost quoting me verbatim he's making a reference to silver which i done already in his price target is thirteen hundred dollars for a bit coin that's my price target was recently raised to fifteen and then seven hundred dollars based on ron paul's endorsement bid going so merrill lynch is trying to get into the max kaiser business why don't i don't be smirched him for doing so it's a great business to be and that's why so many t.v. shows mimic the show so many investment banks mimic what we do that's why business insider has not come totally around to do what we do all the time henry blodget now mimics joe wiesenthal mimics us pretty much where the market a bit going around the world and that's the way it should be because our track record our history go back to original currencies ok well we were the first talking about it for two years but let's look at exactly what he says what the quote is from david wu regarding what the valuation of between

a why he thinks it should be worth thirteen hundred dollars and why it could be worth more in the future and this is where he references something that you've brought up here on the kaiser report quite a while ago our fair value analysis suggests that to justify the current bitcoin valuation it will need to one account for at least ten percent of all global e-commerce be to see transactions business to consumers to become one of the top three players in the money transfer industry and three acquire a store. value reputation close to silver so this is where you come in max this is what you were comparing it to silver right now to ten billion dollar value ation silver is at about twenty billion now you know it's a straight rip off of everything i've said everything we've said on the show and the wall street game is to come up with a target thirteen other dollars in this case for merrill lynch bank of america they then will raise that target according to their they want to become the x. as it's called on wall street when the top analyst on the street corner an institutional investor or some other you know reputable or reputable you know

analysis will look at one or two firms that are the price maker market maker and merrill lynch was to be the biggest player in this i don't blame them of course ok well you also brought up ron paul so let's talk about what ron paul said everybody knows that ron paul said ron paul because he could destroy the dollar we know that he said that but there was an interesting point made in the articles talking about him saying this and i want to call upon that even economists who embrace the power central banks like university of michigan professor miles kimball recognize the currencies potential bitcoin really shows governments are behind the curve campbell said it demonstrates there's a demand for an outlet tronic equivalent of cash so here we are in this new era where the people wanted something it was not provided by the too big to fail banks who were merged and connected and wrapped around government they protect each other's monopoly the banks protect the government monopoly the government protects

the banks monopoly they were not willing to provide the services that the consumer demanded the people demanded and a globalized world the people themselves came up with this currency which is much better than anything that the governments themselves have imposed upon us and we see that based on their response that they're actually issuing white papers themselves about what bitcoin. is and what it could be well it this is the first virtual currency a crypto currency that made it through the government gatekeepers keep in mind that this goes back almost twenty years now when virtual currencies were first invented thanks to my technologies so this is this crypto currency has made it through the government gatekeepers but they'll come after like they came after files sharing and napster and eric schwartz and all the the folks are there to take it down but it will triumph especially when bitcoin marries a pirate bay and therefore the m.p.a. the are i am going to go finally out of completely out of business and this is

really a fight that i've been fighting for twenty years so it's great to see this chapter now is a winning chapter well you know many people argue against bitcoin saying well you have to pay your taxes we did see a police chief in kentucky recently start accepting his payment in big coin but first the town is paying his federal and state local taxes and then paying him in the rest that he then doesn't owe us dollar taxes and but finally i want to look at this final bit about this the future of what these digital currencies and crypto currencies hold for us because it is hardly the first attempt at a digital currency that operates outside of state boundaries e-bay is pay pal plans to launch a digital interplanetary payment system there's also growing support for a concept called seasteading floating cities on international waters where business and innovation aren't held back by laws starting as a national application for bitcoin to create your own sovereign so you can pay tax

to taxes are ok pay whatever you think makes sense but any current government tax demands are ludicrous because they support a military that's out of control and does nothing good for anybody ok well we're out of time john mcdonogh time and time to go ok i have to go get some of those intergalactic currency units because i'm heading to andromeda galaxy later it makes sense to do the second a whole lot more. only. live

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we speak your language. news programs and documentaries in spanish what matters to you breaking news a little turn it into angles stories. for you here to. ensure the spanish. visit. welcome back to the kaiser report imax keyser time out of turn to dr kristen la hosts c f o of the university of. cyprus crystal's welcome to the kaiser report thank you very much it's an honor to be in the troop all right fantastic now your university is the first in the world to accept big

coin. what tell us about. actually the initiative because he's an educational conglomerate and i would say because at the university of a nigga see it is a conglomerate it's a quite limited because we have apart from the university we have a punisher with social security the london. school of call aegis of cypress now the students eight thousand five hundred students and i get it we have many computers all over europe and to host us here only programs proto words and you're the c.f.o. chief financial officer and you recognise an opportunity in bitcoin is just part of what happened when there was a bell and going back to earlier this year remember there was a huge bell and there was a confiscation of people's bank accounts is this what the bell rang and suddenly big coin became something to do actually it has nothing to do with the bailout and the crises we have in this even requests from all over they were from students

enough asia even the medica what the university courses from their own countries and especially for almost you know from the bunk that he just all there was who wanted to pay us and be coining in the last couple of months so we didn't see sure we studied each and we came up with the conclusion that queen she's an excellent payment method for the students cheaper less. safe. and that we decided to adopt because each term into the twenty years all of the current. payment. through here comes ok and you also offer degrees encrypt oh currencies correct in actually said must be a cut and sees how the future kind of says will affect businesses regularly they respond curious account times lawyers mischance. it's not actually a course he could top it off if it's a course about the public at large in the p.c.

this is not a lot how we need of money every day life this is what we want to study in these months of program ok now one of the questions people have about using big client in a practical sense is the large volatility is a price movements from in hundreds of dollars in a day as a c.f.o. a chief financial officer of a major university what are your thoughts there is that a problem or how do you address that yeah actually a bit queen us or other codices can be used by that of us a mutual exchange or to sort of like us an investment i say what diversity we would be using that between us if full exchange it's a mix in the form of change the split of value if you dismiss concerns we would not be out there taking any risks that these we would be accepting be queen as a full payment for them to yourself if they do for example if a student from kenya was to pay one thousand euros and on the point of payment the two hundred euros two would be queen he would send us over five points and immediately we convert it to one thousand even the rate is five hundred he was

going to do to be coins and immediately we convert it to one total you write your university they might use a service like bit pay for example and they can convert any currency using the big point of the transfer mechanism and then into the local car and say you're really in the same transaction are taking no currency risk whatsoever and that's interesting point now if you have students coming from kenya and countries where the capita per resident is very very low if. using big coin which is a much cheaper way to send money and use money is it isn't that make a difference in terms of now suddenly there are more people who can get an education because of the cost effectiveness of a bit coin in other words is having an effect on the the number of people now can actually seek an education due to the cost savings from a bit coin yeah actually we are launching this special scholarship program for

students in poor countries it's called uni cuff you assume because he. found that we would be offering special school shoes to students from poor countries and also give them the push you need to pay through between which would make their studies even more cheaper more attractive so here's another use of bitcoin which is a far as i know has never been discussed it's lowering the barrier to entry for higher education for millions of people due to its cost efficient efficiencies and this of course will then mean a lot more educational opportunities all over the world and as your university in cypress i take it would be the first to do this that anywhere in the world but the more would follow i would think yes i. believe that the behavior of these two would be attention is the fact that you have pointed out. it's only should have and will make education more attractive to push students all over the world i believe it's one of the truck to advantages point all right now let's talk about cyprus because

bitcoin was trending higher over a number of years and people were looking at this thing as a curiosity more than anything else and then suddenly there were the huge crisis in cyprus that price spikes from forty to two sixty and people realized that way this is a really a way for folks that are being abused by the banking system to preserve their wealth to escape the abuse of the banking system you were in cyprus at the time what was the feeling on the street was was was it really because from the outside we have the in price. that it was spread like wildfire suddenly going emerges and it was talked about immensely is that true or what was really going on actually at that time back in march and april of this year when we had the bailey and the people are in the streets didn't really know about be coined. that was happening don't be quite of the time or so mainly from the cleaners in the

community outside cyprus or only a few people knew about doubled between and i believe that. the price increase of then the cost in the press would be queen when i'm not to cyprus i will see ok so more and more activity really outside of cyprus and then inside cyprus itself but nevertheless it did kickstart a tremendous move from the double digits to the triple digits and now they quadruple digits when you said earlier that it's both a means of payment and also store value let's talk about the store value for a second because some are estimating that you could look at a bit coin as you would a precious stone like a diamond and it could be worth a million dollars perfect going even hugh hendry who is a respected hedge fund manager here in london recently has said that bid going could be worth a million dollars per bitcoin ron paul a famous politician in america has come out recently and said that he thinks that bitcoin is the killer of the u.s.

dollar and we'll get to that for in a second but what do you think about this idea that the price could trade up to you know a million dollars per bitcoin can you talk a little bit about that yeah i said hit us a university doesn't it usually we want to study about because you know about the advantages and so on and so forth and we have decided to accept it doesn't mean change it we are not taking any position as a university about the potential or. value i have of course my own personal. on the above but what is your personal opinion about that i believe that that he's . going to become. pope a sort of with but but my personal opinion ok let's circle back then to this question about what ron paul was saying recently ron paul i think he's a pretty well known politician around the world really because he's been out front in criticizing the federal reserve bank of america which is analogous to the

european central bank and the european central bank of course has a direct impact on what happens in cyprus and other peripheral countries such as grace and these central banks whether it's the bank of england or bank of japan they're all really coordinating under the master central bank the bank of international settlements in switzerland and ron paul has been critical of this entire central bank centralized monetary authority that seems to favor one element society that is those who have access to money at zero percent interest rates for speculation while it penalizing workers and savers but the linchpin of this entire global central bank system is the u.s. dollar as a reserve currency as a c.f.o. of a major university your thoughts on can the u.s. dollar continue this role as world reserve currency. and is it good or is it bad and can bitcoin challenge that role. i believe that is

a lot of. the world that you have outlined right now i believe that. the dollar will continue to play that all of its pain cut and lee but it will have to face to face a lot of challenge from be clear not a kind of sure you ok so basically what i'm getting so far is that you are very happy that big oil is unable your university to get more students at a better price and expedite the whole educational process and that's the main emphasis behind supporting because that's true however we have much more ambition. concerns we want through these problems of the made to the types governments chukotka cyprus hop it was for be queen trading prophesying and biking and we have made this specific proposal for the government us to how we can achieve that's you know once

a country we don't have to look for export what we did this we have to it is only of private universities but we don't really export anything however we have a once in a lifetime opportunity with bitcoin to convert the she could economy into a help for what trading pay pay and systems banking based on because let me get this straight so you're saying that you are petitioning the government to allow for cyprus to become a global hub of bitcoin activity as as and take the lead position so while other countries are thinking about it and trying to examine it like the us or the u.k. they're not sure exactly what it is and there's a lot of lobbying efforts from the banking industry really against it because it's competition cypresses now you're lobbying the government take a position this is a once in a lifetime opportunity we want to be a world leader and we want the business were open for business for a bit going is that the message i phrase that's it we want to me it makes i proved this central or went to silence be clean trading process you know something we have

about a minute left can you disk. some of those initiatives. for example the government coming to public statement businesses out of it what kind of cyprus. being traded in. cyprus to live change it will be the first the big going to be traded on the cyprus stock exchange this is one of hope as well as a proposal yup much of now having to with change under the auspices of the government having been a big trading it would have truck trading for a lot of that worked we would have. related businesses have visas being developed we would create thousands of new jobs. put into these great like singapore is the asian for banking and london is certainly a hub in europe for banking cyprus could be a big point for the globe and bitcoin trading and related services that's your that's your hope that's your thought you know the government so far we have about

twenty seconds the government so far what has been their response. has been. from what we're trying to couple of days and he said they up but oppose if they will study the use of any carefully in the next coming days all right fantastic well we wish you luck i think one country will be the big one or it could be cyprus could be we want it to be and we make every a fourth well thanks so much bring on the guys report thank you very much and that's going to do it for this edition of the kaiser at par with me max geyser and stacey herbert i'd like to thank our guest dr christos the loss of the university of nicosia in cyprus if you like to get in touch tweet us at kaiser report until next time. i play as a cleaner who's in love with

a waitress on. stage managing that there's an audience used to take drugs and drink like a fish. told me about the circus but i was such a punk i was like what circus. circus of hooligans. break down stereotypes about kids from disadvantaged. years ago. these people are suffering the consequences.

how much more. behind this there is what we call the bank on which there was a deposit of plutonium left by security test which caused. despite previous cleaning efforts there remains a deposit of a little less than two kilos of plutonium stuck in the rock the coral reef about ten metres down. a never ending legacy. please. please.

ukraine's president agrees to consider some of the oppositions to the country's capital becomes a honey pot for e.u. and u.s. diplomats meeting with both sides of the standoff. itself to police push back anti-government protests and clear some of the barricades set off a lot of parts of the city to return to work off the days of paralysis. also this hour the u.k. warns companies against dealing with israeli partners in the occupied territories saying that illegal status makes business highly risky for british for. the busy start to the week for having met the country's top human rights watch dogs to discuss a mass amnesty the russian president orders them in a tree to focus on the coldest front yet the arctic.