morgan did an estimate back when bitcoin back in november when bitcoin went from 8,000 to 20,000 andt was $6 billion that came in and it moved it that much so it wouldn't take too much and 6 billion is a lot to me >> when you say about weeding out the retail investor, why would you do that? i get that we want institutional players and i get van eck with a lot of institutional products and they're large enough for institutions to trade them. >> yeah. isn't this really about getting anyone easy access and simplifying the process? >> agree i can't speak for van eck, but my understanding is the sec put out this list of things you need to accomplish and they wanted to protect the investments and let's make the share price so high, it's prohibitively high for retail investors >> this would be a very easy way for them to get in because you solve the custodial issue. they can outsource that to whatever etf company. >> that's right. the custodial issue is still there. >> that's the hurdle, yeah >> but that's also a hurdle people are betting that the etf is coming, like, soon, i think it's unl

we still like it, but it has competition. >> bitcoin versus litecoin >> we'll take bitcoin again.nse to charlie. charlie lee, but i would rather own bitcoin. >> and we'll end this with ripple versus bitcoin cash i'd pick bitcoin cash over ripple because i think in some ways bitcoin cash has unique features relative to ripple and there are merits to owning it. >> want to do a bonus round. >> bitcoin or u.s. equities between now and the end of the year >> between now and year end we think it can do single-digit gains and i think bitcoin can easily do well beyond that between now and year end so i would rather own bitcoin, but of course, it is riskier so it's different than owning an, quit. >> tom, thank you. despite your jet lag for joining us tom lee of fund strap. >> i tend to agree with karen that i have trouble with the cost of mining because i don't think it's commodity i don't think people really -- i see that target moving around. i think bitcoin to me is probably range bound and i think we're waiting for an event of some kind that will be the catalyst there's no question tha

is bitcoin money? well, you know, for regulatory purposes, we may not want it defe defined that way. it's been defined as a commodity because that's necessary for regulatory purposes. in terms of the conceptual idea of is it money, it is to some extent. it's not currently a very good one for the reasons that have been articulated. it's not very good as a media exchange because the price is so volatile. if the price is -- if we think the price is going to go down, i don't want to receive it. if i think the price going to go up, i don't want to spend it. this volatility undermines its features both as a store of value. >> my time is about to expire. would its properties as money improve, would its quality of money improve? would its volatility decline based on adoption rate? is adoption rate all that is required to improve its qualities to get to money? dr. garratt? >> yeah. people have to start using it for transactions, then volume at this time might start to decline. >> the way it's set up has part to

people are not asking what the price of bitcoin but what the price is in bitcoin. from that. demonstrates a wide variety of moneys that have been used. there have been numerous historical examples of private currencies. to my knowledge, there has never been a private fiat currency. those are reserved for the power of governments. you might have carried notes in those days. example, all such notes were backed by the loans and investments and capital of the issuing bank. they were not fiat money. the dominant historical trend in money has been to create ever more central bank monopoly of currency. this is over several centuries of development. the new ubiquitous computing power could reverse this trend. will it create more competition and currency? i think itchel, could be a great idea but i don't think it will happen. bitcoin theorists think that it will. i think it could move in the opposite direction. that is toward even greater monopoly by the central bank through digital money. the point that it is not only our own central central other powerful banks that we might think a

tonight on fast it is bitcoin salvation. bitcoin finally breaking back above 7,000 for the first time in what feels like forever for loyal holders and raising bitcoin has one chart that shows the next stop is the moon and he'll be here to explain plus do the right thing, and that is the first in tesla's code of conduct. elon musk twitter has a direct violation of his own approximately see, and leslpolie picker has more. we start stranger things after a brutal sell-off that saw netflix down as much as 14% in the after-ours session it reclaimed most of the losses ending the day lower than 5% and the nasdaq and the tech sector hitting an all-time high today so is this further proof that you can't bet against it and in this once in a generation rally. guys >> after the netflix numbers i thought for sure netflix would trade to the 305 level and basically it broke out from april when thai reported the big quarter and raised guidance for this quarter and we got down to 340-something, and if you told me the stock were close, i would

one, bitcoin has asserted itself as the currency here of the internet, right? that kind of is starting to pick up a little bit of steam so people are getting involved in that the sell-off today wasn't really much i think it was just more of a correction within this 6800, really big level for bitcoin. you're seeing a lot of sellers pop up there, although i am encouraged >> when you say currency of the internet, what exactly do you mean >> what bitcoin was designed to be is a currency we have all of this hype and those things will be great, but ultimately, bitcoin is going, in my view, be the money of the internet so if it's a currency, it's not a security and it's designed to be that way and it's getting some improvement, then that should give it value. >> all right what else could be behind the bitcoin resilience mark is behind the digital assets at susquehanna and we like to call him wall street's crypto king. >> what's going on in your view? >> i think the 5600 level has been important and the 5800 has been important and it's been a theme, but if you look at

and howard marx says negative things about bitcoin and bitcoin doesn't move, i think that's a really bullish sign >> you're clearly a believer in cryptocurrencies and the platforms surrounding cryptocurrency, but when you have the fed so outspoken against cryptocurrencies and when you have the head of the fed so bullish on icos and cryptocurrencies, aren't you swimming upstream? >> and that's the best part. that's the best part that's really where you make money, when you're swimming up stream >> i started buying bitcoin in 2012 when the price was $10, and i've gone through now 80% correction and that was a 65% correction it's the same old criticisms and i think a lot of it is it's just -- they're uninformed because i think everybody at this desk and anybody that spends the time into why is it an asset class and why does it have such potential, they come out of it being a believer and they're not running around like i am evangelizing and they come out of it is aing i'll put the money to work in the asset class. >> you mentioned institutional money was looking for an entry point here

that would coincide with the second leg down in bitcoin it's not just bitcoin, by the way. i know what you're thinking here the total volume in trading of cryptocurrencies in general has also shown the same pattern. the levels are 0.1 what they were during the december peak. in other words, crypto traders are not switching to other coins. that's not the story here. they're just trading less in general. back to you, melissa. >> thanks for that bob pisani for more let's bring in our next guest. you know him from "trading nation," when he's not busy digging into his chart he's actually mining bitcoin. craig johnson is the chief market technician of piper jaffray. how many rigs do you have going rate now >> melissa, it's a hobby and i enjoy stocks, commodities and doing strategy work, but we do have a fair number of miners running and it's been a nice father/son project that we've been doing now for a little over a year now >> on a hot day does the air-conditioning get shut off or do you keep the power going? the air conditioner is never shut off these units are hot. >> in the

is bitcoin dead? who knows, there's still a lot of optimism in the market that the problems can be fixed and more investors can get involved. >> thank you see you soon. >>> let's talk more about the cryptocurrency markets first off, the headline for me was not that 800 cryptocurrencies have failed or are worth less, it's that there were 800 the market got stupid. you have to admit. some of these should have never existed. >> yeah. let's take a step back and look at what happened the market was overheated. bitcoin was trading at a 2500 handle then it rallied to 20,000. it went up eight fold within the span of six months >> there were more coin-base accounts than e-trade accounts >> speculation were driving prices, prices driving valuations the market entered a phase that was not sustainable. now you're seeing a bit of a correction, which is good a correction is a good thing it's what we saw 18 years ago with internet and tech companies. >> >> 70% is more than a little bit. >> this is a brand-new asset

is bitcoin money? for regulatory purposes remain at want to define it that way or the irs has defined it as a commodity that is necessary for regulatory purposes but to conceptualize it is to some extent but not very good one for the reasons articulated because the price is so volatile but as a medium of exchange it is in good because i don't want to receive it if the price goes down that i don't want to spend it so that volatility undermine undermines. >> so what would its quality improve on the volatility decline based on the adoption rate is that is all that is required? >> yes people have to start using it for transactions. if that happens then the. >> adoption rate has to do with it and fit coin has also benefited from its own but that is only one currency so in general yes it does have a lot to do with it. >> my time is more than expired i recognize doctor foster for five minutes. i thank you and also to the witnesses. recently there were reports in the press of estimates of 20% of that coin was

what does he tell his mom now about the bitcoin bear market. we are live from times square in new york city. much more "fast money" coming up after this need a change of scenery? the kayak explore tool shows you the places you can fly on your budget. so you can be confident you're getting the most bang for your buck. alo-ha. kayak. search one and done. we all want to know you know, the new, new thing. with xfinity's retail stores, you can now see the latest. want to test drive the latest devices? be our guest. want to save on mobile? just ask. want to demo the latest innovations and technology? do it here. come see how we're making things simple, easy, and awesome. plus come in today and ask about xfinity mobile, a new kind of network designed to save you money. visit your local xfinity store today. >>> welcome back to "fast money. we have a news alert on mcdonald's kate rogers is in the newsroom with the details >> the illinois department of public health says it's received confirmation of approximately 90 cases of food borne illness and the i

on their platform these coins all jumped and even bitcoin was up 5% that day so bitcoin volume is onlytly higher and then only in the last few days and futures volumes haven't changed too much so don't get too excited yet there's one other possible positive here. regulatory, on tuesday, fed chair jerome powell said the fed was not thinking of creating a crepto currency. sounds like a negative the purists are seeing this, they don't want government intervention or oversight. if the fed gets into crypto business there is potential for much more regulation in their minds, the purists' mind, this would be a negative so powell saying this could be viewed as a mild positive for prices, i think is an interesting idea if you accept the fact that more regulation would be negative for cryptos. melissa, back to you >> bob, thanks bob pisani at the new york stock exchange let's trade it when we were speaking to barry. >> the amazing thing is crypto had no reaction. >> that was the best scenario. >> and that's how it should work and that's how the asset classes are designed to do, and the fiat curr

paying for drinks with bitcoin.es cryptocurrency will become worldwide standard, eliminating the need to exchange money. >> i have to change dollars to rupees and back, losing a lot of money, paying it to the government. >> believes paying with cryptocurrency is the wave of the future. >> i'm a big backer. think it's going to be mainstream. >> how soon is a matter of opinion. san francisco bay futurist james canton thinks it's now. >> in 2018, going to see a significant mainstreaming of cryptocurrency for purchasing things people need. walk into grocery stores, vacations and travel, spend cryptocurrencies the way you spend dollars today. >> two online retailers jumped on the bandwagon. sells discounted amazon products. and planning sales for people using cryptocurrency. >> making it easier for customers to buy stuff on the site, credit cards, paypal or cryptocurrency, made sense to me. >> says received bonus in bitcoin last year. jeff, consultant to several overseas banks, also paid in bitcoin. we found atm at neigh

about 95%. >> wow >> they love bitcoin around the world. >> right >> not as much here. see you in a bit >> all right >> you coming back >> you cannot keep me away >> we can only hope to contain you. >>> on deck, it is earnings extravaganza and the big change that could be coming to a front lawn near you very soon. overwhelming air fresheners can send you running... so try febreze one. with no aerosols and no heavy perfumes. so you can spray and stay. febreze one. are you ready to take your then you need xfinity xfi.? a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >>> welcome back your big individual stock stories include electronic arts. posting better-than-expected earnings, but the outlook disappointed shares of a $15 billion nasdaq company that you never heard of are soaring today. this is atlassian corporation. they announsold their chat platm business to

the bitcoin platform will be a better investment?i think you should have a balanced portfolio. bitcoin will be relatively stable to others and it is like building commodities. you have to have higher risk and stable stuff in there. bitcoin can become more predictable. matt: you also invest in commodities on equities, bonds. how big a share of your cryptocurrencies occupy. dsumantas: i have only crypto in my portfolio because it is what i understand. matt: you are not concerned it will all blow up at some point? it becomes the two lip sad -- tulip fad? dsumantas: we have seen multiple ways -- times when it could have and it has shown value. i think we will see more of but we should have a long-term perspective on this. i wouldn't advise people to put their life's work into a crypto only portfolio, but it has long-term potential. matt: thank you for joining us. the founder and ceo of transfer .o on cryptos let's get to one of our top stories this morning over the last 24 hours. go, you can read see the top stories. fiat has no facts re

and stripe initially accepted bitcoin, but recently stopped.ou at all concerned that stripe will be on the wrong side of history with that decision? >> we are absolutely open to revisiting this. at the time we made the decision, it was trending toward the individual store value. i think that is a valuable thing to have existed in the world. i genuinely wish them the very best. it works less well for our case. this is one thing that where we are looking at the data. it was declining rapidly in uses of payment method. if it starts increasing again as a payment method, then sure, we will go back. emily: bitcoin, cryptocurrency, is it hyped? reality, a bubble? >> our determination was that bitcoin was not a good payment method. which is a very different discussion then cryptocurrencies generally. emily: because the value was shifting dramatically? >> and the speed of those posting transactions on the bitcoin network was the main thing. so we remain fascinated by cryptocurrencies from a technology point of view and the general speed of execution of

that's still active, melissa, and that's the vanex solid bitcoin trust. the sec had no comment about that application so that is still out there right now and by the way, the vote, the sec vote, 3-1. melissa, back to you. >> it sounds like the sec is saying bitcoin is a fraud. >> it's not a frau -- they were very careful in seaing we're not saying that there is something wrong with the whole block chain. he thinks these are promising technology, but over and over again, we are finding that they are indeed subject to fraud and manipulation and the fact that it's an unregulated offshoer market, basically, they're saying you want us to approve something where all of the trading is in an unregulated market, it doesn't sit well with my mission i'm sitting at home and thinking what bitcoin can be manipulated is that true >> the sec's job is to make sure they're protecting the retail investor and this is the foremost most important thing that they have so i can understand. i don't think there are expectations for things to be approved and there ask a place for t

today, people think bitcoin's already broken it's working fine. dollars a week of transactions on the chain, so -- >> one question about the mining story. this idea we're at $7,000 and one of the reasons we're at $7,000 is electricity costs and the cost to get the chips. >> it gets more difficult, too >> keeps getting more and more difficult. >> fewer bitcoin to find >> part of the issue people jumped into this at one time could there be a moment at which there's an oversupply of miners, if you will? >> yes, that's when you see, what you're seeing is a jump in hash power because there was a lot of mining coming in. >> could there ever be hash power taken out? >> yes and the difficulty would adjust, but today it's still profitable for someone who has an s9, the latest chip, to actually mine bitcoin because their all-in cost is 4,000 it's the legacy equipment that's less profitable. >> how about stocks? >> we still like equities. >> that's all the time we have see? don't you wish you had some? unbelievable we'll be back and talk more about that bitc

cases for bitcoin in switzerland. we've made significant progress in switzerland and switzerland is developed in the crypt hop for finance right it's been just last week. the president of switzerland proclaims a wish of establishing the crypto nation switzerland right so we hope you know that also swiss sort of financial regulator will continue this positive development and create an appropriate regulation framework to enables us kind of technology and businesses although you have a background at u.b.s. working with high net worth individuals it seems they might have some roadblocks to investing in crypto currency i mean one there are so many out there how do you choose and to it's a really technical space how are they doing this that's true actually you see there are a lot of exchanges for cryptocurrency spirit this is not the focus of business but you're absolutely right to. to to invest in crypto currency is today. in a smart way you actually need a technical knowledge and pretty deep one you need to understand the

is i hear people on c n b c and other mainstream outlets talk about bitcoin they don't really seem to understand it any better than people are trying to understand it back and twenty eleven what do you think of that statement yet because it is no investment scheme it's not a more convenient way to trade money online because when as is said on the original website is the pits appear form of money cannot be controlled by governments and central banks is really important don't. so that with what big queen can truly a chief of humanity which is liberation from this financial system in slave i should becomes realized. what do you think about this lambo crowd i mean i go to north america because in conference for a couple years down the road to thousands of participants in the early meet ups or maybe five or six year you're in the first big conference ever of prague there were a couple you know developers there maybe twenty or thirty people or hundred people total but now you've got this idea that it's led by everybody and is seems like that's far removed from the original vision they talke

liz: how about bitcoin? are you a bitcoin boy? >> no, bitcoin. we prefer traditional asset classes. fed wants to push it to, stocks getting expensive, investors will think twice before having that much exposure. liz: i want to leave this until the last moment. you have 14 billion in assets under management. i've been following you for a long time. what is the numberer one thing you have done over the years? >> number one thing, long term focus, manage risk appropriately. you have to manage risk. you can't ride things to the sky. that is what our investors appreciate. liz: david. thank you. appreciate it. [closing bell rings] no way to candy coat this. deepest loss in the nasdaq. that will do it for the "claman countdown." i will see you on monday. have a great weekend. adam: this gif. a booming economy not tough for investors. the dow ending the day down roughly 74 points but off session lows. the s&p 500 also closing in the red. the nasdaq off 114 points, down big time. seeing steepest loss in a month. i'm adam shapiro in for david asman. cheryl: hello, i'm cheryl casone in for mel

you can't put a a bitcoin into federal count but you could watch it through an intermediary and use bitcoinand thereby longer the identity of the true donor, correct? >> that is absolutely true. there is a global shell game that is being played now. this is tailor-made for money laundering. you have notes all over the welcome many of which are completely anonymous. they don't ask questions. it's like the law firms that set of shell company to ask questions. they exchange one form of virtual currency to another. wet money for bitcoin, fiat currency in, the currency out again between you love multiple layers of these different virtual currencies that are going to be impossible to track, if you know what you're doing and can use speedy can end up as u.s. currency and u.s. election. >> yes. >> thank you, chairman for farrt me go over. >> thank you for another port hearing of the subcommittee. you been doing terrific work and a want to commend senator whitehouse for his persistent and could work on the disclose act fo shell company these act you just reference. mr. murray, you know how anonymous

today she is in san francisco paying for her drinks with bitcoin. hopes cryptocurrency will become the worldwide standard, eliminating the need to exchange money. >> i go to india, i have to, like, rupees and change back. i'm losing a lot of money. >> she believes paying with cryptocurrency is the wave of the future. >> i'm a big backer. it's going to be something that is going to be pretty mainstream. >> how soon it becomes mainstream is a matter of opinion. san francisco-based james canton thinks that time is now. >> i think in 2018 we're going to see a significant mainstreaming of cryptocurrency, particularly for purchasing more real things that people need. you'll be able to walk into grocery stores. you'll be able to buy them for vacations or travel. you'll be able to basically spend cryptocurrencies the way you spend dollars today. >> at least two online retailers have jumped on to the cryptocurrency bandwagon. purse io sells discounted amazon products and only accepts bitcoin for payment. overstock.com expects to do $10 million in sales from

didn't need to know that they needed bitcoin until breaks it happened our currency in savings depleted twenty five percent in the international market we now have the very first pawns the ability for you to take you know to have this little cash to own your own money spend your own money and have a monetary policy that rewards the save a rather than rewards the people taking on debt which additional money now within that we've got lots of politics we've got people that believe that the coin is a savings account we've got other believe that should be used as tests and then you've got people coming along and sample we can do this cheaper faster and better but the point of the matter is the big question is the only one this actually a store of value that the centralize is able to actually fulfill that sort of value role and if something came along and create cheaper faster cash then great. that's the innovation that we're having a syrian comes along and creates a small confab platform that turns out is absolute disrupting the i.p.o. market was free in silicon valley that doesn't mean that

is i hear people on c n b c and other mainstream outlets talk about bitcoin they don't really seem to understand it any better than people are trying to understand it back in two thousand and eleven what do you think of that statement yet because it is no investment scheme it's not a more convenient way to trade money online because when as he said on the original website is the pits appear for more money cannot be controlled by governments and central banks is really important don't. so that with what big queen can truly a chief of humanity which is liberation from this financial system in slave i should becomes realized. what do you think about this lambo crowd i mean i go to north america because in conference for a couple years down the road to thousands of participants in the early meet ups or maybe five or six year you're in the first big conference ever of prague there were a couple you know developers there maybe twenty or thirty people or hundred people guess and total but now you've got this idea that it's led by everybody and a seems like that far removed from the original

if you chart chinese stocks against bitcoin with a six days lag, you see bitcoin is one of the first indicators that liquidity in china is changing. chinese equities and bitcoin are driven by excess liquidity. this does matter in terms of the connection. matt: i want to bring vista gold. i have -- bring this to gold. i have a chart that i just think is cool. -- ounces of gold to buy one bitcoin. we saw a peak, but it is now headed back up. why is gold doing poorly as bitcoin is recovering? that coin is slightly more of a speculative asset than gold. gold is one of those hedges. there is not really is a man for a haven asset. u.s. equities are at five-month highs. overall, global growth is good. there is no reason to have a haven. as we saw last year when equities are booming, bitcoin is not a haven. it is like your lottery ticket. there is a chance you might get massive upsides. when you have got liquidity, you put it into bitcoin. that is not why people buy gold. people buy gold when they are looking for a haven asset. equities at record highs, canadian equities at record highs, aus

bitcoin bouncing back from a 2018 no. will it be able to avoid a.com-level first -- a dotcom-level burst? ♪ yvonne: this is "daybreak asia." i am yvonne man in hong kong. ramy: i am ramy inocencio in new york. u.s. stocks blew past trade concerns for a little bit. the chiefg in economist and head of credit portfolio management. he is also a bloomberg opinion columnist and. thanks for taking the time to be with us. i want to get your initial reaction. we saw the u.s. markets at least close down. we saw the domino effect from asia to europe lead into the markets. we saw them rise by the end of the day on the back of technology shares. to what degree was this a surprise to you? what you are describing is a cascading effect across markets as everyone is trying to discount his next stage. friday actually starts, you see that they are actually coming into the fact as we speak. what the u.s. market was indeed saying is so many sectors were not so much impacted by the trade aspect. there's probably some value from investors. so t

i will take the wait-and-see approach with bitcoin now. caroline: what are you seeing?n the crypto? caroline: in terms of the bitcoin. it isn't centrally located out of one area or another. it comes from multiple different directions. but we are not talking about dramatically high volume. a team .5 million contracts today and we have a couple thousand it quinn contracts today. we are not trading a lot of these contracts. ours is larger so hours are much bigger contracts. the point is, we are not seeing huge -- regardless. that's ok. i think it'll take some time. but the flows are coming from different parts of the world. vonnie: the european union has planned for more oversight over -- particularly foreign ones. particularly post-brexit. give us the update on how you are dealing with that coming down the pipe? excellentanother question you are asking. i don't think a lot of people are asking that as it relates to the equivalent. we agreed with the european union two years ago on the equivalence of the regulatory regime and now they're going through some of the issues wi

their life savings because they had to put it through the bank mexico didn't need that they needed bitcoin them to obama trump became president and crash the value of twenty five percent the u.k. didn't need to know that they needed bitcoin until breaks at half and then the our current savings depleted twenty five percent in the international market we now have every first pawns the ability for you to take you know to have this little cash to own your own money spend your own money and have a monetary policy that rewards the save a rather than rewards the people taking on debt which additional money now within that we've got lots of politics we've got people that believe that bitcoin is a savings account we've got other believe that it should be used as tests and then you've got people coming along and sample we can do this cheaper faster and better but the point of the matter is the big question is the only one this actually a store of value that the centralize is able to actually fulfill that sort of value role and if something came along and create cheaper faster cash then great. that's

is i hear people on c n b c and other mainstream analysts talk about bitcoin they don't really seem to understand it any better than people are trying to understand it back in two thousand and eleven what do you think of that statement because it is no investment scheme it's not a more convenient way to trade money online because when as he said on the original website is the pits appear for my money cannot be controlled by governments and central banks is really important don't. so that with what big queen can truly a chief humanity which is liberation from this financial system in slave i should becomes realized. what do you think about this lambo crowd i mean i go to north america because in conference for a couple years down the road to thousands of participants in the early meet ups or maybe five or six year you're in the first big conference ever of prague there were a couple you know developers there maybe twenty or thirty people or hundred people in s. and total but now you've got this idea that it's led by everybody and it seems like that far removed from the original visio

ripple, bitcoin cash and eos remain the other top koins all while bitcoin sees massive gains this weeklying on 20% for its best week since early april. well, all of this bullish news makes me wish our crypto -- was here what's that sound? is that mr. b.k.'s neighborhood trolley. even though he isn't here today, he sent us a message about stellar. and here it comes. he says stellar is both a currency and a platform so it makes sense that it is more valuable than late coin. the partnership with ibm is very interesting and it could add even more value as we build more products on the seller's platform it's a beautiful day in mr. b.k.'s neighborhood. tim, what question would you have for b.q. if you were here >> i would say b.k., what is the impact of the currency war on bitcoin and its rally this week. is that b.k.'s neighborhood trolley again? he might be sending us another message. >> the character of the market appears to have changed for most of this year, every rally was met with aggressive selling and that has changed over the last two weeks and the potential could be a tailwind for

a lot of the haters of bitcoin came out there, but there was fatigue. the biggest thing that turned momentum around are the rumors and the conversation of an etf bitcoin product coming to market as early as august 15th and potentially september. two leading providers may have an etf, which will allow access for retail investors all over the world to buy bitcoin it's really been interesting, eric, because we have seen bitcoin as the crypto currency market cap represented about 47%. that's a sense sayingal move up higher since january with only 33%. therefore, there's more room to run in bitcoin >> anthony, do you think there's more room to run too are we going to crack 9,000, maybe 10,000 any time soon? >> thanks, scott we'll have much more on bitcoin's move coming up on the live show on the internet with tom lee. he will lay out his latest bull feesz for the crypto plus. we have peter, he is out with a warning for the market as global rates rise that's all coming up at the top of the hour. futuresnow.k futuresnow.cnbc.com. halftime report when we come b

those have not rebounded to the same degree bitcoin has.of these smaller and middle sized have flatlined. for much of the last year, we have seen the move together. something to keep an eye on is this level of separation. you can see that on the bloomberg. at $8,000 forback bitcoin. mark, take it away. mark: i am feeling nostalgic. it is like the old days. you will love this chart. hore yuan weaker than on shore. that is the longest stretch since 2016. are more pessimistic --ut currency -- overseas then the mainland currency and senior foreign exchange strategist said there is further room for to depreciate further. to the lowest level in 13 months, china announcing measures to support its economy, including special bonds for infrastructure spending. just to give you an idea of how bad it has been faring, it has weakened by four point 56% against the dollar. it sparked speculation that china is using the currency to blunt the impact of u.s. tariffs. deutsche bank, markets for now are taking a benign view. part of that has to do with greater

an ethereum fan >> just bitcoin. >> so you're bitcoin only.plain your rationale >> it's a new market for me there's just something i want to invest in. >> did you think of it as a speculative lottery ticket >> i wouldn't say completely speculative. but it is speculative. >> is this your personal money or portfolio >> it's absolutely my personal money. you can't say crypto's distressed that would be kind of hard. >> can i ask what percentage of the lasry family fortune has been invested in bitcoin >> yeah. i mean, you can absolutely ask. >> and >> knock yourself out. >> no, it's around 1%. >> oh, yeah? 1% >> that's significant. >> it's 1% because you bought in at high levels or because it rose after -- >> it's gone up. >> when did you get in >> few years ago >> a few years ago hold the phone, people a few years ago. >> but not i bought a lot more i would say in the last -- you know, in the last year when probably the average price would be somewhere around $7500. >> what do you believe the intrinsic value would be today >> i have no idea. you'r

thatstrike me as places bitcoin has become big.: we look at places in europe when we do these surveys, turkey included. we don't see any particular trends with inflation. in some cases yes, turkey did enthusiasm when it comes to cryptocurrencies in terms of ownership and expect it ownership. end acrosscessarily multiple questions and wasn't something particularly looked at. you talk to, do they know what the coin is? jessica: really good question. thought people had a more general understanding of what the coin is. a digital form of money that isn't regulated by any central body, it coin be one of the key examples but we keep the definition as that so we can incorporate lots of different understanding. guy: hearing about another setting the reality is two different things. bitcoin, most people know what does it differ, is there an understanding of the difference in certain aspects? up to coin with blockchain? withx up bitcoin blockchain? jessica: we ask people whether they had heard of it. that doesn't mean they understand a lot ab

we're talking about bitcoin, of course, but it is on hopes that wall street is finally getting onboard crypto craze, block chain capitals says it could all 'lberske and mirro hel here to explain we're live at the nasdaq marketsite in times square much more "fast money" on this very busy night. we all want to know about the new thing. you know, the new, new thing. with xfinity's retail stores, you can now see the latest. want to test drive the latest devices? be our guest. want to save on mobile? just ask. want to demo the latest innovations and technology? do it here. come see how we're making things simple, easy and awesome. plus, come in today and ask about xfinity mobile. a new kind of wireless network designed to save you money. visit your local xfinity store today. >>> welcome back to "fast money," facebook changing after hours. the ceo mark zuckerberg just revealed a key metric. julia boorstin has more. yes, melissa, a metric that facebook has never revealed before it's 2.5 billion that's how many people mark zuckerberg says use at least one of face bokbook's app every monh 2 2.2

some dude on the internet said bitcoin is rising.ew other dudes said they will buy some of that, and the next thing you know, it has momentum. adding to the fun with bitcoin is because it had that massive range over the last 1.5 years, 20,000t went from 200 to or something like that, you have got some wide ranges you can play in without running into any serious momentum reversal indicators. i was looking at a fibonacci chart and we are stuck between the second and third band, even after we have had this $1000 moves over the last couple of days. ramy: even talking about technicals here, across in the 50 day moving average. whether that matters or not is another question. from the hit back in december. thanks very much, bloomberg mliv strategist, garfield reynolds. you can check it out on the mliv on the mliv bloomberg terminal. switching gears, and it's a new era at one of wall street's largest banks. has named david solomon its next ceo, starting october 1. the stock took a hit. second-quarter earnings come and play be missed. t

perhaps in the next 18 months we will probably see a bitcoin only etf.duct is something we would like to look out for. those are all single coin products, what's really exciting is the multi-coin part. i think that will transition the system from just access into looking at this in a significantly different asset class. vonnie: what is the benefit investing in your kind of part of bitcoin and how do you manage the risk? ali: that is that the wives important to open the benefits we provide. we hold 20 coins. your opening of yourself to idiosyncratic risk of one asset. by holding 20 the portfolio behaves in a way that's responsible. we do hold all of our coins. part of our index means we will never include a coin we cannot take it off of an exchange. the dust we do not open ourselves up to any exchange risks and we will weer be in a position where risk our client assets. vonnie: where does it go? >> to the moon. we are expecting it to go much higher. in a passive vehicle like ours is a really good way to participate. vonnie: thank you. caroline: fascinatin

that is a lot of the reason my bitcoin is outperforming. institution cummi -- coming into the crypto market is going to perform well. a lot of that has to do with infrastructure you have to build to enable some of these institutions to come to the market. been adding new services. how are they working and where do you see them expanding? peter: we see them expanding into the institutional market of the u.s.. the big focus is bringing institutional grade products into the u.s. market. this is a long cycle. while there is a lot of talk about it now, i do not think we will see the full effect until may 2019. emily: what is the risk? we were talking about crypto yesterday and there is a lot of concern, especially if you overstate your insurance. there is still a lot of risk involved. peter: i think it will maintain a small part of people's portfolio. that said, the crypto market is small. the crypto market, even bitcoin itself is still a pretty niche market. emily: caroline, there is so much hype about crypto assets and the underlying technolog

, bitcoin is trading back above 7,000 for the first time in more than a month.l our hearts nicole, it's a 7,315 but it was at 19,000. nicole: yeah, absolutely and the overnight trade last december was close to 20,000 so what happened? it has such violent moves to the downside, but hey, look at this people are still believing in this, three pieces of news surrounding bitcoin today as gold closes at $12 people are running the bitcoin so what are the three pieces of news? first we had larry at blackrock saying they have a working group looking at blockchain and cryptocurrency. just that type of institutional interest really gives it a lot of validity to have that kind of ownership. the other two stories that hong kong retailers are accepting bitcoin payment with an indonesian start up and also a cryptocurrency platform has gotten the okay getting a green light from federal regulators to start trading these coins and these securities so all these pieces of news are given it a boost up 10% that's a good move for bitcoin. liz: any nicole petallides, thank you. preside

lee has been bullish on bitcoin for a while.g up like that -- draw a line going up like that! >> he has a justification for his call. he is arguing that the mining bitcoin are expected to go up to about 9000 u.s. dollars by the end of the year. if that holds true, bitcoin will get to about 25,000. it has a long way to go. it will be about 270% from where we are now. he has had a track record of being overly optimistic. we are expecting this to get to 20,000 by mid this year and he overshot that a little bit. rishaad: eric, you won in terms of how long you have gone on for, but i am going to give it to hannah. >> [laughter] with her,ave to go ithing against eric, but seems speculative. had antioned that tom tendency to be a bit too optimistic. rishaad: it is astonishing what is going on with bitcoin. eric, what is the mood like with participants? eric: the euphoria from the end of last year has evaporated. four people in the industry -- industry, thishe is a long-term thing for bitcoin. when you look at better regulations and sec

we have four assets, bitcoin,. , bitcoin cash, we plan to add more. at the forefront of our monochromatic. -- model roadmap. but want toh four expand to asia and offer new assets. going --price of that bitcoin has been on a steady the going, is this needed -- steady, is this needed? alwaysarkets are not rational and you have to have as rational and you have to have a 20, 30-year-old vision and our ceo said, we have been working in the space for many years and the market reacts to rapid run ups and recoveries. when an opportunity to stay focused on the mission and create an open financial system and invest in the infrastructure and resources to bring this to asset class to mainstream. we look at other metrics like the number of developers working in the space, new teams launching, number of daily transactions on any digital currency, those numbers are moving up and we are optimistic. brad: the vice president and general manager of coinbase institutional and joe weisenthal, thank you for joining us. coming up, he was a driving force behind amazon's kind

bitcoin to 20,000.thereum to 1,500 by the end of the year do you stand by that >> people can call me out if i'm wrong. i stand by that. we're not in the -- we're want in the business of speculating on the sort of short to medium term prices. the reason we were that first check in coin base was because we believed in the underlying technology we felt that if this worked, if blockchain and this notion of decentralized currency would work, there would need to be someone to handle the fiat to crypto transfer, and we thought coin base would be the winner, and so far they've proven out to be >> you invested in coin base as opposed to putting the same amount of money into portfolio of coins through initialized capital. does that mean that you think that the greatest games to b had within the crypto industry is actually the businesses supporting the trading of this, want issing the platforms as opposed to the -- themselves >> we want to bet on the picks and shovels. because we're a vc firm, we're looking for st

>> the bitcoin stuff is remarkable. espionage is a cash business. you have to pay for it somehow some way. the bitcoin allows one to kind of remotely pay for something anonymously. this is also a situation to figure out who made the what payments through the kind of bitcoin register which might -- if you are a future criminal or spy, maybe be more cautious about which cryptocurrency you use. >> this is a new world we're living in. >> it really is. i think overall, the -- the level of detail built on a narrative since january 2017 when the intelligence kind of -- the agencies released their assessment. and what they said back then was that russia, during the campaign, had developed a -- this is a quote, developed a clear preference for mr. trump. and that is continued here. and when you look at the white house statements and denials, trump and his supporters said it about the assessment and again today, saying, well, nobody said any votes were changed. that is missing -- it is a dodge in a -- in a lot of ways. >> but that wasn't their role. >> that w

stock market bitcoin is also in demand while some skeptics see buying and selling the cryptocurrency is gambling and not investing is advocates view it as an alternative to gold most analysts are nevertheless convinced in the long term goal will not lose its sheen despite the apparent alternatives currently on offer it will continue to fascinate people in the future just as it did back in the age of the pharaohs oh well it's not very. often as a correspondent from frankfurt in times like these why is the gold price still down all after with bitcoin. no actually not when you talk to investors here on the trading floor they were telling me that we are actually in a difficult situation there is a lot of things that are going on in the world we have a u.s. president that is completely unpredictable there is this fear of rising tension with iran for example and also you know that iran could shut down the oil acts of war to other countries all of this could make investors very very warrant when something like this happens we usually see the gold price of going out but in this situation inv

been here for years bitcoin is up 4% $302 gain to 7696. else is trending landon dowdy is here and back with that. >> we're back with it. a battle of the sequels at the box office sony's equalizer 2 took the top spot with 38.5 million d this edged out mama mia here we go in. which brought in $34.4 million in the first weekend. >> is that a real movie. >> it's the third one. >> denzel washington kicking butt. >> yes. >> what do you want? mamma mia. >> thousands of people swam from asia to europa cross istanbul, the strait yesterday it brought together swimmers from 50 countries. they swam for four miles to the finish a swimmer from cypress came in first with 46:58 a woman had 50:30. i think that was crazy >> it's one of the busiest shipping strait in the world i'm assuming they put that on hold look out super tanker >>> if you knew your uber driver was broadcasting your ride to the world, would you still get in the ride? >> no. >> a man was doing that. to twitch without the knowledge of his passengers and the driver claims he hasn't broken t