sites, robinhood, paypal, you don't get bitcoin when you buy bitcoin you get a bit ccoi bitcoin-like contract. >> you buy basically the contract or the rights to the share, but you don't actually necessarily own it, and the company will pay off one way or the other. >> right. >> it turned out bitcoin to be a very good investment and you know the story, anyone who knows cryptocurrency knows the story about pizza. the guy who early investor in bitcoin, not worth very much money, just been invented. he uses 10,000 bitcoin to buy two pizzas and we marvel at this idea, papa john's or something. and it was cool at the time. bitcoin is worth so much money, those -- let's say, $10 pizza, those are now $150 million pizzas. >> yes, they are. >> okay. so is bitcoin a currency? because no currency is useful if i'm afraid to spend it because i'm going to look like an idiot for buying $150 million pizza. >> yeah. you're 100% right when you say that. i'm going to break most bitcoin entrepreneurs and saying that currently bitcoin is not a currency. bitcoin is an asset, it is an investment. i think f

bitcoin has been able to be resilient.: i want to go back to the seeming quietness within the media, public attention. from your perspective, looking at retail activity, how does the buying that you see compared to late 2017? >> late 2017 was more of a panicked phone mode. since then, we have had another to gettingch has led people aware as to a two-way market. you were able to see a bearish period of time where people were able to build out majority for structure to handle this demand. we are now clasping the all-time i in market cap. otherexciting to see all-time highs even though we have not broken through that 20,000 mark. caroline: when you have players like paul tudor jones saying, i will commit one percent of my money into bitcoin, that level of demand is so outweighing what we are seeing with supply. of price do we continue to see it push up at? do we continue to see it push past 20,000? >> it has been seven strong weeks since we were around the 10,000 mark. you are seeing the likes of paul tudor jones saying 1% wh

and they're buying bitcoin. but this is a couple of things for, you know, you have to dig into this a little bit. so he's saying that because it is performing, going to perform gold. he's saying that gold is the 2nd fiddle in this whole race toward inflation and inflation beating. remember that of many of the fed, the statement from drawled col and others is that they're fighting, inflate the fighting deflation. they're fighting deflation. they're saying that that's actually a hoax. the real problem is inflation. that's why they're buying gold and big coins because the fight against deflation, which is caused by debt money is being perpetrated by the central banks by printing more debt money. right? if you just have thought you had like, wow, that would only make the problem worse. you're right, so now they're carrying capacity for planet earth and that planet is 90 chilean dollars g.d.p. earth. and there's close to $300.00 trillion dollars of debt. ok, the carrying capacity of earth for debt has reached its sat

about bitcoin. this is the learning curve of bitcoin. people dismiss it and then they notice the people around them getting rich, like in this case, paul tudor jones, who's also in connecticut stand up and druckenmiller, who was hugely successful hedge fund guy. and they have to put away their biases and they have to take another look at it. and then once you really like it, because i like great value now is doing for the very 1st time. it really distressed about a fan for years without actually looking at it. and once you actually start looking at it, you fall into the rabbit hole and he realizes that the world of crumbling fia money and boring gold that can't keep up. he's got no choice, he's got no choice but to buy bitcoin. so now he's, he's about to make a big purchase. i saw some blocks trading today. probably is right. dahlia bridgewater's worth hundreds of billions of dollars. i'm sure he'll put at least 5 percent of the fund into big coins just to stay competitive with his peers. you said t

bitcoin, their wealth. ricardo, but coins with bitcoin everywhere. right. and of course we told safety about bitcoin in 2011. he was a gold guy, austrian economics. we knew he would get it eventually need got it quite soon. after that, we also talked to sean ono lennon in 2011 about bitcoin and when he came to visit us in paris and we have an interview with him tomorrow, an hour and a half long interview on orange hell pod cast. so make sure you go check that out because he was orange held long ago before re dally. oh, before paul tudor jones, before stan talked in miller. so again, this is something that we've pointed out many times that because it is unique in that so many because report goes so over $100.00 countries and as dubbed into spanish, we have people all over the world who was were able to get into big point and start stacking stats back when it was a dollar 3 dollars, 10 dollars, 100 dollars, 1000 dollars. and now, you know, these hedge fund guys are buying 880-0000 joey's of dahlan. josh brown. we've sold them under $100.00. you know, we're sa

but now, bitcoin is up.is completely disconnected from oil, commodities, stocks, other things sort of trading together. taylor: the last time on this program, you called it a screaming buy. what do you see for 2021? >> it has been going up at a compound annual growth rate of 209%, that is my forecast. $50,000 or more by next year. in the normal market, that would be crazy i made has been tripling every year for nine years on average, so that is a good estimate going forward. taylor: i am interested in the role that central bankers play in this, if they legitimize it? how do you think about the role of the central banker? dan: they do have huge advantages. the advantages that cryptocurrency has over fiat money, it is almost instantaneous to send it. fed wires take three hours to send money in the united states. it is borderless. central banks realize those are useful features. some like china are doing it very aggressively and are going to go live. ultimately, every country will have to have a digital currenc

you spoke to him, you told him to buy bitcoin. he now admits that he started to buy a bit quaint, soon after in 2016. and here's his tweet. this is the good that twitter translation office. spanish today i recommend between standard this book is the best and most important to understand bit queen bee queen protects the citizen from government. expropriation, many people ask me if i have betweens. yes, i have 10 percent of my liquid portfolio invested in it. his net worth is somewhere between 12 and $18000000000.00. he's saying his liquid portfolio, which is probably a lot less than that. so he's put 10 percent of his portfolio in there and the rest, the other 90 percent. he says he hasn't gold and silver miners, all the dominoes are falling for now we pitched riccardo, a big client. actually when we visited with his dad hugo in 2012, when we were traveling down to athens in greece to try to get the country to get out of their financial problems using a silver standard. i was adamantly pitching hugo about because i mentioned it to

this is the kaiser, if for remember the golden rule of bitcoin, you don't change bitcoin. bickley changes you face max keiser guess what citibank is now doing new math on big coin. yeah. it's to the moon. i put my feet up like that because i do want to know that there were some comments in our orange pill espanol group read max scene, maybe s. and l. set is max without socks on the sets. and i could tell he for sure, i see bare feet here. that's another on substantiated conspiracy theory. of course i would be wearing socks. you need socks to get to the moon. you need to wear moon boots for sure. yeah. moon bits are a requirement. and a lot of other stuff is needed as the whole story unfolds. i can't believe what citibank to say, because citibank has become actually even more aggressive on the price than john mcafee. and john mcafee was always like crazy beyond the pale price predictions. and now citibank has kind of taken, they the price prediction crown, but i think that we're going to have more banks are going to be competing with each other to come up with higher and hi

keiser report, have we hit peak bitcoin? that is a good question because you know more and more billionaires around the world are getting into big queen and massive sort of asset management. companies like black rock are getting into big. so max keiser this week, you tweeted a serious big question is developing a supply on exchange, dries up prices will start gapping higher looking for sellers. what do you mean by this? max guys are buttering member of the peak oil or peak gold arguments that we're running out of oil or are running out of gold. that of course, is not true, but in the case of bitcoin, because it is absolutely scarce then because the demand is approaching infinity, we are potentially hitting peak bitcoin, where it will become increasingly impossible for the average mom and pop to acquire bitcoin. because all the $900.00 coins per day that are generated through mining will be sucked up by the institutions and will never hit the market. and of course, what does hit the market every single day is new, fresh print

why does bitcoin trade like a high beta stock and, you know, what was your explanation for people as to why they would want to be in these couple of areas. >> you know, some of the great investors of our time, stan druken miller and paul tudor jones, gold bulls and if they are not gold bulls they at least believe that -- that inflation -- it's possible that inflation comes back which is with the fed trying to gun the money supply here and with great fiscal stimulus and more fiscal stimulus i think that -- i think it's reasonable to own gold gold has done very well this year and i think silver is a better bet than gold, and the gold to silver ratio would tell you want to own silver but with respect to bitcoin i -- i just make it a little bit more of what you were saying been a great month for bitcoin and also been a great year to date, three years, five years and ten years and then bitcoin's inception was 12 years ago and it's been the single best performing asset category in every one of those periods not that it hasn't had a bad time, it went from nearly 20,000 down to in the 4,000

and this is quite popular political system in latin america is bitcoin. what do you tell your socialist friends about how they should maybe think about bitcoin as a way toward a more of a better way? actually, i don't have a lot of social, his friends because we dun, dun think the same. it's the same thinks you know, because i am and an intern or so. so they see me maybe yes, but person kind of but i tell them that it is for everyone. the good news for everyone that wants to be somewhere. and even if they are in a group, you know, i have song and i have to have people that are in how do you say in collectives like i have some feminist friends. and i have told them that they can even sure if they want to. they can make a collection of bits con and share it with each other, you know, and they can be sober and that way they can help each other the way son, i think beats going m. can be used in any way, even in capitalism and social. he's made me if you have that 80 asshole for sharing, you can do. absolutely. so when talking a socialist, we should say that y

plus, bitcoin hitting an all-time high with investors saying gold's pain is becoming bitcoin's gain there it is, 19,200 and change we'll delph into that coming up on "the exchange." see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. ok, just keep coloring there... and sweetie can you just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home. the team's been working around the clock.wire, we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening. . >>> welcome back to "the exchange." main street confidence has hit a new lo

bitcoin down 2.5%, but back $1500 up off the lows overnight from yesterday on bitcoin. we'll talk more about this with hedge fund manager mark yusko in about 15 minutes time and let's go now around the world as well and see how the european and asian markets are doing on this friday asian ya asia is up. and germany and france, they are higher your top corporate story on this friday is a big one. astrazeneca and oxford university are defending their covidvaccine trials following questions about how the candidates were tested earlier this week the company announced combined results found that the vaccine to be 70% effective. that number came from combining a smaller group of people who received an unintentionally lower dose of the vaccine which showed 90% effectiveness and a larger group who received a higher dose which showed only 62% effectiveness. the head of the white house task force raised doubts about the trial day today and the drug's efficacy rate but astrazeneca says the highest standards were used and additional analysis will be conducted. >>> in the meantime,

gold pricing will be sucked in by bitcoin. all stores of value will be eclipsed by bitcoin. everything in the planet, earth will be priced in decline as we head into hyper because it is ation. the mona lisa will be priced in bitcoin faberge, eggs will be bought and sold in bitcoin and it will be the most sought after commodity in the multi-verse. and those 2 without any will be feeling like there are good. i was in the midst of this in the midst. in the midst mists. yeah. the mist or the gorillas hang out in the mist, they mate, or like the elephants mating. you know, the earth moves when i'm trying to say the earth moves when the thundering herd of black rock and the citibank, and bank of america, called tudor jones delany, awilda beasts of the moat, the money moral fidelity, and the buffalo. they go on a rampage in the earth moves, and this is what's happening down big coin. the biggest money managers in the world are thundering yes, across the open plains, toward a price point called 300-0028 1000000. and everyone in the path is trying to grab as many so toasties as they

explained how bitcoin worked in an intuitive way . the 1st section of the fiesta and explains how fiat's works in the same kind of way that i used to study bitcoin. so in, you know, when i studied bitcoin, have this very complicated thing and i try to communicate to somebody who doesn't have a background in economics or in finance or computer science. and with, i thought i do the same thing. and so i analyzed in how it works and then having established how it works and how the system functions with an allergy to bitcoin. then we are able to think about the implications of that. so the 2nd part of the book is called life. and the looks of the implications of, well, what happens if you take a society and you give them this kind of monetary system where the supplies constantly increasing and where you essentially, you know, the tokens on the network are not produced through proved work there, produced through essentially, political theater, any government can make any, you know, with every block on the fia network, government can come an

denounces bitcoin as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 between was in the news so he was saying it's a terrible story value $12000.00 later like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declaring there is no audio roubini paul krugman peter schiff and a whole list stiglitz another no bo wening in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons of now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo is part of that front line to keep. real price discovery and real money out of the system he preserve protect or of the out money and all the fake price discovery that goes with it and all of the financing of wars and corruption that goes with it all the nickel and dime ingin and failure to per

he taught courses on bitcoin at m.i.t.t will be interesting to see how this regulation shakes out in the end >> but the operative word is regulation and nobody knows it the advocates say, yeah, you can try but it is built to try to avoid regulation i don't know anything can be regulated. i don't know how it plays out. you look into more deeply, melissa and andrew, and it's we're at how many mined out of the 21 million, we're at 90% but the last one doesn't get mined until i hope i'm around to see it 2140 or something and you know, the way that it's written, the code, the way that it was set up, means that there can only be 21 million unless code is changed at some point or if it's something was modified so, it's concrete and cast in stone but it's not concrete and cast in stone. so, it is the new frontier you hear advocates come on, paul tuder jones, the first inning or something of being in apple. he said, you know, they get very hyperbolic and excite d at 19,000 i don't know where they were at $19. i don't know very spec

finding other excuses to write off bitcoin? >> it is not really possible to write off bitcoin.what eddie van der walt said. bitcoin is just the comeback kid of the market. this is the pattern we typically see. i am not the biggest fan of technical analysis, but it perhaps makes more sense to view bitcoin that way because it is driven by hopes and dreams more than fundamentals. followed byelloffs rallies that each time it happens, they get longer and longer. the volatility might make bitcoin less attractive as a store of value. we would have to see the asset calm down if it is going to rival things like gold, but we have seen more institutional investors, more hedge get interested. it is not just a retail game. to take theady place of something like gold. we have had a stellar run for risk assets in november. a key question, a lot of that around vaccines, there is nervousness right now. --t do flows show about rick risk appetites? >> we are seeing unabated risk appetite despite the wobble we saw. bank of america has looked at the latest data and they see weeks,er the past three

so the astonishing thing about bitcoin is that it improves on gold's saleability across time. and it improves in gold saleability across space and also improves and settled at the across space because it allows us, you know, between us to clear a $1000000000.00 halfway around the world in a few hours, which you can't really do with anything else. and so in my mind, the central idea of the fee on standard is how thinking about how saleability across space and brought us the fiasco ended. and whether bitcoins improvement and saleability across space is going to be enough for it to unsettle or a matter of moving a $1000000000.00, because i'm quite is a lay in terms of time. and it's also quite cheap. i just saw a $1000000000.00 transaction go through at a 5 dollar fete they cheapest. i've seen any bank offering. that service would be a $1000000.00. so that's an incredible disruption to that business. you know this, this term saleability. it's a, it's a term way all kind. i think we know what it means. it's used by economists, what was the short definition for folks just how they

digital gold, bitcoin.en a scarce asset is compared to a not scarce asset, we have what we call the fee at f fiat fiasco. it has been going on since the '70s and if you look at the value of money, it has continued to be destroyed by the creation of it. and bitcoin does the opposite, right? we know how much bitcoin will be created every day for the next 140 years. and it is controlled by math, not by individuals >>>. >> i'll push back a bit because and i have not -- you know, my colleagues with all due respect to them, they call it a cryptocurrency i don't like that term maybe it is a commodity. is it money? because you can knock the dollar or euro or yuan, is it a currency or an asset class >> that is a fantastic point and think about what it is it is programmable money and when money is young, money is very volatile think about when the dollar was first used it had wild swings because really people didn't know what it was the has only been around since the 1700s. it is really a very young currency and curr

bitcoin machines like this one here in china. one of the reasons why bitcoin is so attractive is that supply is limited. the number is kept to 21000000. the cryptocurrency has seen wild price wings since it was launched in 2009. to share prices are on an upswing. devalued bitcoins has trebled sincerity of this year. it's a stunning rise until now because it was mostly the preserve of private investors. but in this year of pandemic driven uncertainty, it's different retail investors. and more importantly, institutions and corporations. they're shopping for a new currency. ok, they want to currency that gives them purchasing power to protect them. in case paper currencies fall, because central banks have to print more and more money to help the world survive the virus and social disorder. so that's what drove the markets this year. thursday, so prices fall, which suggests profit taking by investors. although like so much else to do with bitcoin. that's pure speculation. earlier our financial correspondent pandey send us his take on

oh hi there i'm max keiser this is the kaiser report what they wonderful trip this is ben bitcoin of a dollar 2011 right here kaiser report we told you to buy it was going to compete with gold to take over the world it was in fact perfect money and still is and will forever more be well let's see how this is working out stacy so we were right jamie diamond was wrong and yet jamie diamond the guy gets paid a $1000000000.00 to be wrong all the time that's kind of how they why the economy is in a crisis is that these people who are wrong of us time keep on getting elevated to higher and higher positions and they get rewarded and celebrated as heroes in hated big queen at $10.00 and we talked about it he did that $100.00 he did that at a 1000 and well he loves it at 13000 to show you how this has worked i'm going to show you 24 teen have behind from our j.p. morgan chase c.e.o. denounces big queen as terrible predicts its downfall in the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big q

of bitcoin. it was something for castable from day zero. so no, i do not believe an incredibly foreseeable change was a driving catalyst. i think the catalyst are outside of the market are related to infrastructure. romaine: joe with a hard-hitting question. caroline: watch out for the twitter -- meanwhile, we thank you, nick carter. uniform microphone by the way. -- beautiful microphone by the way. romaine: we never introduce to joe. caroline: it is great to have you, joe. he is not profusely sweating at the moment. joe: bloomberg technology is up next. romaine: have a great evening. this is bloomberg. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's

anybody who is long bitcoin is probably counting on that institutional. but what i would say, just remember with bitcoin, as we go through this bull market, it can have months down 20 and 30%. more than any other asset class i have traded, investors will be at the top and very depressed at the bottom so be aware of that. when bitcoin is down, we say it has had the worst week in a year, that's when to get bullish. >> james are you on the bitcoin -- >> no, i wrote a book on this. >> another baller on our panel >> papal announced yesterday they are going to bring out 26 million merchants to allow the new crypto payments. that's very bullish. this is not an asset class you should try to manage there is a company that is run by genius hogan. but i think there is room for it ahead. >> that i had deadline >> i am going with sono. i think this one is going up about 20%. >>james? >> -- >> apple >> ejx at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right

when you talk about bitcoin itself, i don't have a strong opinion on bitcoin.ot that i'm not a strong believer in bitcoin. emily: why not? gary: it is a developing asset, potentially. for all the reasons it is a strong developing asset class, it made sales. remember, part of the integrity of an asset class or part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it is being transferred. is it being used for legitimate causes? is it being used for good? or is it being used for illegitimate causes? is it being used in corrupt practices and corrupt ways? the bitcoin system today has no transparency to it. there are a lot of people that question why would you need a system that does not have an audit trail, integrity? you don't know who owns it. you don't know exactly ha exist today. how much has been lost? how much has been third away on hard drives because they don't exist anymore? it lacks the basic integrity's other real market. then, you have to get into the idea or the concept that it is a theoretical value and there'

i am still a bitcoin bull.be for a decade but if i put on my short-term hedge funnel hedge fund trader hat, signs at the top. more than any other asset class. bitcoin is subject to fomo more than anything else coins that are under $5 going up 30 or 40 in a day. when i look at address growth, markets, when you get big address gross employed, that's a caution sign and the last one, we are starting to see retail and starting to see the interest rates it charges on margin going higher i think it's fine to buy bitcoin. earlier i thought they could go to 50,000. i still think that's the case. but if you buy it at 19,000, be prepared it drops to 12 before it goes to 50. just saying to exercise caution. >> do you change how you trade what do you do >> yeah, so i would say, less long bitcoin this week than we were two or three weeks ago. if you are an investor at home and say i want to get bitcoin, i think it's going to 50 k so maybe buy half of it and wait for one of those times when we say bitcoin had its worst day in

i think it was either validation of bitcoin or competition for bitcoin. >> it's interesting. high profile investors come out and say they own it takes a lot of career risk away from investors, especially investor who want to put it in their portfolio. that's what we are seeing. in terms of the digital euro or dollar, it is not competition for bitcoin. i can't imagine the ecb issuing a digital currency that would have a fixed supply. i think it would make it easier for them to print more money i think those are more of a risk for currency holders and highlights why bitcoin is a digital like product >> can you forecast how high you think it can go? >> forecasting the future is very hard, believe it or not here is what i will say about it bitcoin has been above 16,000 i think 12 days in its entire history. i suspect there are people who bought in late 2017, 2018 who after a long three years are going to want to get out of it so i wouldn't be surprised to see a pullback but in the longer run, the market total value is 300 billion. the total value of all of the gold is 300 trillio

welcome, everybody first up, bitcoin bulls rejoice. cryptocurrency's price going back above $16,000 for the first time since january 2018. this time it has some big backers who believe in it. >> its staying power gets better every day. i think the risk of bitcoin going to zero are much, much lower than they have ever been before. >> i have warmed up to the fact that bitcoin could be an asset class that has a value to millenials and the new west coast money. it's been around for 13 years, and with each passing day, it picks up more of its stabilization of a brand >> so, seema, i mean, and i should point out, bill mueller has supported bitcoin for a long, long time, but let me read this tweet from raul paul, the macro strategist who said, once you have somebody with the heft of druckenmiller, the world's greatest and most respected money manager saying he's long bitcoin, it can't be overstated. it has removed every obstacle for hedge fund or endowment to invest i wonder if that explains why people are piling in. >> yeah, i think getting

the can tell you nearest must win the can tell you when every time and that's why in fact gold and bitcoin where the big winners of this election and in fact on the eve of the united states election for president of the united states again it doesn't matter why you know why they're saying jerome powells the winner why because not only is he taking care of the can tell you in our class and i can tell you in our class must be taken care of max whether or not whatever party wins whatever of the 2 parties are allowed to vote for when but remember what we talked about in the lead up to the election or the notion of the central bank digital currency z c b d c s whereby the government the central banks are going to be able to deploy fiscal policy because the governments themselves are so locked in partisan hyper hyper warfare. the civil war. well apparently right before the election i.m.f. chief economist get to go penarth says global liquidity trap requires a big fiscal response and again you see wow that's almost a difference between monetary and fiscal while monetary policy if you see you know