he highlighted tesla holding b bitcoin on his balance sheet musk says spacexowns bitcoin a well musktions that he's manipulating prices or is somehow anti-bitcoin take a listen. >> i might pump but i don't dunk, so you know, it's not a case of -- i definitely do not believe in getting the price high and selling or anything like that. so -- and i would like to see bitcoin succeed. >> the tesla ceo once again brought up the environmental impact of crypto mining. tesla stopped taking bitcoin as payment earlier this year, but musk says the car company will most likely resume accepting bitcoin again at some poin point. he didn't say when jack dorsey talked about square's ambition including building a bitcoin wallet. he compared bitcoin to the early internet he calls it the eventual currency of the internet and he hopes it brings world peace. hopeful words there by jack dorsey finally, cathie wood maintaining her bullish stance she talked about apps being built on top of certain blockchains like bitcoin and she calls arc invest the closest thing to a publicly traded venture capital firm >>

bitcoin is programmable money.e always been able to require multiple signatures, for example, in a transaction. or to require a certain amount of time or date passed before a transaction is triggered. bitcoin has slowly but surely been advancing more multiplex smart contracting capabilities. in a bitcoin developing environment, what is most important first and foremost is that the environment is secure and stable. what that means, or the benefit of that is that bitcoin has never seen a breach or hack at the core protocol level. we have also seen very limited downtime. so in the past over a decade bitcoin has been in existence, we've had something like 12 hours of downtime. of course, that is of critical importance when we are talking about financial technology which holds billions of dollars of wealth. for folks across the economic spectrum. the developers and the founders building on top of crypto's protocol take that very seriously and optimize for that first. a function like contracts -- but it catches up. romai

there are also critics who, one of the risks of bitcoin price fluctuation, momento, the moment bitcoin becomes a legal currency problems appear, including in its most basic use, which is a form of exchange. and this is related to the volatility of the price of coin. while some also ward that legalizing and decentralize digital currency could be wielded as a tool for corruption. bitcoin believers in uncertainty and across of salvatore, say the new law will only increase financial inclusion and has the potential to spur economic development. well, joining me now via skype from london is 9 i slam 9 is the chief market analyst with as a trade good to have you with us. so, do you think the move towards bitcoin is good for salvador, good fritz economy? thanks for having me. i think there are pros and cons money comes with this particular view because if you look at the dollar info and the daughter expert in the countries experts, you can see that the there isn't much of a reserve and the country is, is, is in the country because it doesn't have its own currency for live on the daughter as in

bitcoin.ted supply of bitcoin. that like gold, people look at it and say there are only so many 21 million bitcoin that are ever going to be minted out there. here we have something like trillions of dollars coming into the economy buying all sorts of crazy things, doing all sorts of risk on things so why not buy bitcoin. the thing is, we might have been looking at bitcoin after the fact in other words, we're seeing this rise in bitcoin prices and attributing it to something like a fiscal and monetary easing when, in fact, it might have just been other things happening in asia, such as capitol flights, such as speculation so that narrative might have been added by the institutions as a justification of why they're putting it on the portfolio. it might not be the real reason to that spike in prices months ago. >> speaking of bitcoin on a portfolio or companies holding bitcoin, there's a lot of excitement when they decided they were going to buy some bitcoin. we've seen other companies visa and

bitcoin with debt.ly: you have raised funds to buy morbid what is the likelihood you will do that? michael: in time, we will buy bit when the question is whether with cash flows, debt or equity. that is all a function of market conditions and we try to do what is best for shareholders. the last quarter was wonderful for bitcoin and they are setting up a really nice platform for it to grow from. emily: what would market conditions need to look like in order for you to do that? michael: you can imagine we are looking at markets all the time and we have to make decisions subject to market conditions for everybody involved. but we make those decisions when the opportunities present themselves. emily: are you looking at other coins? i know you are optimistic about the future a bit point but it is a more narrow view of what the blockchain can be. michael: holding bitcoin for the long-term is the highest upside lowest risk strategy we can pursue. some people think diversification means buying other types of cu

the this is a soon to know locally as bitcoin beach. this small salvador tours town is home to a variety of small businesses whose owners all have one thing in common crypto currency. to do this, i think, i think they were a tourist who didn't bring cash would come and say they wanted to eat something. and they asked if they could pain bitcoin. i said to myself, this is a good strategy. i'm going to use. and i'm going to start collecting. i downloaded the app and i started selling a lot more. i'm doing. the success of the bitcoin beach project has boosted the popularity of crypto currency and salvador the government and nails big point would become legal, tender. therefore, the law of bitcoin is approved. supporters of the measure say the new law represents a vote of confidence in using block chain technology to bring informal sector workers into a 21st century economy. you know, lisa and banks are not necessarily, this is not the important thing. there are many salvadorans in this country that cannot use a bank because of thousands of

saying after the close it denied the idea not only will it not accpet bitcoin as -- accept bitcoin as, amazon is not planning to launch a cryptocurrency in 2022. let me show you what it did intraday. other players highly exposed to bitcoin, the bloomberg galaxy index up. taking into the asian trading session, it was surging. marathon digital had blockchain up over 20% on the day. bitcoin surge continues tomorrow, you will see that affect. emily: thank you for that update. amazon web services announced a way to connect customers faster and more efficiently than ever. many businesses are pivoting to the remote work world and need to process data at a finger snap. i want to bring in mai-lan tomsen bukovec, the vice president for amazon web services. put into context how much data aws processes and how much did that increase over the course of the pandemic? mai-lan: the pandemic has been a crash course in why all companies in all industries need to be on the cloud. if you think of the customers on aws or starting to be, companies like zoom, that were able to scale incredibly quickly based

i think that is the major figures among the bitcoin timidity. and if you look at the energy of issues currently being used from also for you and from the renewable sources, you could clearly see from, according to several different ripples that has gone and sort of past that 51 percent mark, meaning 51 percent of the energy which is being used is coming from renewable sources, not from the fossil fuel sources. and so what would that do then to a country like l, how the door when it comes to its energy, consumption. patton, i think obviously big coin is a very energy kind of a high energy consumption from the, from, from day one in terms of it's mining. but currently, there isn't any strong every day in the country, chris c or could face any of the blackout issues. so that there isn't that there's no very clear evidence in relation to that. so we don't really anticipate that can really happen to the countries a economy our country would face any of those trouble. the future, we're talking about el salvador, you know, as the 1st country that makes

bitcoin, what does elon plan to do?re accepting it, and the price has suffered. >> you have this ev company reporting earnings. they still hold $3.1 billion bitcoin on the balance sheet. when we found out about tesla holding bitcoin, it was at a higher price. it has fallen from $65,000 to $40,000. the loss has not that big of a deal. it has not dramatically hurt them. it has boost their popularity. -- their profitability. but they have said nothing about what it means to customers. emily: i am curious how much uncertainty this is factoring into. our investors nervous to accept -- are investors nervous to accept or not accept bitcoin? >> how many people think to themselves, today, i shall buy my electric vehicle using bitcoin? we cannot quantify that. it opens up markets to people not comfortable paying in cash or using traditional credit, or people worried about security. he has always been a leader of the new, whether it is electric vehicles or space. it brings in a broader audience for him. it does not help their bott

he seldom bitcoin is a net positive -- he saw that bitcoin is a net positive.nk it is positive in that light. emily: ethereum rally to more on his could -- rallied more on his comments. what do you make of that? >> i think it is news he has allocation to ethereum. it is moving to a more carbon neutral way of securing the blockchain. it has a major technological upgrade coming in august that is going to make it more like a consumable commodity. it is going to make it easier for individual investors to understand what ethereum is. emily: talking about catalysts, obviously the bitcoin market has been quite sluggish. you see much more volatility when it comes to stable coins. talk to us about the volume. are people taking a pause because of the china crackdown? what is going on here? >> i think you have to look picture. crypto is still up 250% over the last 12 months. to some extent, we should not be surprised it went through a pullback. there have been a number of news items, the china crackdown on mining, his original concern about environmental consequences. new

and if so, tesla will resume accepting bitcoin.happens, matt, is that going to catalyze a whole other market cycle here? matt: well, i think what will happen is that a lot of institutional investors took a pause when elon made that tweet. we certainly heard more concerns about that. knowing that bitcoin has gone through a diligent process and come out the other side would be an important signal for those professional investors to move forward with allocations that were on pause. so i don't think there's anything about tesla accepting bitcoin that specifically catalyzes a rally. but the fact that it's been subjected to environmental diligence by one of the leading environmentalists in the business community and come out looking good i think will be important for professional investors and institutions who are thinking about bitcoin anyway as a technology play, as one of the best-performing asset classes the past few years. so, i do think it's important in that light. emily: meantime, i want to talk about volume because when you look

mike: they are mining, they are banning bitcoin in some places, and bitcoin still survives.n lots of ways, moving the mining out of china would be a big net positive for the ecosystem. i saw the past three weeks as an amazing test for bitcoin in the ecosystem. we had a crash; the bitcoin dallas index fell 60% from the high. we didn't have client protection fees, we didn't have lawsuits, it worked out what was supposed to work. it is a robust system that has been built in a small amount of time. emily: some liken bitcoin to yahoo! in the 1990's. would you agree? what is the google and the apple in crypto today? >> i think crypto has carved out the digital goal. i expect bitcoin to be tailor-made to be very valuable. i think ethereum most likely becomes the biggest cryptocurrency one day. it will be used as the base level of trust. the web 3.0 where things get built on top of it. that has some competitors. a lot of people are excited about this. i think it probably becomes that. on top of all those, there is the creativity showing up. this is a serious, serious approach to reb

, we buy bitcoin, we've also bought bitcoin through issuance as they generate stock option revenues andenior secured debt and we have a billion dollar shelf registration to the extent we see those ek equated to our shareholders, we'll -- >> so many say you're a bitcoin whale. i'm curious how much is enough you don't realize those gains unless you sell bitcoin. >> i think gap accounting doesn't always keep pace with the capitol markets. they know they can multiply 105,000 by the price of the bitcoin. they know we have $4 million worth of bitcoin right now the current treatment is a definite intangible. that used to be odd but irrelevant a year ago they didn't have any publicly traded bitcoins you have dozens of companies in this economy billions of dollars in assets. it's become ill suited and a bit opaque you can't tell the difference between a company with a billion dollars in bitcoin by glancing at the gap statement i do think an update the gap accounting treatment would be a benefit to big tech. a benefit to investors, institutional investors in the u.s. market. so, i'm optimistic th

mining bitcoin is hugely energy intensive.hat the annual amount of energy used to mine bitcoin is equivalent to a country the size of colombia or bangladesh. there are nearly 10,000 bitcoin mining computers here and greenidge wants to build more. the company argues it's greener than bitcoin mines that use coal in the us and china and that they offset their emissions. but they're still pumping out carbon dioxide to make a cryptocurrency. i spoke to greenidge�*s chief executive, jeff kirt. some people would think it's absurd but at a time when a lot of people are trying to cut down on their carbon emissions, there's a plant that uses fossilfuels to mind bitcoin. well, i mean, first and foremost, we are 100% carbon neutral in our bitcoin mining operation. we're the first and the only bitcoin mining company that has made that announcement. but you're still putting fossil fuels into the air. you might be offsetting them, but you are still putting fossil fuels into the air. you wouldn't need to offset them if this didn't... right. t

let's turn to bitcoin now.g scrutiny recently over its impact on the environment. the process of mining bitcoin uses thousands of energy hungry computers — that need a vast amount of electricity. 0ur north america technology reporter, james clayton, has been given rare access to a bitcoin mine in upstate new york that has its own gas fired power plant. the arabs plant, greenwich generation, have decided to convert to a gas—fired power station with a twist. convert to a gas-fired power station with a twist.- station with a twist. bitcoin is a type — station with a twist. bitcoin is a type of— station with a twist. bitcoin is a type of currency - station with a twist. bitcoin is a type of currency you i station with a twist. bitcoin | is a type of currency you can mostly buy and sell on line. these thousands of commuters are competing to verify the millions of that coin transmit actions around the world and if they succeed, they will be rewarded with a new bitcoin. 0ne bitcoin is currently worth over £28,000 on t

bitcoin is a virtual or online currency. essentially a computer file, stored in a kind of digital wallet. for now there are very few things you can actually buy with bitcoin. but it can be traded online, and every day, more bitcoins are created or "mined" as it's called. and it's this process of "mining" that uses thousands of energy—hungry computers and vast amounts of electricity. that's why virtual currencies are coming under increased scrutiny over their potential environmental impact. our north america technology reporter, james clayton, has been given rare access to a bitcoin mine in upstate new york that has its own gas—fired power plant. this is an energy plant with a big difference. a former new york coal plant, its owners, greenidge generation, have decided to bring it back to life, converting it into a gas—fired power station with a twist. what's happening here is part of a modern day gold rush. but they're not mining minerals here, they're mining bitcoin. bitcoin is a type of virtual money or cryptocurrency made

this is the one that bitcoin uses. this is the one that ethereum currently uses, but it's trying to move away from and that's because it's effectively a lottery system any minor can try and compete for the 6.25 bitcoin reward that is generated every 10 minutes and everyone is essentially trying to guess the address of the next block some people describe. this is solving complicated math problems, but you have a lot of people competing for a single reward and it generates a lot of energy i think as more cryptocurrency is embrace different validation methods whether it be proof of stake proof of history is another one perhaps the footprint could be reduced but it seems unlikely that bitcoin will move away from the proof of work method and as you cited the cambridge index when crypto is very high when bitcoin reached its highs in may we saw an element of 143 terawatt hours, which is more than the consumption of argentina and more the consumption of norway. and so i think the answer is it depends, but i think the proof of

—— kirt. that uses fossil fuels to mind bitcoin -- kirt.— bitcoin -- kirt.rt. first and foremost, we are - bitcoin -- kirt. first and foremost, we are 100%| bitcoin -- kirt. first and - foremost, we are 10096 carbon foremost, we are 100% carbon new —— neutral in our operation and we are the only company that has made that announcement. ., ., , announcement. you are still iiuttin announcement. you are still putting fossil _ announcement. you are still putting fossil fuels - announcement. you are still putting fossil fuels into - announcement. you are still putting fossil fuels into the l putting fossil fuels into the air, you may be offsetting them but you are still putting them into the air and you will not need to offset them if this... this is a gas plant and approximately 50% of the greater new york state is pallid by natural gas so local natural gas plant, whether in new york and the rest of the country, this plant does emit carbon. country, this plant does emit carbon, ., country, this plant does emit carbon. , carbon. some local politicians, thou . h,

that spacex also owns bitcoin.ions that he is manipulating prices. here is what musk said about that >> i might pump but i don't dump >> i definitely with like to see bitcoin succeed. >> reporter: he loves dogs and he loves memes, so it's the perfect cryptocurrency he talked about the irony of dogecoin being formed to make fun of bitcoin one of the most popular cryptocurrencies jack dorsey, meanwhile, saying bitcoin is also irrelevant, is fun, and bitcoin can be fun, too. part of what he likes about it some of the more serious potential like bitcoin working for continuation like remittances. he compared it to the early internet and says this will be the currency of the internet at some point >> a lot of potential that i see the internet having the cu currency >> kathy wood talked about apps being built on top of blog chains like bitcoin. she highlighted the potential hedge against inflation and a hedge against deflation. this panel, of course, still going on we will bring you more headlines as they come back to you

also at a gas—powered bitcoin mine in the us.ow safe is your electric car charger from hackers? it is the land of fire and ice. where the earth is literally splitting apart. this is iceland, home to so much amazing scenery, created by the superheated rock that lurks just below the surface. as recently as march this year, a new volcano has been erupting and attracting tourists and scientists alike to watch and learn as it rewrites the geography once again. and later in the programme, we will be there to see how — as long as you're careful — volcanoes and drones can mix. now, iceland is putting all of this heat to good use. it drives the geothermal power stations which provide clean, cheap electricity, and that means that now, almost half of all of the cars here are electric. the country is second only to norway in its adoption. but while things are moving at a pretty fast pace here in iceland, the uk is still trying to increase the number of publicly available charging points to help with the switch to electric there, and that mea

saying that as a muffler with central bank behind bitcoin, protecting its value. sounds, widow gonzalez thinks the currency is risky, but he's hoping to do good business with it. we're going to press on that there's already a demand for it. and a lot of people are gearing up to use it. yesterday, a customer asked me when they could pay with the coin. i said from now on, i'm ready to be on bitcoin value may fluctuate massively, but people here are still ears to try it. el salvador has suddenly become the big coin, guinea pig. and now let's take a quick look at some of the business stories making headlines. hold on is wrapping up its plan to increase fully electric car sales over the next decade. now 170 percent of its european car sales to be petrol, free by 2030. according to v w c e o hub, a piece. it's all part of a plan for the company to evolve from a pure car builder. it's more of a software and services provider and the european union is expected to unveil a historic green deal today. and officials are calling the blocks most ambitious plan, yet to tackle cl

how do you, how do you keep bitcoin moving? well you, that obviously requires investors that requires new money to come in and new users to come in. but i think overall, because as we talked about so many times with the institutional investors, it's not like watching technology is going away and big point is not going away. but the question is, where does it find its new floor? i believe that floors around 30000, we'll see what actually happened. and i know that coin is one of those that you've been falling for years. you've survived the crypto winter, all of that continue to provide coverage. so doesn't seem like there still is continuing to be more and more interest encrypted as we go along. yeah, i think there is more interest in it. but again, you know, when i try to remind people of constantly with this is that crypto currency, the value of that is not in the currency is in the technology, the underlying technology. so when you, when you think about crypto currencies and there are so many of them out there, you have to con

that is really a bullish factor for bitcoin. bitcoin is kind of hovering around a support level.he biggest risk is the global macro risk. i see bitcoin more likely to use the area of 30,000 as a launchpad and eventually get back toward 60,000. haidi: has anything changed when it comes to mining? >> that was a big factor. elon musk initially said payments would be pulled back a little bit for tesla. that was before china banned all the mining. a lot of the mining was done but it's all going to renewable anyhow because it is cheaper. it's good for bitcoin. it is just a matter of time. that is the key thing that has changed. it's just a matter of time. he said yes, we want to do our due diligence. is just a matter of time until it cracked back above 50%. the stain will amount is well above 50% now and that includes nuclear. shery: kathy would had something to say on how environmentally friendly these crypto assets could become. >> she always make some really good points. bitcoin is enhancing the expansion of renewables, solar and wind. but also from a social standpoint it's really h

bitcoin is digital, no banks and no government building money when they do, they also earn bitcoins that'sning it devours huge amounts of electricity. >> we do not need the pollute this lake for bitcoin. >> reporter: it takes two football field long cooling the turbine of about 100 meters of water a day in the lake. algae blooms, but ceo ceo jeff kirk says it is neutral. >> the plan is offer ed for 80 years. >> reporter: the plant does provide some power to the grid for local homes and businesses taking over other old power plants >> why would should all of thisr going into bitcoin >> we think bitcoin is here to stay and we really see it as a model for what the rest of the industry can do. >> reporter: it costs less than $3,000 to mine each bitcoin. they sell now foreclose to 33,000 a big environmental cost with a huge financial reward. >> josh lederman, nbc news >>> coming up next, the 4th of july song we all know but you never heard it like this before. ♪ heard it like this before. the ♪♪ is before. is before. ♪♪ i'd call my grandfather as a result of the research that i've started to do

you know, bitcoin is completely decentralized and anonymous. you can transfer money from one point of this earth to another point of this earth without the people who transfer the money, disclosing their identity. it's not likely that the digital euro will look like this. it will be relatively centralized. the european central bank will have the control over it. and it's like not likely that it's going to be completely anonymous. the central bank wants to know who gets that interest. so euro because it also wants to have some sort of control over how the money is to. so there are going to be differences that i have to say. the details are not out yet, and likely they will only come out during the next years while the digital year old will be designed and tested. okay, so in the next few minutes, we're expecting the more to announce a kind of a roadmap. what, what do we expect into commerce if not all of the detail just yeah, well, what is ex been expected is that the c, b will announce a 2 year design phase, followed by a 3 year test phase. thi

of bitcoin.he sky is falling. now we just had this drop, the institutions that got in six months ago like fidelity, none of them have sold. all of them have reiterated their belief that we are long-term holders of bitcoin. we don't mind this recent price drop. that's why i believe -- i think by this year bitcoin will break its all-time high again. it might not get to $100,000, but it may break $70,000. caroline: is bitcoin the future? scott minerd has been thinking about this, maybe ethereum is more viable. you had elon musk talking about how he is not so enamored by bitcoin, but is holding ethereum. what becomes the ultimate currency? sonny: currency has different use cases. bitcoin is -- a cold alternative. with it become used for payments? we will see. you see a lot of talk around stable coins. circle announced an ipo last week that's all about stable coins. as stable coins get more popular, that will drive more payments use case. each currency has a different use case. you start seeing use ca

a little music to your ears, offering bitcoin wallets, bitcoin payments and the like. what does today's panel mean to you? what is the mood music around bitcoin mean to you? i think we are having technical difficulties with sunny. we will be getting more from him in a moment. don't worry. meanwhile, we are joined by brett taylor of salesforce as the company completes its $27.7 billion acquisition. this is bloomberg. ♪ caroline: salesforce announced it has completed its acquisition of slack. the bios will help slate -- from anywhere in the world. it comes as many corporations continue to transform into more of a hybrid model post-pandemic. salesforce president brett taylor joined us. finally, this deal being done, but paint me the picture of what work is going to be like in the future. you say this is a once in a generation opportunity to rethink how we work. how do you feel your approach is going to do that? >> hour -- is no longer a mainstream -- our new hq is in the clouds. this -- is digital hq slack represents. the salesforce customer 360, the platform for digital

currently, nothing with bitcoin. thanks a lot. my time expired, and i yield. >> gentleman's time has expired. the chairman recognizes himself for five minutes. dear friends, i do have some consternation, and my consternation emanates from 2008, when i, as a member of this very committee, sat down on a lower part of the desk, and i was here when then secretary hank paulsen appeared. he sat right out in front. i remember cleaver was to my left, i believe, and scott was to my right. the secretary wanted $700 billion. he had approximately, i thought, five pages asking for $700 billion. i've since read that it was three pages. be that as it may, $700 billion to bail out what were called exotic products at the time. $700 billion. well, as you can well imagine, my constituents were up in arms. they were calling me by the hundreds, demanding that i vote against a $700 billion bailout. being the good steward that i am, i voted against it. as i stood in the courtroom, and i could see the calculation of votes, there also was a monitor, telev

bitcoin gets a boost. the elon musk, jack dorsey, and kathy would touting the token at a crypto conference. we will get the case from scott minerd. four of hong kong's top banks stop mortgage lending for evergrande properties as default fears grow. haidi: let's take a look at how we are setting up for this thursday session with asian equities firmly in the green on the back of the rally and wall street. this is how we are seeing early trading in new zealand. modest gains, .2% when it comes to trading in the key recession. futures looking like the gains will continue after the s&p 500 notched its biggest two day rally in months. the russell 2000 jumping almost 2% as well. a big story when it comes to oil, pulling back when it comes to wti at the moment, jumping. previously, the most since mid april. we see this broader optimism after that u.s. government report. we saw gasoline stockpiles driving last week as well and that added to some of those gains and as shery mentioned, a bit of an interesting session

we slide back to the $30,000 level on bitcoin.e will do the latest move with the ceo of great scale investments. this is bloomberg. ♪ caroline: what a wild day on the markets. taylor, we have got to turn our attention to crypto. taylor: unfortunately, a little bit volatile as we saw bitcoin tried to hang onto the 30,000 level. we had an incredible conversation earlier where we were talking about ethereum. trying to hang on the 1800. this is our bloomberg galaxy crypto index. not as big a swing as we have seen. let's do it all and get more insight with the ceo of graysc ale investments. people come to you and say it is to volatile. how do you respond? >> investor allocating to crypto know that volatility will be a part of it. most investors we deal with are not looking at short-term volatility. their allocations are over medium to longer term time horizons. i don't think people feel safe when they see sudden movements -- feel phased when they see saddam movements? -- when they see sudden movements. it is a diversification for a a l

susan: bitcoin trust grayscale active thousand bitcoin's. coinbase exchange is up over 7.5%. high and maybe amazon last friday they posted this crypto currency jobs so people anticipate maybe they will start accepting bitcoin as payment but you have to temper some of those timelines and expectations are on the other side, we did see yields go up a bit after the home numbers that just hit the tape about 90 minutes ago with amazon, we expect $100 billion sales quarter to be announced this week. zoom videos and palantir , as we had this recovery in the u.s. economy and also markets it looks like it's taking along the big tech high-growth names along with it. ashley: very good. thank you. let's bring in bill baruch president of blueline capital. you say we have to own mega tech and i imagine everyone has a slice of the in their portfolio but you prefer google over apple, why? >> that's right. i own both so make no mistake there. what i'm looking at is we ci think you have apple that implemented this new apt tracking capability where we can turn it off with ios and i think you hav

, this crack down isn't just hurting bitcoin. other kinds of actually taking a hit as well, including a theory which actually dropped below $2000.00. again, what you know there? yeah, it didn't drop other all coins as well. have also draw, look, i think the, the main thing is as bitcoin go so it goes the rest of the market. but, but remember, a theory has gone at a tremendous rate, even faster rate than big point has gone up this year in terms of its growth. so that's been very positive and remember in theory and the ether is specifically tagged to smart contractors, a lot of utility that's based on you theory. and so i don't think it's going to go anywhere. it might tip a little bit, it'll come back up pretty quickly. but again, i think there's an important point to all of this conversation, right, which is that we see around the world right now, a lot of countries. and i think the united states will be one of these countries, but china certainly leading the way on this. there are a lot of countries right now that want to step u

bitcoin is supposed to be a currency. you transfer it to your individual wallet, and there it's totally anonymous. yes, the records are maintained forever, anonymously. with that, you have the perfect tool for those who are underpaying their u.s. taxes by a trillion dollars a year, concealing $3 trillion a year in income, and that means perhaps $30 trillion that has to be hidden every decade. only with cryptocurrencies with -- can we evade the effort to evade the tax laws. that's why -- >> the gentleman's time has expired. >> i yield back. >> chair requests the gentleman place his question in writing for the record. the chair will -- >> thank you. >> -- move to the gentleman from ohio. mr. davison for five minutes for questions. >> i thank the chairman. appreciate this hearing. we've come a long way in congress just for having this hearing. thank you. thank you for the colleagues who have taken the time to prepare for it. some know the topic very well and some are just getting acquainted with it. and some, no matter how w

bitcoin surging today with prices topping $40,000 for the first time in six weeks.mid of crypto related headlines including reports that the doj is investigating for potential bank fraud let's get to kate rooney with the details. >> sentiment appears to be turning around in crypto markets with bitcoin back above 40,000 today. but it is losing some steam as amazon denies reports that it is getting more serious crypto. a.m. saying that they plan to incorporate bit koip into payments by the end of the year but an amazon spokesperson telling cnbc, notwithstanding our interest if the space, our specific plans is not true one other factor that had fueled the rally earlier in bitcoin, new data shows that more than $800 million in bitcoin short positions were liquidated on sunday night and in other crypto news, some leverage may come out of the marks. two of the world's largest crypto exchanges ftx and finance announced they are lowing the leverage that users could trade with more than 100 to one down to about 20 times. and the justice department meanwhile is reportedly inv

sow bitcoin is sort of a novel intangible commodity.ovel application of these laws, these systems that existed almost 100 years. what i would recommend, what i think makes sense the is cetc is a robust and experienced market regulator. i think it makes sense to draw digital asset spot products. i am not talking about other physical commodities. i am not talking about financial commodities. just digital asset spot commodities. i think it makes sense to pull them into the cetc's market oversight framework and apply those regulations imposed on the cme andize to these spot markets. >> i want to try to get another question in. thank you so much. ms. su, focusing on consumer protections n my opinion we spent too much time focusing on what happens over twitter. but when it comes to cryptocurrency volatility, twitter has been front and center. in january, we watched bitcoin spike with each elon musk tweet. we watched it fluctuates in the months thereafter. so let me ask you, what are the most concerning risks to investors in cryptocurrency in

. >> bitcoin stabilized. >> bitcoin. >> bitcoin is nuts. >> up 33%.s over bitcoin. what is it and who is getting rich on it and why is elon musk making everyone nuts over it. what is bitcoin? >> the best way to explain bitcoin, you take any a dollar bill or hundred dollar bill. you see you a serial number on it. that corresponds to some entry in a computer in the government. just imagine if all this stuff was in the cloud somewhere. bitcoin has its own code. it's all these different computers around the world running the same code. if enough of them say the transaction is real, it's deemed as being real. jesse: i think i got it. but the computer code has become a currency that people trade and can invest. we had one of our producers explain what bitcoin was. he pulled up his account and he invest in 2017. he's my producer and the guy is cleaning up. i went to the bathroom and when i came back he already made 5gs. am i late to the bit cane game? this 31-year-old kid is wearing gold now. >> no one really knows what's going to happen. i would be lying if

when it bought bitcoin, suggesting it may accept payment and bitcoin for its cars.een it backtrack now, and the losses they have enjoyed. when we go back, tesla was naming more and bitcoin gain than selling all electrical vehicles last year, so there has been a u—turn in terms of bitcoin. there was a $23 million write—down. less than the industry was expecting, but this has become a sideshow for telfer. it has been an overhang and the stock. investors will be looking forward to them playing down that a bed and focusing on electric vehicles because that, especially with competition across the board, thatis competition across the board, that is the key and tesla's story. daniel ives from wedbush securities, thank you. on cue. germany has listed spain as a "high—incidence area," due to concerns about a spike in covid infections. so from today most people arriving back into germany who aren't fully vaccinated will have to go into quarantine. could it have a negative effect on future bookings in spain at a delicate time for europe's travel sector? joining me now is eric

bitcoin and other cryptocurrencies have enabled 3.1 billion transactions in the last ten years. securing over $2 trillion in value. if cryptocurrencies were unregulated to this day, would that not be an incredible failure of our regulatory system? as i will outline, it's not a veil lure because over the last ten years cryptocurrencies have been regulated. some of that regulation, of course, does come from the technology itself, the scarcity of bitcoin, a total supply of only 21 million is not reserved by the good will and honesty of the participants on the network, it is secured by a transparent, peer to peer accounting technology, a public block chain, that makes fraud trivially choo ep to detect and absurdly expensive to commit. but much regulation has also come from the federal and state governments. the on ramps and offramps where people buy and sell bit coins for dollars and safe keep them are heavily regulated. they are state licensed money transmitters or else they are chartered banks and trust companies. before offering any services to americans they must prove minimum c

you have bitcoin down. you've got spac indexes come down substantially the ark stocks have been correcting substantially as well the innovation fund is down 6% year to date do we have a weakening rally >> i think we've got a pause right now, scott i don't think we've got a weakening rally. i think the pause is just that the real tech drivers are coming in a couple of weeks they're not here this week we knew that bank earnings would be somewhat challenged by the interest rate picture we've got right now. that's not a surprise to anybody. and they did not make significant corrections or anything they had been somewhat, you know, meandering into the earnings themselves. and i think, scott, it's really more about the consumer and how this spending is working i mean, looking at, i think, yesterday we talked about how many records target has set day after day after day. obviously demand being the driver there do they have enough supply at least at target and wal-mart they appear to i think home depot is going to

bitcoin falls back. amazon denies plans to accept