the winner is rewarded in bitcoin. it's an entirely digital process, and it used to be done by amazon enthusiasts on home computers. but these days, it's big business, and the u. s. does more of it than anywhere else. worldwide, we're going through more combinations of numbers and there are grains of sand on the earth. so you can say it's profitable if you can find that grain of those profits are putting in bigger and bigger, operates as a 21st century gold rush. but here's the catch. bitcoin was designed on a system called proof of work. the more processes get thrown at it, the heart of the algorithms become, the harder the algorithms become more computers and needed. it's an energy guzzling arms race. and this is how strong holds operation gets his power, their own dedicated power station it burns fossil fuels, coal waste, with all the greenhouse gas emissions that entails stronghold ceo greg beer takes me into the hissing, roaring heart of the beast. vocals me the oldest kind of brute industrial power is just going

isn't sure what bitcoin really is. so think does not billy like using it is like the coins evangelists may say it's the feature of money, but the vast majority of businesses listed it accepting it. don't until do you guys accept bitcoin as payments you do? they invited us down for lunch. this is the sum paid food truck, the home, so they say of some of the best barbecue sandwiches in town. what can i get? so we have brick, pork and chicken. jessica and her partner began accepting bitcoin in 2015. and so unlike others, they will continue to do so. can i pay with? yes, you can. or this next amazing. thank you very, very much. a lot of the people that were accepting the coin in the city. they stopped, you know, they saw how to cycle and how it kept fluctuating. and i think it really scared a lot of people away, but we kept at it. yeah. why? i don't know. it's just something we believe in. we just believe that crypto is the future. do you worry a total about the security of it or the whether it's a scam and anyway, i worry

deal, it only accept bitcoin.e bitcoin as a very good source of value storage, but in terms of payment, stablecoin, and other new concepts come out, we need a smart contract platform. we need a new blockchain with much faster speeds, cheaper needs, and easy to develop on it, so that's why i believe we can definitely benefit dominican people with more power for blockchain and the web three technology. emily: given the state of the markets, i'm curious for your outlook. are you interested in or trying at all to invest in some of these distressed crypto assets? for example, the celsius asset coming up for sale. >> yes, definitely. i think today is a bear market, so bear market is for buy. instead of buying other crypto assets and assets in bull markets, i think right now is a good time to buy crypto assets when everybody wants out. that is why i definitely believe there is some good opportunity in the markets now, but of course, with thorough due diligence, which is very important, and a good understanding of the bus

that's one of the illusions by the way of bitcoin. they are they think that money has wealth in itself that you that you hodl, you know, hold on for dear life to bitcoin and i'll take you to the moon as a result of its scarcity. the value isn't scarcity value really is abundance. this a theme of my new life after capitalism. now, in the past we have talked to you bitcoin and you are a proponent, weren't you? i was a critical proponent. i've always opposed they have a fundamental in this concept of which is about and the cap it says there can only be 21 million bitcoins ever. and so it's about 5000 of them been lost. it means that, you know, there are only 80 million bitcoins ever to be produced and the entire clutches this limited supply die as a source of wealth and value limit and supply is not a source of it. it prohibits from actually performing as a currency a currency. it expands as its uses expand, but if all expansion uses is manifested in increasing price of bitcoin and it gyrate and and show this to the volatility that we're

saying bitcoin is a valuable asset likely to see success. talk to the strategist behind that report. we begin with the markets. major averages trading well off lows of the session. mike santelli has his market dashboard. mike >> yeah. mentioned resilience, melissa. down 1.6%, 1.7% lows on s&p 500. even that only one-third of gained prior two days. not even surprising or alarming, a degree of pullback never threatened the old -- used to talk about, will they break broke last week, but didn't spend a lot of time in that area i think a lot of bulls and bears were right basically saying, a strong reflex bounce. the rest is very strong. probably still a few percent, though, from proving whether this is anything more than a reflex rally probably it's something that is a threshold many people are looking at high burden of proof seasonal circuits working in the market's favor a little bit. set up with deeply depressed sentiment going into end of third quarter. all at least a helpful backdrop. in terms of speculative energy in the market, here's a lo

plus, grayscale claps back at the sec after rejecting a bitcoin etf. i will speak with its cto about their legal challenge and ongoing friendship between carrie gansler and the crypto community. andrew yang joins us to talk about the state of tech entrepreneurship in a downturn. plus his outlook for president in 2024. all about in a moment. first let's get a look at the markets. we were so close yet so far. the nasdaq 100 falling in the last five minutes of trading to carry on a horrid streak of losses. bloomberg's ed ludlow has the movers. ed, just last could not close the door. ed: they say it is the hope that kills you. we are down three times 1% on the s&p 500, just flat. -- three tenths of 1% on the s&p 500, just flat. we are bracing for a cpi print on thursday, or inflation data for the month of september. that will give us an indication of how much further the fed will go with raising rates and how much more pain this market can take. continuing to see selling in some conductor stocks, which have suffered amid tensions between u.s. and china, bu

bitcoin etf's that had been denied, but very leniently.o justification as to why this test is the only test that the sec should be using. and we have also never seen him use a test like this before when it comes to evaluating new products to bring to market. emily: have you spoken at all with gary gensler directly? michael: you know, we have regular dialogue with really everyone in d.c. my legal team and myself are down in d.c. almost weekly these days, so we speak with all different parts of the sec and other regulators. emily: now, look, recently there have been a ton of cases, fraud, d and bankruptcy in crypto. terra, celsius, three hours. why is now the right time to prove to the sec that this market is no worse in terms of market manipulation than others? michael: well, that is exactly the point. this significant market test of sec has laid out they believe protects investors from fraud and manipulation, and they got comfortable with that when it comes to bitcoin futures. well, the interesting thing and the flaw in that logic is bitco

you saw businesses blow up when bitcoin hit $20,000.f we saw things meltdown much further than they did, we saw nasdaq drop 30%, 40%, and bitcoin go down to $10,000 a token, i think it would be another round of pain and be a medium to long-term problem. david: did not give you any gray hair privacy. sam: a little bit. i pluck those out to keep up appearances. david: let me ask you this, when the bitcoin world was going down a bit, i think it peaked at $61,000 or something, now it's at $23,000. it went as low as -- sam: $17,000, $18,000. david: a lot of other cryptocurrencies went down as well. you bailed out other companies, what money did you use to do that? sam: there are a few versions of it. one was the balance sheet, we keep our corporate cash dollars in. we raised a few billion dollars over the course of the last couple years and for a profitable business. we also have acquisitions, which balances that out. we had some cash that was on the balance sheet. david: wall street had problems early in the 20th century. mr. j.p. morgan hi

. >>> so much for bitcoin being the go-to, prices plunging over the past six months. the ceo of strike discussion what's next. >>> plus big target products cut. which names will speed ahead we have your power playbook. despite the down day, there are some stocks hitting 52-week highs today. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. - oh, the stock market is doing that fun thing again. for a prospectus news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>> welcome back to "power lunch. bitcoin isn't acting much like a hedge, down 70% from the november highs of 68,000, but one cryptopayment company is still raising cash, notching an $80 mil

if he had those 91 bitcoins, they would have been worth 6 million bucks.ey give them an iou in the form of a digital token labeled bfx. they receive one token for each dollar lost. they never got their bitcoin back and that sets up a multi-billion dollar suit. >> david silver is a lawyer. >> ultimately it's going to be a dog fight as to who gets this money. whether or not the government gets to keep it, whether or not the bfx gets to keep it or the customers get it back. anyone who tells you there's a clear answer is lying for their own benefit. >> reporter: in fact, on the day the government seized the funds, by thefinex says they have a right for the money. they will work with the department of justice and follow appropriate legal processes to establish our rights to a return of the stolen bitcoin but the customers don't see it that way. >> i still am going to be trying to get ahold of at least 15 bitcoin. i truly believe they are mine. i can prove it through the blockchain explorers. >> why would anyone question i should get my money back that was my pr

floyd's estate and his family. >>> imagine being an early investor in bitcoin.atching your investment grow and grow until one day all of it was gone it happened to a bunch of people back in 2016, victims of a cybe trading platform heist on the trading platform bitfinex the stolen bitcoin brought about a seizure. just this year the seizure of the stolen bitcoin now worth billions of dollars. it's still not clear who actually took it all, but the department of justice did arrest a couple for trying to launder it heather morgan and il ilya lipkinstein, both are startup liechtenstein. both are start-up founders in the deck world but morgan's side gig is youtube rapper ♪ >> yeah. to fans, she is the crocodile of wall street, wolf of wall street already taken. sorry for the things we should have beeped there. federal prosecutors say the accused crocodile and her husband are at the center of one of the most bizarre chapters in crypto history and the focus of genius, the crocodile of wall street you can watch it right now a new cnbc documentary it's called, in a stroke

the pitch was, onecoin is bitcoin but better. onecoin is bitcoin but better.d that with bitcoin. jamie has been able _ missed that with bitcoin. jamie has been able to _ missed that with bitcoin. jamie has been able to piece - missed that with bitcoin. jamie| has been able to piece together most of the onecoin story which he has turned into a book. but even now there are new developments, which means more episodes of the podcast as well. ., ., , episodes of the podcast as well. . . , , episodes of the podcast as well. . , , ., well. ru'a has 'ust been added to the well. ruja has 'ust been added to the runs — well. ruja hasjust been added to the fbi's top _ well. ruja hasjust been added to the fbi's top ten _ well. ruja hasjust been added to the fbi's top ten most i to the fbi's top ten most wanted fugitives list, making her one of the most wanted women in the world. is her one of the most wanted women in the world.- women in the world. is that thanks to you? _ women in the world. is that thanks to you? be - women in the world. is that thanks to you? be careful

so i guess my question would be, is bitcoin really the future or is bitcoin net scape?between the anticipation of what's coming in crypto versus what is the real value of this specific asset. to your point, maria, i think it's a speculator's asset right now and how do we transition to that to something meaningful. >> absolutely. i think it's important to understand that there are a wide variety of digital assets in the market. and on one respect you have digital assets that may or may not behave as commodities in the future such as as bitcoin which for the most part can be seen as digital gold or digital energy and that can be viewed in the future, just because it hasn't behaved as a inflation hedge yet doesn't mean it won't be forward looking. there will only be 21 million bitcoin in existence. there will only be a finite supply. a lot of that sentiment is important as we see the monetary policy unravel on a global scale in the debt based economy regime. on the flip side to your point, there's an entire other spectrum of he. hweb 3 based economies that can resemble of

bitcoin is 4% higher over the past four days.icrostrategy, coinbase, there up by double digits, which is amazing to me. part of the reason could be that they felt -- fell dramatically then bitcoin itself. if you look at bitcoin, it is down about 57%. if you look at coinbase, that number is 71%. it could be a function of the fact that they fell further. they have more room to rise. it's a trend to keep an eye on. amid this mild resilience in the crypto market. emily: what are you watching in the u.s. overnight? katie: can i shamelessly plug something? [laughter] emily: of course. katie: i'm going to go ahead and do that. crypto irl, it's going to be on quicktake at 8:30 p.m., eastern tonight, 8:30 p.m. on friday night. we will dig into, after this amazing drawdown we have seen bitcoin down 57% this year alone . who is going to lead the rebuild, was going to be the winner, who is going to be the loser? it will be crypto native companies, or whether we will see traditional finance come in here. emily: my bet is that it will not be t

the pitch was, "0necoin is bitcoin but better. "0necoin is bitcoin but cheaper.with bitcoin." jamie has been able to piece together most of the 0necoin story which he has turned into a book. but even now there are new developments, which means more episodes of the podcast as well. dr ruja ignatova has just been added to the fbi's top ten most wanted fugitives list, making her now one of the most wanted women in the world. is that thanks to you? laughs be careful how you answer. i'm not sure, but the way i see that media works sometimes is that if you can create a lot of excitement and interest in a story, suddenly the authorities decide they're going to act. i think what is interesting about her appearing on that list is she is the first ever crypto scammer, so alongside cartel bosses, alleged murderers, now we have a crypto scammer. how difficult do you think it is to disappear completely these days? i had always assumed almost impossible. except that... if you have got enough money then you can change your appearance somewhat, you can fairly easily obtain fake

if you look at bitcoin, it is down 67%. coinbase is down 70%.e the fact that they fell further and have more room to write, but it is something to keep an eye on and this mild resilience in the crypto market. emily: so what will you be watching in the u.s. overnight? katie: can i shamelessly plug something? [laughter] emily: of course. katie: so, crypto irl, which i crossed with tim stenovec will be at 8:30 p.m. eastern on friday night. we will dig into, after this amazing drawdown that we have seen, bitcoin down 67% this year alone, who will lead the rebuild, who will be the winner or the loser? will it be crypto-native companies, or are we going to see traditional finance, and? emily: my bet is that that will not be ho-hum at all. "crypto irl." take a watch. thank you, katie. coming up,, our next guest on the return to the office and the future of hybrid work. fran katsoudas is with us next. this is bloomberg. ♪ emily: there is another sign the labor demand in the u.s. may be moderating. unemployment applications rose more than expected, by 29

the pitch was, "0necoin is bitcoin but better. "0necoin is bitcoin but cheaper.sed that with bitcoin." jamie has been able to piece together most of the 0necoin story which he has turned into a book. but even now there are new developments, which means more episodes of the podcast as well. dr ruja ignatova has just been added to the fbi's top ten most wanted fugitives list, making her now one of the most wanted women in the world. is that thanks to you? laughs. be careful how you answer. i'm not sure, but the way i see that media works sometimes is that if you can create a lot of excitement and interest in a story, suddenly the authorities decide they're going to act. i think what is interesting about her appearing on that list is she is the first ever crypto scammer, so alongside cartel bosses, alleged murderers, now we have a crypto scammer. how difficult do you think it is to disappear completely these days? i had always assumed almost impossible. except that... if you have got enough money then you can change your appearance somewhat, you can fairly easily ob

i bought bitcoin at 6,000. the other thing, i'm intrigued obviously about the precious metals side of this, you know, we're already seeing to your point, massive damage in the housing market and this notion that the fed is wielding a mallet. they say they can't control it. in other words it's a blunt instrument and they have to pound everything that moves. does anyone understand the carnage they're creating for main street? >> well let me just say this, charles, again, it is what you said in your book, unstoppable prosperity. the issue today isn't roi. the issue today is lifetime income and you know, as you know it is my generation, the boomer generation, the old guys, we're the first generation to have a 401(k) or an ira. so that is why, my friend here, the donald, when he was the donald before he became the president in 2006 we wrote this book, why we want you to be rich. by the wear we're the first or only two gurus that recommended network marketing as alternative to lifetime income. charles: right. >> and

he basically says that bitcoin has been in a rough run.e range bound in the months ahead he has separated the performance of bitcoin from other tokens like ether that has taken in a lot of inflows from the biggest names on wall street because it is a bit on the long term outlook for different companies, how they can manage supply chains. he says bitcoin is being driven more by macro factors in the market and he specifically is looking at liquidity that has been withdrawn from the fed. take a listen. >> it's a very difficult environment. in almost every asset class. i started wall street 30 years ago and when markets were suffering this much pain, you almost always saw a big night on a white horse. they show up with, you know, some juice that would get the markets excited again. this time, we don't have central banks that are coming to the markets. annabelle: the fed not coming to the rescue. there are other factors that means he should be bullish. a tensions between the u.s. and china, china's persistence with covid zero policies, all of t

it's a great question >> and of course what happens to the billions of dollars worth of recovered bitcoin? >> i can tell you right now $3.6 billion people are going to spend hundreds of millions of dollars to get their hands on that pot of gold >> i do think it's going to be a fight. >> i can imagine in the future there will be movies about it. >> now, the department of justice is holding onto all that recovered bitcoin. the big question now is who gets to keep it as you just heard people we spoke to who lost money in the hack say want their bitcoin back, and there are lots of questions now what happens next but there seems to be a multibillion dollar battle brewing here now, you can check out the full crocodile of wall street documentary right now over at youtube.com/cnbc and, carl, we're going to talk to the deputy attorney general this afternoon on this set and ask wher what's going to happen to those billions of dollars >> john? >> yeah, i would just repeat that and one thing that doesn't seem to be in question that one person in that story who had that title crypto currency attorney,

last week we saw the pound was more volatile than bitcoin.s is bloomberg. ♪ yvonne: here are the latest business flash headlines. the world's largest oilfield service provider has a new name. schlumberger is now slb, rebranding itself as a technology company so it can go after more work in the clean energy sector. slb will continue operating legacy oil and gas business. >> the energy industry is facing a timer for energy affordability, energy security, and energy transition at the same time to ensure the future of decarbonized energy systems. yvonne: costa cruises is canceling asia departures as hopes diminish of any early loosening of china's covid restrictions. the carnival corp. unit did not mention china in its statement but had previously advertised big plans to target consumers there. a consortium led by japan industrial partners is said to be considering a $16 billion valuation for toshiba in what could be asia's biggest buyout this year. sources say the jip-led group is structuring the deal is a mixture of cash and debt has not finali

first of all, right to bitcoin and crypto in general, bitcoin over $20,000. british prime minister keen on this investment. he is not alone. i wonder if this percolating is telling us something. >> adoption, interest, price is the primary barometer of sentiment, all markets are down at a governmental level and financial institutional level the jury is out. everyone believes this technology is here to stay and trying to understand how best to interact with it and how to better the lives of constituents and it is making an impact in politics domestically as well. neil: let me understand the political part of this. you have run for president and head of a fortune in this technology, it has been an on investment event over the last year or so, hasn't benefited as nearly as some hoped, the panic in other markets. are you surprised? >> we been through these cycles multiple times, this is a new entrant into crypto. i am bullish on the fact the markets will rebound at some point. i don't know if that is next week or next year or the year after that but for anyone who

and so on and so forth bitcoin is falling in price i'll let you in on a little secret after this war be worth nothing because it's just a soap opera bubble, but you can still do something good from this soap bubble, again by supporting this project, by the way, i wonder how those who have these bitcoins now do it in conditions of fir blackouts and do they save and also join in saving electricity eh but it's not about that right now, mr. oreste, please tell me, but these virtual versions of paintings, er, or some kat sketches, mostly whose work is more popular, er, ukrainian or foreign authors, in fact, we divided them into the two components are for two collections. these are ukrainian authors and western european ones. well, our main goal is to somehow promote ukrainian art because it is much better perceived in the context of european culture. it has always been up to date and developed. shoulder-to-shoulder description of european arts , and we are currently doing this. so, and i hope that some such small, er, attempts will somehow make it possible to tell more about ukrainian art

yet bitcoin holds up generally in the face of that.tcoin has been trading correlated to the nasdaq for a while. i will refer back to a note a couple days ago that crypto has traded in low correlation to the s&p for most of its life but in the last eight months, it was very correlated to the nasdaq. and he says, there are risk assets struggling. the s&p was down, treasuries are down, the galaxy crypto index was up 3.7% in that same timeframe. near-term signs of decoupling, does it hold is the main question for the market. emily: bloomberg's sonali basak, as always, appreciate it. coming up, overstock, we will talk about that and more with it ceo john johnson. this is bloomberg. ♪ emily: more earnings today. including overstock. missing estimates of rising inflation, i want to date into the numbers and e-commerce trends with jonathan johnson, the ceo. they do so much for joining us, earnings beat but we saw revenue dropped more than 30%. what is driving this, inflation? is it this pending downturn? john: it's a lot of things. pandemic nu

the chartmaster issuing a warning on two of the most speculative securities in the market bitcoin andr the last year and they don't look good. carter says that he sees more downside in both coming quote, unquote immediately. meanwhile, our kathy wood writing an open letter to the federal reserve today urging the central bank to reconsider further rate hikes or risk a, quote, deflationary bust well, the action and the options in the arc innovation fund pointing to fresh lows ahead for that etf mike khouw is here to break it down. >> we saw the daily options volume traded over 200,000 contracts, the ninth busiest etf option today. the trade that caught my eye was a purchase of the october 31st puts 3,300 contract, and what's notable about this trade was not its size there were a lot of big trades in ark today but actually the severity of the move they are anticipating these options expire a week from friday and in order to be profitable the ark etf would need to decline more than 13% from where it closed today. >> wow i'm curious to get your thoughts, dan, on kathy woods' letner conjunc

i will point out though last month i think bitcoin was down 3% market.ose to down 10% it did better last month at some point i will predict a decoupling but it won't be until you get the regulatory clarity with the market up it doesn't surprise me bitcoin and others are moving. >> i don't know if this is worksafe or not. this is the cover of the new york post. >> yes, i can see that. >> pump and run. kim smacked by sec for crypto con. >> yes. >> a lot of folks have been promoting crypto over the last couple of years. what do you think of what gary ri gensler has done in this particular case to ms. kardashian, clearly making an example i think in some ways to an example about her. >> i hate talking about gary on live air so i'm going to refrain from talking about gary. i would just say i get the statement that they're making. i was surprised that they went that far given the disclosure that was put into the stuff that she sent out you know, people like me, we're broker/dealers, we're registered, we have all of the different things that we need to do to be

they get hit by hire yer rates ben borrowing costs go up, we also have bitcoin below 20,000 today.ates have been the big story and wall street has been worried about the low end consumer what higher rates and potential recession would mean for the low end consumer and you also have the credit risk. buy now pay later firms like affirm which is a leader have been hit, they haven't lived through this type of consumer slowdown although we haven't seen any sort of uptick in delinquencies this earning season is going to be big for the fintech names. >> i had forgotten that cath kwlee wood had a fintech-specific etf i'm looking at the arc innovation down 6.6% which brings it down to 70% off its highs. i manage inn that the fintech one has done even worse. >> absolutely. let's see, it's underperforming today, the innovation etf down 6% actually fintech is doing slightly better than the innovation etf, but she's been really bullish on some of those names, square and just bitcoin in general and that long-term innovation disruptive trade and she's got that fintech etf and also a long-term bel

crypto not much to talk about with bitcoin, 19,000 and change.at has got oil firm this morning. from a seven handle. and now back to 83, up almost 5% this morning >> quite a few stocks on the move this morning, too, as we make our way to the opening bell in wall street we're tracking all that action kristina >> let's start with shares of credit suisse. they continue to fall this morning even after the bank tried to calm fears about the bank's financial situation the ceo saying don't conflate the day to day action. the stock is below the book value. typically put minus liabilities, that implies a lack of confidence in the assets it's down 5% right now we have not seen this trade right now since the low since 2008 and this chart here is just year to date. down 61.5% tesla shares also down this morning. even though it delivered a record number of cars in the most recent quarter. still wasn't high enough for wall street's forecast tesla did blame the lack of transportation options or the miss you can see are down 5% right now. and lastly, nike shares

tom: bitcoin, 60,000 down to 20,000 as well.ational, they believe in bitcoin. are they believing in a derivative instrument and product of the cftc, or are they believing in maybe a financial asset under sec 34, 36? is it an s.e.c. province? or is it a derivative thing? kristin: the question is about the security, the definition of a security. [laughter] tom: and issue 1b. kristin: what we are asking is what qualifies as a security. there are two bipartisan bills in congress working diligently -- senate staffers working diligently to capture an answer to this question. it is a wonderful question that is reflective of the history of the financial market regulation in our nation. tom: why can't you two get along? why can't the sec and the cftc work on this dubious thing, 60,000 down to 20,000? kristin: i'm going to say we better get along. for the sake of those investments earlier, we walk that path. we have done it before. i have had a great today to engage with his office and other commissioners of the ftc -- s.e.c.. we are in a

, what is bitcoin's proposition?ays be the store in value, or will it transform financial markets and eventually be a mode of transition? >> yeah, i think there's a lot of narratives overlaid in crypto in general and bitcoin, specifically it's clear the correlation of the coin for the rest of tech stocks and the market in general speaks to this being an asset that benefited heavily from lots of ae liquidity. it will be correlated with the tech stocks on the way down if it dried up, however there are many other narratives overlapping crypto, actually we're hoping to see finally a little bit of a decorlation from the traditional financial markets and really this narrative of store value of resistance -- sovereign resistance, and all of the narratives are overlaid over that right now and the decoupling will eventually happen >> it still lost a fair amount of volume at 55% thank you for being with us today. >>> another quick programming note do you want to learn how to maximize your finances and learn to invest in a brig

it was mostly about bitcoin.e have been a number of high departures in the crypto space. what do you think is behind all this? >> zooming out, it is a difficult time in the economy and crypto is not bigger than that. it is not excluded from that and we know crypto is more volatile in general. it is natural to expect you would see turnover and you would see adjustments with the firms in the space. we have been around for five years. i have seen many of the players change. i think it is a healthy part of the maturation of the states. ink about what it means for the average investor, they do not have a ton of time to focus on everything that is going on day-to-day. the real worry of 2022 is that it is starting to matter who you work with or what platform you use or what app you use. all of these things are created equal. in 2021 there is a sense if you are invested in something, it did not matter where you bought it or how you bought it, you had a shot at a great return. i think this year it is becoming more clear i

will bitcoin break is $20,000 mark anytime soon?ted to ask hunter horsley, the ceo of bitwise asset management. what is your rate of the end of the fourth -- read of the end of the fourth quarter? >> it has been a tumultuous year. i think the recent numbers this year are down over 30% and crypto is down 60%. they are changing every day. the story this year has been a bear market. nevertheless, we have seen increased interest from our client base. i think the backdrop for many crypto investors is that historically they have been four year cycles. the bear market moment is where fortunes can be made. emily: what do you think it will mean for the ultimately? when they break the $20,000 mark? >> i am not sure about 20,000. the historical pattern of crypto was the data we have. four year journey, we get four year cycles. three years of bull markets with growing momentum and then a bear market year. when he 14, the market is down almost 60%. the 2018 it is north of 70% and the market is down in 2022 around 60%. the expectation is if the m