we've seen bitcoin's _ driving bitcoin rally.toppings - driving bitcoin rally. we've. seen bitcoin's toppings 70% seen bitcoin�*s toppings 70% since the beginning of the year and the main reason is for the domestic in us rtx. if we put into the details, there is an astonishing 4% of the total supply and this number is going to increase, it's 94% of the total supply has really been mind, creating this structural imbalance between that. fix, mind, creating this structural imbalance between that. a sign that appetite — imbalance between that. a sign that appetite for _ imbalance between that. a sign that appetite for risk _ imbalance between that. a sign that appetite for risk is - imbalance between that. a sign that appetite for risk is back - that appetite for risk is back for investors?— that appetite for risk is back for investors? absolutely, we talked about _ for investors? absolutely, we talked about a _ for investors? absolutely, we talked about a concept - for investors? absolutely, we talked about a concept of- talked about

you mention the halving of bitcoin. can you| the halving of bitcoin. better, in simple terms?— in simple terms? yes. so basically _ in simple terms? yes. so basically every _ in simple terms? yes. so basically every few - in simple terms? yes. so basically every few years | in simple terms? yes. so i basically every few years the supply of bitcoin decreases. and we expect on april 20, 2024, the supply will decrease from 6.25 to half of that. so, this means that today we have 6.25 bitcoin mined every ten minutes. which is 900 per day and 6300 per week. after 20 april, this number will be halved. so basically if the current demand is stable, we'll have an even more imbalanced structure, structure imbalance between demand and supply. the london stock exchange says it's going to allow bitcoin back to trades later this year. there was a lot of concern about the same mechanism. does crypto need to be regulated, or the fact it's getting more regulated only increases its credibility?— regulated only increases its credibili ? ~ , . . credibility? absolutely. we

bitcoin.in hit records after each of the last three halvinmgs. let's bring in jack mallers, who i've discussed this with before. give me your thoughts on halving . >> what's going on, ed, i miss you, brother, you look good. just so everyone is aware of the fixed supply of bitcoin, 21 million, but not all 21 million have been issued to the world yet. bitcoin is on a fixed-issuance schedule. toshi when he or she or they launch to bitcoin, how those would be issued out, $19 million out of 21 so far. every 10 minutes more and more get issued. halving is when the schedule gets cut in half. the forced sellers, those that pay money to produce bitcoins, that is going to be halved. the simple way to think about it, edit, is if demand remains the same, the bitcoin sold gets cut in half, it should have an impact on the price to the upside. it is a big event and we are excited about it. ed: let's have a healthy and robust debate. give me a moment to outline the counterpoint. you have been in the camp for

an interesting stat since our data on bitcoin began back in july of 2010, bitcoin is up, this is notus now with more on the rally, to record highs is mackenzie, we see it, some people just choose -- they don't want to believe it and some people are skeptical for good reasons, but this run has been stellar. >> yeah. and there are a lot of drivers of this record rally. some simple, others a lot more complicated. so let's start with the biggest and most obvious. that's the approval of biscoin spot etfs that happened in early january. bitcoin is up more than 50% this year. in less than two months the ten u.s. spot bitcoin etfs brought nearly $50 billion into the space. blackrock ishares bitcoin trust is the fastest an etf has ever gone from 0 to 10 billion in assets. now let's get slightly more complicated. bitcoin has always been front and center when investors think of crypto, many in the industry favored ether because it has more practical use cases. now innovations may allow bitcoin to reach technological parody with ethereum and all of that is encouraging investment in new tokens on

others out there share your views about bitcoin. us regulators - views about bitcoin. screaming into approving these etfs, and legal action force that moved. do you think regulators and central banks should be shouting even louder about the risks they see with crypto in general? about the risks they see with crypto in ueneral? ., , , ., about the risks they see with crypto in ueneral? . , , ., ., in general? ultimately, if you are sellin: in general? ultimately, if you are selling peeple. — in general? ultimately, if you are selling people, you _ in general? ultimately, if you are selling people, you can _ in general? ultimately, if you are selling people, you can get - in general? ultimately, if you are selling people, you can get rich l in general? ultimately, if you are. selling people, you can get rich for free, that is a very attractive product, whether there is anything to it or not. at a certain point, the regulators can only say, this is trash, take care. you can stop people promoting things that are miss sold investments, but ultimately, if i want to set my mo

years ago, it's gone up —— bitcoiners.r time, it gained a huge amount of value. that's the argument that they would make, and also that bitcoin is a safe value that has resisted some of the kind of broader macroeconomics trends. is not true? no. macroeconomic factors still cannot affect the price. it's still a day to celebrate.— cannot affect the price. it's still a day to celebrate. you mentioned there is fluctuations, _ a day to celebrate. you mentioned there is fluctuations, and - a day to celebrate. you mentioned there is fluctuations, and as - a day to celebrate. you mentioned there is fluctuations, and as the i there is fluctuations, and as the old saying goes, mullet goes up must come down. are you just waiting for distraught now? i come down. are you 'ust waiting for distraught now?— distraught now? i think more volatility is — distraught now? i think more volatility is likely. _ distraught now? i think more volatility is likely. just - distraught now? i think more volatility is likely. just a - distraught now? i t

>> the big driver is the proxy of bitcoin, as you mentioned, under 4000 bitcoin over a hundred millions to buy more bitcoin and bringing importance to more than 14 billion dollars, it is a proxy, the fact they were able to buying going when it was on the doorstep of a record high shows how much the border bitcoin and cavco industries have to move higher. -- and other industries have to move higher. sonali: what is a difference of buying into microstrategy or buying into an etf? >> that is the big debate on our desk, if you want to expose yourself to bitcoin why not by the etf and letting michael saylor whose company generates a small amount of revenue generate they point when you look at the fundamental value of microstrategy relative to what is holding is trading at a higher multiple and again, as long as bitcoin keeps moving up into the right like it has been, that will be a bullish signal for all of these stocks. sonali: coinbase, why not the etf? what is driving the press behind coinbase went so many people believed that the etf would eat into coinbase's business. >> you only see c

we also have bitcoin happening as some of us call it, which traditionally constricts the supply of bitcoinit reduces the rewards that bitcoin minors get. these two factors, along with more favorable regulatory movements around the world point to us continuing to go higher. that doesn't mean we will not have pullbacks along the way, but the macroenvironment is supporting higher highs. caroline: the exuberance around bitcoin has spilled into other areas. ether is on the up, solana. then, like 2021, the meme coins come back. some of them thinking there will be some practical use case. what are the spillover effects? are you worried about too much exuberance in dicey areas of the market? jalak: there is always going to be speculative activity when we see bitcoin and ethereum and some of the blue chips continue to go higher. people are looking for even higher returns with some of these lower liquidity longtail protocols, and some of them are these meme coins. that is to be expected. investors need to realize they are dealing with more volatile assets but we have seen some outsized returns in so

bitcoin was the escape route.e about bitcoin, not a fan. he said if he were president of the united states, he wouldn't touch it. maria: wouldn't up the it. mark. >> i'm less worried about bitcoin. go ahead, brock. >> trump wouldn't take an action against bitcoin. he believes it is here to stay and it has a place. maria: thanks for the clarify case. >> i would be more concerned about a central bank digital currency than investing in bitcoin right now. with the central bank digital currency they could certainly if we don't do what the government wants us to do, they can shut off access to our capital so that's certainly a major benefit when it comes to crypto overall. look, i mean, at 73,000, it looks like there's just so many reasons that crypto can continue to go higher. supply and demand obviously, supply, new supply is going to be cut in half going forward, there's a lot of liquidity, seems to be front running the fed's rate cuts. there's so many things that can take crypto higher. what could we possibly be mis

the having takes place next month, the supply of bitcoin and investors like you, new highs for bitcoin, round the subject of record look at gold getting close to 2000, $200 an ounce, how about that, bitcoin and gold leading the market this monday morning, as further the dow industrials down about 160 points of the opening bell, s&p done 20, nasdaq and 95 take a look at nvidia, it is down this morning five hoppers on friday and down another 1% as of this monday, interest rates are steep but lower levels the yield on the ten year moving up a bit 4.08%, the two-year is now under 4.5%. it just ticked about 4.5%, 451 right now. politics, biden apologizes to the undocumented community for using the word illegal to describe the alleged killer of lake and brightly, he went on to suggest that the migrants builte was confusing you illegal illegal migration, the president changed his tune he is calling for cease-fire in gaza and seems to be responding to domestic politics, he cannot win in november if he loses a muslim, arab-american progressive votes, they demand the cease-fire and biden obliges

the bitcoin that this company owns 200,000 bitcoin the market cap is 25 billion which is almost doubleolds if you like bitcoin urge investors to consider etf's like the blackrock etf. jack: doing the math, andrew. >> boccardo libre is the return of the magnificent seven it's amazon equivalent in e-commerce company that had earnings disappointment creating a buying opportunity, earnings are expected per share 80% this year is definitely worth a look. >> it sounds attractive, thank you guys, all great ideas, check out this addition the barron's.com don't forget to follow us on x at barron's online, we will see you next week on "barron's roundtable". ♪

we believe the capital is going to keep flowing from those asset classes into bitcoin because bitcointechnically superior to those asset classes. that was annabelle: of our guest on the outlook for bitcoin which notched a fresh record high for the first time in more than two years to a bit of a pullback from those levels. let's get more on where bitcoin is headed and in our crib to reporter. -- ever crypto reporter. perhaps it is a little bit of profit taking since we had that record. >> what we sell today was a combination of seldom use and you leveraged. -- end leverage. almost all bitcoin buyers who were in profit. after the liquidation event took place to that is evidenced by the record high interest in the swap market as well as extremely high funding rate. some of the bullish traders were paying 100% on an annualized basis to keep their positions open. i think today with bitcoin alone we saw $800 million worth of liquidation happen in the past 24 hours. haidi: how is futures affecting these prices? >> previously, in the futures market, right now it is different but in the past w

maybe we want to put bitcoin and other funds like bond funds were income funds, i think bitcoin is goingortfolio, we see fidelity 1 - 5% on all portfolios, people on wall street if i put an asset with the 2.1 ratio and my portfolio is up 70% to start the year that's going to give me a better overall performance and change the risk of return of my current portfolio and that will lead to billions dollars in the short-term and trillions of dollars over the long run going into the asset fueled actually 1 million and demand goes up the price has to depreciate. >> 100,000 this summer. the last four times bitcoin is it an all-time high it is doubled in 18 days or less were in the range obviously bitcoin is starting to push up higher i don't know how quickly it's going to go up but i would be shocked if we don't hit 100k over the next 12 months. i appreciate it very much. charles: tomorrow were to get the latest read on inflation. i want you to take a look at this chart this is what inflation is, the cpi gary cohn was on the talkshow and you have to explain its accumulative number and the number

and that is, bitcoin.aid you got to get -- you have to look at this closely, mr. president. and you know, the current s.e.c. commissioner, gary gensler finally allowed for this spot ets and now we see bitcoin at almost 72,000. but it's almost as if it's in spite of some of the efforts over regulation of maybe the biden administration. do you have any thoughts now on crypto? >> i do little things sometimes for fun. and you know, make money with it. but i have fun with it, too. >> you mean you bought bitcoin? >> no, no, no. sometimes we'll let people pay through bitcoin or we'll let people get involved in a new -- you know, if you think of it, it's an additional form of currency. i used to say, you know -- i want one currency. i want the dollar. i don't want people leaving the dollar. i feel that way. but i will tell you, it has taken on a life. i did a thing that people smile at, but it was wild. we did 1,000 sneakers. so limited edition sneaker run. the last one -- and you can go through you know our crazy

so much enthusiasm first question from a cab driver, are you in bitcoin what let's moving bitcoin?at's your classic story of hitting a peak bubble moment the spotty effs have solidified the coins but they've been setting new records. collectively in the past two months they've brought in $50 billion. you look at blackrock's i shares bitcoin trust, it's the fastest that an etf has gone from zero to $10 billion in assets it's a game-changer. there are other things happening under the hood you've got the technological advancements that are going to put bitcoin on far we theory yum. they're flooding in in a way they haven't in the past. >> a real use case for bitcoin a lot of times there's use cases. >> bitcoin has been proud of the fact historically that it's kind of a boring commodity. it's something you can rely on, but i've been talking to a lot of o coders in the ecosystem and a lot of vcs i've been out there. there's so much enthusiasm around these so-called layer two companies, basically all these startups building on top of bitcoin. >> i like the name drop. take us under the ho

up 4.3%, a level never seen before with bitcoin.t to focus in on what has been happening with moderna, leading the charge on the nasdaq 100. maybe it will be able to find application of its technology into the skin cancer space, and that is something they will be teaming up and working on. also looking at what is happening with pdd, some of the chinese names managing to get a lift, some analysts' notes saying the geopolitical risks are over for these names. up some 3%. meta on the downside. off by more than 4%. no no real fundamental catalyst, other than former president trump on cnbc earlier today, reiterating what he says on true social, that he feels any ban of tiktok would be a negative, because it would empower and embolden the likes of meta, which owns facebook and instagram. ed: a year ago today, fear was spreading following the collapse of silicon valley bank. in a matter of a few days, svb went from a plans of an emergency sale of its stock to vc's and set ups money out, to u.s. regulators taking control. for a wow, it look

let's be faster than bitcoin.e that can serve as global money, and in layers, it achieves stale about -- scalability through the lightning network. i see it as mostly digital equity, none of which can complete as -- compete as global money. which is why we keep saying over and over again when it comes to money, there is no second best. kelly: natalie are, always good to get your insights. appreciate your time today. >> thanks for having me. kelly: okay. well well, "the claman count down's" interview with larry fink if made waves across the crypto serious. >> the -- crypto verse. >> the sec, there's lots of noise about them declaring ether a security which would take it out of the bitcoin category as a comotdty. >> i don't think that designation is going to be that deleterious -- >> really in even if it's a security? you could start an eth etf? >> i think so, yeah. >> that's wild. liz: we've got a financial local motive. kelly: fink says ether's status as a security may not be detrimental to the approval of its etf

>> bitcoin is of course a 24/7 market.roduction of the etf has introduced a break in the attention of the need to be paid to weekends and after hours and much of the movement in bitcoin has been generated by excitement and flows in the etf products. all of that said, our attention is more on the long-term bitcoin trends including price trends. we could expect to see some periods of consolidation along the way i expect we end the year significantly higher than we were at now. caroline: the underlying innovation gets us not only from seeing the big point as an asset class which has more intimate and across different stereotypes of people, i am also interested in what is the asset itself, the issue is the gold because we are not going to do much more in terms of actual use cases and smart contracts because it was expensive and difficult to scale. you are solving that problem with the companies you invest in? what have the etf's brought to bear in terms of innovation? alyse: this is interesting, we work with founders who are a

bitcoin is down in the correlations between bitcoin and the optics.speak to devon ryan, it's great to speak to you again. some of your notes of been extraordinary with the sheer scale of money entering the space and where you see the price points going. can you talk us through your main thesis of what these could do? >> thank you for having me on. we put out a note earlier this week and we are talking about 220 billion of evan flows into these etf's over the next years. there has been 10 billion in net inflows but we see that accelerating because we have opened up additional capital the historically until january this year was shut out from investing in crypto and bitcoin specifically. advisor led money, about 25 trillion in assets where advisors when a custody that money within their own custodian. these advisors with etf approval can look at that but were in the first inning. when we see flows accelerating from here there will be volatility but in my career covering financials, follow the flows. where there is money coming in that substantial it's t

>> i think the bitcoin etfs have been super positive for the bitcoin mining space.tility notwithstanding, the fact is that this tool is bringing more money into bitcoin, and that is driving the price up. that is the thing that we mind that is the commodity we are focused on, so, that's always great for us. the fact is in seven weeks since the atf has been approved, these etfs have thought of 350,000 in bitcoin, and right now, we're only mining and them. and that work as a whole only released is 900 new bitcoin per day. that's gonna cut in half, and 450 bitcoin per day, and april of this year, so, supplies becoming constraint. new supplies become constraint, and more interest and money is going to the market. that's great for us. as far as our stocks go, we have seen an increase in dollar based volume in our stocks as a result of the atf. so, i think we have had and come up here, and rising number of ambitious gross plans that were scaling up our business with. so, as the price of bitcoin appreciates, we should appreciate from that in an outsized way. >> how do you p

let's talk to a manager of one of the bitcoin etf, matt hogan, he runs the bit wise bitcoin trust.y started trading the nine spot etfs since january i've seen 1.3 billion into your etf. gray scale is seeing outflows. who's buying? is it retail? institution? do you have a sense who's buying? >> it's everyone, everyone where all at once. right out of the gate it's initial investors but we're seeing hedge funds, venture capital lining up. soon we'll unlock the morgan stanley and wells fargo and seeing corporates lining up to get into the funds. a lot of floodgates are open. it's some retail demand but there's increasing demand and that share is growing. >> that's my next growing, what kind of institutional acceptance or resistance, how many of the wire houses are allowing trading in spot bitcoin etfs right now. >> allowing it on an unsolicited basis so if a customer asks they can facilitate the trades. soon we think you'll see it allowed into the bitcoin e tfs. so advisers can say it might be helpful to add a small amount of bitcoin exposure. and that's when you see massive flows from

and restaurants like this one in london that accept bitcoin.r example, which was 0.00009 bitcoin. but the way prices are going now, who knows what it'll be worth tomorrow? i don't think we're going to see bitcoin becoming a genuine currency, what i think we're seeing it become is a recognised and potentially widely used investment asset. people buying it to save for the longer term and to benefit from the price rises. bitcoin was created by an anonymous internet user in 2009 to make sending money as easy as sending an email, all without needing any financial institutions. bitcoin transactions are processed by a huge network of volunteers who use computers to check transactions. as a reward, they're automatically given new coins. right now, the demand for those coins seems to be higher than ever, and many bitcoin fans are celebrating their new—found riches. others, though, are wondering with caution which way the notoriously unpredictable line will go next. joe tidy, bbc news. let's go to denmark now home of lego because the plastic brick maker

.— supply for bitcoin.k exchange said - supply for bitcoin. london stock exchange said will l supply for bitcoin. london - stock exchange said will allow bitcoin to be traded on litter. there was concern about the same mechanism in the us. does crypto need to be regulated what is the fact it is getting more regulation increases credibility?— more regulation increases credibility? more regulation increases credibili ? ~ , ~ ., credibility? absolutely. we are now in the _ credibility? absolutely. we are now in the phase _ credibility? absolutely. we are now in the phase where - credibility? absolutely. we are now in the phase where we - credibility? absolutely. we are | now in the phase where we have severaljurisdictions now in the phase where we have several jurisdictions that now in the phase where we have severaljurisdictions that have strong regulatory framework. particularly the us framework for btc is quite solid and reliable. my opinion has mainly two aspects in the regulation. the first is the harmoni

it's been a very interesting cycle for bitcoin.'ve been bringing upon aaron the last few days there is a scenario where those who are bullish on cryptocurrencies especially bitcoin, and those that are bearish on bitcoin seem to agree on one thing. from where we are now, is likely bitcoin goes to a higher milestone. we talked about 80,000 as a medium term call and i've also seen a hundred thousand but many agree they all pulled back. what's your understanding of the why behind that? >> the first thing is, after the bitcoin having we see some sort of a plateau, we are also expecting a lot of people the interest rate to be cut down before the elections. the elections bring josh will redefine the political roadmap procrit do or not so much procrit do. beyond bitcoin we have seen the technology laterally with polygon and solano and that will define this roadmap. ed: there's an interesting news story this morning where the riksbank governor, is central banker gave his opinion that he wanted to minimize bitcoins influence, presence in the

this has nothing to do with bitcoin. it doesn't help bitcoin. sam bankman-fried wasn't invested in bitcoin. he committed a garden variety fraud called a ponzi scheme where you take money from peter to pay paul so it doesn't add up anymore. that is it. sort of extrapolate, it is mainstreaming, we had larry fink on it, thinking of more etfs. whether people lose confidence in what is essentially a ledger, not anything really backing up used currency which is backed by full faith and credit. it's a pretty despicable fraudster, he got caught. i tend to agree with the counselor. if you tell me he's getting 40 years in jail. i can see why judge kaplan said 40 years in jail, no one is getting crushed here. let's throw him in jail for 25 years but to extrapolate this for bitcoin hurts investors. look at bitcoin in different metrics not because sam bankman fried is going to jail for committing a ponzi scheme. neil: other dynamics might help the crypto arena. kelly o'grady has more information. >> reporter: we are learning the judge recommended sam bankman

let's get back to bitcoin. we have been doing bookkeeping on it.limbing for the seventh consecutive day. the currency is going to reach new highs. here is what -- had to say. >> we have gone to frothy levels. i would not be surprised to see some correction and consolidation. i am loath to pick a bitcoin high because i believe this is price discovery. caroline: mike novogratz, let's talk about it. everyone is wondering whether $69,000 is the level we are going to hit. by the people do talk to in the market and dissipating it? >> the current rally took people by surprise. people believe bitcoin will recover but no one saw it coming and rising so much so quickly and this week bitcoin surpassed the sixth of thousand dollars -- the $60,000 level. the next level is $69,000 which would be the record high reached in 2021. generally speaking, we are seeing very successful results that got approved in january and when you're looking to ease the tokens, you are seeing momentum as well. ed: the banner at the bottom reminds the audience that crypto trades 24/7

we have gotten past the spot bitcoin edf approvals and ethereum has been a very popular crypto asset. when you think about the tone in washington and when you have seen after the bitcoin edf approval, do you think it is going to be as easy the second time around? i should not say easy, it'd take a while to get here. or estimate or is likely as investors see the ethereum etf be approved as swiftly? >> i think the edf, ethereum etf should be approved. unfortunately, some of the crypto stuff has gotten a little bit politicized by our federal agencies and there is this turf war between the fcc is it a commodities and etc.? the facts are pretty clear that ethereum is a commodity. i will not stop folks from trying two and throw a wrench into things -- to go and throw a wrench into things. we are to follow a similar path of what happened there big quit and go to court and the court will compel regulators to follow the rules and the law. get equal treatment under the law. it may take additional effort but i think they should be approved right away. i was pleased to see that coinbase was named

bitcoin rally fueling record inflows for the bitcoin spot etfs it is remarkable.e rally is the head. great to have you. quickly begin with the news out of the uk. seems that is another very positive step forward for your, for the crypto world, right? >> i would agree. we're seeing a continued maturing of the asset class. which means partly broadening of the products available to give investors access, starting with etfs here in the u.s. market. we're seeing other jurisdictions offer a broader range of products to investors. that is something that continues over time, continues to drive demand for bitcoin. ashley: so where do we go from here, zach? obviously etfs enable ad lot more money to put into this currency if you want to call it currency but this asset class. how far can it go in your mind? >> it is an incredible start to year for bitcoin, roughly 70% as you were saying. the proximate cause for that is the demand for bitcoin spot etfs which have taken $10 billion after they launched in early january. this tends to be a cyclical market. it tends to be momentu

what you think will — really into bitcoin. what you think will happen _ really into bitcoin.in. what you i think will happen in the months ahead when it comes to regulation?— ahead when it comes to reuulation? ., , ., ., , regulation? that is a really aood regulation? that is a really good question. _ regulation? that is a really good question. i _ regulation? that is a really good question. i think- regulation? that is a reallyl good question. i think there are some within the securities and exchange commission in the us who are banging their heads on their desks because there is an inaction surrounding regulation and argue that this means consumers are not protected and there are not clear rules to follow. but it moves so fast that regulars are always behind the curve but the sec approving this in and of itself is quite significant development. we itself is quite significant development.— itself is quite significant development. itself is quite significant develoment. ~ , ., development. we will rely on ou to development. we will rely on you to keep _ development. we will r

, you've just opened up the boomers to bitcoin and so boomers do bitcoin and there's $40 trillion of trillion overall and first time they can buy it and price discovery and hard to see where things will go. in general, when you come with 330% from a low to a three-year high, you don't take it out on the first time. can't find one frayed going from 15,000 to 69,000 and go right through and we'll take that very soon and who knows and 100,000 because it's a round number and you're in price discovery, you don't know where the buying stops. like prices are set on the margin and more buyers than sellers. liz: what is this catalyst, though? aside from the fact there's been a mentum trade and spot bitcoin etfs and one you have and i would love to know what else is pushing it to these numbers? >> the number one thing is etfs and it's opened up wealth channel and buying bitcoin very easily and saw rieder filed a report and $38 billion found is buying etf in his fund and small indications and the fed cuts rating and more importantly there's a banking crisis today and again every one of the stor

. . ~' , ., , more momentum and hype around bitcoin. ., ~ , ., , . bitcoin.here _ bitcoin. thank you very much, erin delmore there for— bitcoin. thank you very much, erin delmore there for us _ bitcoin. thank you very much, erin delmore there for us in _ bitcoin. thank you very much, erin delmore there for us in new - bitcoin. thank you very much, erin delmore there for us in new york. i over in china, thousands of delegates are preparing to gather in beijing, as the annual parliamentary meeting begins on tuesday. china is facing a number of economic challenges and many are hoping the government will unveil some bold policies to help give the economy a much needed boost. here's our business reporter katie silver. when it comes to the economy, china's officials are in a difficult position. the country's post—pandemic economic recovery has been disappointing. youth unemployment is high. local governments are saddled with debt. oh, and people aren't having babies, raising questions about the future workforce. and let's not forget, that's all before that downturn

also pushing bitcoin higher what insiders call the mandate of bitcoin code to cut the reward mining bitcoineate scarceity. also pushing bitcoin higher is the as we said buying even a bitcoin etf isn't without risk. as you mentioned before, there is suggestions that the price may go down pretty dramatically and we've seen it happen in the past, that bitcoin's been in trouble with regulators, current estimations of where the price is going as high at 120,000, maybe just 42 you thousand. 42,000. we'll have to wait and see. maria, back to you. maria: thank you so much, gerri. michael, do you own any bitcoin? >> i recently took some profits andmoved it into other a.i. reld stocks that i think have more upside. that being said, the bull case for bitcoin is playing out right in front of us. so a moment happened with silicon valley bank where in a massive risk off event bitcoin rallied substantially. after that, with all the government money printing, so the deficit came in much larger last year than was predicted. i suspect the same thing will happen this year. okay. new york community bank on the

this is a spot bitcoin etf.people buy, if you see inflows, these issuers have to buy the coin and bitcoin intelligence estimates that bitcoin etf now holds around 760,000 bitcoin, so then it is really a scarcity play. more and more people are really kind of like, i have to own bitcoin because after all, there are only 21 >> million coins out there. >>a great reminder of supply and demand and in this market it seems supply is shrinking and there is a lot of demand. thank you so much for that breakdown. let's welcome back ellen has en. i won't ask you about bitcoin specifically that the fact that we are seeing the riskier fringes of the market and other cryptocurrencies hit all-time highs, what does that tell you about risk appetite at this stage of the cycle? >> that's a really interesting because is directly treated as a risk on asset. if you look at the correlations with other securities and other asset classes, if you look at the volatility, it trades as a risk on asset, so it is clear that the opening up of e

i believe you have the valkyrie bitcoin etf and hash decks bitcoin etf. security assets. we have $65 billion under cost at this today. most people know what a bank is. a bank is a depository. they take your money and lend it out. we are a custodian, we take your money and assets hold it for you, securely, and give it back to you when you want it back. ashley: so you're giving investors peace of mind if nothing else, right? >> that's right from a technology perspective in 2013 you used hear about hacks and things like that in the space. we started pioneering security solutions. today the solution we pioneered, multisignature protocols for bitcoin is by far and away the gold standard how you protect digital assets these days and that is what we do at our core. on top of that we have a highly regulated and compliant digital custodian. we're regulated in new york under new york dfs and regulated in seven other varies are places around the world with seven trust companies we own and operate. we continue to provide better service. yes, we help secure the assets

we are looking at bitcoin as we always do.the last three days there's been some interesting trading. you reflected on monday in the u.s. section and then tuesday there was slightly more volatility and bigger moves. i reflected how common is it for bitcoin to make a sizable move sunday for example. the impact of asia trading but there's a brilliant piece on the bloomberg terminal about how we are seeing these moves in u.s. trading. we know on this show we don't make too much of a shorter moving bitcoin. there's a much bigger conversation to have. joining us is galaxy digital founder mike nova grass. you held my preamble but it's been an interesting short-term watch particularly driven by flows into the bitcoin etf's. on the bloomberg there is a brilliant story, let's start a conversation with how you are and what you are thinking about right now. mike: bitcoin has broadly doubled since november so let's hold this in context. 35,000 -- 30 for thousand dollar price. it's been a monster rally. that rally was mostly fueled by adopt

obviously, bitcoin has been on fire. made an interesting comment, i think it was yesterday or the day before, on the centralization of owner hardship of bitcoin falling into the hands of a few -- ownership, and i just want to remind the audience a lot of people are fans of bitcoin, particularly block cain. some of the known been fits, right, that provides a trust theless environment. you don't have to do the checks and balances, you've got data are reconciliation, optimizes resource distribution. so to what degree is the value beginning maybe to erode, the value proposition beginning to erode? >> i mean, i think that's a real risk, that as you centralize the ownership -- remember, the whole idea, as you pointed out, is that this blockchain runs by itself. no one can put dominion over it. the government can't, bad actors can't. that's if it's running propererly. and, therefore, it provides a safe environment for anybody to hold their digital assets. but when you start getting it centralized by having ownership like throug

the demand for bitcoin etf's and bitcoins, bitcoin minors cannot beat that with the supply in time.hese levels, crypto is looking frothy. the bitcoin surged to its highest price in more than two years. novogratz expects the original token to end the year much higher. >> this is probably the first time in the history of bitcoin we have true price discovery. this is the first time anyone who wants to buy it has easy access. baby boomers have $85 trillion of wealth. their wealth is for the most part managed to investment advisors, half of them can buy the etf. you are seeing a step function of new owners in bitcoin which is driving a frenzy in the crypto ecosystem. bitcoin gets bought and some cell a little and try to catch up's and the altcoins. we have a frothy levels, you can see it in the funding rates of the altcoin market. and bitcoin and all the alts. you saw it in the equities, all the public sector woody bellwethers really went parabolic along with bitcoins. i would not be surprised to see some correction and consolidation but i am loathe to pick a bitcoin high because i think

the spot bitcoin etf thing changes the game.it's a rubber stamp that did not exist in the last two big retail cycles. and what's clear is that people feel very comfortable buying this risk asset that they deem to be speculative. on the nasdaq, you can buy s speculative stocks that go to zero, lots of stocks have known bears who are all over them every day on tv or something like that, trying to, you know, kind of articulate a story, whatever. this one's still here. and it's still going, and it's got some decent-sized backers. to me, you can look at it that way, as, like, a portion of your position. i wouldn't be buying it here, but there are opportunities to buy this -- >> look, if the maturity of bitcoin and now ethereum before your eyes is what you've seen, why wouldn't you be rlooking at other assets in the space? i realize a lot of it isis garbage, but -- it's not just about bitcoin and ethereum. and there's no question there's other folks digging around in the digital world. >>> coming up, the enemy of the people. the harsh

bitcoin about 66860. in terms over the moarmt um moving towards a record in terms of bit danny record being just below 69,000 in 2021. raise it expect aces of more stimulus. speaking at the national people's congress, the chinese premiere announced ambitious targets have been set. >> the main target for development this year are projected as follows. the gdp growth of around 5%, it is not easy for us to realize these targets. we need policy support and joint effort from all fronts. tom: ok. let's cross over live to beijing and steven engel standing by for us. how difficult will the target be for growth? how challenging is this target for officials sitting there in beijing? >> the premier admitted it is going to be a tough task to do this. he is the guy out with a hand on the lever to make that policy happen. that has been the problem so far. policy has kind of come in a piecemeal approach. again, they are pledging and using a pretty ambitious growth target to say that we can hit this and they also have a

the pro shares bitcoin strategy etf, which invests in bitcoin futures, not bitcoin directly per se.s seen more than $133 million in net inflows, bringing total assets to roughly $2 billion. do you like byto and why? >> i like this because it a es a great way to trade it through an etf. i also like it because traders can trade it in the options market. so right now, it is right up against resistance around $30 a share. but as i mentioned, we have that momentum in bitcoin. if we can break out above that overhead resistance, it will be a great momentum trade. because this is a low-price ticker to get into, especially with the low price options, traders can come in and buy out of the money calls, three, six months down the line for a relatively good price in case of a continuation of breakout. >> all right, the last buy here is coinbase, shares up 60% in the last month. but some say it's gotten too expensive and sees 40% downside ahead. but you're sticking with coinbase? >> the reason i like coinbase is because obviously it moves with bitcoin and being bullish bitcoin, it makes sense. b

i think he shines a spotlight on why bitcoin - to this space.oin and - to this space. i think he shines a i spotlight on why bitcoin and crypto are so very different and why dim sum is regulatory uncertainty when it comes to the broader crypto space —— so much regulatory uncertainty. you shouldn't be able to cheat people, there should be well crafted laws and regulation that protects freedom and that is good because it shouldn't be easy for unethical people to steal our counterfeit money. there is nothing wrong with security, what he was issuing mod security, what he was issuing mod security, but issues need to disclose the risks so that investors understand who is in control. who can make decisions that will potentially affect their money. bitcoin is a decentralised asset and commodity that nobody can control and emission is to remove the ability to print money out of thin air, which is what sbf was doing and why he harmed so many people because he still that money. we why he harmed so many people because he still that money.— he still that mon

the value of bitcoin has reached an all—time high.e rules. for the last two years, lines charting the value of bitcoin have mostly been in one direction. but in the last few weeks it's all changed. now this virtual currency is hitting new all time highs. the reason? well, it's mostly down to this place. injanuary, traders from us investment giants were given the green light by us watchdogs to start selling products linked directly to bitcoin. as a result, they've spent billions buying up coins. further stoking the fire, today, uk financial authorities say they too are open to allowing some trading based on crypto assets. some are now wondering just how far this virtual currency can go. some people think that the potential of bitcoin is to replace all other currencies and there are shops and restaurants like this one in london that accept bitcoin. ijust bought this £7 burger, for example, which was 0.00009 bitcoin. but the way prices are going now, who knows what it'll be worth tomorrow? i don't think we're going to see bitcoin becomin

>> reporter: it has been a period of terrific performance for bitcoin and other digital assets.e because cause of the rally has been the launch of stock bitcoin etfs listed in the us market, these products have seen incredible demand at their start totaling around $8 billion since early january, but the underlying reason for investor interest in bitcoin has always been macro in nature, bitcoin is a macro asset that competes with the us dollar and competes with physical gold and investors are interested in those attributes in a portfolio context, looking ahead to federal reserve rate cuts, it contentious presidential election that neither party is focused on, deficits or the debt, seeking tools for bitcoin to protect their portfolios. neil: it's not for everybody. you remind folks that is something but you could say the same about gold, silver, copper, alternative investments. bitcoin and these other crypto places deserve that but you think with etf trading that is allowed in april, another crack at having which would limit the available supply, a good 1-numtwo punch there. >> th

and restaurants like this one in london that accept bitcoin.t the way prices are going now, who knows what it will be worth tomorrow? i don't think we are going to see bitcoin becoming a genuine currency. what i think we're seeing it become is a recognised and potentially widely used investment asset. people buying it to save for the longer term and to benefit from the price rises. bitcoin was created by an anonymous internet user in 2009 to make sending money as easy as sending an e—mail, all without needing any financial institutions. bitcoin transactions are processed by a huge network of volunteers who use computers to check transactions. as a reward, they are automatically given new coins. right now, the demand for those coins seems to be higher than ever, and many bitcoin fans are celebrating their new—found riches. others, though, are wondering with caution which way the notoriously unpredictable line will go next. joe tidy, bbc news. at the oscars it was a night to remember for the big winner, the film oppenheimer, which scooped no fewe

you know, there's not a bitcoin company.'s just a sentiment driven token. and what you can say about that, of course, is that sentiment has no limits. you can always be more optimistic. so this rally may be the biggest we've seen. if we just look at where we stand today, pre-halvening for bitcoin and look at historical patterns, that would suggest, i'm not predicting this, if you apply the historical patterns, it would suggest bitcoin being in excess of $300,000 at the peak of this next bull market. since all tokens are correlated to bitcoin, that means that all the other tokens, like ethereum and solana and some of these others, will move up in lockstep. those, however, usually move higher. directionally the same but since they have a lower market cap they tend to move up to a greater degree. >> what about tether? i know that your price doesn't move up. you're tied to one to one, but there's been a lot of interest and i saw that you passed the $100 billion market. i think it's the first stable coin to do that. what is drivi