volatility and bitcoin. other cryptocurrency enthusiasts. i am surprised there are so many bunk beds in a house that accommodates so many millionaires. the millionaires, usually, once they make their millions, move out. right. 0k. in 2013, he put all his savings into cryptocurrency, and after four years of growth... i've made an extraordinary amount of money relative to what i ever conceived. to me, crypto assets are like social security for millennials. in theory, young people who invest today have the potential to see a lot of their wealth being generated just by holding these crypto assets as they appreciate in value over the next years and decades. it's an investment opportunity of a lifetime. i've lived through crashes in the value of these assets before and if my net worth dropped 95% tomorrow, it would have no effect on my happiness. it strikes me that even if it drops 95%, you are still going to be very wealthy. i'd still be fine. but, you know, i don't want to come across as too obnoxious. right, 0k

one bitcoin $13,583 first thing that morning. by end of the day the same bitcoin, $10,351.rent could swing all most 25% in just a few hours. do you understand why people are skeptical of bitcoin? >> of course. how can you not be? it just looks like this speculative asset that isn't backed by anything. but then the more you learn about the history of money, the more you realize it's perfectly sound. look at the u.s. dollar. it's backed by our faith in the government to, to, act in our economic best interest. >> reporter: backed by our faith in the government that it is a sound government. and that there is an economy. >> yeah. >> reporter: and struck schur behind it. >> makes sense if you lift in the united states or the eu or china probably. but if you are in venezuela, the value of your dollar there, drops exponentially each and every day. bitsko bitcoin makes sense. >> some of the biggest believers caution against betting it all. he made more than $1 million in bitcoin, wrote a piece advising against investing in it. >> you have $1,000. $5,000, not the best place to put y

makes bitcoin both independent and secure is what is known as block chain a block chain is a ledger managed by many computers in a network which keep track of records in what are called blocks each block contains information about a transaction the block is checked in very fied by older computers distributed throughout the network and contains security calls from the previous block that practically eliminates the chances of manipulation and count a feat of the current state. at the moment bitcoin is still on a wild roller coaster ride in the markets but one thing is fairly certain after all the coins are issued that coin won't fall victim to inflation the algorithm behind it won't allow the mining of more than twenty one million bitcoins and they'll all have been created by the here twenty one forty. a national advisor mock fraid of a she joins us now from oust accounts trio you're no earlier best to it because i know i don't expect you to gloat i don't want to make you blush but. quite a millionaire. no not at all not at all not in the not yet. you did it best back in twenty thirte

7 bitcoins. and japan firm was hacked. this follows 500 million from another exchange mount gax. if people put money in into a stock or bond they would have help. for example, federal government still trying to help invest divorors from bernie madoff. when people get this stolen what can they do? >> this did get to emphasize. when you engage in investing online with an offshore entity, the chances that we can do anything practical to get your money back are very, very low. >> in our futures market for example we have what we call system safe guards requirements that future companies have best practices. but thoese underlying companies we don't require them to have cyber safe guards in place. they are young, startups, focusing what resources to developing into their technology. and in some of the cases you mention, what i understand was the cyber protections wasn't there. i know it's been aggressive ton this. we've had conversations with them. we asked questions what are they doing. but unfortunat

bitcoin or ethereum. we turn to our resident expert bk. >> in general, i had to close my eyes and buy one coin for the next year it's likely ethereum there is so much development going on that. that's ultimately where the values comes in this but there is thousands and thousands of the smartest minds in the world working on the project of ethereum. bitcoin has stuff going on clez your eyes buy one, it's ethereum tim, you are in enear yum. >> it is the only one i own. in a simplistic way it's proof of concept because you are seeing the development going on. what we have heard about bitcoin is that at least there is a limited supply out there, there is a scarcity value but there is from a technology perspective there are more complex or better use cases out there. that's my call on ethereum if you look at the charts and what has been happening for bitcoin, today was important for people who look at tech knickcals because it sliced through the 100 day level, it has been respecting certain levels, today it di

bitcoin is an anonymous area. , bitcoin futures, mostly institutional. bitcoin futures regulated. because futures regulated. bitcoin unregulated. we are having visibility and underlying spot markets. >> completely agree on coordination. technologyis great that has promise. the are these pure cryptocurrencies which we need to take a look at across treasury, cftc and there are securities offerings that are called ico's that should be undertaken as security offerings. consistent with our regulatory regime. >> senator cotton. sen. cotton: thank you gentlemen for your appearance. i want to continue on the line of questioning the senator warren began. putting aside bitcoin other kinds of cryptocurrencies based on block chain for distributed ledger technology, what are your thoughts on the potential value of the underlying technology of block chain and distribute its technology both to enterprises and consumers and government agencies? >> it is important to remember if there were no bitcoin, there would be no distributive ledger technology. s -- i am nocation pie-in-the-sky jammer. i rep

that's what bitcoin does. to get bitcoin, you can buy it or receive it in exchange for goods and services, just like traditional money. but unlike cash, you cannot hold it, and you can't hand it to a cashier at the store. it doesn't work like that. you can keep bitcoin in a digital wallet, which you can access on your computer or a smartphone. and you spend it just like you would spend any money, as long as the party you're paying accepts it. one difference, though. when you use dollars to make a purchase, if you aren't using cash, your transaction ultimately routes through a bank or a credit card company. bitcoin cuts out the middleman and transfers funds directly from one person to the other without requiring personal information. that means the transaction is virtually anonymous. instead of a bank monitoring the activity, a massive network around the world keeps track of every transaction on a communal balance sheet. and just like other currencies, investors can buy and sell bitcoin purely to make money off

have anyone to talk to it bitcoin there is no one eight hundred bitcoin to call there's no headquarters there's no person like of a taluk at a ferry i'm so again so my point here is a regulator talking tough there's a regulator talking sweet kisses good cop bad cop this is what cops do this is what the government does big coin itself is on an agenda it's has a rock you know i love this story that the british banks are being hacked into and people are mining big coin because if anything you can do to destroy british banks and wall street banks is a positive toward a better humanity they are the pox on our civilization big coin will attack them in many different ways if you're going to undermine them by mining and basically collapse from the inability to have the energy to survive then that's another good . a way to destroy. this playing this this locust this infestation called you know the banks. of course i c.e.o.'s have nothing to do with bitcoin or theremin other than riding on top of it they are financial offerings and whether or not ever anybody was trying to pretend otherwise in th

we may have seen the big retail impacts on bitcoin. i don't know people who wa nt to on bitcoin. people who want to get involved who are not yet involved. the big losses we have seen involved. the big losses we have seen recently may temper the expectations of some people about how high it will go and whether it is easy money or not. it is not going to go anywhere, bitcoin, block chain, this technology is here to stay. whether we marketed as bitcoin or by some other name, that remains to be seen. the front page of the irish times, their take on brexit. the eu seeking to prevent low tax and low regulation in britain. talking about this article briefly before we move on to weather what we have ahead of us in terms of brexit. this is ireland, this is brexit, ireland is a low tax part of the eu. we have spoken countless times about how companies like apple and google. .. how companies like apple and google... there is an element of the eu may be being a little bit ingenuous by saying the uk cannot be low tax outside of the european union. however, any relationship between the uk and

have anyone to talk to it bitcoin there is no one eight hundred bitcoin to call there's no headquarters there's no person like of a tallit get a theory i'm so against my point here is a regulator talking tough there's a regulator talking sweet kisses good cop bad cop this is what cops do this is what the government does big coin itself is on an agenda.

have anyone to talk to it bitcoin there is no one eight hundred bitcoin to call there's no headquarters there's no person like of a taluk at a theory i'm so against my point here's a regulator talking tough there's a regulator talking sweet kisses good cop bad cop this is what cops do this is what the government does big coin itself is on an agenda it's has a rock you know i love this story that the british banks are being hacked into and people are mining big coin because if anything you can do to destroy british banks and wall street banks is a positive toward a better humanity they are the pox on our civilization big oil will attack them in many different ways if you're going to undermine them by mining and basically collapse from the inability to have the energy to survive then that's another good . a way to destroy. this plague this this locust this infestation called you know the banks. of course i c.e.o.'s have nothing to do with bitcoin or theory other than riding on top of it they are finance offerings whether or not ever anybody was trying to pretend otherwise in the second ha

bitcoin and free fall the crypto currency hits a record high towards the end of twenty seventeen but in the last month it's lost almost half its value what's behind that and can virtual coins ever be trusted this is inside story. and i'm j. ducking this is inside story from ahead causes and they've made some people million as others have lost a fortune cryptocurrency zavala tile there's no doubt about that and for those who invest it can be a roller coaster of a ride from all time high to a new low in less than two months come to currencies took the world economy by surprise the first bitcoin launched in two thousand and nine now there are more than thirteen hundred and regulators are taking them more seriously china india and south korea have introduced tougher regulations to combat fraud and tax evasion j.p. morgan and bank of america say they'll hold sing the purchase of currencies on their credit cards and facebook has banned advertising for the virtual coin. a sustainable markets or a bubble about to burst we'll talk to our guests in a moment but first let's have a look at the c

you can't pay for anything with real physical tokens like these bitcoin is a digital currency and its value is determined just like everything else by supply and demand and unlike with the dollar and the euro there are no central banks able to influence the course of the crypto currency value. bitcoins were first programs ten years ago the developer was known only by a pseudonym that toshi nakamoto to this day the programmer behind the technology has never been identified the idea that everyone who installs that bitcoin software on their desktop or smartphone becomes part of the bitcoin network the digital ledger that supposedly makes a bit coin both independent and secure is what's known as block chain of block chain is a digital chain managed by many computers in a network which keep track of records and what are called blocks each block contains information about a transaction the block is checked and verified by all the computers distributed throughout the network and contains security codes from previous blocks that practically eliminates the chances of manipulating or counterfei

a new low in less than two months come to currencies took the world economy by surprise the first bitcoin launched in two thousand and nine now there are more than thirteen hundred and regulators are taking them more seriously china india and south korea have introduced tougher regulations to combat fraud and tax evasion j.p. morgan and bank of america say they are holding the purchase of currencies on their credit cards and facebook has banned advertising for the virtual coin. a sustainable markets or a bubble about to burst we'll talk to our guests in a moment but first let's have a look at the crypto currency market bitcoin the largest of the virtual currencies has fallen dramatically in value from its high of twenty thousand us dollars to below eight thousand on friday if area and ripple also saw drops of about twenty percent the market's been under pressure to sell this past week with more than one hundred billion dollars wiped off in twenty four hours that still leaves the global market value at about four hundred billion according to industry track a coin market cap dot com last we

a relief to bitcoin investors.rm chart and look at , all-time high last year of 19,500 and eight big plunge, whether or not it was in a bubble, down 70% from the peak on concerns, including the bubble popping and regulation. while long-term technicals are bearish, there appears to be upside in the near term. let's look at a near-term chart, g #btv 5250. s fund bitcoin future december, the downtrend, most of the selling pressure but more recently, yesterday, bitcoin at one point below $60,000. -- $6,000. this is breaking to the upside and in the near term we could see bitcoin climb back up to the downtrend for potentially a near-term trade for those traders and investors who have the stomach for the volatility of bitcoin. if we look at another screen in the bloomberg, this is the description page on the bitcoin futures. we see futures, based on the underlying of the bitcoin reference rate. we have a contract size. that is a value of more than $41,000. daily price limit, and advantage to trading on the futures exchan

bitcoin or other digital currency used them themselves what are you i think bart you know bitcoin is very important and it will stay important it even doesn't matter what's a name is a bit korean or it's just you know the notion of post national currency currencies that is not controlled by any government trade it has no there and it will not disappear any time soon i think never right because we're just we're just a stage where you know money was controlled by governments this is that right. and if it's big corn or any other crypt i think there will be like at least ten or twenty cryptocurrency that will have set function right so that there's decentralized money i think this is just huge right. began of course. again i'm just talking about financial services. there are a lot of different applications they're interested in one concept of ownership rate the sticking is a. if you are present a physical asset or liquid asset or any kind of asset as a token that leaves tons of log chain that is steered by smart contract you know as a governance code right not by people i mean that's com

have anyone to talk to it bitcoin there is no one eight hundred bitcoin to call there's no headquarters there's no person like of a taluk at a ferry i'm so against my point here is a regulator talking tough there's a regulator talking sweet kisses good cop bad cop this is what cops do this is what the government does big coin itself is on an agenda it's has a rock you know i love this story that the british banks are being hacked into and people are mining big coin because if anything you can do to destroy british banks and wall street banks is a positive toward a better humanity they are the pox on our civilization big oil will attack them in many different ways if you're going to undermine them by mining and basically collapse from the inability to have the energy to survive then that's another good . way to destroy this this playing this this locust this infestation called you know the banks. of course i c.e.o.'s have nothing to do with bitcoin or theory other than riding on top of it they are.

bitcoin up stocks down, bitcoin down. >> hmm. >> has bitcoin become a market gauge? let's go down to the new york stock exchange a party has broken out >> there is a party every day down here. if they were just playing the cheers theme from the '80s here. the '80s never died down here. is bitcoin and the s&p 500 correlated it might seem that way if you look at what happened in the last week or so. bitcoin has died as the s&p 500 has died bounced on tuesday just as the market has bounced looks like there is a relationship but the longer term correlation is much weaker obviously, bitcoin was up 1300%. the s&p was up perhaps 35 tup 2% as the number of people trading bitcoin increases it's possible the correlation could go up. the vast majority of crypto trading is done by retail. we know that now we have a massive sell of in the crypto market. the question is, what percentage of the crypto mark is also investing in stocks and did the sell off also cause them to sell their stock holding? i tend to think it gets into a causation causes correlation but you could argue that

bitcoin futures regulated. bitcoin futures regulated. bitcoin unregulated. with the coin futures we're having visibility into underlying spot markets and data from those markets we would not otherwise have. >> completely agree on coordination. like i said, i break it down into three areas, there's this great technology that i agree with you has promise. there are these pure cryptocurrencies which we need to take a look at across treasure, sec, fed and securities offerings called ico's that should be undertaken as securities offerings consistent with our regulatory regi regime. >> senator cotton. >> thank you. and thank you, gentlemen, for your appearance today. i want to continue on the line of questioning that senator warner began. so putting aside bitcoin or other kinds of cryptocurrencies based on block chain or distributed ledger technology, what are your thoughts for the underlying value of the block chain and distributed ledger technology, both to enterprises and consumers and perhaps to government agencies? >> it's important to remember that if there

he said stripes said it was clear most bitcoin users saw it as a way to make profits rather than something to make payments with as was originally in tended yeah exactly right so the original white paper buster toshi not alone makes reference to digital payment system digital cash but it's not ready to be used as digital cash yet it's still finding its way as a store of value so as a store of value it's competing with gold we have irrefutable evidence that a lot of people that would go to be buying gold but bitcoin instead with a big coin price down as it is in twenty eighteen all of the money is going into gold and see gold is rallying love the money is coming from bitcoin so there's a store of value as i've said now for a while when it gets to that point just one hundred thousand dollars a coin you're going to see it start to become more of a mean means of exchange. it was a bit early in their incorporation of bitcoin as a back and payment solution but once you do see some still bill the at the higher prices then you'll see all these processors come back stripe did say that they're still

also lessons appeal he said stripes said it was clear most bitcoin users saw it as a way to make profits rather than something to make payments with as was originally in tended you know exactly right so the original white paper buster toshi not makes reference to digital payment system digital cash but it's not ready to be used as digital cash yet it's still finding its way as a store of value so as a store of value it's competing with gold we have irrefutable evidence that a lot of people that would go to be buying gold but bitcoin instead with a big coin price down as it is in twenty eighteen all of the money is going into gold and see gold is rallying love the money is coming from bitcoin so that's a store of value as i've said now for a while when it gets to that point just one hundred thousand dollars a coin you're going to see it start to become more of a mean means of exchange. it was a bit early in their incorporation of bitcoin as a back and payment solution but once you do see some still bill the at the higher prices then you'll see all these processors come back straight did s

simple question here what's the price of bitcoin?l, the answer is not as simple as the bitcoin bug at the lower left of your screen. and that's created a windfall for one very bright 21-year-old. stephenan chen is the founder of virgil capital a hedge fund that focuses on the prices that bitcoin is trading at on different exchanges. essentially, you take advantage of the arbitrage that exists across exchanges >> exactly there is a bunch of different pricin discrepancies between all the markets in bitcoin right now. we try to take advantage of these opportunities to make a lot of money. >> how do you do this? >> it is a good question right now, unlike the traditional equities markets or the four x markets you have got hundreds of different exchanges each with their own different prices and different competing traders. what we have is proprietary technology that connects to all the exchanges and looks for the price differents and buys low in one and sells in another that's what we do. >> it can't be as simple as that i'm sure there are

francine: are you involved in bitcoin? will you be involved in bitcoin?acob: no, we are not involved in bitcoin, as such. we know some banks have given an outright answer around bitcoin. we are advising our employees to refrain from it. but danske as such is not involved in the coin, no. francine: thank you so much for joining us, jacob aarup-andersen , the chief financial officer of danske. another red line. the u.k. trade secretary says britain must enter a customs union with the eu after brexit. we bring you that interview next. we also talk about pound levels. ♪ ♪ francine: welcome to our weekly brexit show. let's get a roundup of the brexit news. here's nejra cehic. nejra: u.k. prime minister theresa may start of week fighting on multiple fronts as critics in her party threatened to amend her plans for brexit and her premiership. proponents of retaining e.u. trade rules want her to fire chancellor of the exchequer philip hammond, who they believe is planning to deny them the quick break they want. even donald trump is critical, saying he would have t

start to become more of a mean means of exchange so it was a bit early in their incorporation of bitcoin as a back and payment solution but once you do see some still bill the at the higher prices then you'll see all these processors come back straight did say that they're still going to be involved in the crypto currencies and they're going to explore other cryptocurrency is including bitcoin once lightning that network rolls out right now it's being tested and the test are going quite well and we're going to interview the co-founder of lightning network which is a stark hopefully we'll interview her soon but regarding this means of exchange first says store value yes the markets decided investors decided in twenty seventeen that. it would not be necessarily means of exchange at this moment it's going to be a store of value back in two thousand and fourteen when stripe first started in twenty fourteen the san francisco based firm became the first major payments company to support big claim payments at the time stripe hoped would become a way for people in places with low credit card pen

is bitcoin and bubble territory?ill attract the highest and lows as prices change across the board. opening arguments beginning for monday as uber goes to war. the trade secrets shaking up silicon valley. a massive selloff in stocks. the average is sinking and friday's session -- in friday's session. into this year, u.s. stocks close at its worst week in two years due to rising investor concerns aboutweak corporate earnings. i want to bring in abigail doolittle. what is happening? what is the force behind today's selloff? was an extraordinary day for u.s. stocks. down about 1%. after fluctuating a little bit, the momentum continued to go to the sellers, finishing significantly lower as we just saw. at the lowest for some traders. strategists would say it was an ugly close. the dow having its worst day since the brexit back in june 2016, just to put the sense of risk off into perspective. interesting you mentioned how we are having the worst week, we did have the worst week since january and february of 2016. interest

now, down 12%, seven 460 per bitcoin.y going comes to stealing bitcoin and other cryptocurrencies, does that have an impact as well? >> i have to think the fear is prevalent and powerful. paradox with bitcoin. it is all about transparency. no central control, but also the mother of all black boxes. we cannot see inside the exchanges. you see headlines flashing on hacks and coins are disappearing on their press conferences in the middle of the night in japan, have billion dollars in coins mixed -- missing, that has to be right now. >> he started talking about it and -- talking about it in terms you cannot strategists and economists are talking about that currencies and the wave of the future? is it growing or staying stagnant? >> that is a key question p or i think increasing what we see is bifurcation. on one hand, you have, you know, very prestigious economists saying look, the crypto markets story is really fraud. in the same breath, they will say there is a technological breakthrough that is quite promising and blockch

this did have a hit on bitcoin.ory environment is one with few signs for the correction. i see it as a healthy correction. fyptocurrencies are not or money laundering or illicit use. they are a step in the right direction. i still have a lon bullish long-term view on cryptocurrencies as well. but it has to be done right. matt: i have always found it interesting when people talk about bitcoin as a tool for money laundering or illicit use. it is traceable, so it does not make a lot of sense to me, but i will put you in the role of a hacker. who managedsomebody to steal millions of dollars of bitcoin, how would you get it out of the system without being followed. oliver: i don't think you can. i think bitcoin is a terrible choice if that is the sort of thing you wanted to do. a client of mine had bitcoin stolen and it was very easy to trace. it is a terrible choice for the ransomware attack because those could all be traced along the blockchain. there are other cryptocurrencies which are set up to be more , like monero

have a go at defining bitcoin. i would say it is a simplya defining bitcoin. to it being tied to a nation, the british pound, the american dollar, you are used to the process of visiting america and converting pounds to dollars to spend there. bitcoin is a currency of the internet. therefore, it should be able to be used wherever the internet is accessible. why is it so volatile, values rising and falling so sharply. it's floated on a free market so it's in a process of price discovery. there is no particular reason it should be one prize or another. it's a free—market process of finding the correct price. why is it attractive as a currency to some people and our people right to be wa ry people and our people right to be wary sceptical about it? its popularity and the way it can be used in the way traditional currencies can't be. one of the advantages of bitcoin is that it doesn't have any issuing house. so, the... doesn't have any issuing house. so, the. . . what doesn't have any issuing house. so, the... what does that mean? nobody is regulating it or monito

as even our lunch the returns on bitcoin of made everything we do is a bank look stupid immature and low performance even warren buffett has not kept up with bitcoin nobody's got up at that point so they're saying that oh it's a non correlating asset ok what is up me i mean is stocks bonds then currencies are all in bear markets now and i'm going to continue to bam-bam markets and they're probably going to wipe out a whole generation or two that crypto currency is the only thing is going to save these people and us from being fired so we're going to middle of the group the girls the market because even if we get a little bit of those days about a last ten years of big oil it'll save us from our going to report big red negative year on year returns on every single piece of money management business we touch. lines you know maybe you have been you don't associate sunni teachers delicto i think the. they could put it. to me not through only ted's best. let alone. said. claiming to know somebody did not say that the. alex you speak french. let. them send them fancy new. busy cut down tho

volatility, you know what was flat do you know what was flat. >> bitcoin, bitcoin futures. >> bk knowsitcoin. >> i do. >> he is our crypto exert. says there is one catalyst next week that could take it higher you are watching "fast money." meantime, here's what else is coming up on fast. >> my fellow americans, our long national nightmare is over. >> that's what investors are hoping is the case with the market but if the nightmare continues, we will show you how you can still buy portfolio protection for close to nothing. >>> plus, calling all shoppers, calling all shoppers there is one beaten down retailer name that looks poised for a bounce we'll give you the name and tell you how to profit when "fast money" returns (barry murrey) when you have a really traumatic injury, we have a short amount of time to get our patient to the hospital with good results. we call that the golden hour. evaluating patients remotely is where i think we have a potential to make a difference. (barry murrey) we would save a lot of lives if we could bring the doctor to the patient. verizon is racing to build

but i don't believe that bitcoin today as it stands is a currency i believe today bitcoin is a storehold on if i started off the year and agreed to work the year for six bitcoin, i was making $120,000 now i'm making, what, $50,000? so as a store of value for my labor, the value of bitcoin got cut more in half so it isn't storing value for me. >> it has. because if you started off last year for with bitcoin you would have started at $900 now i look at your board, i don't see stocks that are in the substance last year. >>. >> ron, great to have you with us. >> thank you. >> market selloff gaining momentum the stocks taking us down. blue jim cramer will join us his take on the big selloff and the eaesgl the second hour of power after this break me and my wife were actually saving for a house. but one day we were sitting there and we decided that, you know what? something needed to be done about what was going on in our inner-city. instead of buying a house, we decided to form this youth league. what is he doing wrong? he should shed the block. exactly. it's volunteer, we don't get a pay

. >> would a monkey steal a bitcoin? >> i'll say yes. he has a gold coin, we don't know the veracity whether it's a true bitcoin. as we know on "right this minute" and life in general, if you put some low-hanging fruit for a monkey to take -- >> gimme that. >> he takes it. >> i'll work it out later. i don't know what it is but i want it. >> maybe it's why bitcoin is not regulated, monkeys stealing your money. >> it's there one minute, it's gone the next, and they're looking for it and oh, look, there's the monkey in the tree. >> the monkey still knows more about bitcoin than i do. >> the monkey climbs the tree and goes away, they look for the bitcoin and try to round up the usual suspects questioning them. >> about where is the bitcoin? where is the bitcoin? >> none of us know. that's the problem! >> the monkey surprisingly aren't talking and these guys don't find the bitcoin. this monkey is just rolling on his own. >> they always pull that stuff off and go straight for the rubber things. >> this video is from hong kong in november, but

is what we need what we want and i always say it's a banks or a killer that's the primary use of bitcoin and cryptocurrency yeah and as our guest adela to force their heads had you know there is a hold on tourism going on for all of the queen's even the ones that are supposed to be instant sound like dash the price goes up to over a thousand at the area where all the prices keep on going up which inspires the notion of holding a whole as it's called in the cryptocurrency field. originally the original stackers the original holders are gold. the gold investors i know which is a kind of in museums to this to some degree would be steam and steam it because you're constantly getting more steam when you're posting to the site your content and on days that it's high you might be getting less on days that it's slow you're getting more so with statement your dollar cost averaging steam by virtue of how they present content and pay content providers and they didn't set out to do that such a but that's the way it's turned out and. so steam looks like it's going to be a way for people to accumulate

we think bitcoin is gold 2.0.f anywhere from 100 billion to $7 trillion, anywhere from 30 times to 40 times from here. it is sounds like a lot but we think it is the most sensible framework for of what the value of bitcoin is and what it should be worth. tracy: i have to ask, how do you protect your bitcoin investment from the prospect of tax? do you go analog? guest: that is a good question . it involves cutting up our bitcoin and dispersing them in involves around the u.s. we have now moved our assets around the gemini, and we eat our own dog food. tracy: are you still bitcoin billionaires after the recent price drop? guest: we have our portfolio of cryptocurrencies and we invest bitcoin with early on. we are long on the space, we do not sit there and watch the price they today. to day. day we are in it for the long haul, whether it is one decade or many decades. we remember when bitcoin was eight dollars, so as far as we are concerned, it is all gravy from here. yousef: oil suffered its sharpest fall in two mon

bitcoin is back about $10,000. they have been very early on the bitcoin, crypto train.they have an excepting bitcoin as a payment for the e-commerce business. they also have a little bit of an i-banking venture. david: given the problems bitcoin has had, it come way down. shery: 10,000 today. the volatility will be tied to bitcoin? abigail: you are right about that. on one hand and his e-commerce business that some are saying maybe they will sell that offer about $2 billion. than they have this medici ventures. if we hopped to the bloomberg and take a look at 3900, we can see just how right you are. in white we are looking at overstock.com. last year, flatlining with bitcoin. late in the year bitcoin took off. overstock.com took off. and it is almost a proxy or trading vehicle for crypto and bitcoin. bitcoin does look like it have been more upside, let's say 11,000. the technicals are pretty bearish over the longer term. it could really pull back. shery: no wonder we are getting the high bearish short interest. abigail: more than 30%. not everyone is a believer on this.

make the talking back on the banker to do share it to the do share other words are saying that bitcoin as even our lunch the returns on bitcoin of make everything we do is a bank look stupid and mature and low performance even warren buffet has not kept up with bitcoin nobody has kept up with that call and so they're saying that oh it's a non correlating asset ok what is that. that means stocks bonds and currencies are all in bear markets now and i'm going to continue to bam bam markets and i'm probably going to wipe out a whole generation or two that crypto currencies are the only thing is going to save these people and us from being fired so we're going to middle of the curve the currency market because even if we get a little bit of those gains you've had a last ten years of bank going it'll save us from adding to report being read negative year on year returns on every single piece of money management business we touch. and is getting international recognition with the help of israel at least in the world of zoos i'm in bill fiddlesticks mission to do it like you know. this is my c

morgan has come out and said finally that we actually kind of like bitcoin despite what jamie dimon says it's a non correlated asset yes now why is that important market non correlate of assets reduce the risk in a portfolio one of the things about wealth right is all great wealth comes from concentration every great pool wealth came from somebody being concentrated business ownership stock position real estate position all great wealth is preserved through diversification in this way how do you create a small fortune start with a large one and stay concentrated so what correlates of ass it does is it lowers the risk and the market's won the nobel prize for this when you take bonds and you add stocks risk goes down at hedge funds risk goes down and venture capital risk goes down at bitcoin risk goes down not up because it moves countercyclical that's a really good important point that actually adding this part of fallujah reduces the risk because you're diversifying in a non correlated out. you know and this point will be written large amongst the many thousands of hedge funds out there

next, doubling down on bitcoin.t winkle voss brothers are keeping their faith in the cryptocurrencies. this is bloomberg. ♪ yousef: welcome back to the best of "bloomberg markets: middle east." the head of the world bank expressed doubts this week about the legitimacy of cryptocurrencies, comparing them to ponzi schemes. that is not stopping that winkle voss brothers, founders of the gemini exchange. they told bloomberg's tracy alloway that they are in it for the long haul. >> we remember bitcoin when it was eight dollars. so, we are pretty happy with the price right now, around $8,000. we have seen this cycle happen . i have lost track of how much it has happened, probably over 20 times. there is a lot of excitement, new interest, new money coming in. it gets frothy and that it kind -- then it kind of creeps back. but it always comes back healthier and higher than the previous one, and i think this will be the same. tracy: does the volatility concern you at although? i feel like it would be difficult to build busin

the market cap of bitcoin is $100 billion to $200 billion. we think that bitcoin disrupts gold.s and appreciation from $100 billion to $700 trillion. -- $7 trillion. most sensible framework for what the value of the coin is and what it should be worth. >> you both have sizable investments. how do you protect your bitcoin investment from the aspects of hacks, do you go full on analog? >> initially we built our own storage system and it involved cutting [inaudible] and disperse in them. we have moved our assets into gemini. >> are you still bitcoin billionaires after the recent crisis? ofwe have our portfolio cryptocurrencies, we invested in ether early on and others. we are long on the space. we do not sit there and watch the price day-to-day today. we are in this for the long haul whether it is a decade or many decades. we remember when bitcoin was eight dollars. as far as we are concerned it is all gravy from here. david: the winkelvoss twins there. haidi: they did not answer the question about whether they were bitcoin billionaires. we will be back in an hour. we will have mor

inadvertently created a start value which then became the defacto primary reason people accumulated bitcoin now in the wake of this kind of transition or discussion about means of exchange or store value you've got other all coins of come around and they're competing in the trying to get into that space to be a more perfect solution for means of exchange and other types of variations come about but the entire cryptocurrency market itself is still on track to eclipse the global banking oleg aapl e which is what we need what we want and i always say it's a banks or a killer that's the primary use of bitcoin and cryptocurrency yeah and as our guest adela to force their heads had you know there is a hold on tourism going on for all of the coins even the ones that are supposed to be instant sound like dash the price goes up to over a thousand at the area are all the prices keep on going up which inspires the notion of holding or hodell as it's called in the crypto currency field. originally the original stackers the original holders are gold. the gold investors i know which is a kind of in museu

we're now today talking a lot about bitcoin and cryptocurrency s. but it's really just the beginning and the first application of the next next generation internet some refer to it as the decentralized web or the web three which will redefine our data structures and bring more ownership of our data back to us and it allows us to have real peer to peer transactions without centralized institutions who own our data. bitcoin is money without banks and bank managers and it's like the first application just like email used to be the first application of the internet back in the ninety's a lot of people thought that e-mail is the internet in the early ninety's most people could not phantom what would come next continuing in that vein and can you see applications beyond the wall to finance yes there are many applications and many startups actually working in this field already for example peer to peer energy trading we already have decentralized energy production through solar production on house roofs but if neighbor wants to treat their energy production