at the center of it all is coinbase, one of the biggest cryptocurrency exchanges just what is coinbaseb pisani is at the nyse to break it down. >> reporter: there's lots of excitement around digital currencies recently. coinbase is in the middle of it all. users can purchase bitcoins, ether, and now litecoin, available on android or iphone or the company's subsidiary. they have 13 million users in 33 companies and are growing. the bitcoin futures story has been a big help, they gained 100,000 new users after the cme announced they would offer bitcoin futures. they raised a total of $217 million since 2012 investors include andriesen horowitz oates 2.5 fee if you're a taker, as well as a wide variety of deposit and withdrawal options and insurance. it's all fully insured, that means if coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover customer funds lost as a result. but there's been complaints, most notably about being unable to access money when promised, or difficulties when managing the wallet account, as well as forced account closu

coinbase has two separate exchanges.m is for retail investors, where you go if you did not know much about it. and they also have the global digital asset exchange that is targeted more for institutional money. carol: how much is retail? how much is institutional? >> we don't have a breakdown of the numbers. thathat i can tell you is by account numbers, most of the customers are retail investors. most of the trading volume is from institutions. when i say institutions, i mean small cryptocurrency hedge funds. more than 100 of those have popped up just this year. julia: not yet mutual funds? >> not yet. the c.e.o. said to me it is not goldman sachs yet, but i think it will be. carol: let's explore that a little. that's what they want to do, they kind of want to use coinbase and digital money to reinvent finance. >> they have an vicious school -- they have an ambitious goal. they want to reinvent the global financial system. what they see in five to 10 years is a world where maybe you don't have to go to a bank to get a lo

what's happening at coinbase?y: this is the great fear of an unregulated market, which is that someone will take advantage of that to do something illegal or maybe not illegal, just deceptive. it's a great fear for coinbase, certainly, and a great fear for anyone involved in this trading. the regulated trading that we are used to, that has investor protections built into it, centuries of investor protection built up over time are not extant in the world of trading in these cryptocurrencies. some could have jumped in there ahead of trade. emily: the fear is that coinbase employees are front running? cory: or someone. we know coinbase was being attacked by hackers. there were denial of service attacks across the industry. we don't know who could have gotten into their systems. we don't know how their systems work. we know they are not regulated and monitored. anytime anyone uses the word regulation in any context, we can at least think regulations it is -- regulations exist as protections. investor protections and m

emily: that is coinbase ceo brian armstrong.rs that beat across the board as it tries to make the biggest takeover in tech history. this is bloomberg. ♪ emily: google is ramping up for a hiring spree. the company is recruiting thousands of reviewers to reduce inappropriate videos on youtube. they are introducing tougher restrictions on advertising and making greater use of smart technology. by 2018, google aims to have more than 20,000 people to review questionable videos on the platform. the announcement comes as youtube looks to bounce back from a string of embarrassing incidents of questionable content discovered on its site. on the earnings front, broadcom beat across the board in the fourth quarter and gave an upbeat sales forecast, indicating at smartphone customers are optimistic about demand. this as the chipmaker attempts the biggest deal ever with an acquisition of qualcomm. cory johnson joined us with more . cory: they have gobbled up lots of different parts. you mentioned qualcomm as a potential acquisition but they

plus, coinbase's insider trading suspicion.he investigation into a sudden spike in bitcoin cash just before it was officially introduced on one of america's most popular cryptocurrency exchanges. and our exclusive interview with bank of america ceo brian moynihan. why he is skeptical about bitcoin. ♪ emily: but first to our lead and a bloomberg scoop. uber has a new number two. the world's most valuable startup has named barney harford its chief operating officer. harford is the former ceo of the online travel site orbitz. he is the second-profile hire by the uber ceo. he has worked for and competed with khosrowshahi in the online travel sector. and it is an interesting move considering the other uber news out wednesday, the european top court has officially rolled the service should be regulated as a transportation company rather than a digital company. the ruling is aimed at uberpop which allows people to pick up passengers, the equivalent of uberx. we spoke with the capital managing partner from london along with bloomberg t

in late november coinbase collected 1,000 new customers a day. that's more users than charles schwab and e*trade, although schwab and e*trade have more assets under management. bitcoin is not an easy thing to wrap your head around, because it's not really a currency. it's not really a commodity. and it is not a stock. it's all based on a new technology. so we asked dominic chu to answer the question. what is >> reporter: the extreme volatility in bitcoin and other digital currencies is raising more than just a few eyebrows. it's also leading a host of experts to recommend caution before getting involved. so what is bitcoin? it's a digital currency that is part of a payment system and recordkeeping system known as blockchain. that blockchain is a public record of transactions that occur on its system. transactions are verified by multiple independent parties and bi are awarded as payment for the complicated processing that needs to take place to keep the records. how do you get and transfer them? the original way is just to mine them, as we mentio

plus coinbase adding bitcoin cash to its platform, sending the crypto world and twitter into a frenzy. it's bitcoin cash versus bitcoins what's the difference? we'll break it down. >>> the man both hated and loved in the crypto community, roger ver, one-time bitcoin jesus. he's here to tell us why this is just the beginning of the rise of bitcoin cash. >>> and we're going to switch the bug. switch it! from bitcoin to bitcoin cash the newly-added coin has been extremely volatile since being added to the platform. it's a crazy bitcoin world out there. we're going really large tonight here on "fast. first we start with the tax cut. what all of wall street has been waiting for, as both chambers of congress pass the bill and president trump took a victory lap at the white house ylan mui is in d.c. with the details. >> reporter: melissa, it was a washington love fest there at the white house, with many people thinking that republicans wouldn't actually get this done before christmas but the party rallied around this bill. they put aside some of the infighting that had plagued the gop earlie

one of the biggest players is coinbase.ripled its user base, now standing at 13 million accounts. we caught up with the ceo brian armstrong to discuss the growing interest in cryptocurrency. >> there has been an influx of new interest in digital currency. part of that has been driven by institutional money getting interested in the space. we have seen most of the larger derivatives exchanges starting to say they will lift bitcoin futures. it is a big signal traditional financial institutions are starting to move into digital currency. is trading these contracts mean for you -- does it create new challenges? >> it is a big endorsement of the currency space. is it -- it is an asset class more and more people are going to trade. but we offer spot market data to a number of these providers we are discussing it with them. , we run the largest digital institution in the united states, called gdax. we offering a custodian product where a lot of investors need a , place to store digital currencies on behalf of their lps and their c

that could destroy the business of coinbase. this reputational issue is serious.r bloomberg editor at large there. still ahead, our exclusive interview with brian moynihan. why he is skeptical about bitcoin. all episodes are live streaming on twitter. check us out. this is bloomberg. ♪ ♪ emily: welcome back to the "best of bloomberg technology." i am emily chang. investor friends large and small are grappling how -- wrestling with how technology can be used to disrupt the financial industry. that includes bank of america. using technology to improve the banking experience of estrus. -- experience of customers. , we are i have been ceo about $25 billion in coding. you start to think about that. that is a lot of punch now that he improvements. that is a lot of functionality improvements. we are a talented group of 200 something thousand teammates. that is what we do. money is digital. the activities are digital. knttinghat together -- titting that together is huge. what will happen with voice recognition, being able to transmit on a wi-fi basis tons of data without

joining us, coinbase's ceo brian armstrong.lmost tripled their user base since last year, now standing at 13 million. a wild ride, especially in the last few weeks. what do you see happening with this surge? where is it going? brian: there has been a big influx of interest in digital currency. part of that is driven by institutional money. most of the large derivative exchanges out there, cme, a number of others, say they are going to list bitcoin futures. that's driven a lot of interest. it's a big signal that traditional financial institutions are starting to move into digital currency. emily: what did the cboe, nasdaq -- does this create new challenges? brian: it's a big endorsement of the digital currency space. this is a real asset class that more and more players are going to trade. for us, we offer spot market data to a number of these providers or we are discussing it with them. we run the largest institutional exchange in the united states for digital currency. we are offering a custodian product where a lot of institu

coinbase by the way saying they're seeing record high traffic.ormance issues for some customers they're working to resolve. bob is here with us. crazy day, bob >> i think the concern is here as we hit these stratfeospheres prices, it adds to the concerns that the futures industry is having right now a lot of chatter from the head of the future industry association and the head saying, hold on a minute here. we're getting our members are a little bit concerned about what we are seeing here because remember what happens. there's a clearing process in this whole thing with the futures, as well and somebody stands in between the people who are buying and selling and says, i'm going to guarantee that this is happening. it's the members of the industry and these people could potentially be on the hook if this thing blows up. so, you do have to post, of course, a certain amount of money when you're trading. but if that money is not sufficient, if all of a sudden bitcoin drops 50%, people who are clearing this are going to be on the hook for the differen

an update on the largest trading platform coin base what's happening there >> ongoing issues on coinbaseit says due to hightraffic buy and sell orders may be temporarily offline. they said that they are working to restore full availability of being able to transact with bitcoin. separately there is a report from bloomberg that the former hedge fun manager of fortress, he's shelving his plans to launch a crypto hedge fund, this according to bloomberg, as you know, he's been a long time bull in bitcoin saying it will reach 40,000 in 2018. >> seema mody with that update what do you guys bake of in? doc, it will go to 8,000, the coin base issue, and the fact that bitcoinwent down 25% in 2 hours, right is this the rollover >> they got hit with so much bad news this week, they being cryptos in generally coinbase got accused of insider trading and so forth on when they added bitcoin cash. that's still under investigation. caused a lot of nokes to try to get out of that at much higher prices as bitcoin cash iran and hit 9,000 on some exchanges. >> the founder of lightcoin lick gated his entire h

we got an update this morning, coinbase saying it has resolved issues that disabled transactions thaterhaps one of the concerns out there over the past one day. certainly a move to the down side >> if you look at the futures markets, they're young right now, one week for the regulated, two weeks for the cbo. if you look at the intraday highs, we're off 30% in terms of those markets. just to give you an idea how volatile it can be to the upside and down side. >> market cap, bitcoin has lost 1$120 billion of its market cap in less than a week. >> buyer beware situation. >>> in political news, lawmakers striking a last-minute dole to avert a government shutdown. the house and senate passing a temporary spending measure that will keep the government funded until january 19th congress is now, yes, done for the year they'll return to work in january. something to watch there >>> nike reporting fiscal second quarter profits that beat expectations, also revenues as well gross margins did dip signalin stiff price competition. nike shares off by 2.25% in extended hours trading joining us now is

who have been on this train, i have not, i'm just a tourist, i'm gambling like most of you on my coinbase iphone people are waiting for the pullback we might have put in a short term bottom. >> if it were a stock, that's a great question >> and the question is, and it's not, so how do you interpret the chart? >> let's pretend it is, i'll play that game i heard bk on with you during "power lunch," he talked about exactly that, he bought it a couple of times today. effectively, it traded rather well given everything that happened and everything we've just talked about. steve has been on this, we gave him kudos on tuesday overstock was 20 handle or low 30 handle when hestarted talking about. on tuesday we flagged it and said look at the price action today, traded at an all-time high, closed lower on the day on huge volume. we said good opportunity to pull the rip cord turned out that was right in the short term i still think there is downside there. the cme, which is not a crypto stock, selloffs in cme should be bought >> dan opened up the show, when you see this racheting higher in the stoc

coinbase's platform shoulders a lot of the volume for bitcoin trading. it's based in san francisco and is popular among many retail-oriented digital currency traders here in the united states prices of bitcoin on coinbase have been higher than other exchanges, at least in recent days another san francisco-based exchange is crackin, which is one of the bigger volume exchanges when it comes to trading in other kurnsiony like euros or canadian dollar and uk-based bitstamp trades not just bitcoin, but other cryptocurrencies like ripple, bitcoin cash, et cetera. a lot of these platforms trade different currencies each platform has its own, different nuances. and forget everything you've heard about a.m. ninonymity whet comes to trading bitcoin those that are most established will do something called kyc, or know your customer the accounts will in some ways need in many cases name information, address, bank information. some even want photo i.d.s and proof of residency they may even require tax identification numbers if you're doing a lot of trading so it's so

despite the recent volatility in those concerns around coinbase, bitcoin still up over 1500% this yearand its market cap has risen over $250 billion. as trading operators launch new bitcoin products, a broader range of investors are showing interest in bitcoin. and per google trends, interest has been rising throughout the year in nations like south africa and australia melissa, back to you >> seema, thanks so much >>> dan, you've dabbled in this. >> coinbase probably 50 times this weekend we had that massive 30% selloff in just a couple of days the fact that it's found a level and stabilized is really important. we were talking about what mike novogratz was saying -- >> is it really stabilized or stabilized for bitcoin >> it found a home, it's not moving it bounced back. >> 50% move to me in a week is not stabilized had of when we talk about this theme about bitcoin, what gets missed in all of this, in looking at the value of it, is retailers. imagine a retailer accepting a bitcoin and it's up 30% or down 40% the next day when you talk about the adoption, you have to put -- >> no one'

you're an investor in bitcoin through coinbase, which is i think most retail investors out there.s there an arbitrage opportunity? or what is the trade if you want to, for instance, a futures contract right now is based on gemini and the price difference between coinbase's system and gemini is a couple thousand bucks. how do you take advantage of that is there a way >> you can take your coins from, let's just say you bought it or you have it on coinbase and gemini's trading at a higher price. you can transfer your coins from coinbase to gemini and sell it there. >> it's -- because i'm not doing it myself -- it sounds very complicated. >> it is. >> it is no, i'm saying like on a daily basis, to be doing whatever you're doing and getting it from gemini to coinbase, back to i don't know where i'm just trying to understand what this is all about here. >> it is, again, this is early it's deep end of the pool. it's not easy. it's hard. it's going to get better there are networks that are coming out like the cosmos network, that's going to allow you quickly to move things around. >> wher

head of facebook messenger is joining the board of coinbase.said his knowledge of the mobile space will guide them in creating a truly open financial system to bring opportunity to people across the globe. coinbase has seen an explosion of user growth in the last year as the value of bitcoin sores. coming up, more on oracle and adobe's earnings. the biggest highlights and mrs.. this is bloomberg. ♪ emily: tech investor shervin pishevar resigned from sherpa capital. he was accused of sexual assault and harassment by multiple women in the tech industry. in a statement the company said , we are deeply committed to our culture of integrity, inclusion and respect. we will continue to put these values into action over all of sherpa capitals activities. including the founders and companies we support. onsays he plans on focusing the ongoing legal actions against those who were unjustly launching a smear campaign against me. he has denied all allegations. oracle and adobe out after the bell. oracle reported adjusted revenue for the second quarter that

, you have to have bitcoins at coinbase, and you need a lot of both you need a lot of collaterals toake the moves quickly because if you don't, you have to move money across the exchanges, that could take a lot of time and the art could be lost finally the infrastructure issue. no management tools allow you to execute across multiple exchanges. you can't push a button and make it happen. the challenge is how quickly can you build infrastructure this is an issue i'm sure a lot of companies are looking into this. i'm bob pisani, cnbc business news, new york. >>> some people are still bullish. michael novogratz thinks bitcoin could reach 40,000 >>> let's take a quick look at u.s. futures before we go. s&p 500 pointed to open a little bit higher, 2 points dow jones up 33 points that's it for today's show i'm joumanna bercetche "worldwide exchange" is up next. for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brai

because of this risk some people like to have a third party store their private keys, for example coinbase a hardware wallet like ledger these devices store your keys offline where hackers can't access them. if you plan to convert your bitcoin to cash, watch out for extra charges. if you transfer your bitcoin to a debit card, there will likely be a transaction fee as well that changes depending on where bitcoin is trading third, if your bitcoin has risen in value, you are subject to cal gains tax because bitcoin is not defined as currency like the dollars in your purse. instead, bitcoin is seen as property lastly, if privacy is important to you, keep in mind when you create an account on coinbase, it will ask for your name, credit card, and bank account information, so perhaps not as anonymous as you were hoping and as far as where you can spend it, there are a limited number of businesses that accept bitcoin, such as expedia or microsoft. you can buy a gift card at gyft.com and use that card to buy whatever you want at retailers. >> seema, it's a very good point about writing down these p

you see our bug on our screen by coinbase >>> we start with the tax cuts wall street has been waiting for, despite a slight delay, the house has to vote again. the nasdaq 100 the biggest decliner with amazon, facebook, netflix, and google all sinking. will big tech be the loser when it comes to the seemingly imminent tax bill? >> big tech, you've had a big run. whether it's microsoft, amazon, facebook, you name it. it doesn't hurt or help that we had some downgrades and some folks are talking a little more bearish about a name like facebook today it's understandable that some of the tech is pulling back you had intel screaming to the upside so is tech going to get slammed because of this? i don't think so they will probably be affected, certainly, but not as affected as those that actually played the high risk. >> yes, they're the ones that are going to benefit from the repatriation at 15.5 >> which is a huge number. >> except for the fact that they'll have higher tax rates on the billions of dollars they're accumulating overseas, these these were areas they're expected to have a lot

what would that regulation look like >> for those on coinbase, they are regulated by states, like heid, that's fantastic he's talking about these other currencies trading on other exchanges. they should all be regulated you should feel good about that, the regulations are there to protect you. the one thing i will disagree about, bitcoin is not a fraud, it's the first permanent global decentralized ledger of records. that is the use case for blockchain that exists. there is -- he said there's no "there" there. that's the "there" there >> it exists because there's something that people can invest or you can call it speculate in. the reality is that they don't have jurisdiction in the underlying but they do in securities based on the underlying that's what those guys are there to do, and i think they're having a difficult time watching the underlying do whatever it wants to do. >> the cftc does not have jurisdiction over the underlying commodity. >> that's my point >> they don't regulate the corn market, but they do for corn futures that trade >> we have seen volatility that's outrageo

you were frozen out of basically buying and selling $13,377 or so on coinbase.the first time a lot of investors have experienced a dramatic decline so we'll see what the reaction is in the days following. >> and when the underlying exchange can handle the -- >> exactly you're frozen out, do people freak out >> your buddy, john mcafee, tweeted out, don't worry, it's christmas. something else colorful language. mine is very boring, could be a huge deal over the weekend. >> it's exciting xpo, third largest delivery company behind u.p.s. and fedex, recode reporting they could be a subject of a buyout. up 12% right now but the reason, according to recode, is they want to keep xp out of the hands of amazon home depot may buy xpo over the weekend. >> could be a very interesting story. >> merry christmas, everybody. >> have a safe holiday, everyone, enjoy. thanks for watching "power lunch. >> "closing bell" starts right now. >>> hello, everybody and welcome to the "closing bell c bell", i'm kelly evans to close out the week at the new york stock exchange. >> we've been

. >> i want to ask you about what went on a cryptocurrency exchange in recent days, coinbase in case you didn't know, they announced they're going to add another cryptocurrency to their platform, bitcoin cash that cryptocurrency soared in advance of the actual addition of it to the platform. the sec is investigating whether there's insider trading, someone who may have capitalized it, harvey can we sacall that insider trading? who would the insiders be for a cryptocurrency doesn't insider trading usually refer to material non-public information as it concerns stocks or their securities >> well, you're right about what insider trading relates to but many of these cryptocurrency offerings are the offerings of securities and they fit within the securities laws. and that was the point the sec has made rather forcefully but there absolutely can be insider trading, when people have advanced knowledge of the offering of these interests, and take advantage of the offering long before it occurs. i think there's enough authority for the sec to do what it needs to do when it gets the facts that

the renter pays online or on the app using bitcoin, then managego converts that to dollars through coinbase a digital broker. then the landlord gets the payment in dollars. bitcoin is extremely volatile. so you lock in the value at the time of the payment. >> there could be a different way of paying. but i don't know. i don't know if i trust it completely. f it so far.there >> i will are have a good plan. i already pay, it's automatically deducted from my bank account. >> reporter: but like other new technology, that could change on a dime. or a coin. probably starting with a very specific type of renter. >> to somebody that maybe is in tech, somebody that's in finance, somebody that just sees it as very exciting, they got in, and it makes it real, that they actually could pay their rent with bitcoin. >> reporter: the developer of this new building says it hasn't had any request for bitcoin payment, and they have over 70,000 apartment units in their portfolio. that said, the ceo said he's already heard about this and isn't closing the door on any option that might make renting more convenie

meantime track how much money you're making by the minute with the bitcoin bug via coinbase right now on your screen >>> the other big story this week, disney closing its deal to buy parts of fox michael burns is here to weigh in on the media mayhem could his company be the next target >>> first, what all the wall street is waiting for, tax cuts. we're moments away from the release of the tax bill. let's check in with eamon javers in d.c. for the latest >> reporter: hi, melissa the big reveal coming up at 5:30, people waiting to see whether particular measures got in or out of the final bill, released at 5:30 eastern time. there were major developments today including two key senators who came off the fence and said they're going to vote yes. that's marco rubio who apparently got much of what he wanted or at least enough of what he wanted on the child tax credit, and senator bob corker who was the only no vote in the senate last time around, he's a yes this time around, he says. that indicates that the white house should be feeling pretty good about all this. and in fact the white hou

plus, a bloomberg exclusive, coinbase ceo brian armstrong offers his take on bitcoin, which continuedlatform has

coinbase halted buying and selling, but they are back up today. massive plunge.dering if this is the bubble popping, which who knows? : it goes to the heart of bitcoin, which is an amazing idea, but the technical plumbing of how it works makes it actually quite slow because there is no central party to confirm all these transactions, but the way it is confirmed in a decentralized way slows it down a lot, and that is a big part of the problem. emily: at the same time, this is a company now investigating insider trading. brad: corebase is a popular way to buy and store bitcoin. -- coinbase is a popular would've bryan stork bitcoin. storeular way to buy and bitcoin. it's poorly regulated, there's no oversight, and people are getting away with a lot. if you bought in the last couple of weeks, you are hurting right now. meantime, big news, eric schmidt is stepping down as chairman of alpha that -- al after at -- alphabet 17-year-long stint at the company. why do we think this is happening? alastair: the obvious thing is the reorganization of couple of years ago that h

plus, a bloomberg exclusive, coinbase ceo brian armstrong offers his take on bitcoin, which continuedek. how the online platform has nearly tripled its user base since it picked up the

behalf of their lps and their clients and we lost a product on that called going base -- called coinbasee you concerned people will go work with more traditional companies and coin base? brian: due to currency moving so fast i do think a company dedicated to it with 200 people will do not industry knowledge over the last five years will have a sustainable competitive advantage. are -- the irs is asking about profits. what are your customers saying about this? unprecedented.y we pushed back strongly. we took it to court. the judge gave us a big vote of confidence in they ,educed the request of the irs it wasn't down to zero, but it was a partial victory. i think if we look long-term, we want to help people pay all of their taxes on digital currency gains. i think this should look like fidelity or charles scwab where everyone gets to 99 statements. we are working with the irs where everyone can pay their taxes, but this is a new technology that doesn't fit into the existing remark perfectly, and we need to work with everyone. emily: are you giving advice to your clients about how to report

base -- coinbase's insider trading suspicion. our exclusive interview with the bank of

coinbase's price has been different at times from other exchanges. >> it is all about getting sophisticatednto the ecosystem. the futures product we have been building and is live right now, the first ever futures product with the cboe, will create the ability to short bitcoin, so there will be a two-sided market that will reduce volatility, increase price discovery and increase liquidity. cory: we shall see. tyler and cameron winklevoss, founders of gemini. coming up, steve ballmer talks tax reform and the move to make data more simple. -- more accessible. this is bloomberg. ♪ cory: a twitter shareholder and former ceo of microsoft, steve ballmer says tech companies cannot do more to police fake news. he provided an update on usa facts. take a listen. >> we launched our platform with data from the government about the government. no fake news, no alternate fax. cts. we keep the information current. the real thing we are doing now is help citizens run through the topics of the day. we have a walk-through of the budget, gdp, tax revenue, deficit, and how that compares to the cbo. we make no

coinbase is a popular way to buy and sell bitcoin.they are investigating insider trading. this is the wild west and we shouldn't be surprised that this is what they are getting into at the ok corral. it is poorly regulated and people are getting -- with a lot. if you bought in the last couple of weeks, you are hurting right now. emily: eric schmidt is stepping down as executive chairman of alphabet. he is becoming a technical advisor. this after a 17-year-long career at the company. what is the story? why do you think this has happened? >> the obvious thing, which is this alphabet reorganization two years ago, which he helped a lot with. is not so important anymore. that is the official reason. there may be some other reasons to do with his life outside of google and his work. in the politics arena, he was close to the democratic organization. he also had a run-in with and antitrust research organization pretty recently as well and that caused a bit of a scandal. there are certain things in the past year that may have precipitated thi

that is the fact coinbase became the most popular in the u.s. last week.passed kardashians and google, that speaks to the point. i have a question mark about that. >> jason, we'll keep in touch with you on that one the other big news is apple announcing $390 million investment, part of apple's advanced manufacturing fund to support innovation by american manufacturers. finisar will billion dollar in texas with it will build chips we heard from stanley drunkenmiller last night on opening bell. >> apple i don't find nearly as exciting as amazon, facebook, or google it's a hard work company i understand they have a platform. >> you use their product do you consider them great products >> i do think they are great products but they are probably no better than samsung they have a great brand. i don't see the under earning that i see in these other companies. if anything they are overearning in terms of the margin they are making i don't own that one and also not shorted. >> provocative comments from drunkenmiller. jason, your take >> a little bit confounding. w

>> several of the exchanges had averages at point basin gemini -- coinbase and gemini seeing a massiven volume. this idea sign it is not quite grown up yet. >> u.s. regulators allowing bitcoin futures to trade on the cboe. three exchange operators will offer bitcoin products. this is the exchanges plan to monitor the bitcoin spot market. >> it is bitcoin moving into the mainstream of finance. futures can be purchased by lots of institutional investors who would not by bitcoin itself. brokers, banks want to have clients that want to buy it through hedge. you can go and on the other side you can go short for the first time. with -- for the first time with relative ease. >> softbank may offer to buy uber shares at a lower price than expected. they could be at a 30% discount from uber's recent $69 billion valuation. what you make of this offer price? this much more discounted offer price? >> this discount valuation reflects all the turmoil the ridesharing company has been going through. we have the recent news of a massive data breach. obviously the countless loss of clashes with regulator

the news that coinbase will start trading a rival digital currency it's hard to keep up south korean bitcoin exchange is shutting down after being hacked for the second time in a year. 17% of the assets were stolen. >>> a new cnbc poll looks at what the public thinks about bitcoin. steve liesman has the details. >> reporter: if it seems like the nation has gone bitcoin crazy, it's because they sort of have 66% of the public have heard something about bitcoin, that's up 20 points from when we first asked the question in 2014, when we asked if you heard a lot about it, just 22% but that's higher than 2014 when 13% heard a lot about it what do they think about it? 6% say it's now an alternative to the u.s. dollar 31% say it never will be but 38% say, hey, one day it could be or will be an alternative to the u.s. dollar but there are big differences in the public sort of a digital divide when it comes to the cryptocurrency. those who are younger are much more likely to be positive on the outlook for bitcoin and uses older folks, those 65 and old, just 20% are democrats, more so than repu

>> several of the exchanges, coinbase and gemini seeing a massive surge in volume.uld be a sign that has not quite grown up yet. >> u.s. regulators allowing bitcoin futures to trade on the cboe. three exchange operators will offer bitcoin products. it also says the exchange has planned to monitor the bitcoin spot market. >> it is bitcoin moving into the mainstream of finance. futures can be purchased by lots of institutional investors who would not by bitcoin itself. bitcoinould not buy itself. banks who want to have clients that want to buy it through hedge. you can go and on the other side you can go short for the first time with relative ease. , they's look at softbank may offer to buy uber shares at a lower price than expected. they could be at a 30% discount from uber's recent $69 billion valuation. what do you make of this offer price? it is a much more discounted offer price. >> there is no doubt that this discount valuation reflects all the turmoil the ridesharing company has been going through. we have the recent news of a massive data breach. basically, th

>> several of the exchanges, coinbase and gemini seeing a massive surge in volume.could be a sign that has not quite grown up yet. >> u.s. regulators allowing bitcoin futures to trade on the cboe. three exchange operators will offer bitcoin products. it also says the exchange has planned to monitor the bitcoin spot market. >> it is bitcoin moving into the mainstream of finance. futures can be purchased by lots of institutional investors who would not buy bitcoin itself. brokers and banks who want to have clients that want to buy it through hedge. you can go and on the other side you can go short for the first time with relative ease. >> let's look at softbank, they may offer to buy uber shares at a lower price than expected. they could be at a 30% discount from uber's recent $69 billion valuation. what do you make of this offer price? it is a much more discounted offer price. >> there is no doubt that this discount valuation reflects all the turmoil the ridesharing company has been going through. we have the recent news of a massive data breach. basically, the count

co coinbase is among the top iphone apps in the u.s. means bitcoin to some degree has gone mainstream where can we go from here and will investors make money off the blockchain colin sebastian is senior research analyst at baird, and at post 9, walter zimmerman, technical analyst who has been tracking the bitcoin charts. walter, just get the state of play here. >> sure. >> no real fundamentals. it really has traded technically, i understand. >> absolutely. >> what is it telling you now? >> it's telling me that as long as it holds above 13,000, i'm using elliott wave analysis here, it's worked really well for the last few years, as long as is it holds 13,000 as a floor, there could be a spike as high as 45,000 in 2018 >> i keep looking at the steepness of this chart, the recent run anybody challenging them to complete that chart. how does it get from there to more than double the 45,000 without some huge switch back in between? >> because it's not an investment people who come in here now, they're not investors. it's a video game. people

bitcoin is taking a tumble slipping after coinbase started supporting bitcoin cash. bitcoin cash is a spinoff of bitcoin that launched earlier this year. checking in on shares of bitcoin, this is the live bitcoin price according to the bit stamp exchange, down 1.8% or so 17,361 we are up nearly 19,000 in the futures markets earlier this week >>> sticking with bitcoin, if it seems like everyone from wall street to main street is talking about the cryptocurrency, you're not wrong. steve liesman has new numbers from the cnbc all america survey for us >>> if it seems like america has gone bitcoin crazy, that's because some have. 66% of the public have heard something about bitcoin, that's up 20 points from when we first asked the question in 2014, when we asked if you heard a lot about it, just 22% but that's higher than 2014 when 13% heard a lot about it what do they think about it? 6% say it's now an alternative to the u.s. dollar 31% say it never will be but 38% say, hey, one day it could be or will be an alternative to the u.s. dollar but there are big differences in