views cryptocurrency and the way the rest of the world these crypto currency so here in the u.s. when we talk about crypto currency we refer to it as a currency an actual exchange of value the same as with a dollar and that's an exchange of al you and so that's how the general public views crypto currency the i.r.s. these crypto currency is property or as a as a as an asset so if you say i'm going to purchase you know some bitcoin today the i.r.s. says you just purchased property not that you that you're trading currency so there is a big kind of disconnect between the way the government in this country and government agencies view cryptocurrency versus the way that it's viewed on these platforms so even though or a pay pal is to. treating it like you know any crypto currency like it is a currency but i also want to say very quickly to christie's point i think this is important you know she was mentioning that there is kind of a standard view of how it should be for if you're a purist for big coin or a purist for crypto currency that you're supposed to be cutting out the middlema

currency from a crypto perspective essentially and let me just read to you how this would affect it would it affect those who spoofed churn or wash trades they may be subject to criminal liability under the c f a if that activity violates the exchange of terms of use and so essentially there's a lot of action that takes place on the crypto side that may not technically abide by crypto exchanges terms of use and if you act differently than that in the process or any attack on a block chain network could essentially are not regulated illegal some sort of regulation then coming into that. was neither this regulation it's taken in the existing law and it's in it's criminalizing it in a way that it had not been used before so that in the case of the police officer just so people understand the actions of the police officer had been done by many police officers probably in the past right you have access to a database for official use and you use it in a way that it was not intended for personal use that happens in many cases but this is the 1st time that it's been treated as a criminal ac

to coin is on its way back up as the world's largest crypto has climbed up over $1600.00 again as it attempts to clear that $10000.00 mark with a question how will that quinn break through this resistance or will it come back down again well joining us now to discuss our boom bust co-host christiane and ben foreign chrystia let's start with you what are we expecting to see or what do you what do you think will come from that coin over the next few days and weeks. well right now all toys are actually the ones that are contained just show a good sense of dominance but with big question we're back in the ascending what so i'm actually pretty neutral here rather than overly optimistic we bought the diff and back and now we're back in the mid 9000 where you have some very stable solid support but i would be a pragmatic optimist here because what is concerning is the lack of volume it's not a lot of follow through not a lot of trading going on same as we just mentioned in the equity markets right now as we're going to the summer lull so what we are going to watch here if we do get a breako

loans out against it for you collateralized the asset but then again the entire point of crypto is to cut out the middleman get rid of it be a fully decentralized trust less system so when you look at top of the defined network has actually really mature throughout the year of 2020 now in particular the compound protocol on any just launched recently and it does the exact same thing it allows you to lock up your crypto earn interest it's a smart contract that you have absolutely no interaction with a 3rd party software provider like the big 8 and then on the other end of it you can lock up and take a loan out on it in the form of us thinking that the credit or any other token collateralized you're so in effect is doing the exact same thing as so right but without the middlemen without having to trust an intermediary broker and without those heavy heavy origination fees so just basically do gentle as lending pool without putting all your eggs into one basket trusting the market or trusting another institution to hold your asset so that's the really amazing thing that comp token the 1st

their own crypto and we know a lot of other countries are talking about starting their own crypto. but it failed let us while the government is officially taking bitcoin as payment for passports and looking to accumulate hard money. when they announced their crypto i said you know it this is a good thing because it's a stepping stone right a stepping stone toward because and so now they've reached that point and this is what i've said at that time and this also is the beginning of the global hash war so now venezuela will start to actively mind because to strategically and they have cheap energy to do so iran has already got 3 percent of the global house right so now venezuela i think will get 3 or 5 percent pretty quickly and then at some point america will say we've got to answer the space race of the 21st century by mining big quien and then i'll try to see 20 percent of the hatchery then security of course goes up dramatically and price goes 240-050-0000 you know this reminds me a lot of the year 1500 because in the 1500 the european nations the people of europe grew tired of t

market and i know that's the passion of the founders when i want to stand crypto here from a nick kristof today the former chief economist at morgan stanley just made a not alarming prediction saying that the dollar crash is actually happening what's going on here. so this came from stephen roach has been a morgan stanley economist for the past 30 years and he's now forecasting a 35 percent drop in the u.s. dollar's value against other major currencies and he expects the u.s. national savings rate to sink in for into negative territory then i has ever done before an economic history and that the changing global landscape now paired with a massive us budget deficits will spark this entire dollar crash and a. arca right now is is walking away from globalization and right now it's focused on decoupling itself essentially from the rest of the world and with such a crash it could spark a late 1970 stagflation crisis when prices rose heavily and sharply without any economic growth so right now the air of the us dollar privilege which we actually talked a lot about on the show with the u.s. doll

through crypto currencies would be a huge help to consumers small businesses and everyone across the board and we know how you feel about bitcoin and equipped out. well we were right there our friend ben swan thank you so much for that insight. and elsewhere around the nation a judge in minnesota is threatening to move the trials of 4 former police officers charged in george floyd's death the judge says if attorneys and family members continue speaking to the public it will be difficult to find an impartial jury meantime outside the pretrial hearing for the officers george floyd uncle spoke to the media about the real change that needs to happen. and that made the body i think we need to fix it racism need so please believe that if they need to go there we need to find some common quality care for each other because this is that we don't need to all be here you know we're here because the one reason because one guy decided to take my nephew's life. and venezuelan president nicolas maduro announced in a televised speech that the european union's ambassador and caracas has 72 hours to

coins as they're called old coins that really have different kinds of functions so when people say crypto currency it all sounds like why. big basket of the same thing competing versions of the same thing it's really not in reality there are some significant differences between kryptos and so i think what we're going to see is growth in the market growth in the big market you're going to see more people moving to that and once again it's going to be born out of crisis and out of a crisis people will say how can i find some kind of hedge against what governments are doing that i have no control over and i move to a peer to peer based network that is decentralized where there is more security kristie a quick answer here the bank of talent is also launching a project to pilot this test at c.b.c. the central bank digital currency payment system and real life businesses using cases they are not the only ones though as a conversation started to launch a u.s. official dollar has resurfaced again what do you make of this. i think that this is actually very dangerous because i know it came from a

currency as you said because that all crypto currencies really try to provide a system by which the unbanked can be bank they become their own bank and don't have to use the services and crypto currency is being accepted by merchants by the way reduces significantly those processing fees so i think more competition for payment processors more competition for banks in this space i.e. through crypto currencies would be a huge help to consumers small businesses and everyone across the board and we know how you feel about bitcoin and there crept out. well we were right there our friend ben swan thank you so much for that insight. let's head over to argentina if you've got the money and you're a fan of che guevara then you're in for a treat the birthplace of the left us revolutionary is now up for sale in a chair was born in this apartment you're looking at there june 14th 1028 the court owner of businessman who lives in brazil bought the apartment back in 2002 but he says he's got to sell it now because of the pandemic. for it regina hands over the sports h.q. regina it was a while blow

contributing factor in investing into crypto overall was that krypto are on correlated to any other asset class it's back to our innovative technology and has a really high upside potential which is really really hard to find in this market as we consider the been saying on the show you have money market fund guys trying to squeeze a 2 percent one percent yield on treasuries right now i need sort of return it on asset. very difficult and and now ben i want to move a little bit off of that specific point you know between a struggle to find support in the u.s. government with president donald trump along with treasury secretary steven nugent leading that criticism but now it has been revealed that the u.s. department of defense has war games scenarios involving a generation 0 rebellion what is it again a generation's a rebellion that uses big calling to undermine and evade the establishment what can you tell us about this i've got to tell you this is the it was the one story of one of the talk about all day long it's absolutely mind boggling so get this it's called the 2018 joint land

crypto currencies only exist digitally and are not regulated by any bank the most well known ones are bitcoin and. the term comes from the greek word kryptos meaning secret or hidden points toward the cryptographic encryption used for all components of the currency system. this technology is much safer than usual encryptions all information from balance a transaction is secured in a block chain meaning in a cryptographically encrypted protocol this way user data is stored safely. depending on the type of currency some of them are fully anonymous and nobody can see your payment history and that is a much more secure way of maintaining anonymity and payments. could potentially be as secure or more secure than cash. but this anonymity only comes with specific crypto currencies the advantages of digital wallets are easy to use they allow for quick transactions with a high level of security at least when you follow basic data protection guidelines one big disadvantage is the sensitive data you leave behind when you pay how much money i spend on water and when is very interesting to busines

. >>> coming up, crypto investor says the cdc could mean very good things for bitcoin. he'll join us. >>> and the great covid coin shortage what it means for the economy. stay with us quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning. so call us money reserve, the only precious metals organization led by a former director of the united states mint. as one of the largest us gold coin distributors in the country, us money reserve has proudly served hundreds of thousands of clients worldwide. there may have never been a better time to start diversifying your assets with physical gold and silver. and right now it's easy to get started. pick up the phone right now. call to receive the complete guide to protecting your hard-earned assets. don't put it off another day. the call is free, and you'll speak with one of the us money reserve account specialists who will get you your free information guide in the mail right away. - i enjoy buying gold. gold has protected me. i feel comfortable. when i got involved with gold, and s

assets i wouldn't hold them cryptocurrency is even but the crypto assets they are crypto token so this is not going to default the payment services that are coming from that of the united states and other places still learn instead of the fringe group in the european parliament thank you thank you the residents of a city in thailand have their hands full with gangs of hungry monkeys tourists are staying away because of the pandemics of the banana as they used to the monkeys are no longer fed that's forced the monkeys on to the streets desperately looking for something to eat and that means be trouble. at 1st glance these could almost be scenes from a zoo fearless primates ruled the town center of rock but really in central thailand the city is famous for its ancient temple ruins and for its population of around 2 and a half 1000 mechanics for years city residents have had a love hate relationship with their long tailed neighbors the monkeys attract tourists but they're also prone to create mayhem since the pandemic business is almost completely dried up for those selling monkey food to

crypto collapse. the historicre collapse, one of the biggest in the cryptocurrency space.his is bloomberg. ♪ welcome back, i'm amanda lange in toronto alongside vonnie quinn in new york. when the crypto exchange collapse it left some 76,000 clients short more than $200 million. there was some hope for recovery but the regulator is saying this was a ponzi scheme. much of that money never existed or has been lost. doug alexander is with us. this is quite a story. in mysterioused circumstances in india. walk us through what we know about quadra got now. reportse regulatory have come out. for people who have been , i don't the story know if it is really anything that is extremely no. is this is a case fraud done by the ceo at the time. he was operating what they describe as a ponzi scheme. it was basically him at racking .p about $115 million affecting all users on the platform. there are some sad parts of the story including the fact that this man died. a lot of people lost their shirts on this. case is not over. it is in bankruptcy court. the lawyers are trying to determine

but is is endemic to crypto.traditional wall street analysts talking about bitcoin and its resilience. are some corners of this industry that are definitely questionable. at the same time, you could make an argument that there is still some legitimacy there. don't think it has been a great crisis for crypto are bitcoin. a bunch of young people have discovered the wonders of stock trading and how much fun and volatility you can get there. caroline: are you buying hertz or ripple? hertz is so much cooler. it is a new day on this program. look at that. romaine: i think that we will put that on the banner underneath your name. great to have you. all of our viewers out there, if you missed all of the great interviews we had this week, you can curl up on the couch this weekend and listen to our podcast. you will find all that the best content. caroline: that is all from us. >> bloomberg technology is up next year in the u.s. romaine: have a great weekend. this is bloomberg. ♪ ♪ emily: welcome to "bloomberg technology."

yes protesters around the world are putting their hopes and to crypto currency we're seeing g. i'll go the global insurrection against banks their occupation i think we also have to kind of elaborating it's like a global insurrection against paper printer occupation or paper printer theft you know p.p.t. there's something going on crypto currency is have always had staying power due to institutional retail investors as well as traction as a digital means of exchange yet it's on sensible nature and the potential of having relatively private transactions as well as an alternative to fiacha currencies has lent itself well and theory to protest movements that are threatened by the use of state force so wherever you see insurrection or uprisings around the world and we've covered that recently with the black flies matter protests we see all the signs promoting between a black america or solves this as we've spoken to the character and we see it lebannon where they're burning down they're actually burning down their banks because it hasn't been yet.

eventually i think regulators will come around because they can is already ubiquitously available on crypto exchanges and you know and random closed end funds and private because and the logical next step would be to really allow the corn to come it's yes base and in fact you know the a.t.f. market has become a 6 trillion dollar industry in roughly 20 years i do think that the next phase. if he asks and the next great investment vehicle will have a go have something to do but the point and the organization so as you know if you have 4 very small 20 years ago or in the match 6 trillion dollars if my go to 20 trillion dollars in the next and years you know what's the next yeah and that investment structure is going to be brought about by beck when and tokenization and so this is very good that we're looking into this for the regulators right now and eventually my hope 'd is that they will 'd come around it's not you know the shortness of effort to bring about a break when e.t.f. we have been trying and and put proper controls around the nickel it's just regulators haven't made up their mind t

having bennett volved in crypto business as myself in london as hostile i that's the way i would describe it how are you guys finding it over there is the environment changing is the industry changing as they're being are they being more accommodating are banks starting to open up because for a while there's a moratorium from u.k. banks absolutely now because now to at at all are things changing in a wood yes if you just look at who's answering the most you're trying to enter the market basically every major exchange player is offering in the u.k. much are. we outside from looking out on numbers look even numbers of. exchanges from most exchanges you mentioned it's the ukase the probably the 2nd biggest western market after the us embassy china and asia i'm in bubble so it's a significant market and regulators understand that now most of the beginning of this year because. s. it's companies are say what's referred to. in the regulatory remit of the f.c.a. at least for the purposes of. a male and female entering and countering terrorist financing and that gives it again you'll see an influ

subsidiary called m b i asked fully regulated and accepted the area that actually became the largest crypto index provider so we actually built. we built regulated in the season that regulator started feeling better about that house price discovery so you know really work critic shane just to get the right that we showed to regulators that screen that. we showed that you know we do the same professional management. precautions that we do but equities and other afa classes as well and i think they're getting they had their understanding of the space so a bit better i do not believe that pricing and price discovery is a big issue and track we have sold that a number of our clients on this such that there you have approved registered funds with the land canada and japan and like other places so this is i think it's important to know that global regulators have recognized that we have sold this problem and that and sooner know that red arrow later the u.s. regulators will recognize. all right gammer back from being on the kaiser report thank you for having me. and that's going to do it for this

what can prove that the crypto sermons -- the cryptocurrency is a store of value. give us a look on retail sales numbers out today. taylor: it is what set the tone. the optimism continuing throughout the day. take a look at this chart. retail sales on a month over month basis jumping the most on record, after rate record drop in april, the previous month. in thee, i want to bring chief u.s. economist at workplace. i'm curious if some of this headline data gives you optimism that the consumer is back, they are spending and coming back with a vengeance? >> it is certainly clear that there is pent-up demand. i think we have to take an optimistic signal from that. we have been obviously spending a lot of time thinking about where the confidence level of the household is. suggested april data lost income had been replaced by a lot of government benefits through unemployment insurance and impact payments. the question was, would households spend that once the economy opened up. the answer to that as of now is yes. i do think it reflects pent-up demand. the key looking fo

. >> i know you're big on crypto does that hurt or help the communities?the future is block chain. the future is crypt. there's an incredible opportunity to learn how to code on the block chain but also how to invest small amount of money. we're giving out a million dollars in crypto for people to register to our upcoming in august we're going to give them some bitcoin. >> interesting so much good stuff thanks so much >> thank you rodney sampson joining me. the surgeon bond yields is not great news for home buyers who might be out shopping this weekend. let's get the latest on how the mortgage market is reacting. >> reporter: better economic news in the jobs report, not good for mortgage rates. look at the 30-year fixed rising at the start of this week and spiking today. all according mortgage news daily. mortgage rates loosely follow the yield on the treasure which which jumped to its highest level since march. low rates have helped a big demand that is unlikely to change much with the rate jump because there's so much pent up demand mortgage lenders have

the second, the second idea that i'd offer up to you is crypto.is is interesting because it allows you to have ownership over your data, your identity. and bitcoin is the first manifestation of that. you have control over your money because you don't need a third party, tops-down entity to give you that ownership. so the plethora of services and products that will come from the ability to program like that, i think, is a very exciting space to watch. jack: that is interesting. i guess you're referring to a bank by a third party entity, but i will say that if i have to reboot my toaster over and over again, i'm going to give you a call and have you fix it for me. thanks very much, que dallara. >> thank you. jack: coming up, a surprisingly strong report on retail sales this week a market, pert join withs the panel, that d expert joins the panel. that's next. how they gonna pay for this? they will, but with accident forgiveness allstate won't raise your rates just because of an accident. cut! is that good? no you were talking about allstate and... i