crypto currency is the name given to any digital currency which allows you to skip that middleman it does that by a very complicated system called block chain that's unique to a few crypto currency zone is said to make them safer all you really need to know is that instead of one person recording the transaction it is recorded on thousands of computers at once known as a decentralized system bitcoin is simply the 1st and also the best known version of crypto currencies but there are many many more in the last 4 days at least 30 others have been created. ok let's bring in our guests from new york we have matthew gets he's the founder and c.e.o. of block tower capital a crypto currency asset investment firm in london we have garrick heilman he's a crypto currency economist and head of research at blocked chain dot com and also in new york we have john biggs he's the editor in chief of the technology website good is modem welcome to you all gentlemen matthew in new york coming to you 1st how high could this go. yes thanks for having me this is an interesting moment for bitcoin for crypt

look at the global market walks and big point is looking at a correction and a new regulatory threat crypto analysts. are standing by we have a lot to get to so let's get started. president elect joe biden is criticizing the trumpet ministrations current roll out of the crown of our sark scene and says his plan will look to vaccinate 100000000 people within his 1st 100 days in office r.t. correspondent suite has more on what the soon to be president plans to implement the pandemic is on the forefront of the upcoming administration biden is focusing on getting more people vaccinated notably teachers while talking of providing more relief aid to the american people be up to this so by the loss of life is compound by the loss of our way of life president elect joe biden slammed the current plan of vaccine rollout outlining what he sets out to do in his 1st days in office the vaccine rollout of the united states has been a dismal failure thus for the moral i will lay out our vaccination plan to correct course and meet our goal of 100000000 shots at the end of my 1st 100 days as president. well

in the u.s. , the crypto market is well, yes people can buy crypto and bitcoins through apps like robinhoodor even apps like coin base which has an ipo planned later this year but there's also a lot of activity happening on the cm e, which is a regulated trading venue and there's a lot of activity that's shifting from crypto native trading platforms to now more regulated traditional market venues, and in fact, that blackrock announcement that was mentioned, blackrock of 9 trillion in assets under management, the world's largest asset manager, they're not trading bitcoin on a crypto exchange, they are trading bitcoin using the cme futures contract which has been around since 2017 over seen by the cftc, so really what we're looking at here is the bifurcation, when we look at the market structure around bitcoin it's becoming more institutional. it's being integrated into the legacy financial system, and it is being accessed through regulated venues that are regulated by the cftc. now, when it comes to non- bitcoin cryptsings things that are not bitcoin there's still clarity that needs establis

. >> we have new indicators of institutional interests in crypto currencies.y saw assets under management rise 900% last year, as wall street used it as a proxy. it ended with more than $20 billion and kicked off with 2% the p the investment product saw an 870% rise in assets. gray scale says this was driven by hedge funds and pension funds and endowments t the average size of the commitments more than doubled in a matter of a couple months. this come as high profile money managers warmed up to bitcoin, and we had some others, and backing from those guys gave investors confidence to buy bitcoin, and it is part of the climb to $40,000 >> indithank you. i am joined by ceo of grayscale investments. >> thanks for having me. >> given the numbers you just released, i am curious this makes sense to me, right, especially with institutional money coming in, it's a way to have exposure to bitcoin, you don't have to own the coins and it's more liquid, and you don't have to worry about forgetting your passwords as we talked about yesterday, but for the crypto purists, in

so customers can still use settled sponsored by crypto but accounts have become restricted after dosha points i get as much as 800 percent on friday so some points and bequests are also being restricted i like ben mentioned this is tremendous because it's opportunity lost for retail investors. robin hood did impose more restrictions on these securities this friday than how is robin hood going to shake out after all of this. ok so a couple predictions for you number one i absolutely believe robin hood is done i mean as far as retail investors why would why would anyone even go there why would you use this platform ever again it's already proven itself to be a complete set up for wall street but there's also been a couple of articles that have come out in the last couple of days which are pretty fascinating and what they're saying is that robin hood was never set up in a way to make money off of those retail investors that wall street firms in those wall street firms are then acting based upon the data of what's happening on the retail side if that is the case it also explains why on thu

than $3000.00 in crypto currency is into private wallets but the crypto industry is really having that critical take a break down this pushback that we're seeing right now to this rule. so there is a lot of pushback starting off with the very simple fact that pinsent hasn't even explaining why such a rule that specifically includes counterparty information for convertible virtual currency transactions even necessary in the 1st place so this fails to explain the difference between the treatment of cash and crypto currency and this threshold that they basically hold out of a hat of $3000.00 it's completely arbitrary really not thought out and completely unjustified like by 3000 and speaking of not well thought out this rule was just rushed as a notice wasn't published until december 18th where there was a 15 day public comment period that would normally be between 30 to 90 days so that shortened time period might actually violate the law especially when the 15 days was also taking place over to federal holidays christmas and new year's so if this rule is finalized it will likely be chall

the crypto industry so far is hoping for a little more regulatory clarity under president biden.hopes for biden's s.e.c. pick gary gensler he chaired under president obama but gensler spent the last few years at m.i.t. about digital currencies and public policy analysts pointed to a congressional hearing where gensler warned lawmakers against, quote, hasty regulation of digital assets. he pushed back on some comments about bitcoin as a ponzi scheme and noted crypto hatss exposed weakness in infrastructure lobbying firm the block chain association tells me the con seven concencus view is for more nuanced discussion still, they don't expect a cascade of positive rulings, as they put it. some of the big issues biden's s.e.c. has to tackle, first, a lawsuit against rain for allegedly selling xrx as an unregistered security, also an upcoming ipo from coinbase and a long-awaited bitcoin etf president biden froze all pending regulations including a treasury proposal on crypto transactions which saw some pushback from jack dorsey among others while janet yellen did make comments on crypt

currency it's not only bitcoin because the speculation of nature that all coins were crypto currencyain value if your trader that can vary comfortable bitcoin is not the only one but the problem is, all of those coins have a centralized either ceo or foundation much like tesla that they can be taken down, bitcoin does not have a ceo or a mailing address, its own by nobody and everybody, the fact that nobody knows who it is, that's positive. and another thing, as far as training goes, yes you can't make profit off of that but a lot of people are not traders. yet people to have the ability to do it but bitcoin is still more valuable to the everyday person. liz: thank you for weighing in it's great to have you both, we will have you back, bitcoin versus tesla thank you for each taken aside, "the claman countdown" is coming right back. stay with us. ♪ hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand, let's get started call a dell technologies advisor today. it's

you heard janet yellen talking about the potential use of crypto there.o you want to see regulation move forward in a positive way from your perspective? >> i think we made the donation because we feel there has never been a better time to invest in this asset class. i think when we start seeing statements like what was just made, the biggest component missing here, those who dug in on this asset class know that using assets like bitcoin for anything the least bit nefarious, elicit, etc., is the worst mechanism possible since every single transaction leaves a digital breadcrumb. supporting entities like coin center interest policymakers, regulators, however it may be, when there is legislation in front of their death, they are not aware of it or up to speed on it. -- in front of their desk, they are not aware of it or up to speed on it. caroline: the education system seems to be in on the asset class. i want to ask about what you are been down for you are one of the biggest fund tracking bitcoin overall. sometimes at an amplified effect and sometimes at i

one of president's cabinet nominees is getting blamed/credited for the drama hitting crypto currency. take a look at bitcoin it was down more than 9% earlier now it's down 7% down about $2785 to 2323 that is the second daily drop in a row at three week low, a lesser traded crypto currency just hit an all-time high back on tuesday and pulling back from highs that hit on tuesday as i mentioned, today alone it is losing, think about 9% i am checking this out on queen desk, it is down about 9.5% the collective wipeout of $100 billion of the entire market comes after u.s. treasury secretary nominee janet yellen warned that lawmakers should curtail crypto use because she says is primarily used for illicit financing. that also sent stocks, they micro strategies are all related you can see there getting humor. take a look at the housing sector. homebuilders going crazy after they rose 5.8% month over month that is the fastest pace for the month of december since back in 2006 with the final hour blasting away to the floor show traders, fill you can look at the vile doll energy names to, fuel-c

of major crypto exchange by nancy as u.s. army sees the current big cornball run as a sign that the crypto assets could reach a price of up to $100000.00 do you believe that she's right and would that actually be a good or bad thing for because at this point he had some point i think that certainly could be the case and the reason for that is because people have to remember that big quinn has a fixed supply there are no more big queens that will ever be produced beyond its maximum capacity. so unlike dollars because it does have a limit and so i think the value will continue to go up over time also a lot of the folks who are in big point right now are in it for the long term jeffrey started out by talking about that it's an important point because what we saw the real dip in the crash if you will of bitcoin in 2018 it was because of the retail investors who got scared they saw dropping and everybody was trying to get out of it because they didn't have a long term vision and now i'm sure 100 percent of them are regretting havi

we began with the latest in the crypto world big tumble this week with prices dropping 12 percent to below $30000.00 the sharp decrease follows record highs from earlier this month when bitcoin hit nearly 42000 while some say this shows just how unstable the currency can be others say more record highs are still to come so joining me now to go further and that there's boom bust co-host christiane i now kristie bitcoin sustained some heavy losses this past week so what caused a steep sell off and is this the beginning of a downward trend. no i wouldn't call it a downward trend but it is going to face downward pressure here as it when you establish its support at 32000 so as you pointed out it did break 30000 but as of right now it's trading already up almost at $34000.00 so there are a few reasons why that point dropped so heavily so suddenly so firstly you have the options market that was already getting overheated as we stated before with the growing put options so there was about $3100000000.00 and notional open interest rate near term clip volume rising which skewed pressure to th

now, we have got to check bitcoin and the cryptos. have led with them a wild 24 hours for bitcoin and others bitcoin is down big right now, off more than $2,500 per coin, but briefly overnight on some exchanges it went above $34 now. was up literally a couple thousand points now down $2,500 all in the last 24 to 36 hours litecoin and others like ethereum down as well. more on the cryptos later on in the show and bitcoin is the subject of your rbi. you want to hear this one at the end of the show. meantime, now to your monday check list we'll pick out the big three events of the week of course, the biggest one for the nation is going to be the georgia senate race, but we focus on the markets purely for them, here's what we are looking at today you get the monthly construction numbers. normally, why would we care about that well, because the rebound and the numbers we get today could show that spending on construction rose above the 1.44 trillion record that we hit last february could be some very big numbers there. now, this week, and

bitcoin look, i think and crypto more broadly and the entire crypto industry really does have its ownatic growth trend going on. but some of these factors help and hinder the crypto movement at various times. bitcoin in particular is going after kind of a market segment like gold, then certainly in times of uncertainty like recently, where we see an appreciation and gold, we can expect to see bitcoin appreciate. but i don't think that is a driving factor behind any of this. what we are seeing is the growth story behind bitcoin and crypto more broadly, a much broader adoption, over the last couple of years and in terms of the outlook in the years ahead. emily: what would your call be for bitcoin in the next six months, let's say? spencer: [laughs] people get caught up in price targets. i used to cover salesforce and linkedin before i started writing crypto research, so i get it. something like bitcoin, instead of focusing on random people's price targets, i think everyone would do better to ask a simpler question, which is three years from now, do you think more or fewer people will wa

far as i am concerned, i call them crypto assets more than cryptocurrencies. through that group, we are not heavily invested. , do note as an asset manager and that is part of the financial industry as a whole, we are very much asked to continue to provide significant transparency in the way we manage funds, where funds are coming from and if you want to take a contrarian view to crypto assets, crypto assets are running contrarian so the trend we see from the regulators and what i can't imagine is that set -- can imagine is at some point, central bank governments will put forward crypto assets that become cryptocurrencies with the attributes of transparency that we see elsewhere in the financial services industry, so i remain personally quite cautious on the attractiveness of bitcoin or cryptocurrencies as they are currently being traded in the marketplace. francine: thank you so much, jean raby from natixis withtment managers stays us. we will talk about maybe some m&a opportunities out there. we will have special coverage of the georgia runoff election tuesd

called future fin tech, and sos limited that does the crypto currency at some mining company down inas. and a, rall they raled -- they rallied up, and so we saw that when they were a crypto company instead of a stock company. and so that stock traded alongside bitcoin, and you had long island company to a chain company, so some of the same exuberance. >> i am old enough to remember the internet bubble, but there are certain parts of it that you smell it back in 98 or 99 to the dot-com valuation, and your earnings tripled. so some of these are okay, but you have to be careful, right kate rooney.com? >> that is right. you saw the institutional interests, and you didn't see that exuberance around names like block shane, and it was only a matter of time before you one level of selling when it hit to 40,000, and so it is signs of taking money off of the table. so there are resurgence and bubble-like characteristics, and bill miller last week saying that it is going to be volatile the next couple of weeks. >> yes, it could be a day in which block chain rooney, thank you very much. take car

the self-proclaimed crypto version of wall street's crypto bets has a 600% jump in the digital tokenone point today. i'm just checking it now. it's up like 100%. it's really just pennies here but please keep in mind this is very volatile. crypto, not the only sector on the move. news on covid-19 vaccines has novavax surging. j & j trailing at the bottom of the dow and astrazeneca is moving lower by 2% despite approval to get used in the european union. to cheryl casone in the fox business newsroom. a lot to unpack. cheryl: lot of breaking news. first let's start with the latest on the novavax vaccine trial, results of that trial now showing 89.3% efficacy. many analysts had said as we watch these trial results cross that anything above 80% for any of these companies is considered a win. novavax's ceo earlier telling fox business they have actually, well, done better than that. listen. >> the prototype strain, the original strain, we've got 96% efficacy. it's just a terrific result. it's what we had hoped for and expected. but we got 96% protection. then the strain that has mutated sl

this is actually good to have this high-water mark for crypto.ompanies that were in the sidelines not being able to feel like they knew what the regulatory status of digital custody or stable coin issuance or even participation in these decentralized protocols now they know we are at the same level as all the other national banks and able to provide these services with very explicit regulatory clarity. >> so quickly what does this conversation mean not only for the price of bitcoin, but also for the volatility >> i think this means that there will be a lot more institutions participating. we have seen that in 2020. if you think about the narrative in 2017 with the price of bitcoin rising primarily fueled by retail, in 2020, three years later, you have a very different narrative. this narrative of bitcoin has a value, has really started to get into the companies if you think about square and micro strategy, publicly strayed companies taking positions in bitcoin out of their treasury for the explicit purpose of capital preservation it really doesn'

i know gold hasn't been as exciting as crypto but it is still creeping up.y i look at my gold bars, you're not doing anything, guys. move around. do something. i have less than a minute to go. governments around the world, it is hard to imagine they will allow this to run rampant like this to destroy the power of their fiat currency. is that the greatest threat to derailing this whole thing? >> exactly. cryptocurrencys are the wild west right now. the biggest storm cloud on the horizon is regulation f a biden administration puts regulation that squashes innovation instead of encouraging it we could see a big crash. i always tell my friends don't put any money in crypto you're not prepared to lose because that is a very real possibility. on the other hand some regulation could also legitimatize cryptocurrency. we just don't know what to expect. it is all very new but very exciting. >> let us know if you ever sell. that is what we're worried about. everyone is calling and texting me, i'm hearing from 21-year-old nephews, last time i saw them at their 10th birt

spencer: i think bitcoin and crypto more broadly and the entire crypto industry has its own idiots at -- its own idiosyncratic growth trend. i do think some factors help and the crypto movement at various times. bitcoin in particular is going after a market segment like gold, certainly in times of uncertainty like we have seen recently where we see appreciation in gold, you can expect to see bitcoin appreciate. i do not think it is the driving factor behind any of this. we are seeing is a growth story around bitcoin and crypto more broadly. a much broader adoption over the past couple of years and in terms of the outlook and years ahead. emily: what would your call be for bitcoin in the next six month? spencer: people get particularly caught up on price targets. i am a former equities analyst. i used to cover up and he's like salesforce and linkedin so i get it. for something like bitcoin instead of focusing on random people's price targets, i think everyone would do better to ask themselves a similar question, which is, three years from now, do you think a more or fewer people are go

up 68 percent from last year as high net worth individuals rebalance our portfolios more towards crypto so this statement that big question is not a reliable hedge it's actually going on simple to wall street investors who have been flocking to quite as a legitimate hedge against inflation concerns from all these massive stimulus packages that we haven't u.s. europe everywhere around the world and these emergency measures like money printing agendas they reduce the value of traditional currencies like the dollar and while volatility still remains a big concern with wind it's still a very reliable hedge and it has proven itself to be worthy and a solid store of value during a time of crisis i mean just look at 2020 had a year of crisis one of the biggest crisis is a modern history and what other asset performed as well as. none so i don't think that it's a coincidence either that mass adoption by institutional happened in 2020 either these institutional they're smart money and they're the ones ahead of the trend so it's no coincidence that they witness this point of comics in a time of c

will bring crypto experience suggesting pro crypto politics could happen as well what is your take.rtant real in recovery act response to crash of financial system also helping with the dodd-frank reform legislation has been very important schorring shoring up the system in pandemic a tofrn i think will be excellent come troller you are right a lot of experience with crypto currencies obviously, more important element of the financial system going forward. >> on the worrying side mark, the analysts are pointing out that it is also going to come with -- heavy regulation, executive orders to put some regulations back in place that the trump administration had taken away, with their deregulatory efforts could that be element that slows things down putting more bureaucracy making it tougher for expensive for points the point of the cowen note. >> i don't think so, i mean, it is pretty much with president trump did on deregulating financial system banking much pretty much on margin i don't think there was big game changing regulatory changes there i don't see barr as comptroller changing

they're rolling out a credit card program with crypto rewards. think it enhances the credibility of bitcoin. one of the pushbacks you really can't use it as money per se. what do you think? >> yeah. so earlier you brought up the point, why do people have bitcoin? are people going to use it to spend it and buy things and right now we're really early in this lifetime. right? we think the value will keep going up. a nice thing about a credit card like this it allows you to spend regular money to earn bitcoin as a reward. you're not actually spending bitcoin. you're accruing it like airline miles. competition is good i think. we're still early. charles: you should be flattered, right? real quick, less than a minute to go. the other really amazing story, iran is blaming massive blackouts in that country to bitcoin miners. they use so much power they're destroying the country's electric grid. think about this for a moment, one of the most authoritarian regimes in the world they can't showdown bitcoin. what does that say? >> i think it's true to the nat

based financial investor who specializes in crypto currency wrote the book crypto trade and the critter trader and he told us more about bitcoin and how wall street was initially skeptical but has now helped boost its value. it's a piece of software effectively was invented that just starts sort of churning out these. coins that don't exist in real life you can't touch them they're digital money they only exist as long as computers exist and networks exist but with big corps in the system is not owned by anybody and it's not controlled by anybody and you can download the bit callings onto offline devices you know u.s.b. stick something like that and you can download your coins on to that and keep them safe even if you're not connected to the internet there's only a certain number of coins and and so the demand is going up from all these in the financial institutions j.p. morgan the boss of which was calling it a fraud a few years ago now j.p. morgan receiving notes advising the there's a possibility because it could go to this price or that price you know very very big they're getting i

based financial investor who specializes in crypto currency and he's the author of the crypto trader says wall street interest in bitcoin is increasing its value. it's a piece of software effectively was invented that just start sort of churning out these. coins that don't exist in real life you can't touch them they're digital money they only exist as long as computers exist and networks exist but with big corps in the system is not owned by anybody and it's not controlled by anybody and you can download the callings onto offline devices you know u.s.b. stick something like that and you can download your coins on to that and keep them safe even if you're not connected to the internet there's only a certain number of call ins and and so the demand is going up from all these in the financial institutions j.p. morgan the boss of which was calling it a fraud a few years ago now j.p. morgan are receiving notes advising the there's a possibility because it could go to this price or that price you know very very very getting interested now and all of that demand is pushing the price up and

based financial investor who specializes in crypto currency and is the author of the crypto trader who joins us by skype from london good to have you with us you know whenever we talk about crypto currency is the question that you often get from people is it is a simple one i wonder if you can attempt to answer it and clarify in very simple terms what is a crypto currency. yeah that's the hardest question of all really isn't that it really is. it is it is i think the best way to describe it and the reason why young people tend to understand it more than old people is because they're used to dealing with online currencies for example my kids play a game called road robot what's it called road blocks sort of one of the world's biggest kids' games and it has in game currency called roebuck's and they're always asking for robots that were robots for christmas or holiday presents you know birthday presents that kind of thing and. a lot of games have these kind of in game currencies because it is very similar to that believe it or not it's a piece of software effectively was invented that ju

i think one of the other areas in the economy on the rise is crypto. with the dollar becoming as cheap and getting into the gutter as it is i think we will see more bitcoin purchases and increasing the price of other alt coins that will change the economy. you factor in senators like schumer crying for yet more and more bailout money because people can't take care of themselves -- i'm not saying that is anyone's fault, but people are getting into the mindset that we will go to the government hat in hand and the government will keep printing money. eventually -- i don't know if we are to the point of no return for the dollar will collapse. i think we will see a flight of capital into crypto where that kind of manipulation can't happen. host: cryptocurrency. what do you think? guest: i wish somebody could explain crypto to me in 30 seconds or less. back when we were having thanksgiving dinner they would be the crypto friend with a life-changing meaning of life observation to share with you. talking about bitcoin and a theory him --etheruium, if you have

in total we saw $170 billion wiped out in the entire crypto space.cryptocurrency and some say it's a bit of money coming out of these highflying digital coins and may be taking a breather and limiting it since we have uncertainty heading into inauguration day. still, i mean up, 300% of the past year, that's still pretty good, don't you think we three i would say so, not to be sniffed at. susan, thank you. fox news host judge jeaniene pirro delivered this strong opening statement condemning the capitol hill riots just watch this. >> did anyone stop to think that with this foolhardy effort to disrupt the congressional hearing you have smeared 75 million of us? you have tarnished all the good that has been done over the last four years because of this senseless lunacy. ashley: franz liszt lunacy. what does she think about democrats who are prepping for another impeachment? i will ask for that question when she joins me in the next hour and democrats control of the senate creates a path to repeal last-minute term policies, so what is the most at risk? st

up to the top spot and big oil is continuing its amazing run in 2021 as the world's most popular crypto currency surpassed $40000.00 thursday afternoon it pulled back a little bit in that time of broadcasts about $3093.00 now just days after eclipsing the $30000.00 mark hitting the price point helped push the value of the entire crypto market above $1.00 a trillion dollars for the 1st time ever so let's go ahead and take a look at what's happening except go currency by bringing back co-host christine. christi i know you this is this is what you love this is in your heart. that major milestone less than 3 weeks after shattering 20000 what is behind this rally and is this is stable because it seems like institutional investors are just stay in em. well i mean no rally goes on for average but there is certainly a lot of momentum left on the mental gars of this rally so i think it's still got legs so $40000.00 was another big psychologically significant milestone for mcqueen and in many to crush that $30000.00 who are in record time so it's going to be hard for anyone now to deny that we're