is there the chance there's kind of an internal crypto systemic risk here where if one crypto type assetounders in some way, there are going to be people who have other assets and investments affected, is that something we should think about as we see companies like coinbase go public >> what we need to think about is that the crypto economy today in its infancy is probably a couple thousand companies in the crypto economy some of those companies are going to do really well, like standard technology, internet companies today, some of those companies will do really well and some of those companies will flounder, so it's like the rest of industry, really no better and no worse >> all right got to pick the right ones you picked this one at the right time for sure, no matter what the price action is today. >> yeah. you know, sv angel, our fund, sv angel, we invested in coinbase when brian was just starting the company and went to visit y combinator, the world's famous accelerator founded by paul graham and jessica livingston and that y combinator has birthed so many iconic companies in the t

has cracked down on crypto although people are trading crypto there know country can crack down on crypto entirely. it's pretty impossible to shut it down. that's the magic of bit coin is it's decentralized and immune to government control governments can make it much for difficult for the average person to access to crypto market that's one of the thmain thingso watch out for. >> bobby, this could be just the beginning. this is the first major crypto related public offering in america. what do you see as the next it ration or what's going to come next in terms of the company that goes public in this particular arena in is it something with regard to digital wallet is it something in regard to other exchanges? what do you think is the next step here? >> that's a good point, dom. i'm reference back to a few nights ago on shepard smith show kathy wood was on there. if you look at company like coinbase, they could be the native home to start this movement they already have it with crypto when you start thinking and talking about the newer products out there which you talk about daily now whi

crypto has missed impressions.f we are not sitting with policymakers and people thinking about this and developing a shared set of facts, policies are going to be made and decisions are going to be made in an incomplete way. i think a lot of crypto community members have addressed and will continue to address energy usage stories, including one in the new york times today, was was -- which was forcefully pushed back on by other members of the community. so we are alone the same page about that. it underscores, caroline, the reason we need a global educational organization like crypto counsel for innovation, to get thinkers outside crypto to focus on these problems so that we can all enjoy the benefits. caroline: just so our audience is on the same page, what is the argument that you should switch to a more environmentally-friendly energy system? gus: the arguments that you see are that crypto, especially bitcoin and others, are high-energy can stash our high energy consumers -- -- are high energy consumers. that is

regulators to not embrace crypto or shun crypto. two particularly at a time when you have the chinese government launching a digital cryptocurrency and exporting it to other countries. so i think we are starting to see regulators understand that there is actually a bigger national security threat from shunning crypto. taylor: is the u.s. behind? are we too far behind china at this point? katie: i do not think we are too far behind china at this point, but i think the next four years are going to be actually critical, so we are very hopeful that with the biden administration that they have an open mind towards crypto. by the way, not just for national security, but we also see it as a very large potential for economic growth. taylor: fascinating. so many places we could go. we will have to get you back on. katie hahn, board member at coinbase. perfect guest for a day like today. coming up, more on coinbase, you guessed it. see what cathie wood has to say about its blockbuster direct listing, and of course later, focusing on bitcoin r

crypto, especially because it goes up.n if you did, it is a terrible way to make payments because blockchain's are fundamentally inefficient for a payments network. what am i getting wrong? diogo: i definitely will take the other side of that bet. the way i will do it is by zooming out a little bit and saying, number one, not all crypto is bitcoin. you right, bitcoin has been invested as capital fluctuation store of value. as the value fluctuates, people are hesitant to sell their bitcoin for fiat. just over the past 24 hours come over $160 billion of stable coins transacted. there is a type of crypto called stable coins, which track other currencies like the u.s. dollar, and it is perfect to be transacted. if you go back to the partnership with visa, but we are seeing is a dramatic change in the market structure. there are crypto companies that want to offer banking services without ever having to rely on the fiat. with this, they can actually replace the settlement size from the crypto company that is issuing a visa cred

there is crypto summer and crypto winter. coinbase will not be able to escape crypto winter.hen there is less volatility, asset prices are lower, coinbase as a result will be lower. over time, they will benefit from that long-term growth and they should have the same level of growth as crypto assets overall. it will be more of an up-and-down situation then comparable high-growth stocks. joe: let's talk about the competitive risks. coinbase has been very early in this space. it built a platform that was very regulatory friendly, very safe. so far, we have not really seen in a meaningful way the established brokerages get into it. we have not seen the adoption of an etf that would allow people to have access to bitcoin via a traditional brokerage. is there a risk for either new entrants or incumbent financial players to take share away? gil: on the consumer side, i would say the risk is from square, paypal, and robinhood. they are already digital wallets and they have done a good job of incorporating crypto. as an asset side-by-side with cash or stocks. on an institutional side

we have seen so far is really a focus on implicit use of crypto -- on illicit use of crypto.partment has been very good in that area. but the fact is we have a gap in our laws. neither the sec nor the commodity futures trading commission has the authority to regulate coinbase. alix: that is a good point. so who is supposed to regulate it, and why is no one yet in charge of it? timothy: because we haven't fixed our laws. our laws have not been updated to address this. europe is fixing its laws. u.k. is working on fixing its laws. we have not done so. there are huge gaps in the regulatory framework. alix: so the bulls wind up saying that coinbase ended up paying a $6 million fine. they are working with regulators to craft galatian, etc. what is your push -- to craft regulation, etc. what is your push back? timothy: that fine was interesting. it has very limited jurisdiction over coinbase. it can only bring in enforcement action where it sees true manipulation and fraud. it does not have the power to set standards. so in fact, one of the cftc commissioners said basically we shou

leverage in crypto fees are collected in crypto so you had anacceleration in fees plus the accelerationprice gives you an almost levered to the space. >> we are looking at this eye popping market cap for coinbase and valuation is tied to the rise of bitcoin and the idea it's a safe platform cyber security, a risk for all companies. do they have any other mode or way to fund off competitors? >> it is safe. we have seen coinbase, never had a major security breach and huge back to the days where it was common to wake up in the morning and a entire exchange disappeared so they have that advantage. they also just have a lot of accounts they have over 45 million accounts already and so the leverage there beyond just crypto but the leverage to say maybe at scale it looks like an neo bank and we can keep your deposits safe and trusted with the credit cards and already seeing the moves in that direction so the security piece is huge but i wouldn't underestimate how much of a method they have with the number of accounts people created. >> the institutional piece of this with more of these investo

you are seeing a ton of that in crypto. but the big guys have to work with the rules of the regulars. fortunately or unfortunately, we are big guys, so we are working with the rules and the regulators. i think gary will be great as an sec commissioner. he is smart. he wants to be perceived as smart and articulate, so he is not going to not answer things. and i think he will lay out rules. the big question in crypto are really 2 -- one is around centralized finance. when i am trading with someone in a smart contract, do i need to know who is on the other side of that? we take the approach right now, unless you can have some way of high probability knowing you're not dealing with a bad actor, we don't ky see that person. that is going to be solved, and the regulars will put some bumpers around or real guards around that. the second really is, the same theme. know your customer, unposted wallace versus hosted wallace. how we think about. to p or transfer in daniel -- know your customer, unposted wallets versus hosted wallets.

there is exposure to another crypto exchange. but also made me wonder, why didn't any other exchange try to get exposure to coinbase? goldman, this morning, was asked about crypto and would it create a digital wallet? david solomon said that we are focused on creating a digital bank with no plan frequent wallet now -- for a crypto wallet. but there are ways for banks to get in. they are offering institutional clients is. but it's a years late -- a year's weight. -- wait. >> we have seen the price of bitcoin rise today to another all-time high, at one point it traded at almost six to 5000. right now, it's trading 63,400 $77. we have seen other coins trade higher. ether, for example, is a big winner. it's done even better than bitcoin. on its own, this is a $1.2 trillion. if you look at the major crypto, you get the market cap of well over $2 trillion. we have the e.u. talking about their own digital currency. they talked about a more recently, how is the coinbase to ipo going to push the acceptance of cryptocurrencies into places

it's a crypto ecosystem company.dden out of nowhere comes nfts which is going to be a huge part of the crypto economy. so i think right now total crypto wealth is roughly $2 trillion so that's 1/2 of 1% of all wealth if you don't think in the next two to three years that can be 2 to 3%, you're not paying attention to the trends. so the amount of growth that we're going to see in our space is staggering. we're just getting started and what's important is institutions now realize this is an asset class it wasn't an asset class 8 months ago i was hoping it would be i was praying it would be. i was trying to convince people it would be but now it's an asset class and every single participant we talk to is getting involved. >> i have to let melissa, i didn't understand she was wearing bitcoin orange all morning. >> i must have been subconscious when i got dressed bitcoin on the brain >> melissa has wells fargo. >> we're still digging through the numbers. the stock is trading slightly lower on the back results. it looks li

are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a significant milestone for the crypto spear. joe: a huge day for crypto. we already know, massive, coinbase, historic, etc. you are the ceo of a competitive exchange. talk to us about the competitive landscape. is this a multi-winner space? >> we were all applause all around with our team, cheering on the coinbase team, making huge strides in the industry. it has been a mocked industry and yet we have seen validation after validation, institutional customers coming in, companies going public, huge milestones that are remarkable across the space. romaine: with coinbase now public, that brings a lot more scrutiny, rightly or wrongly. i am curious, when you look at the volatility we see in crypto and you are trying to run an actual company

this is the fourth crypto cycle.011 when i was trading out of my apartment in new york working at goldman. crypto went from $32 to $2 -- specifically, bitcoin, in the course of two hours. it happened again in 2013. it happened again in 2017. and now it's happening again i think the reality is that if crypto is to achieve the huge mission that i think it can, which is being a new global digital money financial system and internet app platform, there isbound to be a lot of volatility along the way it's certainly not for the faipt of heart in the early days that was a huge challenge in being coinbase and staying the course so i think it will be volatile from here, but that's just the nature of such a huge technology coming into existence. and i don't think it could happen any other way. >> one of the big risks has always been regulation it's something we talked about back in that interview in 2015 on bitcoin but it still looms large the new s.e.c. commissioner just got voted in today we know that gary gensler is maybe a

these other new or crypto currencies so that is a growing market but. it's also going to be facing more and more competition in the years ahead because it's no longer the only name in the game there are a lot of other crypto currency exchanges coming up and also there are a lot cheaper than coin base which has this reputation for being the oldest in the safest in the game so there is a lot of competition on point basis toes here just briefly chose because i mean i still pay cash or using my début to critique caught who's actually using currencies to pay. well not many people but still it's really unusual market we've seen a lot of companies like tesla or visa and master card pay pal start to get into this into the space of accepting cryptocurrency payments but i'd say bitcoin most cryptocurrency is are still very much a speculative investment that's really the majority of the interest we see is using it as an investment not as a payment currency the way to delay new from food thank you so much. and to some of the older global business stories making use

in almost a decade shares in crypto currency exchange coin base have surged on it highly anticipated stock market debut they immediately left more than 50 percent over their reference price of $1.00 point giving point based a market value of nearly $100000000000.00 that makes its the largest i.p.o. since facebook in 2012 whether it's bitcoin a theory i'm ripple or tether which i've never heard of the value of crypto currency has been growing exponentially during 2021 they're now worth a combined 2 trillion dollars that's why the arrival of going base on the nasdaq was one of the most eagerly awaited events this year on wall street the company claims $56000000.00 verified uses it is the largest crypto currency exchange in the united states makes its money by taking transaction fees when members buy and so crypto currency is that generated revenues of one point $8000000000.00 in the 1st quarter turn a tidy profit of around $800000000.00 how we be able to trade in crypto one says is becoming an increasingly competitive business with a growing number of rivals like crack in gemini pay pa

were not friendly to crypto. not ensure crypto any way so they're not insured by the fdic for example but there is a lot of reticence on the part of regulators we have watched the ice thaw but it hasn't gone yet but a lot of crypto start-ups not get a basic bank account to pay payroll and vendors, they were out of business if they lost their bank accounts and in the last crypto bull market there was a big crack down on the crypto start-ups and i watched many of them literally have to close doors. you're not a business in the united states if you don't have a bank account and many of them lost their bank accounts and the last minute and couldn't find another one in time before the end of the year. and literally had to close their doors. it was tough because there were a lot of legitimate businesses in that position and that is the problem wyoming was aiming to solve. and it is still a problem. >> it is a great explanation of the fact that wyoming is not unique in doing this for crypto. they've been a pioneer for s

of the republic of turkey said the use of crypto currency and other crypto assets based on distributed ledger technology would be prohibited as a payment whether directly or indirectly joining us now to discuss this and other crypto related news this boom bust co-hosts and crypto analyst ben swan and christy i always a pleasure to talk these things over with you guys chrystia i want to start with you why did this announcement by turkey cause a pullback on the bitcoin price. i'm going to come with a little bit spiking down 4 percent for recovering on friday after turkey central bank banned or curtis society needs transactional risks so this is huge and basically made us additional assets could not be used to regularly or indirectly to pay for goods and services and this decision could stall turkey's kamar which has gained a lot of momentum in recent months as investors have been looking to hedge against a depreciation and also be inflation that top 16 percent last month but really this was just a quick spike down it was more so of a knee jerk reaction we've seen many tough regulatory cu

gold, i have to believe after overseeing crypto is for real crypto is for real all right. now, i've just given you seven reasons why i'm cautious about some parts of the market and why it wouldn't be so long to do trimming the market can handle a couple but not with all the stock being sold take profits so you have some cash for the next sell off on "mad" tonight novacure is trying to cure cancer and stock is up 50% today alone. i'm talking to the ceo about the news behind the move and taking calls from you cramerica through the markets ups and downs, i always got your back and i'll be answering the most pressing questions ahead and it's not unlikely to say coin base is unlike any market. i'm breaking down the prospects ahead of tomorrow's ipo. don't miss it so stay with cramerica. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #mad tweets send jim an email to "mad money" at cnbc.com or give us a call at 1-800-74 1-800-743-cnbc miss something head to madmoney@cnbc.com. this is how you become the best! [music: “y

an interesting week in the crypto world as bitcoin has retreated from its all time highs a theory and has risen once again and the hottest crypto on the internet coin didn't do as well on joe's day as investors had hoped so let's break it all down with us co-host buns one and geoffrey tucker editorial director of the american institute for economic research geoffrey let's start with you what happened with bitcoin and why has the price retreated from the all time highs by about $10000.00. because those highs in riddick you know are ridiculously high so what you see actually is a kind of rallying around a certain price discovery in the hover temporary it happens to be the astronomical increases in decline over the last 6 months or just beyond belief i would have expected honestly based on my patients of the crypto prices over the last 7 years that i would have repeated a lot more but we're holding pretty firm now last i checked it was $55.00 which is actually frankly unbelievable and if anybody had to have told me 6 months ago that we've looked at these kind of prices i would just be co

peer crypto has arrived.s playing well well in some spaces with regulators and ultimately it isn't an entity with which-- bitcoin for example, it's not a person, it's not a company, it's not a place and it's tougher to stop then you would think and that finite supply in a world of printing money is powerful so today's coinbase direct offering is a huge step, but it's just the tip of the iceberg. one half percent of people are invested, wait till the institutional investors felt confident the jump and. stuart: you really are a crypto evangelist and that serve as a factor i have to move on to minnesota, 60 people arrested in the third night of riots following a police shooting of a black man at a traffic stop. the mayor of brooklyn center now says he doesn't think police always need to carry weapons peer hold on a second, let the audience listen to this. roll it. >> i don't believe that officers need to necessarily have a weapons, you know, every time they are making a traffic stop. there are many other jurisdi

it is certainly true that if you look at crypto exchanges, crypto custodians and the various businesscoinbase has, if you look at the landscape, whether it is across different geographies, crypto is a very global industry, a very global phenomenon. coinbase of course is, i would argue, the most relevant player in the u.s. that is not necessarily true abroad. you also have to look at new players in the space, not just the incumbents, which is kind of funny to even talk about finance and other competitors like that as incumbents, but decentralized exchanges even threatening coinbase in terms of the amount of volumes they see on a daily basis. so i think that you are going straight for the jugular there, but perhaps rightly so. it's an important thing to discuss. caroline: full disclosure, my husband is the manager at coinbase, so i know a bit about the business. but i want to know how you as an investor try to find a comparable as to how to value i t. if you look at where the multiples of where exchanges trade, well, i mean, that would hold back evaluation a lot. but if you look at the

you leave it platform to accept that point providing even more access to the world's most popular crypto currency we have a lot to get to so let's get started. by an administration is fighting an uphill battle as it works to gain support from republicans for the proposed $2.00 trillion dollar economic plan but while that would make the government's infusion of capital into the u.s. economy $7.00 trillion dollars in just over one year some are claiming congress should support it because of the impact it could have on china the latest plan would include $621000000000.00 for roads bridges public transit and electric vehicle development 580000000000 for manufacturing research and job training efforts 400000000000 to care for elderly and disabled americans 300000000000 for drinking water infrastructure broadband access and electric grids and 300000000000 for a ford. well housing and public schools now former treasury secretary jacob lew who served under the obama administration suggested the plan would help the u.s. compete with china's massive belt and road initiatives but while it may bring

crypto company to go public.en as a big test to investors' appetite for other start j-ups in the industry more competition, a big headwind for coinbits used to be gemini, kraken, a little more niche. now paypal, square, robinhood and in many cases through a partnership. some highlight coinbase's biggest mode started back in 2012 when bitcoin traded around $10. the company now has 56 million users. its competitors are looking for a slice of that high margin trading business coinbase is about to go public on $1.8 billion in quarterly revenue almost all from trading fees reliance on those fees, though, is a big focus, and analysts i talk to say others are likely to come in and offer cheaper or free trades to gain market share. they predict another race to the bottom, like we saw play out in the brokerage industry meanwhile, guys, you mentioned bitcoin reacting positivity to the coinbase listing topped 63,000 this morning for a new all-time high. guys, back to you. >> all right going to watch that obviously a big day

a good way to get access to crypto even though not exactly crypto.eople buy it on the stock exchange they feel safer about that, perhaps the biggest thing i think they have the first mover advantage. people are comfortable with the technology. they're used to trading crypto there, i think eventually will do brokerage like things and do lending and make loads of money doing things like that. charles: right. >> i really think this whole decentralized finance theme is starting with coinbase. i think the price keeps going up here too. charles: michelle, i will ask but the market but first, just a quick thought on this debut, just the emergence, the crazy emergence of the crypto world. it is taking over. >> i think today is a real inflection point for its legitimacy over the next few weeks. we'll see if it has staying power or if it's a bubble a lot of naysayers think. i agree with lisa and sylvia's thoughts in terms of the future. from a trading mentality we have to watch. the volatility has to come to stabilization. charles: let me ask you about these m

-based crypto etf.e meantime, coinbase is your opportunity to get the public market exposure to cryptocurrency. caroline: and maybe then thick and fast, we could see the likes of gemini and other companies rushing to the public market once it has been opened. your perspective on the competition? there is bytedance there is , gemini. >> coinbase has a lot of accounts. they have a lot of retail investors. they have not leaned in nearly as much on institutional investors, which is where other players like gemini have leaned in more from the beginning. the reality is, at scale there , is a question of, is coinbase just a crypto exchange or is it a trojan horse of one of the biggest neo-banks we have yet to see? chime in 2020, they had 8 million customers. coinbase is much bigger already. they are offering things like savings and earning interest on your savings even though it is not fdic insured. they are offering some credit and debit instruments. what could end up happening is it could be that coinbase be

let's talk a bit about crypto.ot more on this program in the weeks and months ahead about the whole def irk trend and what it means if crypto become a method by which financial transactions remain. can stifel remain integral to the payment system or how should you think about the role of crypto and maybe the role, hesitate to use the word block chain but as this technology becomes more and more advanced >> i don't know why you would hesitate to use the word block chain. i think block chain is where true innovation will occur i believe that any and all that doesn't recognize does so at that peril we shouldn't have to have have every title through how many counties it should be on a block chain as you get titles it should be relatively simple today crypto is highly speculative. the biggest thing about crypto this terms of monetary transactions are whether or not sovereign governments will support it governments will not just let their fiat currency fade to black. facebook tried it. you remember a few years ago that d

we can see in one area of the market that could be a big beneficiary one warea not benefitting is crypto what if you could access the money between your paycheck. we begin with today's market >> it was this time just about right now in next ten minutes or so yesterday that we saw some of that selling pressure really exacerbate into the afternoon session because of those tax fears coming to market we fell on a relative basis which as you can see here, we have pretty much made it all back at this level the dow industrial still a bit below what we had yesterday in terms of losses but the s&p and the nasdaq both of these have pretty much gotten back everything they lost yesterday again, maybe some traders were a little scared. it doesn't appear to be manifesting itself in today's market a bounce back in pretty decent size proportions these are your out and under performers the two real out performers in trading so far this week meanwhile, energy remains the stark under performer. it's been that way for the shorter to medium term in the last few weeks here. energy was the biggest performing u

against hope at 19 as it contains plus big price has taken a hit as turkey plans to ban all payments in crypto currency coming up we'll break down the latest price swing with expert analysis with a packed show today so let's dive right in. and we leave the program with the latest economic data out of china now the world's 2nd largest economy grew by 18.3 percent in the 1st quarter of this year compared to the same period last year according to data released friday by the national bureau of statistics you'll remember that the chinese economy contract by nearly 7 percent in the 1st quarter of 2020 amid widespread lockdowns in the country at the height of the coronavirus pandemic now this expansion was also up 10 percent over the 1st quarter of 2019 retail sales and industrial production also rose by 34 and 14 percent respectively now with this in mind let's go ahead and take a look at how global markets fared for the week markets were largely up thanks to recovery optimism coming out of the world's 2 largest economies but the pandemic continues to dominate this global outlook we begin in russia

micro strategy down 4.2% so for the coming of coinbase are the best days behind us for this crypto craze? guy? >> definitely not. i mean, it's a peak, it's a peak in the term bitcoin made an all-time high today but i don't think it's the peak at all it makes sense to talk about it, all of the stars line up and price action lends itself to exactly that not that i'm nearly as well-versed bk has forgotten more about this than i learned this is just one of the steps along the way. in six months we'll have a different conversation in terms of the market cap of cryptocurrencies closer to $5 trillion than the $2 trillion it is now a peak so not the peak. in my opinion. >> tim, there's a notion maybe this marked some sort of a peak at least within this spectrum of crypto craze we've seen in the past onth, year or so, or how coinbase itself traded because there were very high expectations for this stock. it was trading on the exchange ftx overseas, a futures contract tied to coinbase, that was expecting $600 a share we didn't go anywhere near that today. but what's your take >> well, i mean, look

crypto vesting is here to stay. there's a phrase i really like that's look into my portfolio and gaze into my soul. gold products $20 billion in outflows over the last two quarters crypto products $7 billion in flows over the last consecutive quarters this is real trend captist floating out of traditional alternatives and diversifiers like gold into bit coin. i think q2 we just kicked off the quarter and the numbers continue to show that trend accelerating >> how due think about the new products that are coming on the market, etfs, the companies filing for etfs, will that dampen volatility with bit coin with more and more entry points, more and more on-ramps so to speak into the market? >> it's been interesting to see historically the banks shunned us which is why the crypto ecosystem really developed for the first four or five years out of the traditional ecosystem now we've seen jp morgan, morgan stanley, goldman sachs, you name it all the world's largest asset managers and financial institutions are looking to be

we just went over $2 trillion of wealth market cap in crypto.ty significant number. $140 trillion in u.s. wealth. $400 billion in global grout. half a percent of global wealth is in crypto. that's growing. it will be a percent by the end of the year. >> digital art. where do you see this going? what could these assets be used for? >> and fts are going to be with us for the rest of our lives. right? already on the blockchain, collectibles on the blockchain, ip on the blockchain is all happening. we are in the very early stages, so much that there's little mini bubbles that will pop up and down. don't miss the big picture. this is fundamentally going to change how we secure intellectual property from now and going forward. >> mi right to make the distinction that this is not necessarily a bitcoin boom, this is a crypto, a blockchain boom as well that you are following? >> 100%. galaxy digital was set up to participate in the whole ecosystem. we've made investments in over 100 countries -- companies in and around the space. >> talk more about how t

the number two crypto, ether, has more than tripled this year. getting involved you have a lot of big-name investors getting into it and the market is maturing. so coinbase is coming in at a pretty good time really to take advantage of the crypto environment to make this work. haslinda: bloomberg's jew in singapore. --bloomberg's joanna ossinger in singapore. major tech firms have been subjected to antitrust probes. tencent -- rishaad: we've got other lines with the beijing reaction to this unofficial visit by u.s. officials to taiwan itself. the taiwan president meeting three people. china saying this will not change the fact that taiwan is part of china. this is bloomberg. ♪ na. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i d

there are different types of crypto tokens. one r. and f t's which stands for non fungible token fungible means exchangeable so non-tangible means non exchange for making unique or scarce money is fungible whether you have $1.00 us dollar bill or another doesn't matter the value remains the same. we used to think of digital art as somewhat fungible because it can be downloaded and copied theoretically endless number of times but now you can turn it into an effort by a process called tokenization and trace additional objects authenticity and uniqueness and actually contains all the data about who created the content how much it was sold for and who the owner is the tokens are saved in the block and using a smart contract or thanks transcription they're protected from being manipulated. currently n.f.t. trading mainly happens in the theorem block chain so you need a crypto wallet and the cryptocurrency ether to purchase something but what happens after you've bought a digital artwork this is an important question since n f t's only say

liz: you said she doesn't like crypto but jamie dimon is more of a believer.oss, jamie dimon has spoken positively particularly about the block chain which is the technology that crypto has used, it's a superfast way of conducting business once you're inside the block chain. liz: speaking of j.p. morgan did you hear this there is a center of what could be the biggest shakeup ever for european soccer and has shares of the biggest publicly traded in high gear, the spectacular off field move that you need to see in the new goals for your portfolio. closing bell ringing 37 minutes from now and we are looking at a red market on the screen, the nasdaq down 1.1%. ♪ ors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq my name is douglas. i'm a writer/director can i hold the chip? and i'm still working. in the kind of work that i do, you are surrounded b

crypto hit the mainstream you can watch your friends doing things with crypto that might make even moree excited to get into it. >> as robinhood is cracking down but it's okay for venmo to use social to enecourage more crypt. >> social apps generate more engagement it's true here, instra gram and everywhere else. we know people buying something because it seems like the thing to buy you separate from the high mind and long term vir stues of the crypto block chain economy >> so well put we'll lever it there thank you. it's great rapid fire. >>> coming up, there may not be a better market hedge. why he's expecting continued dovishness out of the fed. >>> it's financial literacy month. cnbc is sharing messages about the importance of financial education. here is bridgewater's ray. >> when i was a kid, i did odd jobs i cadsdied and mowed lawns i put my money in the stock market because stocks were lot at the time. the first stock i bought was a company that was the only company i ever heard of that was selling for less than $5 share it turned out the company was about to go broke. somebody

watching crypto's newest king. the company opening for trade yesterday afternoon. $381 a share 52% above the reference price rising as high as $429 before settling the day lower as of yesterday's close, $86 billion, roughly, market cap made from the most valuable publicly traded exchange in the u.s. if you think that's what it is cathie wood jumping into this trade as well buying $246 million worth of shares to add to the investment funds. so many storylines in tech right now, carl, that hinge on the idea that the rules of a particular area have changed whether that is cloud or ai. work from anywhere cloud gaming platforms, commuting domestic chip supply, reddit and retail trading. seems in ss in coinbase, two sts colliding. robinhood, access to markets coinbase story argues blockchain opens access to markets and somehow coinbase will be able to keep charging a premium. i don't know if both it be true. >> all of those topics, jon, make it, make sense why we launched in the first place this de, interesting the issue

citizens to buy crypto with the currency and as such coyness is the largest crypto currency exchange in the u.s. even though there are numerous other chains around the world considerably larger trading volumes and thus because of that its business is built almost entirely on the performance a bit coin and it's and thanks to this recent rally this has reported it 1800000000 dollars worth of revenue in the 1st quarter of 2021 so with this i.p.o. this has in a way legitimize crypto to wall street and to main street as well because an encrypted used to be viewed as these french assets that no one really understood and now it will debut on the nasdaq financial now use of $100000000000.00 so there are actually a couple is this could play out so firstly you have a ton of early investors in coin base those who are part of the see the series a.b.c. venture capitalists who are finally getting an exit after waiting around for a decade or so after they cash out of quite a maze and get that big. what's next us equities are frothy treasuries don't look that great emerging markets are kind of shot

tracy, a really big moment for the crypto world. does this debut just give the whole ecosystem some credence? >> it's definitely being cast that way by certain proponents. people are thinking about it as the cherry on top of what has been an excellent 12 months for crypto land, are the feather in its cap, choose whatever idiom you like. a big driver of the momentum has been the idea of crypto becoming increasingly embraced by wall street and traditional financial and payment architecture. for instance, we saw things like paypal allowing its customers to buy, sell, and hold crypto in their individual accounts for the first time. now we have the direct listing of coinbase at a valuation of, and one point come as much as 100 billion dollars. compare that back to 2018, that was the year when coinbase was valued in a private funding round at just eight going dollars. also the year that jamie dimon famously called bitcoin freud -- a fraud. it kind of tells you how far we have come. manus: we have, barry long way. -- we have come a very lo

we've also got charlie gasparino -- >> just call me crypto man. liz: crypto mom, crypto man.for being here. let me just start with a blunt question. will the sec be wielding a scalpel or a machete? >> well, it is early days. chairman gensler hasn't been in the spot for too many days, but because he is someone who's built a regulatory framework in the past where none existed and there's definitely a call for a regulatory framework here, i think we can expect that he'll be open to the idea of building something, and i'm hoping to work with him on something. >> hester, thanks for joining us. i'm only kidding about the crypto man part. i barely i knew what cryptocurrency was until a couple weeks ago. to be frank, i know a lot of guys in this beat, they're worried about regulation. they keep hearing t knotts going to necessarily start with the sec, but with treasury. and, as a matter of fact, when we asked can jen psaki, president biden's press secretary, about crypto regulation, he pointed us to the treasury department. so clearly, something is happening from treasury. is that yo

can clobber a lot of people with that well crypto currency to get around that crypto actually gets around a lot of these these financial tools that have been used to cut off western banking to cut off access to international banks i think that's why the chinese and the russians are leading the world in terms of moving to a digital currency just like venezuela did just like iran is looking at once you get digital currencies into the mix you eliminate many of those traditional tools that banks have used and the u.s. is used in order to control global finance an investigative journalist bence one thank you so much for covering the story you got it. and a new study by researchers at oxford university has found the number of people who get blood clots after receiving koeppen 1000 baxley is made by pfizer and madeira is similar to those who have received the astra zeneca vaccine which was developed of course with the university of the same study however shows those who have been diagnosed with copd 19 there are higher risk of blood clots than those who just received the back seems so for more o

we had crazy numbers in crypto this week.that's the new high for the entire crypto currency market cap hit this week and it wasn't led by bitcoin it was a rise to digital assets. one of those xrp is up 75% in the past week. another big crypto headline came out of robinhood in march alone, the startup says it saw 3.5 million clients trade crypto for the first time for comparison, the monthly averages last year were around the low 100,000s it now has 9.5 million people trading bitcoin, and doge coin crypto trading has proven to be profitable for companies like coin base. that crypto currency trading platform is set to go public next week and a few days ago, coin base gave investors a collapse at the business in the first quarter. it reported an estimated $1.8 billion in revenue that was almost all from trading fees and it was more than the company made in all of last year and finally, leslie, scquare. they offer bitcoin trading and take a look at shares this week up double digits analysts do expect a similar benefit for square

kennedy: which crypto currency benefits most from this?ously the entire industry and people frequently say 50000, i missed the boat, this is not how it works. it's for you on most, it's not too late. kennedy: i like it. i am a fan coin base is about to have a big ipo. >> absolutely and again, this is a huge industry. the market cap on day one next week, it's going to be absolutely the focal of the entire conversation for the next four to and also for companies like us, using smart last month so they are much faster for us. kennedy: how did you get that domain? >> it's a very interesting story. twenty-five years, professor says crypto but somehow we managed to reach that this is the hallmark, home for everybody who wants to buy, sell crypto pay, it's the perfect name and we managed to secure. kennedy: well, congratulations. we will be watching you and your partnership in all of it. some people are just getting into it and i love when people break it down. thanks again. >> thank you for having me. kennedy: coming up, tiger woods traveling. v