divided everything goes according to plan and mike novogratz's galaxy digital gets all the approvalscould see live before the end of march. vonnie: when do regulators get involved because you can't just start a merchant bank even in your beloved free canada and would regulators get involved want that sort of tinge the whole cryptocurrency idea? you can actually start a merchant bank. there is nothing that says mike novogratz can't continue to do what he's doing in his family office. he has effectively been running something akin to a merchant bank privately. it is going to be publicly traded but let's be careful because galaxy digital lp which is what he's calling the merchant bank isn't itself going to be publicly traded. what's going to trade publicly as a holding company. galaxy digital holdings which will have publicly traded shares itself own a piece of galaxy digital lp. the publicly traded part is one step removed from regulatory oversight. and it depends on what exactly galaxy digital does before it attracts the scrutiny of regulators. one really important point to make, this

what do you make of this, given that mike novogratz shelved plans a month ago?rchant banking is a clever idea when it comes to cryptocurrencies. what we are really seeing is the idea that the things you can do with cryptocurrencies are splitting into all these notions. some of them are very odd. some of them are ridiculous. the ideas that companies need lending on a small term basis is an interesting idea. it suggests that he believes there's a business model that might generate cash flow for small businesses. even as he's using the public markets to raise money to do that kind of thing. emily: jamie dimon has said he regrets calling bitcoin a fraud. that has been repeated by us and others. >> that is where he and mike novogratz would agree. blockchain israel. novogratz's enthusiasm is born of more than just the fact that he's made a time of money buying and selling cryptocurrencies. he believes that blockchain, the underlying code to all cryptocurrencies, has the power to transform finance. dreamyse that is kind of , but that is sort of what dimon is getting at

mike novogratz is creating a firm. he is going to take it public.ll give people another way of publicly investing in bitcoin. he is starting a merchant bank called galaxy digital lp. he is taking all of his crypto assets, $400 million of tokens and startup ventures and rolling it into this merchant bank. as far as his crypto net worth is concerned, he is all in. >> china's factory deflation eased to the lowest level since november 2016. output slowed. ppi rose 4.9% in december while cpi rose 1.8%. >> i think the ppi is one we looked at. it is obviously slowing for sure. the question is, are we now heading into a more pronounced deceleration for ppi in china? are we heading towards negative territory again? it is hard to say right now. for the moment, it remains positive. that is a good thing for company profits, a good thing for their debt services costs. it seems to be a slowing trend. it is a question of whether ppi in china is headed to negative territory. let's not forget, china was once a big source of inflation. it seems to be a dimming part o