it is not just bitcoin. we're seeing it as well in some other smaller cryptos as well having extraordinary gains. we have seen an acceleration this week because now we have futures as well as futures on bitcoin. one of the things going on in the background, the focus is on the cash rate of bitcoin. the futures have been used probably by some people for shorting the coin think it was too high and now we're seeing a big squeeze going on. it is rising faster today. it gives you an idea whatever tesla had to say in the past 24 hours has a significant impact on the whole crypto currency process, not just on the biggest trading currency there. it is becoming a bit of a frenzy drawing in so many people. we have heard that the japanese government wants to raise the issue of crypto currencies at the next g-7 meeting. it is on everybody's radar. it has become mainstream. it is no longer on the edge. >> it is on everyone's radar. you heard company thes are going to have to that is right staying like -- companies are go

the new issuance of bitcoins. right now 85% of the revenue comes from new bitcoins being issued to them. we are 80% done with that process. in the future, most of the revenue for miners will accrue on fees, users paying to use the bitcoin network. it depends how you model it out. i expect the fee intensity would cause a lower structurally miner revenue in the future as the subsidy trails off. the subsidy gets cut in half every four years. it is a very interesting change in dynamic. caroline: may the twitter storm commence. nic, we thank you. the man with the beautiful microphone at home. we thank you for joining us. the end of another beautiful day on twitter. people -- [inaudible] joe: i have to look this up when i get off the show. i totally missed it. [laughter] you are saying i should not go down it, romaine. romaine: it is a new world to me. caroline: bring it back to the u.k. that does it for "what'd you miss?" romaine: have a great evening. this is bloomberg. ♪ emily: i'm emily chang in sin francisco. com

bitcoin is digital gold, and bitcoin is a better gold than gold, so once people start thinking about what they want, urges a nonsovereign safe haven store of value, they are going to realize that bitcoin does the job of gold better, and you are seeing all of the institutional flows move out of gold into bitcoin. bitcoin is going to be a $10 trillion asset. it is going to do monetize gold -- going to demonitize gold, so gold is going to be the loser as investors look to do the same thing better. caroline: michael, chairman and ceo. there you have it. $1 trillion. joe: "bloomberg technology" is up next in the u.s. romaine: and if not, another show. this is bloomberg. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, tesla seeking elon musk invest in bitcoin, and they will begin to accept the cryptocurrency as payment. all the details and reaction. plus, investment

county to have taxes be paid in bitcoin. the city of miami supports efforts to make bitcoin and acceptable currency for us to potentially invested in the future. kim: let's take a closer look at cryptocurrencies and how they work. they are virtual and stored in a digital wallet. transactions are made with no middleman, meaning it bypasses banks. it can be used by goods and services, but not many retailers accept them. payment happens through a system called block chain which records transactions across the internet and stores them in multiple locations. bitcoin was the first online currency created in 2009. since then, thousands of other digital currencies have sprung up. time to bring in our guests. in london, we have glenn goodman, a financial investor and author of the crypto trader. and in new york, william cohan, a former mergers and acquisitions banker and writer. in london, celso de azevedo and international lawyer and airstrip. thank you for joining us. i would like to begin with you -- how big is this news from bny

why is bitcoin surging? >> it is surging because there is a massive amount of -- pump and dump schemes, there is issuance by the fed, not backed by much. i think it is a bubble. fundamentally, bitcoin is not a currency, it is not a unit of account or a scalable means of payment. not even -- the profit margin can be wiped out -- these are not currencies. tom: nouriel, i want to get to the heart of it. the bank of international settlements. the transactional cost of bitcoin preclude its use. you look at tesla as a one-off and bitcoin will simply never be used in retail, because the transaction costs are so much higher than normal currency. nouriel: the transaction costs are huge, but the technology doesn't allow more than five transactions per second. it is not a scalable means of payment, meaning it is never going to be used for goods and services. it will be used for speculation and buying other cryptocurrencies, but it is not something that will be used as scalable means of payment. jonathan: you mentioned

in excepting bitcoin? none of them were. consumers didn't have it, remittance networks weren't set up for these merchants, and then eventually we were acquired by one of the biggest cashback companies in america and the world. this would be a great way to distribute bitcoin to people, but would also be an incredible way for merchants to get into bitcoin without having to do with anything -- do anything on the payments and remittance side. we built honey for bitcoin, we go to these merchants and got 500 merchants to start. we have over 1000 merchants and are finding it is not just a way for consumers to adopt bitcoin, but it's a way for merchants everywhere to adopt bitcoin and participate in this new financial future. caroline: alex adelman, lolli ceo. romaine: a reminder, subscribe to our weekly podcast, called cleverly, what'd you miss this week? it's available everywhere you get your podcasts. joe: caroline, do you use bitcoin or something else, and what's your favorite flavor? tell me fair. caroline: s

let me ask you about bitcoin. it is getting a lot of more focus because of elon musk and what tesla is doing. this is something that could encourage other businesses in this direction and it certainly increased invia vestors exposure on the s&p. >> i think the bitcoin got some lift yesterday. you look at what's happening in thest. u.s. corporates are sitting on record balance sheets. it is potentially you know, a hint toward these firms, actually diversifying these cash holdings going forward. again, it is a volatile asset. clearly being sentiment driven. we are seeing this euphoria in bitcoin extend. matt: it is an incredibly volatile asset but also one that has gained more than almost anything else. it is a massive market cap at this point as more and more institutions adopt it, more and more companies accept it. one thing i don't get, is there any benefit to tesla? other than the bet on a gain and the value of bitcoin, what is the benefit for hold it on their balance sheet? >> tesla and bitcoin can be seen as l

bitcoin is a finite substance by design. there's 21 million bitcoins and people are desperately mining for them and the scarcity value is a function of supply and demand. the demand is higher than the supply and the supply is going up. -- the prices going up. this is a confidence game in the fact more and more institutions in the financial sector, whether it is bny mellon or j.p. morgan chase is now being dragged into it because it's employees want to trade at an clients want to use it. if more and more people have confidence in this thing that there's no reason to have confidence in, that can be a self filling prophecy. it's no different than fiat money or gold or any other form of currency or store of value that we use to trade with. people need to be able to trade goods and services and if they have confidence that bitcoin is the way to do it, that will be a self filled -- self filling prophecy. kim: celso de azevedo, janet yellen in the u.s., the new biden administration issued the statement after her senate confirmation

i am on the bitcoin watch. 50,000 is moments away. 46,500 on bitcoin. the gentleman from maryland, benjamin cardin. this is bloomberg. ♪ >> i thought bitcoin would in the the euro and 50,000 or 60,000. -- i thought bitcoin would end the year at 60,000. the adoption rate is accelerating. i think bitcoin could end the year at $100,000. it doesn't have to be a lot, it is the messaging that matters and you are seeing the herd here. tom: on the way down, -- looking down. on the way up, he is smart. a smart conversation with joseph wiesenthal. what did you see? anchor, which barely describes his path. when was the first time you heard about bitcoin? >> it was a new yorker article in 2010 or something. it was kind of this weird thing and i dismissed it. tom: as nova regrets mentions, all of a sudden, apple picking it up. what is the downside for tesla or apple. >> i don't think there is much risk for tesla. tesla's entire reputation is about doing things that are in the future. the whole story of one day we are going to be on mars riding tesla's. part of the

, i'll bet on bitcoin. if i want to bet on tesla, i'll bet on them. it's not an insignificant amount of cash. >> the counterargument is how many times has tesla made an investment for the future of its business, and generally speaking even if -- >> it's a different story. >> you could make an argument solar city has not panned out and been as successful as elon musk said it would be. the counter argument from that, i hear this all the time from tesla investors, i love his vision i love where he's taken this company. give it time, this will pan out. there is the counter argument there. >> thanks very much. >> hey, phil we've got to run phil, before you go, just one last question if i could because we've been talking about it all morning and i wanted to get your thoughts on it. you saw this news from kia and hyundai, this filing saying that they're not in talks with apple. given all the reporting you've done around this, what do you make of that >> i'm not surprised as we said when we did the report, we would

the nikkei and bitcoin close to a record? laura: price action today is a continuation of this by everything rally because the narratives are not changing. we are still getting fiscal stimulus coming through. we do still have a central-bank policy that is going to persist for some time, even if we do start to see inflation pressures and ultimately, we are still seeing these vaccine rollouts and that is really driving the upbeat growth recovery markets are largely pricing in at this point. at this point, there is not a catalyst to the downside. on a day like today where volumes are light. francine: we look at the reflation trade, when does it take a breather if at all? laura: certainly if we do see yields begin to climb in the u.s., that is something to watch for at this point because yes, the fed wants to say -- stay accommodative. they want to support this process liquid coal expansion -- cyclical expansion but we have a flood of stimulus coming through and that will send yield potentially sharply higher and as we know, that

long-term bitcoin is the place. liz: tell me, you're absolutely right because it's not an actual stock these names are not under the purview of the sec but ask rp says that the currency in fcc says no you're actually an investment vehicle. they will fight that out and right now investors in srp does not seem to have a problem. that's moving higher. but you went to mit and so to the commodity futures trading commission former sec chair gary gensler and he's the one who taught a course on bitcoin, he's not afraid of it, is he going to rain on any parade or will he take a step back? >> actually gary gensler and i testified in front of congress together in 2019 during the hearing and i will tell you this mr. gansler is very well aware of the bitcoin and what makes bitcoin so unique compared to srp, really what this is about, bitcoin is clearly under the purview of the cftc and that is really concerned with market manipulation and market fairness but bitcoin supply is known and there is no insider information around bitc

so if you were selling a car in bitcoin, you want to have the bitcoin reserves on hand in orderer to make the transaction take place, and we're not sure how many people may buy a tesla using bitcoin, but look, at the end of the day, if you a tesla fan or the elon musk fan or the digital currency fan, and you look at this, and you say, that is forward thinking, and you are applauding this move by tesla even though it may not have much of the impact in terms of the sales. >> well, i guess that i can site, phil, but the only thing that i would say, and bitcoin and i don't call it a currency, but everybody else does, because currencies don't move like this, or that fixed of a supply that bitcoin has or will have, and i guess that you pay -- say the new model s is $75,000, and you are a bitcoin bull, why would you pay with it for bitcoin, if you think that the price is going up, because you now thrown away money, if you have made so much money in the bitcoin, you don't care. >> flipside is that you are looking to buy a model s, and you are in the market thinking i am going to pull the tri

bitcoin topping $51,000. we will speak with antoni trenchev, cofounder of the largest crypto lender. amanda: we are seeing a little bit of a selloff across markets and is not broad-based. subgroups not in lockstep. energy remains one that is showing strength,. as does give indications when you look at the leadership stocks, you can see a mixed picture. apple is down and amazon is up. a little bit of discrimination going on in terms of what is propelling investors. shopify at the bottom of your screen. at times the most valuable company in canada. reporting earnings that were certainly good-looking on every metric but warning next year may not be as strong. you can see a selloff. we are watching the price of west texas move higher as we see the cold snap across texas continue to cripple the grid and continue to create blackouts. it is leaving many texans in the dark. one of the concerns is the extent to which this sort of extreme weather is likely to be with us in one form or another. when we don't like to lin

and a bumpy monday for bitcoin. the cryptocurrency falls below $50,000 for the first time after elon musk says that prices seem high. those stories in a moment, but first, the tech sector dragging the nasdaq through a three week low. walk us through the day. >> it looks like a risk off session. look under the hood and you will see those tech major averages. microsoft, apple, tesla. looking at the chart in front of you, the index in front of you, the nasdaq 100 is taking it on the chin by the most in three weeks. all of those grouped together. flip up the board and i want to take a look at the semiconductor index. taking a look at a 20 dhr and you will really see that you have started to pare back some of those gains. -- gains that you saw it earlier this month. the biden administration helping out, getting a little bit of a reality check. you can look at some of the individual stock stories. as much as 19% for churchill capital, a spac that was reported to go public with lucid motors as soon this week. one of our re

actually, issues convertible debt with 0% yield convertible into bitcoin to buy more bitcoin. crazy. here are shares of churchill capital 4. lucid motors is going public with a merger with the blank check company in a deal that values the combo at $24 million. this is one that's been rumored for a while. you see that symbol go across on the tape nonstop on cnbc this is a first on cnbc interview with lucid motors ceo peter rawlinson in the 9 a.m. hour of "squawk" on the street." >> ylan mui joins us with more on the president's stimulus bill. >> reporter: good morning, andrew the house is expecting to vote by the end of the week next up is the rules committee and then it will head onto the floor. this is expected to pass the house fairly easily. likely along party lines as republicans slam this bill as too big and too broad. now president biden has indicated he is still willing to hear ideas from the other side but he also points out that his plan enjoys strong public support as is. >> now critics say the plan is too big. let me ask a rhetorical question what would you have me

imagine, for example, you got paid in bitcoin or you were paying in bitcoin with the volatility of the currency i think the lack of stability is something that argues against its sort of currency as a hedge, though, against what's happening to the dollar, as a hedge against energy or inflation, maybe it serves that purpose. there's a very long way to go to establish itself as a currency that you want to write a contract in or save your -- put all your savings in. right now there is a one-way trade so everything looks good when it goes down you can ask people how much they want to be paid in bitcoin, tyler >> all right thanks very much, steve. steve liesman. >>> morgan >> all right so for more on the regulatory landscape facing cryptocurrencies let's bring in petal walker petal, i think we are going to start with that same question to you, commodity, currency, a different type of asset class here and i ask that because from a regulatory standpoint that is really going to dictate potentially how those rules are drafted. >> right so as you note the real question that comes in these times

he is kind of our bitcoin guru. i message him with questions overnight to understand what's going on. there is a lot of questions about the longer-term impact of this tesla investment on bitcoin. is it really going to attract more mainstream names? or is it just because elon musk, a big believer in bitcoin, is at the head of tesla and does think differently? >> i do not think you are the only one struggling to understand what's going on here. a lot of people trying to figure out exactly what is happening in bitcoin that is making it so explosive. to answer your question about elon musk, i do think elon is a little bit of a -- you know -- he's always been -- tried to do his own thing and little bit. i do not see a widespread adoption. what he has done here is really interesting. when you invest in a growth company, a company that you're expecting to exploded to the upside, you're not expecting it to go and find alternative assets to put your money in. you are not expecting it to go find alternative investment opportu

tesla's second in terms of mick coin -- a bitcoin -- in terms of bitcoin holdings. they were an early mover, but if you off the comments elon musk has made and track how bitcoin, the price of bitcoin has moved with those comments, i guess it is not a big surprise. shery: which is why some people are saying that could raise some flags for regulators. elon musk would not be new to more regulatory concerns. already in china, we are seeing regulators summoning tesla over quality issues. the chinese market is one of the most if not the most for tesla. this news is being overshadowed by all of the bitcoin stuff. ed: china is the growth market for tesla. the proportion of revenue, the majority of revenue is coming from outside the u.s. for the first time. china's growth is a part of that story. there are many more players offering many more models. all tesla is often the first, second or third place in terms of deliveries, it is under pressure. the regulators have said to tesla you need to get your act together in terms of compliance and consumer protections. tesla actuall

bitcoin is not money. initially, it was intended to be a digital fiat currency except if it didn't really work well as a medium of exchange, so they kind of reinvented it as a store of value, kind of like a digital version of gold. except bitcoin doesn't have any of gold's value as a metal. and so if it doesn't have any value, it can't be a store ther of value. all bitcoin is, is a digital token. you have people collecting and trading it, but at the end of the day when the music stops playing, i don't think the r -- a bitcoin election is going to have much value. bitcoin is nothing. liz: michael, you get to jump in here. your etf has seen quite the jump, more than a couple hundred percentage points, and you've just surpassed more than a billion, so we'll have you answer peter on that. >> so i love the beanie baby approach, with but i'm much more interested in the underlying technology behind it. but in the beginning, in order for a network to get people interested, you need a m if eme, and the price is the

content things i think it is a boom boom in entrepreneurial country with a young population who took to bitcoin readily because it superseded all of the banking infrastructure that nigerians had been blocked from using the international banking sector and also banking between countries between african countries just moving money from next door to a country is almost impossible all over the continent of africa and once bitcoin unlocked the entrepreneurial ism oh the nigerians we saw a boom in that economy and we saw. something that nobody had expected and that is a way out of a lot of the interference that comes from outside nigeria and i want to point out i had mentioned that nigeria is a huge oil producer and i say these photos to avoid any copyright issues this is just google images of flaring flaring so they flare which is a total waste of the opportunity of that you could have used that energy to create value. and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big queens very close to send r

bitcoin to buy things. investors use it and bide as a a store of value because they expect the price of bitcoin to go out so it's asset appreciation because like gold bitcoin is limited in supply paired there are limited to the-- there are only 21 million bitcoin's on the planet speak of which we also had yellen criticizing the environment all toll it takes to mind bitcoin because it requires a in a lot of electricity, more electricity than argentina, holland and even pakistan and janet yellen says bitcoin is highly speculative and she's concerned people will lose money buying in she said those words. stuart: okay, she said those words and down comes bitcoin. liska back to mike murphy pickle looks to me like bitcoin is upsetting the whole markets. is that possible, murphy? >> i don't think so, stuart. it could be the risk off trade or the money out of speculative asset trade, potentially, so i guess you could tie that into bitcoin, but bitcoin has made this move from 20000 to, 60000 as you point out. i'm no

manus: is bitcoin looking overbought? it was back down about 3% and change last time i looked but yesterday, 49,700, seems like mainstream banks are getting ready to accept it. paul: -- laura: absolutely. when we look at it, the bitcoin bullish bandwagon is getting crowded as we are seeing the institutional investors pile in so last week, we saw bny mellon signal it's going to start holding some of these cryptocurrencies for its clients and we saw mastercard signaling it is likely to start transacting in cryptocurrencies and we had the news over the weekend that now, we have essentially morgan's family looking into the alternative asset as crypto coin so this does provide some impetus to sustaining the rally at this point. certainly, the risk going forward is as this becomes more mainstream, as it is seen as potentially more of an inflation hedge or alternative to currency debasement has far as fiat currencies, it could see governments begin to step in and know that there is a risky regulations or controls and that is som

and they're not just buying bitcoin. they're really coming into many new protocols and that thought of them have different functionality. of. liz: this is a story that continues, and it's exploding because, here we go, the june futures high on the cme, let's unveil it here, is traded as high as $54,125. gentlemen, we'll have you back. thank you so much. >>> all right. when i last worked with my next guest, bitcoin wasn't even invented yet. let me bring in fox business' newest star, my friend, larry cud row! star of account kudlow" which kicks off right after "the claman countdown." larry, i'm thrilled to have you joining me and coming right after me from now until the next contract -- i'm sorry kidding. [laughter] until the edge of time, we hope. how are you? larry: well, liz, great to be reunited. this is the most fun. i'm not kidding, people here have been fabulous. i'm energized, and i'm also grateful for this. terrific stuff. liz: i would imagine. you're going to be focusing on everything from the markets because, of

of the "fast money" bitcoin bug. yes, it's back tesla announcing today it bought $1.5 billion of the cryptocurrency tesla saying it made the purchase for the ability to further maximize returns on our cash the news sending tesla shares higher by more than a percent and bitcoin to its highest level on record. tonight we start the show with a simple question why. why should tesla go up on this news why should bitcoin go up by 14.5% on this news guy, what do you say >> well, you've seen it before we saw with microstrategies, i mean, that was i think $175 stock prior to the offering that they did michael sailer being the ceo there and the stock closed over 1,000 today so the why answer is because that's what the market is geeked up for and that's how the market has been trading. seen a number of different securities so to a certain extent it makes sense so as long as bitcoin does the grind higher those stocks go up, we will not exponentially, well maybe to a magnifiable 1.5% times works on the downside as well. i have no

a bumpy monday for bitcoin. cryptocurrency falls below $50,000 for the first time after elon musk is that prices seem high -- says that prices seem high. walk us through the day. >> it looks like a risk off session. look under the hood and you will see those tech major averages. looking at the chart in front of you or the index in front of you, the nasdaq is taking it on the chin by the most in three weeks. all of those grouped together. flip up the board and i want to take a look at the semiconductor index. you will really see that you have started to pair back some of the gains that you saw it earlier this month. the biden administration helping out, getting a little bit of a reality check. you can look at some of the individual stock stories. as much as 19% for churchill capital. that was reported as soon this week. one of our reporters, ed ludlow. tesla really taking a hit. they seem a little bit high. that tweet itself is taking a hit. a quick nod to those stay-at-home stocks. let's go to that bitcoin chart

and now, of course, look what's happened to bitcoin since then where do you see bitcoin going from here? will this be a year when we see consumer adoption for institutional adoption what's your prediction >> i think it's nearly certain we will continue to see further adoption of bitcoin. of all the crypto currencies it is the one that has had the most rigorous security testing, the most rigorous participation and examination by the entire world. i think it becomes another valuable thing alongside gold and other kinds of asset management people tend to blow it off are you going to have dollars and bitcoin? you will have both and just like you have both gold and dollars as well. i think that you're going to see more of it and i think the institutions whether it's moves of corporations or other kinds of things blending it into a portfolio i think just makes investment sense and it's going to be volatile enough that folks who i never want to encourage speculation but i think as part of a ration portfolio it makes good sense >> so, reid, you talk about how you love to invest in platforms and

if you are into bitcoin, everything bitcoin rallying once again. microstrategy rallying once again. we had the ceo on last night, and he talked about how he's been evangelicizing putting going on the balance sheet. 1400 firms, according to him, were on that call. we know tesla and elon musk listened, calling him a genius for putting his balance sheet aligned with bitcoin. a big deal here, electronic arts by and gloom mobile, probably best known for "dear hunter -- for "deer hunter" and the kim kardashian mobile game. another mobile company higher here on the back of that speculation. tom: romaine, thank you very much. we have rebounded nicely in the last hour, 46,300 on the dow. this is a hugely popular interview a number of weeks ago. mark mccormick revisits, td bank global head of fx strategy. mark mccormick absolutely nailed dollar strategy and dollar strength. we haven't seen that, and now we see it way away from the weak dollar consensus. you reaffirmed dollar strength. it is a noodling dollar strength, or can it be big figure moves? mark: it is a bit of a nuanced dollar streng

bitcoin a little softer, but closing in on $50,000, which means a $1 trillion market cap for bitcoin? morgan stanley is the latest catalyst saying they might get involved in the crypto space. manus: all about credibility. i think there is a cracking article in the bluebird opinion, which is dirty bitcoin, which is essentially how much energy does it take to produce bitcoin? let's reset because the vaccine narrative is something we haven't really touched on and it is important. the u.k. has recorded 15 million vaccinations against coronavirus, meeting its target to immunitie -- immunize top priority groups. it has increased pressure to ease the lockdown, start to reopen the economy, and the program has seen more than 25% of the adult population receive at least one shot. the global equities portfolio mac -- manager at newton investment. there's a lot to take on board this morning but let's start with the vaccine. successful rollout in the united kingdom. the numbers are improving in the u.s. each week as we go by. in terms of equity markets, are we so priced to perfection with the good

saler about bitcoin. and he said if you can have cash in a volatile but appreciating asset that's what you want that sort of goes against my thought what have cash is for. but whatever. >> that is the debate. micro strategy up 20%. bitcoin, all-time high te tesla off because of the bitcoin news it will be a discussion we continue to have he didn't deny talking to elon musk. >> he certainly didn't it wasn't a no or a yes. we have got to go. >> thanks for watching "power lunch," "closing bell" starts now? we right also be responsible for record closes here on "closing bell." welcome to the show. i'm wilfred frost along with sara eisen the rally continues. all four major indices hitting new record highs because of us energy leading the market. exxon up 4%. crude rise forth the sixth straight session value and small cap outperforming. the

or taint bitcoin by association? >> no, i mean, it's one of these things where dogecoin is meant to be fun and a meme you can trade meme stocks or meme coins on it but also send real things. >> the power of meme stocks, a group of retail investors, does that risk being confused, scaring off more institutional investors, corporations or countries eventually >> the internet is influencing everything just like media became more internet like and politics for better or worse became more internet like. i think we just see a convergence of the two >> balaji, i'm curious if we're going to start talking about countries buying currency for national security purposes, how price sensitive do they need to be do they need to wait for it to drop 50% to 80% trying to ride waves of prior valuations? >> the thing is that in one sense buying digital gold is similar to buying gold central banks hold gold. india holds 600 tons of gold the u.s. has like 800,000 tons the difference, though, is that buying digital gold is still in its mass

>> and take on bitcoin reserves for the sake of being transactioning bitcoin >> yeah. >> we might. but what i'm saying is, i'm not sure the companies are acquiring bitcoin are expecting it to double, triple, quadruple. they're acquiring it because of the structural possibilities and the kind of transactions that it allows so i think investors need to think about not just the price action but also the platform importance of block chain and the implications for finance >> right and those strategic implications i think you hit the nail right on the head, john. wall street, though, a certain portion of wall street is very excited about tesla's announcement yesterday and the notion for corporations holding bitcoin, rudy was talking about this earlier rbc said apple could be next and there is a clear opportunity for as you pointed to, john, offer crypto and some of its services. you think apple that has nearly $2 billion in cash and securities, that could be a huge opportunity for the crypto currency but, of course, we also had, i was reading an ftp this morning throwing a little cold wa

and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big quins very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance then then they notice that their paper money it becomes increasingly worthless and that's true of all paper money is spent so far 300 years of money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is in decl

bitcoin is it's just too good. for something that has no it to 6 value not just that but it is extremely costly jews. syria. mining process so it is an environmentally unfriendly intrinsically valuable this. private c.s. clearance well we're going on the way you think it's a private free hand currently and in a moment and of course big going to vote will say you're talking about the new money supply off because when the existing ones have already been mined and take up no environmental impact i suppose apart from the computers that we're using anyway i mean surely they would say it has an intrinsic value in that people who support the bitcoin currency believe it is an emblem of a totally new financial architecture without people like you and what you did at the bank of england or the european bank for reconstruction and development. it's a road. see us currency. and as such it is really what people think it is this can be if you see 1000 as opposed to less than 10000 year ago. was a tens of percent 1st was issued.

how do i buy bitcoin without actually buying bitcoin itself? >> great question i mean seems like everywhere you turn people are talking about bitcoin, but if you are looking at bitcoin trading $50000 a coin you may be saying you are crazy trick there are indirect ways to do it, you can buy financial companies or any bitcoin like paypal, square. we own paypal and it introduced it to their platform and their user engagement is 50% and you can buy nonfinancial companies. micra's data g, company now owns bitcoin in both prices have done well but i like earnings when my favorite ways to own indirectly by owning the mining companies mining for bitcoin because their earnings are directly related to the price of bitcoin. bitcoin prices go up and mining company earnings will go up and those are ways to indirectly benefit from that exposure. stuart: hold on. i can see you trying to block chain, which is the underlying technology for bitcoin down $10 this morning. they are at $60 per share, down 14%. you go anywhere near bitcoin and you will have extraord

so how do you pay taxes and use bitcoin at same time the taxes presume get paid in real money. >>well, i mean for guys had some kind of clarification about their stand against that which will run which is a confined their website under the frequently asked questions section. they considered as a property, so basically have to pay taxes and that they look at the virtual money from that perspective. now let me let just back up a little bit can you talk about could to currency in general. this is to get some money this is the future of money, it's one never replace that current money we have on the currency we have it's going to give you another option to pay for your purchases to pay for any kind of the services and and project that you'd like to have and this is this is new this is not something new we haven't seen it you can go to some of the west side to get see all the credit cards and the people and see bits going as one of the options. it's just a matter of people getting their hands on the bitcoin but there's a problem with that because of limited supply of bitcoin accordi

it is friday, taylor, let's talk about bitcoin. bitcoin hitting total market value of $1 trillion. in terms of price, above $55,000. elon musk we can to the bloomberg twitter account overnight, saying all kind of things about bitcoin. i know you're going to dig in the rest of the show. i want to get to the biotech chart. is biotech behaving more like bitcoin? no. not really. the white line is biotech, the blue line is the s&p 500. biotech over the past five months as had doubled again the s&p 500 has. nowhere near the gains we have seen in it going. ever core out with a note saying with the volatility in biotech, a lot of retailers making speculative bets is similar to behawe sn cryptocurrency. maybe went to watch as the nasdaq biotech index going forward. taylor: when it was at 55,000 for bitcoin, it hit 56,000, now we are back to $55,000, i can't keep up. blink and you miss it. i finally did my research and figured out what lidar is. why are lidar stocks moving? ed: apple is in talks with lidar makers regarding its self-driving car project, apple getting on the news, paring gains

bitcoin, just between my fourth cup of coffee bitcoin went 40,000 to 43,000. jonathan: just like getting involved. cash management. maybe transactions in the future and institutional buy-in is important. it is what the bulls have been waiting for. tom: bitcoin up 15%. let's get back onto script. it is important to set up the guest for the hour where the script is not so much higher interest rates but the speed of higher interest rates. jonathan: 1.1981, post pandemic high on a 10-year treasury yield. chairman powell speaks on wednesday. i wonder if he carries on giving the green light for the longer end of the curve. 1.20 is not a problem. when does it become one? tom: it is not only a speech someone gives, but it is a whisper line here, a whisper of a line there. you wonder how many whispers it will take? jonathan: we keep hearing policy is in a good place, but at some point that cracks. tom: lisa, i'm looking at where we are. we have to go to the jobs report. march 5 is the next jobs report and that is a huge deal for washington. lisa: it raises a question f

why not own a bit of bitcoin? as that conversation changes, we have institutional clients and, let's call them, not millennial investors starting to make investments and moving the price a long way. francine: i like that. not millennial investors. hugo, what is bitcoin right now in the portfolio? do you expect it to be volatile? could it go to 3000 as well as 100,000? how do you look at the path forward, given possible regulation on some of the ups and downs we could or could not see in bitcoin? hugo: we started with a fairly modest position, because we saw it as a way of diversifying real alternative assets. we had large positions in gold and that -- and betting that real -- that declining real interest rates were going to be slowing. our first move was a small diversification of our real asset holding, and that waiting had paid deference to the volatility you were talking about just now. that position has grown, and what we have seen is that the larger the bitcoin market cap, the larger the actual price, the mor

and yes i mean obviously yes i mean clearly the fact that bitcoin is finite. substance by design you know there's whatever 21000000 bitcoins and people are desperately mining for them and the scarcity value you know in the man yes a function of supply and demand and i think now you see the demand higher than the supply and the prices go is going up again you know i do agree with mr goodman that you know this is a confidence game so the fact that you know it's more and more institutions in the financial sector whether it's you know b.n.y. mellon or you know j.p. morgan chase is now you know being sort of dragged into it because its employees want to trade it and its clients want to use it if more more people have confidence in this thing that frankly there's no reason to have confidence in them that can be a self-fulfilling prophecy it's no different in that sense than the money or gold or any other form of cortical currency or store of value that we use to trade with people need to be able to trade. goods and services and if they have confidence in bitcoin the

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are its fortunes tied to bitcoin? the company reports results after the bell is this dip a chance to buy and be square? we'll be right back. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you, instead of you going to it. so when it comes to your business, you know we'll stop at nothing. >>> welcome back to "power lunch. square down sharply heading into earnings report today. rivaling legacy players with cashless options and todd gordon of trading analysis what do you make of the move in paypal today is this a rotation out of higher mult

street how exactly does the use case evaluate the next round of bitcoin. >> bitcoin itself has a payment system involved but it's not very good compared to what we are used to, like the visa network being able to just sort of spend money on a credit card, that is way cheaper, faster, simpler than the clunky system that bitcoin is. there has been a division in the cryptocurrency world where actually you've got these stable coins which are designed to maintain a fixed price, and those are actually making a lot more headway in terms of payments that being said, down the line, bitcoin, maybe it can be a better system, you know, its software, it can improve over time its technology is always progressing, and you've got people like elon musk and tesla now saying they're going to allow you to buy vehicles with b bitcoin, so they're expecting down the line it is going to be a better payment system. >> robert, can you take us through what the major differences are between the ethereum ecosystem and the bitcoin ecosystem, i have had cryptocurrency folks tell me that ethereum could be a better way

bitcoin is that it can be transferred easily, right? it's a concern for someone to drive up a truck and take the gold bars away, that's just not real likely to happen with bitcoin, if it's scored digitally, it can happen, but there are ways to mitigate against that the biggest one is what's called cold storage, which essentially means something as writing down a password on a piece of paper not connected to the internet and putting it in a vault somewhere stored in vaults, this is how you safeguard bitcoin when you do that as an institution agreed level, then you can feel very safety about the risk to your particular -- >> yeah, there's a lot of duties certainly you've built a year looking at and capitalizing on risk with some of the products you offered. i know the xiv has gotten the attention, the daily inverse the short-term etf that was delitted a couple years ago. howbaked into this product from today? so the legal structure is very straightforward. is it, so it feels like in this particular case, and osprays is a digitally focused

and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big queens very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance then then they notice that their paper money it becomes increasingly worthless and that's true of all paper money is spent so far 300 years of money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is be

bitcoin, all-time high te tesla off because of the bitcoin news it will be a discussion we continue to have he didn't deny talking to elon musk. >> he certainly didn't it wasn't a no or a yes. we have got to go. >> thanks for watching "power lunch," "closing bell" starts now? we right also be responsible for record closes here on "closing bell." welcome to the show. i'm wilfred frost along with sara eisen the rally continues. all four major indices hitting new record highs because of us energy leading the market. exxon up 4%. crude rise forth the sixth straight session value and small cap outperforming. the retail-led mean stocks game stop below $60. but bitcoin booming. all ice on the stimulus bill as the $179 billion plan moves for a. airline stocks jumping as they could receive billions more in aid. the dow up half of 1%. sara b 59 minutes left in the session. >> coming up on today's show, tesla and bitcoin both on the rise as elon musk's company buys $1.5 billion worth of the cryptocurrency we will talk to arc analyst tasha keepy about the new streaming. plus as vaccines continue t

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this is the think about bitcoin. people are happy to pile into it and the big thing is, bitcoin is going to be accepted by tesla as a form of pavement? i be accepted by tesla as a form of pavement?— of pavement? i was going to sa , of pavement? i was going to say. where _ of pavement? i was going to say, where can _ of pavement? i was going to say, where can you - of pavement? i was going to say, where can you use - of pavement? i was going to say, where can you use it, i of pavement? i was going to say, where can you use it, ifj say, where can you use it, if it is going up in value, where can you realise that?- can you realise that? this is the situation, _ can you realise that? this is the situation, you _ can you realise that? this is the situation, you can - can you realise that? this is the situation, you can trade | the situation, you can trade bitcoin through various different brokers and trade against it and take your profit that way. if you are using bitcoin as a form of payment, there haven't been that ma

some of the bigger names, bitcoin -- using bitcoin, microsoft, in fact. is this wider spread corporate adoption? some saying they can do it where it is legal, but are there are a lot of hurdles standing in the way? joe: it is not that it is a real technical challenge or legal challenge. accepting bitcoin payments, some have been doing it for a long time. it is just that those who have it see it as an investment and savings vehicle and are disinclined to spend it. that being said, it would not surprise me if at least some long-term bitcoin holders do end up buying a tesla with their bitcoin in part as a show of support, maybe show gratitude. it does not seem like we'reg tod adoption of bitcoin as a payment vehicle for most people. you know, we can see more companies announcing they would accept it. emily: it does, joe, begged the question, especially because we have also watched the rise of gamestop -- if elon musk says it is worth something, does that mean that it is? or no? joe: it is probably less different than people would like to believe. there is a

yousef: bitcoin past $20,000.