the value of bitcoin spiraled out of control. bitcoin became an extremely volatile speculative asset because of fluctuations in supply and demand. one day you could buy a pizza for one bitcoin. the next, you could buy a sports car, a bit to volatile for a currency. people talked about the coin of u. s. congress. there is a lot of companies that raise money to go build products and services to coin even the $1000.00 really blue people's minds that this was like a new technology and new valuable money. of course it's growing right? well more people are hearing about it. the that the philosophy behind it only your own data and being against the banks. i had conceived bitcoin as a limited resource from the beginning. the amount that can be mind is fixed and decreases little by little one day the source will run dry. so she's brilliant, was in the monetary policy he invented, you know, pure digital scarcity with the quins, 21000000 heart cap. there will only be $21000000.00 though. never be more than than it don't go. so he's one of the richest people in the world and he's anonymous. i wa

the world's bitcoin is stateless. but behind it stands an army of computers, programmers, miners, users. it's useless to cut the heads off the hydra. there are too many and they would always grow back. i am never, far away in some form under a different name. i continue to program data protection is that cipher punks. mission. bitcoin continues to grow. it's a currency, but it's also a capital investment, repository of value and object of speculation. as soon as you understand it, it slips away again. i said toshi wanted to create an alternative to the banks to the states and the baseless mega companies. freedom has to be fought for over and over again. that's what we're fighting for. ah, with blue blue, blue. ah. is weaponized in wheat? massive crop failures, broken supply chains. soaring global market prices. is this russians treacherous? new strategy to finance it's or while forging you alliance is close up in 30 minutes on d. w. o. climate neutral by 2045. germany's public transport system is going green is a good

not the inventor. bitcoin me . my absence created a powerful center around which big egos and wild imaginations gathered, which was the opposite of what i wanted. bitcoin should maintain its autonomy and peoples trust. at any cost. i had to force myself not to intervene despite the volatile price. my 1000000 had to stay just where it was. countless scammers were trying to take my place. they copy the bitcoin code. more and more crypto currencies appeared. each made their own claim, micro payments. confidentiality, automated transactions. the demand for new currencies exploded and it was just the start ah, people are looking at bitcoin, seeing how it's exploding and pricing to think off. you know, i really missed out on this one, but i should have, i should have bought in and then the looking for the next best opportunity to, to, to invest in something else to hopefully have the same price increase as with bitcoin and a ready for those guys are the old master more anonymous, more energy efficient. everyone wanted to

the world's bitcoin is stateless. but behind it stands an army of computers, programmers, miners, users. it's useless to cut the heads off the hydra. there are too many and they would always grow back. i am never, far away in some form under a different name. i continue to program data protection is that cipher punks. mission. bitcoin continues to grow. it's a currency, but it's also a capital investment, repository of value and object of speculation. as soon as you understand it, it slips away again. i said toshi wanted to create an alternative to the banks to the states and the baseless mega companies. freedom has to be fought for over and over again. that's what we're fighting for. ah. with blue blue, blue. ah. a pulse with the beginning of a story that moves us and takes us along for the ride. it's all about the perspective. culture information. this is d w. news, a. w. made from mines to review with german federal president stein mire discusses his upcoming trip to the balcony and his thoughts on the war in ukrai

bitcoin -- humanity really found its stride in inventing bitcoin. money's the most valuable market good we have in any market it's nucleus to a functioning society. and we made and engineered the best version of it and the fact that there are other cryptos that have been able to come along and take advantage of the pure desire and need for an invention and technological breakthrough like bitcoin and be able to sell things like orange coin and pink sxoin ftx coin which are just vehicles to arbitrage this trend and commit violent levels of crime, it's sad and it's disgusting it's got to stop so it has nothing to do with bit koip if anything it should be a very expensive and painful lesson that there's bitcoin and there's everything else. the last thing i'll say is it doesn't shock me at all that ftx actually owned zero bitcoin. because if you want to commit fraud, if you want to commit crime, if you want to upsell and wash trade pictures of monkeys you don't use bitcoin. this is a well-engineered, freedom-fighting tool for our species and there's ever

the bet made bitcoin legal. he stipulated no scammers, no scam coins, no sam bankman-fried, no brock pierce, no charless who hoskin. they were turned away. they came here to do their scamming and they were all told to get lost. here you have the united states and other regions are allowing the scamming to take place completely unchecked, unregulated. here in el salvador we're enjoying a bit of a renaissance under a bitcoin standard. under the bitcoin standard the economy here is booming, tourism is up. you have forward investment increased dramatically and this is really becoming the bitcoin citadel here in el salvador, charles. i insite you to come. bring your bathing suit. bring your surfboard. you will have a great time. charles: believe me i will comb. our housekeeper for 20 years is from el salvador. she is singing the praises of el salvador the new president. she says all the countries around el salvador want to do the him as their president as well. you're on the eve of so-called volcano bonds. there is n

three-month low for bitcoin. what also is at a three-month low, the vix, the volatility index, the fear gauge. we are seeing muted volumes and maybe a bit of overall lack of concern that isn't evidenced by what we talk about in the media. ed: i want to go straight to the markets and a scoop about tiger global. according to sources, tiger has marked down its private investments 24% this year. we know about what has happened with valuations in both private and public space. you look at some of the names, stripe, ftx, instacart, valuations have come down. tiger global according to sources feeling the impact of that across private and public markets, losing or marking down assets by about $42 billion. incredible performing -- reporting from our bloomberg team. interesting news in the united states. autodesk, worst performer on the nasdaq 100. we will talk to the ceo later in the show. they cut their outlook for billings. coupa jumping for the most since 2016, up almost 30%. another bloomberg scoop, vista equity partn

that is the nature of bitcoin. so the nature of bitcoin has not changed. this so-called lehman brother episode of crypto is you have these potentially bad actors, potentially not being malicious but they made mistakes in management and to the custody of user assets causing the company to fail. we have seen that time and time again. starting eight years ago in early 2014 and many exchanges have failed over the years. so because this is so new, because of the industry being unregulated, there will be more failures of this magnitude in the coming years and decades until it becomes mature. you look at it compared to the equities and stock market. that is a 100 year venture, whereas crypto is a 10 year experiment, so it is quite different. tom: more failures of this magnitude to come in the months and years ahead. really great to get your thoughts. potentially. there is an important caveats there. founder and ceo of ballet global and former founder of china's first exchange. thank you. coming up, president biden says he is seeking reelection in 2020 four as rep

the bitcoin strategy and the bitcoin idea is you can sell custody and asset without an issuer you can't trust a currency that can be manipulated by a central party and you can't trust a bank eventually the bank will freeze your assets and the currency will be inflated and eventually it will crash. that's been happening for thousands of years the crypto industry just reinvented ftt, just another currency at the centralized exchange with undue leverage and opa opacity. it's a sad, sad situation but it's a reminder of why satochi gave us bitcoin in the first place. you know, i think it's pretty clear the only investable asset for a responsible investor is bitcoin. and the use case is, i'm holding it as a storer of value for a long period of time, knowing there's going to be volatility and, you know, i personally -- i'm not going to come on your show and recommend a registered security because registered securities like google and netflix have risks unregistered securities trading in unregulated exchanges on massive leverage offshore, what could go wrong >> well, michael, if you can't trust

i think that's what's happening with bitcoin and people that are saying bitcoin is dead. you can't print bitcoin out of thin air. you can print crypto tokens. right now, bad ideas are getting washed out. the market is cleansing itself and so, yes, bitcoin could crash more but step back. it's still $16,000 of bitcoin after a series of massive crypto exchange implosions and for those that have studied it i think we know that bitcoin will empower money over ip and give financial freedom and property rights to billions of people. maria: well, you gave a great analysis there. and i was there in the '90s. i understand what you're saying. we had some gems in all of the rough, like an amazon, like a google. that's fine. but what i'm worried about is is there a potential for this to spiral out of control and affect other assets because natalie, you know that when you're an investor and you have a stake in one area, and you're losing a lot of money in that area you have to sell elsewhere and you sell what you can sell. so you sell where you have liquidity. does this ftx story have

to another over to bitcoin protocol, silvergate is not involved in that part -- in the bitcoin protocol part of the transaction. >> so, it would seem to me then that an awful lot of people, myself included, are not understanding how you do business and that's why your stock is getting punished so much apart from the fact that i suppose with all of the who-ha over ftx and others, apart from the fact that the entire crypto universe seems right now to be a little tainted or in bad odeor, is how i would put it, am i right about that are people not understanding how you do business and what role you play and the fact that you're not exposed to bitcoin directly, but you're inferenc inferencially exposed to it. >> i think that's well said. it is a fundamental misunderstanding as to the role that silvergate plays in this ecosystem. i do want to clarify that we do have some exposure to bitcoin on the asset side of our balance sheet, so that deposits sit on the liability side, and we hold u.s. dollars and investment securities in support of those deposits we also have a product that we refer to a

it's bitcoin. the reason why there's demand is because more and more people are understanding this is a better form of transferring value. it's a better form of storing value -- stuart: $16,000. it's $16,000 now. what do you think bitcoin is by the end of this year? give me a forecast. >> i can't el you the future. i can only tell you the best way to predict the future so to go build it. i am working on bitcoin every day. thest people i know in the world are working on crypto right now. stuart: okay. well, it's in turmoil, and that's a fact. >> -- back to the people. stuart: thanks very much for being on the show. i know you lost money, but you told us about it, and we appreciate that. thank you very much. >>> back to the stock market. show mow the dow -- show me the dow 30. pretty much an even split between winners and losers. the dow is up 30 points, that's it. >>> a homeless man quos on a stabbing rampage inside a target store. police say he attacked his victims at random. one of them was 9 year

i'm going to survive bitcoin. this is bloomberg. >> we are going through an inflection point right now like we saw earlier this summer. >> the economy is rolling over, the data is rolling over, as hawkish as the fed wants to talk, the markets are not sinning to it. >> it depends on what the fed does. if the fed slows down the rapid rate of increase, will that allow us to were void -- avoid a recession? >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. tom: good morning, everyone. tuesday before thanksgiving. it is quieter, but it is not. in this hour and moment, what do you do for 2023? we will dive into that with a cautious view with wells fargo. jon ferro on assignment right now with argentina stunningly on the edge of losing to saudi arabia. mr. ferro reported on that in our inner messaging system. all the news is comforting to get back with tracie mcmillion back to, what we do to 2023 away from disney blowing up or bitcoin blowing up? lisa: we have to get through it coin blo

bitcoin is outside of that system. charles: so at this point though, there is a, we're in the middle right now of a financial crisis. some say it's a regulatory crisis. a lot of people agree it's a crisis of confidence or all of the above. with all of these things swirl something there a chance to find true answers to these issues that keep popping up particularly with this new asset? >> yeah. i think that is really important. that's the crux of what bitcoiners believer sus what other people can't see right now and and what is happening is the entire economy of the world rests on debt that cannot be paid back and that system is four orders of magnitude bigger than bitcoin today. it is 10,000 times bigger. we measure everything from inside of that system. bitcoin is outside of that system and unstoppable from that system, no matter what you do to bitcoin it keeps on moving. so what is actually happening is there is two things, if that system tightens you will cause a credit collapse. since the credit is the thing underl

that is why bitcoin is so good. it was not a central bank, the money was not from any central source. it was decentralized and open. and all these copycats that went off and created similar things did not think in terms of decentralizing. so ftx was predictable. we turned down ftx twice at draper associates. david: you bring up a good point, this is trust. a lot of the fallout is down to trust. there's a liquidity squeeze for some other players. what needs to happen to restore that trust? tim: i think it is time, and i think trust in centralized currency should have a little bit of an eye toward, things could go wrong. but decentralized currencies, you do not want to trust centralized systems. decentralized systems work. david: can i borrow your analogy? within this world of decentralization, for example, the issue is there, to your point, there are monarchies within this. as an industry player, how do you address that, then? tim: so, as an industry player, i am looking to invest in things that are decentralized. i

bitcoins has utility. it's a tool that allows you to move any amount of money anywhere in the world for practically free. people use it as an asset class that allows them to hold value. it has utility, it has scarcity, that's fundamental value. liz: to the contagion question here, lee, again, you've got two crypto lending companies before this, celsius network and digital, filing for bankruptcy. now you've got ftx. this is definitely a smear, and it scares people who aren't total believers who are saying, you know what? let me put a little bit of money in here. however much it was, it's gone, poof, if they had exposure to ftx, the international arm. would you advise not just stay away from crypto right now, but pull it out and convert to u.s. dollars right now? >> well or, you know, i would advise that but, of course, the challenges if you say that too loudly, then people, you know, it'll become a self-suggest filling -- self-fulfilling process city. people will run. custody of crypto is very different tha

this is the backlash in bitcoin. whether it is a crypto asphyxiation moment because you are going to possibly see ftx go into an organized bankruptcy, that seems to be the top line, but does that create bigger opportunity for other cryptocurrencies? this is three days of bitcoin down 20% and that has rocked the cross as that concern about liquidity event. dani: let me show you the board that has by finance -- that has binance on it. i lied. this is not binance. this is bitcoin and ether. both up a lot. up over 100% for binance at the moment, tron another coin is up 600%. i know these are liquid but perhaps it is a market trying to find a home, trying to find what is trustworthy after ftx. there you go. manus: but then binance came in and sold the ftx token over half $1 billion. that trounced that. they backed off from the bid to bail out ftx. and there you go. binance is up 123%. it is a hugely volatile world, but cracking good morning. let's see what cpi is. well, we fell in love through gaming. but now the internet

the bitcoin farms here are owned by 2 separate companies, us bitcoin and block fusion city hall cast. a statue dictating that mining bitcoin farms must shut down until they can reduce their noise levels. block fusion complied, but the u. s. bitcoin, mine is still up and running, niagara falls, mayor roberts stay know, is preparing to take additional legal action. and so right now, you know, we're working with our attorneys as well as with our residents to make sure that we have our documents in place. so that if they continue to refuse to comply with our order to, to stop and we'll have to be in court until that happens. residents hope their protests will be heard. and just before we go, hundreds of drones lit up new york city skyline as a massive mobile video game. candy crush, celebrated its 10th anniversary on thursday. thanks. as take a look, a 10 minute display. all the 500 light equipped, choreographed drones took over new york city skies as part of a new marketing ads that a ton to the sky into the largest planet, largest screen on the planet. i should say. however, the drone s

the bitcoin farms here are owned by 2 separate companies. us bitcoin and block fusion city hall cast, a statue dictating that mining bitcoin farms must shut down until they can reduce their noise levels. block fusion complied, but the u. s. bitcoin, mine is still up and running, niagara falls, mayor roberts stay know, is preparing to take additional legal action. and so right now, you know, we're working with our attorneys as well as with our residents, and to make sure that we have our documents in place. so that if they continue to refuse to comply with our order to, to stop and we'll have to be in court until that happens. residents hope their protests will be heard. just before we go, hundreds of drones lit up new york city skyline as a massive mo bile video game, candy crush, celebrated its 10th anniversary on thursday. thanks. as take a look, a 10 minute display of 500 light equipped, choreographed drones took over new york city skies as part of a new marketing at that ton to the sky, into the largest planet, largest screen on the planet. i should say. however, the drone show st

has a bright future for example >> i believe bitcoin -- bitcoin right now has a bright future. i'm not willing to say that about other cryptocurrencies i just think bitcoin is unique in that regard because it is a commodity. the point here is we need to regulate in this space because the wild west aspect of it has inadequate consumer protections. and that is why the lumis/jilly brand bill needs to start in january when congress convenes. >> this is a company based in the bahamas. most of the exchanges, the big ones with the exception of coin base are based off shore what would you have done regular tor illy. >> well we need to make sure we're balancing innovation with consumer protections so these -- >> how would you do that with a company based in the bahamas how rou regulate -- the reason that regulators have such trouble regulating all of this and i think arestruggle being what to do is because if you have these exchanges and you have these currencies that are global, and they're being operated in all sorts of other places with completely other rules, they have an impact bac

a lot of these crypto-related stocks are tied to bitcoin, so as the bitcoin prize has fallen, they have as well. you can say that graphically pointed out. we are talking dozens and dozens of companies just following along and if we jump into these charts of let's say 10 of the biggest crypto-related stocks that bloomberg follows, if you look at how they have all and year to date, some are down more than 80% or 90%. they are actually, all told, about 1400% below their 12-month projections by analysts. it is not just u.s. stocks. asia stocks year to date tied to crypto have also shown significant losses and even in the latest reading here in the u.s., coinbase, for instance, the biggest u.s. crypto exchange managed to rebound a bit. we know that arch capital's cathie wood is buying some of coinbase on the downturn. juliette: arc ceo cathie wood has reiterated her faith in crypto assets despite the collapse in ftx and its ongoing fallout. she said the underlying value of the technology remains. >> the infrastructure, the technology has not skipped a beat throughout this entire crisis. in f

has a june low, mid-june, just as the s&p does, and bitcoin has never breached that low we're now right at that low, went slightly below it it's not a good setup. i'm on the wrong side of this one now. >> i'll just say this about the market, however it reacts tomorrow, let's say bitcoin is not an influential factor here, to the midterm result, the cpi on thursday, so the market continues its rally a bit, let's say the cpi number comes in not as hot as some people would fear, you probably have a bit of a continuation jeff makes a good point. carter has been making this for weeks, this rotation out of megacap, into other parts of the market has been healthy. that's the s&p 500's outperformance the the fact that the nasdaq 100 is so near the lows is actually scary if they all go the same way, we'll be making new lows in the near future. we have crude oil hovering around 90, the dollar is right at that trend. who knows here, but again, i don't think we don't bottom this way over the last couple months. we're going to go layoffer >>> let's dig deeper after binance announced it agreed to buy

bitcoin is not bitcoin doesn't exist in any way, shape or form outside, i think, at least in my humble but seasoned opinion, in the minds of those who created it. >> i want to push back on this a little bit, ron. in the sense that you do have things like the usd, which is a stable coin, tied to the dollar, part of the centralized finance discussion you're touching on, we have had a number of people come on the air this week, michael taylor, we showed that string of sound as an example, talking about the difference between centralized and devalueized tokens and basically says, you know, bitcoin, you know, they were in a dysfunctional relationship with the broader, for bitcoin enthusiasts, a dysfunctional relationship with the broader cryptocurrency community there definitely seems to be a major coming to roost moment, if you will, for the broader space. but as long as you do have the michael sailors, and mike novogratz, and squares and all the other companies of the world that believe in something like bitcoin there's going to be a market for it, and there's a limited supply which i thi

bitcoin dropping to a two-year low. will this be a crash and bur for sam bank and fried who was the darling of the digital currency world and markets sliding in the wake of the crypto collapse and the hangover of the mid terms will the cpi be a third strike for the bulls hoping for a year-end rally and later a mea culpa of sorts and major layoffs to come for meta and drilling down on what's next for the energy trade i'm melissa lee. this is "fast money. with us karen finerman, and steve. >> the company is walking away to buy it non-u.s. assets. it was in august when same bankman fried was on the cover of "fortune" magazine the next warren buffett, and there is a caveat or could he crash and burn i guess it's the latter. a valuation of $32 billion kate rooney with the latest on this one. >> that's right, the deal to buy the company is off the table and in a statement the company is saying as a result of corporate due diligence as well as latest news reports regarding miss handled customers fun and alleged u.s. agency inv

they can take that bitcoin back to us. it is very complicated that is what they are hoping to do >> we finally have a real world use for crypto a clear example of money laundering taking place. the new chief executive of ftx, a gentleman with experience, he took over enron back in the day. he said he has never seen a mess such as ftx. he said i have never seen such a mess of corporate controls would this happen anywhere this. >> i think the hackers chose the moment to exploit the gaps cybersecurity across the crypto space is an issue. we have seen a number of hacking across the crypto in the last few years. hundreds of millions of dollar dollars has been stolen. they need a standard like banks or other companies handling money. regulations are not in place what is key is the ftx fiasco kick start the action regulators have been speaking about this is an interesting story to watch. >> something we will discuss more because this ftx story is not going away thanks for joining us here on the set. >>> a quick look at european m

>> in bitcoin? stuart: yes, now, as of now. >> well i would say and i said it from the beginning when i started buying -- stuart: you only put in what you could afford to lose? >> yes, exactly. stuart: i have a pick a bone with you. last time you were on the show, i think about a week ago, you said hey, sell meta and put the proceeds into disney. >> uh-huh. stuart: you got that wrong, because meta went up after you said sell it, and disney went straight down. do you want to have any second thoughts about this? i'm sorry to be nasty to you but it's monday. >> you have probably the best memory of any person that i've ever met in my life. stuart: not true. >> but i would say that i think meta is a horrible company. i pray that meta goes out of business some day. they are a horrible company, horribly-run company. this whole metaverse is one of the stupidest things i've ever heard of. nobody understands it, so i stand by my recommendation to sell meta and buy disney. disney is still an iconic brand. they

a statute dictating that mining bitcoin farms must shut down until they can reduce their noise levels. block fusion complied, but the u. s. bitcoin, mine is still up and running. niagara falls, mayor, robber, stay know, is preparing to take additional legal action. and so right now, you know, we're working with our attorneys as well as with our residents to make sure that we have our documents in place. so that if they continue to refuse to comply with our order to, to stop that will have to be in court until that happens. residents hope their protests will be heard. just before we go, hundreds of drones lit up new york city skyline as a massive mo bile video game. candy crush, celebrated its 10th anniversary on thursday. as take a look, the 10 minute display of 500 light equipped, choreographed drones to go but new york city skies, as part of a new marketing, add that a ton to the sky into the largest planet, largest screen on the planet. i should say. however, the drone show stirred controversy over its potential environmental effects, as it is threatening of course, birds and other

bitcoin is really the opposite. people are so unfamiliar with this idea of a world that isn't based on credit. bitcoin is not credit. it is not anyone's liability. no self-custody. it is no counterparty risk. it is not an iou. this is a pure asset you can self-custody with no issuer. it takes awhile to understand the nuances. that is what we try to do especially in situations where unfortunately people might be losing their life savings. charles: it is interesting. the market stopped trading a bunch of these coins. they had no volume at all. the market figured it out. to your point, representative emmers point, bad actors ripped people off, it's a damn shame, they should throw away the key and i got 30 seconds, i'm pretty impressed the way bitcoin is holding up these past few days. >> nothing has changed about bitcoin. people are opening up wallet addresses. they are taking it off exchanges. hash rate is high. the security is increasing. i'm inspired. i came from eight conferences where people are talking about bitc

not so much on bitcoin, she will be with bitcoin this afternoon. sonali, i want to focus on the humbling nature of this crypto move. this crypto debacle for wall street firms. they have to be shaking in their seats today. sonali: word is crypto money intersect with real money? ftx, the hole in their balance sheet is about $8 billion. bigger than the size of the entire market value of robinhood today. it is a lot of money that is being asked. where is that money? tom: the split for me is bitcoin chat, teller chat and blockchain. his blockchain a transactional, digital threatened by this bitcoin price debacle? sonali: only as far as future investment that could go into it. if you look at future investors and other things that went bust this year, sequoia had to million dollars in ftx. alan howard, southbank, analysts are trying to figure out what the exposure was after sequoia has written there stake down to zero. how much money is left to invest after that? lisa: what is your sense in terms of discussing where the shoe was going to drop next is goin

let's suffer get, bitcoin did nothing wrong. this is not a bitcoin crisis. this is in the space, a big shock. they have little credibility. manus: good to see you this morning. we have both lived through much. you say this is not a canary in the typical coal mine of risk. with that in mind, are you concerned -- it is amazing how we go from the agony of crypto with the ecstasy. are you concerned about liquidity in any way? charlie: absolutely. i think that there are big pressures there. normally when crypto goes wrong, it is a warning. it is the opposite this time. what happened yesterday was a big back wave. asia, china went up a lot. it went down yesterday. it is an extraordinary reaction. we still have seven point something. it is still a big number, a long way to go. it ought to put the floor on markets, at least for a few weeks and possibly a couple months. dani: has it fundamentally changed your thinking? is what you are describing a short-term tactical rally? charlie: it is hard to imagine that. you have seen a very small change in rate features, bond

i wonder if part of that has to do with bitcoin. bitcoin down 8% -- a percentage point. coindesk reporting potentially binance could walk away from the ftx deal. there founder talking about how this isn't a win for them. that doesn't sound very positive especially when you have a deal where they can just walk away. and i'm wondering if that's putting pressure on the s&p or were setting up for cpi. meta up 7%. the, p cutting its workforce per mark zuckerberg saying he's sorry he got it wrong but remember there's so much to make up for for the stock in the past year. disney also getting hammered hard. it's not typical see disney move this much. it's not only that spend much on streaming but their outlook for the parks did not look that great. sort of weighing on demand there. the outlook for travel cloudy. >> the force is not strong today. alix: so sad i didn't think of that one. guy: i even got -- from a lot of people of the last few hours. certainly the force feeling a little shaky. let's talk about what's happening with the story we broke the last hour. russian troops o

that is the bitcoin story in a nut shell. and they are playing ethereum because ethereum is being used more and more to build this new infrastructure and so i don't think that those two main stories go away i think that it will take time for confidence to get rebuilt. i think that if you go on to fidelity website or their -- they launched this new bitcoin -- or crypto program for their retail, and if you go on their reddit page, it is brilliantly done and they will slowly educate their customers as we've been doing the entire time we've been investing. >> that is one part of the ecosystem. but we're focusing on the part . you are also involved and burned by tara lieu in a oig. why should investors trust you and galaxy digital >> we have been very candid the entire time we've been in business we invested in tara luna very early and expedited the position along the ride warned investors that there is no free lunch when you are building up an ecosystem this big based on and the algorithmic stable point and so again -- >> but, mi

what has historically been a point where bitcoin is the adoption and expansion of bitcoin's utility set. we see kathy would note that the hash rate is up. we seek less volatility than we did in the last market which is an indication of increasing levels of sophistication in market participant spent it also reflects higher trading volumes in contrast to the prior market. >> what i'm interested in his thinking more about the ecosystem. you say it is getting built at a very quick clip. what helps or hinders right now? the governor today is talking about a moratorium. this is just basically about energy efficiency here. how much does this hinder the overall idea of bitcoin as a process and building around it? >> that is an interesting point. that was one of the pet means which is that proof of work is something that is inherently a malevolent activity. of course, we know it is necessary to be able to secure decentralized ledger like the bitcoin ledger and in addition to that, we know that proof of work is quickly shifted to rely on sustainable energy sources. i think it offers the opportuni

you know, rob, we're looking at bitcoin u.n.ed pressure, cryptocurrencies -- under pressure. we're looking at the market down this year, we're looking at oil hitting today its lowest level of the year. is there a catalyst that investors can be looking at to get us out of this malaise, or is your answer going to be the fed? [laughter] >> well, i think what you have to think about is when does the demand come back globally, when does the economy improve. with these lower oil prices that that we've seen actually are a good thing. we've seen gasoline prices fall dramatically. gasoline prices are only a little bit higher right now than they were a year ago. and so that means economies will reopen. the interest rate hikes will stop. economies will start to grow again. china will reopen. that's, you know, the second largest economy in the world. that will increase demand significantly as well. and, you know, put all those factors together, and you can paint a pretty bullish picture especially for oil and natural gas going forward, you know, next year and into really the next decade.

bitcoin and ether plunging further today. ftt, ftx's utility token, almost 90% drop in the last six days. ftx filed for chapter 11 bankruptcy and it has been an historic week. there's probably a lot more to come when we look at crypto. a lot of red there. summing up the bleak, we have seen a nice equity rally. s&p 500 up about 6% on the week. all of that related to the optimism of maybe the fact we have reached peak inflation. however, anyone skeptical of the rally, calling it a bear market rally, points to the fact that we are seeing the most speculative areas of the market likely arc innovation etf outperforming. people see -- people say that when you see speculative areas doing better, we are still in bear market territory. the best week for meta since 2013 after they announced layoffs. much-needed relief for that stock. caroline: always slightly painful when shares rise after cost-cutting. but investors always seem to like that. meanwhile, markets. let's stick with our audience. we asked you, amid the myriad of news, the

bitcoin adoption fundamentally takes time. this is no fault of bitcoin, internals are up to the right hash rate. users, wallets. these things are all going in the right direction. but the exchange rate due to the kind of the crypto contagion and in entire industry cross collateralized, when you have a fraudulent event like this the exchange rate takes a hit. that is understandable. charles: when you hear this on the news, right, the story, i heard it on regular news, i even heard it on some media, they're lumping everything together, exchanges with crypto and the defy movement. to your point wherever the destination is, will take a whole lot to separate the crooks from the value proposition, isn't it? >> yep. you kind of see this in an order of magnitude larger every single bitcoin market cycle. bitcoin 76% from the all-time high. previous cycle 83% from all-time high. could it to bo lower in especially with all the market moves in all the u.s. assets is about the u.s. d denominator. what people should understand like 67% of b

this is down to the rally that was seen in bitcoin. holding above that 16,000 level that it passed earlier this weekend now it is a signal that investors thinking they are in oversold conditions. the bearish sentiment remains in the sector but this is when we are watching. let's take a look at the korean content producers. these are jumping today. local media has a report out saying basically china is going to be resuming online streaming of south korean movies. there has been a six-year ban in place and it was put there because the u.s. deployed a missile-defense system in south korea, so that was a retaliatory move from china and the two leaders did meet earlier this week on the sidelines of the g20 summit, so this is the result we are seeing. haidi: still ahead, goldman sachs has upgraded its china growth forecast. the chief china economist explains why. first, an attorney representing ftx says a substantial none of the firm's assets are either missing or stolen. we get the latest on the crypto crunch, next. this is bloomberg. ♪ v

that is already integrated with bitcoin's lightning network. he could turn that on immediately today. that is using the real technology that is the signal through the noise. i know the rubber necking and the drama is more interesting, but those of us who are really building this technology, we're as positive as ever, and frankly, grateful that the grifter are being flushed out >> kaylin long, great take thank you very much. >>> so just how big might the ftx disaster end up being? let's put what we know into perspective. i want you to listen to this and listen closely the bankruptcy documents seen by cnbc says that ftx's liabilities are, quote, in the range of 10 to $50 billion first off, a range of $40 billion is simply insane it's one of the biggest that we have ever seen and do you remember the spectacular implosion of enron, the oil and gas trading firm that turned out to be largely a near-complete fraud? well, their bankruptcy liabilities were about $23 billion. and even adjusted for inflation in 2001 dollars, ftx may end up owing more than

bitcoin worked out. richard haass is retiring, pulling away from truly his council on foreign relations. richard haass, thank you so much for joining us. so much to talk about today. where was the council on foreign relations go to lead as fractious international diplomacy? dr. haass: tom, first of all, i'm not retiring from anything, i am departing the council after 20 years, but i will stay active in the public conversation, both about this country's role in the world as about the future of american democracy. but i think it is healthy for institutions, despite what is going on a disney, i think it is healthy for institutions every now and then to have a change in leadership for it i think for the council, it is simply to continue to be a resource on a wide range of challenges, whether it is the revival of geopolitics or global issues. we are just finishing up the c.o.p. 27 meeting in sharm el-sheikh, and quite honestly, i think it is almost a complete and utter failure. i also think, increasingly, we

stocks off the best week since june it is a different story for bitcoin and more amid the downfall for ftxand sam bankman-fried. more outflows and investigation keeping pressure on the sector. >>> also, breaking this morning, president biden and xi jinping holding the first face-to-face meeting since biden took office. a live report from bali. >>> a victory for democrats over the weekend as the party han ta maintains control of the senate. it sis a different story for the house. >>> and a multimillion dollar gift from jeff bezos to dolly parton it is monday, november 14th, 2022 and you are watching "worldwide exchange. >>> good morning i'm contessa brewer in for brian sullivan let's kickoff this hour with the check of u.s. futures. s&p implied opening down the dow off 100. nasdaq almost that much. s&p posting its best weekly gain since june nasdaq with the best week since march. on a sector basis, tech led that charge up more than 10% for the week its best week since april of 202. you can see energy right now is up 3% in early trading let's check the bond market now where we are seeing

so i'm not a bitcoin bull, but i'm just surprised that bitcoin was collateral damage in all of this if you think about if that way. >> coming up, one trader said that energy is the most important area of the market to watch right now and where he thinks it heading. and a move in crude. how they are playing the stock straight ahead ♪♪ ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. >>> welcome back to "fast money. crude falling to the lowest level in over a month and on pace for the worse week since august as rising covid cases in china stifle demand. the chart matter said it is time to take money off the table. in the energy trade, you're at the market board, so let's walk it through. >> so let's look at charts and figure it out together the commodity versus the underlying stocks but here is the picture of crude oil and it is fairly clear, at least to my eye, what we have. we have a well zdefined trend an an instrument that is breaking trend on the cusp. look at the next chart it is just putting in the converging trend lines so a big juncture and w

tom: is bitcoin a coin? katie: it's the biggest bitcoin currency out there. what exactly is the coin? we have debunked the inflation hedge aspect of it. tom: is it a currency? katie: many people would argue it is. tom: is it an anomaly? is it bit zimbabwe? katie: it's a legal tender in el salvador? tom: el salvador? i'm supposed to have validation of this coin because of el salvador? katie: many people were making the case without announcement was made. tom: is very silver a hard-core bitcoin believer? katie: he's been in the space since beginning. he bought his first bitcoin and 2012. tom: so he's profitable now at 16,000? katie: he bought it around seven dollars per point. so now at 16,000 per coin, as pretty good. tom: is it a currency? katie: by that classification, it is. according to the bloomberg terminal it is. but whether i could go out to an atm and buy a pizza with it. that won't be as easy with a. tom: my mother through my coin collection out. i am smarter with your attendance on crypto. an extraordinary day, stay with us on radio, television. ♪

tom: bitcoin, i got nothing to say. should ali bassett will come out to see if the coin can get through thanksgiving and onto abductive december. before we do the data check, can we say what we have underplayed here, maybe it is because jonathan ferro is not, the dow jones up to a single digit decline. 12 months trailing, bring it up if you can, 12 months trailing, where are we in the equity market before we start the data check and get into a wall street pro as well and basically single data down decline. s&p 500 down 14%-15%, 12 months trailing. the dow jones is down trailing. nasdaq comes in at a -20%. that gets us to the data and i will go to oil. jeffrey kerr is scheduled to be with us. we pulled back from $90 brent. let's be honest, it is quiet, wednesday before thanksgiving, i don't have much data. lisa: the quiet -- it is quite for now the data is perhaps not in the market yet. it will trickle in around 7:00 am we get a host of data in the u.s., basically consolidating all of the information i had of the thanksg

exactly a year ago, the value of bitcoin hit its all—time high. since then, it has lost more than three quarters of its value. now attention has turned to the crypto exchanges. two companies had taken the lead in offering marketplaces where investors could buy and sell their holdings in crypto. one of them — ftx — had even set about rescuing a number of rival crypto companies when they got in trouble, making its ceo sam bankman—fried into something of a celebrity. but it turns out that ftx's own finances were far from solid. a sudden departure of many investors from its market, and a huge sell—off in its own cryptocurrency, left ftx on the brink of collapse. enter binance — the biggest of all crypto exchanges. on tuesday, it said it would be willing to take over the ailing ftx, but on wednesday it announced that it couldn't save ftx. all of which would appear to leave one of the biggest and high—profile crypto companies in ruins, and yet another dent in investors�* faith in the cryptocurrency sector as a whole. some within the indust

why is bitcoin not lower? when you considered the two weeks we have lived through and it is still at $2000, there is this resilience sort of built into the market even today. tom: is it a market? is the key question. see how she looked at me? for radio folks, she looked at me like, what do you mean? it has gone 60,000 to 16,000. how does it get down lower other than one of these elephants just saying, go to cash? katie: that's who's left. it is those elephants, those whales. that's the answer i keep getting when i ask how bitcoin is not falling. everyone who would have sold is already sold. all you are left with are these big accumulators, these hard-core believers who are not going to sell at this point. maybe they bought into bitcoin when it was seven dollars, or it is these big institutional players. until you see one of those chips fall, you are pretty much at a floor. tom: rachel from west lafayette emails in. she asked, what about the winklevoss i? they are linked into genesis. katie: they are. that was

we'll ask bitcoin advocate mark moss and also congressman warren davidson is on deck, next. charles: questions are piling up as hope for customers of ftx even getting back a penny. with me now is the host of the show, mark moss. mark, if this thing hasn't blown up, next week bankman-fried would have been at a new york times event featuring him, president zelensky, larry fink and janet yellen. what does that say about his fear of influence and maybe why this thing was able to grow into a $35 billion scam in the first place? >> yards in aggie, it's no doube hassing. both of his parents are professors in the democratic party and ties with the sec, big hires of the cftc, and massive money donations to the democratic party. potentially for protection, which now they're really trying to distance themselves from. charles: so you -- i was checking out your tweets and you say you expect larger crashes and i'm thinking, well, what could be larger than ftx? >> well, it's a $10 billion hole they left and i'm guessing hundreds of thousands of families completely wiped out. they were the

saying oh well bitcoin is still -- like, 16,000 -- up about 500, bitcoin that is still legitimate investment, but not you know don't -- don't read into the demise of ftx,i will just say this, people talk about bernie madoff they forget alan stanford, there are so many more potentially con artists out there, grifters, you can havesters. >> you are right if you are buying bitcoin you are a buying on assumption somebody is out there that is at least willing to pay same price you are hoping somebody will pay more i have the is based on confidence the ultimate confidence game if you like. i can't help you know, sam bankman-fried i can't help but view him as the poster boy for woke ceos save the world at the same time making investors rich the most ridiculous development we had following covid. dagen: it is the -- >> so that claptrap of a con artist what it is, people didn't see it for that, then, well they deserve to get money stolen christian on that note, so, sam bankman-fried is apparently still getting interviewed i am assuming via -- zoom, or skype for this "new york times" conference. he co

he dared me to buy a chunk of bitcoin. game on. i was sick of watching other people make money while i wasn't kind of jealous. so i took the plunge at $12,000 bitcoin. i did it with two hands. what happened? the darn thing immediately starts flying. i'm mesmerized it goes to $40,000 remember, my contract doesn't let me own individual stocks pretty doggone game. i telling my wife about this remarkable call, my challenge to him and how great it was she was actually less than thrilled told me, frankly, was i some sort of maniac, a crazy man? always a joke. and right then she said you're going to sell it tomorrow. and i immediately did. of course, the darn thing then runs to $60,000. i want to choke her. now it's back down to $17,000. and while it would probably still be in the black, that might not have mattered because, you see, pomp, he steered me into block fit bloc blockify filed for bankruptcy tied up with the ill-fated ftx for ground zero for destruction. i don't want to discuss where my bitcoin position would be now. too many o

all the new cash i believe in bitcoin. i'm buying bitcoin. i believe it's a better investment than holding treasury bills. i have real estate, a lot of holdings, ask me what the most i'm bullish on is bitcoin. ftx is a big lesson bitcoin fundamentally best form of money out there. i'm holding that. after my bases are covered. i'm not selling my house to buy bitcoin. i don't encourage anybody to do that. have a couple of years, recession can go two years. not will fit overnight. changes will take a long time. david: we have to go, evan. i have to tell you, the mentioned a key word diversifiedcation. that is so important. i would recommend putting a little money in treasurys any way to secure your mind for a little bit after what you've been through. best of luck getting some of that money back. a lot of people are trying. we'll be talking to another victim of all of this who actually has a class-action lawsuit later on in the show. so you want to stick around for that. >>> meanwhile in the political world, speaker nancy pelosi is on the house

we'll see how it works out with bitcoin, just above 17,000, carl >> busy night again between bumble and blade and rivian, and cpi coming up in the morning so the week's not over by a long shot let's get to the judge and the half >> reporter: welcome everybody to the half time report. i'm scott wapner, front and center this hour assessing the aftermath from the mid-term surprise to meta's layoff and disney's dow disaster. the company debating what all that means to your money liz young, jim labenthal all here with brian bellsky on set let's check stocks down as you see. we're down 0.75 on the s&p, down a little more than 1% on the nasdaq and the 411 the ten-year note yield and musk selling 4 million tesla shares we've talked about that stock, joe, at critical levels. you've got ark at a new 52-week low, bitcoin at the lowest level in two years and all of that we pay attention to the cpi which is looming tomorrow >> does the calender say 2023 yet because i can't wait for 2022 to be over. you had a gridlock rally yesterday and that gets by this negative market sentiment and bleeding into t