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So we start tonight -- new money -- big point is going button and that's we told you about -- virtual currency and its meteoric rise last Thursday do you remember best.
I remember when I was trying to encourage people.
By declines at first publicly recommended it around a nickel.
A coin now it's a 133 dollars.
So those devoted -- who would have followed that advice.
They would have been able to participate -- perhaps one of the largest bull markets in history.
Well if you actually bought it after hearing that and our show you could have doubled your money.
If you sold earlier today last Thursday -- coins were selling for about a 130 bucks earlier today.
They had an all time high 266.
Dollars per bitcoin.
But don't -- your exciting yet the price -- -- -- -- this afternoon.
Right now one -- -- though it's going 480.
Its latest prices changing by the minute if you want to know more.
And maybe make some money we've got you covered.
On this crazy thing when we now Spencer Patton chief investment officer -- -- investments we also have.
David Barrett -- -- -- CEO.
Of expensive by an international expense report company that uses bit points.
To reimburse their clients' interest and -- David let me start with you have even following this today I mean bitcoin has a lot of big bananas.
Well certainly I think today's a big day for.
For declined certainly -- I mean I guess I think there's a lot of overreaction for that the market correction here it's.
It's less about sort of people say they claim being hacked that's certainly not true I think what happened is it's much more likely the FaceBook IPO.
We're basically NASDAQ slows down side effects -- in the price of the currencies but FaceBook is fine face that is an -- in the same way.
But Cohen is fine the issue is is not Cox a company that vision is -- out of Japan businessmen being taken over by Silicon Valley start up and so I think that.
We're in the very early days and and an exciting new market I think there's still some odd twists and turns to be had -- as the as -- -- stabilizes things and get better.
Spencer I mean twists and turns to be had I'm ready to -- -- after what has happened today.
It's been all over the map you try to get on this site to see what the prices are going to be exchanges where you Bryant's son.
They seem like they're very hard to deal -- today when you look at the web they say there's you know big denial of service attacks -- to tell us really gone on what's your take.
Yeah boy this is time to get out I mean if it if it's bitcoin you're gonna have no coin and a very short period time it's it's going to be true you're you're down forty per sat -- this this currency is flawed it really is not a place that you want to be.
But it what it does show is that people are very willing to embrace an alternative currency.
-- are tired of the Fed printing tired of the yen this crashing tired of the European banks coming in and just taking your money.
So it it shows a good -- but it is not the place to put your hard earned money.
You know there's there's no confidence in this currency when a DOS of denial of service attack and come in and knock this thing down 40%.
And in a heart.
Yet David you know I I'm a little nervous about my currency when it's trending on Twitter that makes me feel like the not not really necessarily that reliable if -- reimbursing your clients a big point how did you deal with that today for example went.
Earlier today people -- -- -- you know it's 266.
-- Bennett you know false whatever it is right now I gotta check it every minute how do you how do you work with something that's about volatile.
Well sure I think -- I was reporting to volatility is the key.
So to handicap if you -- -- -- right now.
Certainly the longer you spend -- you keep your currency in bitcoin the more voluntary exposed to what we advise our clients is obviously just to coordinate says that.
You make a purchase they make the reimbursement back into their native currency as fast as possible so that minimize exposure to the volatility.
Spencer what do you think about that does that make you feel more secure more nervous about this now that it just makes me really nervous and I think -- to say.
You know that's like handing somebody -- dollar bill on fire and -- you know run to the bank can caste system aboard burns up you know it's it's kind of I I think it's a great concept in general it's showing that that that there's a shifting psychology but bitcoin it's it's kind of capped at 21 million that's all they can be and circulation so.
I mean you could have some.
You can sign I what does that -- you believe that by the way because I mean this is -- -- outlast both of you this I mean this is -- currency.
That currency that exposed to be mined by computers.
Using algorithms there are a lot of algorithmic computers out there right now that are trading the market working on -- beating it in the stock market.
Couldn't somebody just turn their computer on the bitcoin market in mind that more than are supposed to be out there do you trust there's a finite amount spent.
You -- -- you David.
Yeah I I don't trust and and that I would never be in this -- summon it it could explode and any different direction I think ultimately it's gonna go the way the tulips and and and they'll come back down in this bubble I don't think it's likely that -- to last very long but.
You know it's -- it's a trading momentum market right now David what do you think.
On that front.
Well I think that we it would -- until it's on the -- America this weekend and they're beautiful but no I'd say the -- the market itself is certainly very early no doubt and I think the the -- sort of structure behind it is very sound again none of these issues that people are talking -- today.
Had anything good -- -- has to do with the in the markets they're trading the -- and so again if it's -- stock market just got mentioned yesterday and that stock was visited new company sure it's gonna have some stumbles the NASDAQ does not reflect the market is basically destroying the market.
And so I'd say I think that it is quite a stable thing in terms of from a the structure of the the algorithms behind it and but really just a matter of these early days and I think in the long term.
Trend is people like they're playing people like the notion of a virtual currency.
And I think it's going to have a place in every portfolio and future.
Well it's exploding right now people are talking about and people are making money they're losing money so that's -- Laura make sure our audience knows what's going on we thank both of you for coming on.
And helping us figure it out.
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