Transcript for Bitcoin in Big Trouble to Why Your Coffee and Commute Will Cost More
It's a big trouble for the digital money -- the web site that -- the virtual money. Collapsed trading and has come to a halt and for that I want to bring in Steve Cortez is founder of air crews TJ am a research consulting firm. That provides real time market research of the biggest players on Wall Street Steve so nice to see you in Chicago again. Thanks for having Rebecca so what do you think about this bitcoin news that the major web site where the trading of the currency takes place has come to a halt there were rumors it was bankrupt. You don't Rebecca when I talk to most people Bob declined their question is what is it. And I think pretty soon the question is gonna become what was it because I think bitcoin is frankly going away. The problem with -- -- there are problems with regular Fiat currencies -- in the currency of a country but at least a country can only have one currency. By law the problem would -- is what you talk about alternative currencies. That are extra national that are beyond national laws. There is no lack of alternatives some other words of decline were to start working which it certainly hasn't so far but if it were to you have bitcoin 2.0. Three point -- I think if you want -- talk about an actual alternative currencies you have to talk about commodities things like silver and gold things that can't just be replicated -- aren't virtual but are real so not a fan of big point I don't think it makes sense long term and I think this is the first of many problems are going to see an end lot likely. Leading to asked him. -- frankly. Well it strikes me that it's probably also the first of many currencies of its kind. Because there is this demand as much as it might be a small level of demand relative to other major currencies in this world. There certainly was a lot of press around it and a lot of interest around bitcoin so. If bitcoin doesn't work art they're going to be others to come along and -- and -- big point to point out. Yes I think there will be. But that's one reason by the way why don't believe it is it's too easy to come over the alternative -- does start to work. But I think in terms of as he said in terms of real alternative currencies. I think -- be items they can't easily be replicated so commodities. Fine art. Jewelry -- real estate things like that in terms of alternative currencies to meet those make a lot more sense if you don't believe. In the dollar you don't believe -- -- -- -- -- -- in the yen. Because what central banks are doing around the world and there is a tremendous amount of skepticism out there about currencies because of those those policies of central banks but if you don't believe that. I think the place to put money than is tangible assets. Again it can't be easily replicated. -- it when it comes to how we pay for things most people are still using the dollars the yen. The sterling. Those prices are getting a lot more expensive when it comes to your morning copy copy prices up 57. -- -- Yes coffee prices have been soaring in the last month so that is great news for Juan Valdez it's terrible -- -- -- most people like me who are addicted to coffee wanna get up in the morning and have their jobless so other soaring primarily because there's a very -- crop in Brazil Brazil's an opposite seasons as we are the United States so this is summertime. And growing season for the first time in a long time. Coffee prices are soaring to be going down for years until just a few weeks ago and now they are absolutely catapulting higher. So I think we can unfortunately expect that before very long we're going to see that at the retail level -- in the grocery store or at the Starbucks your morning Joba is going to get more expansive. Too bad and also gas prices which had been down a lot over the last couple of months are now all of a sudden taking higher. You know one of the big issues in the economy has -- the fact that whether for many has played some role in a lot of businesses and now this. Is that gonna potentially create some sort of -- come spring. You know I think so I think it's it's a bit about headwind. To the recovery and not to most consumers -- we've seen wholesale gas prices when you look at gasoline futures they've gone up -- twenty cents over just in just this month in the month of February that's a significant moving -- and again like coffee. We're going to see that and it's starting to seep through to the retail level so. Both your morning coffee and your morning commute. Might get a lot more expensive and yes I do think that that is certainly a deterrent to the recovery is going to be difficult for consumers on the whole particularly those of modest means those who. For for whom gas prices represent a far larger percentage -- told expenditures. Adults haven't -- -- In the alcohol -- that beer now is increasing its proof. In order to get more -- -- who are going towards other types of liquor trying to get them to drink more beer by upping the amount of alcohol content. That's right Rebecca MillerCoors is -- -- a huge new launch -- of a product called fortune Miller fortune and they're hoping to make a fortune off -- -- And what it is is it's almost essentially -- -- liquor but it's very high. Up a hall contents beer and the reason they're doing is is there -- millennial -- -- folks in their twenties are not drinking beer Ellison when I was in my twenties particular housing college I thought the -- was air. But apparently that is not the way young people feel now -- of their -- gravitating much more to spirits and to -- and so that worries the beer companies and to try to compete with that. They think that a higher alcohol content beer and perhaps compete with a crowd that has watched a lot of mad men and thinks he should only be drinking cocktails and not be here. Steve Cortez we really appreciate it thanks so much for joining us thank you.
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