The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
While the UAW has rejected the offer and sent roughly 48,000 of its workers out on strike, the EV truck is widely expected to remain part of an eventual settlement.Autosread more
While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
The new chief of the Federal Aviation Administration says he plans to test out Boeing's software changes to the 737 Max in a simulator.Airlinesread more
, the cryptocurrency that has been on a tear of late, is not only an attractive investment, but it is also a potential solution to easing a strained global financial system, according to a top money manager.
The current debt-based market with unlimited supply and limited
"Governments are potentially having long-term issues with debt repayment, and the world is suffering so much debt. Maybe the world needs an alternative — in the sense that [bitcoin] is an asset-backed currency with limited supply," he told CNBC's "Capital Connection" on Tuesday.
Preiss said he believes the technology backing bitcoin has the potential to go beyond financial markets, into a new social structure, with the fourth industrial revolution and developments in artificial intelligence.
With the rise of populism, he said, it is evident that trust is becoming less prevalent in society globally. As the current social contract appears to fray at the seams, a network-based decentralized system, such as bitcoin, has increasing potential.
Bitcoin is already occupying a considerable position in global financial markets, according to Preiss. "Bitcoin's market capitalization overtook Deutsche Bank just as of last week, so that shows you how to some extent the world and things are changing," he said.
While Japan recently legalized the cryptocurrency for retail transactions, which was one of the reasons cited behind its surge to an all-time high last week, other countries remain skeptical. China's central bank has cracked down on its domestic bitcoin market and has warned against risks and volatility.
The demand for cryptocurrency in this month's
Preiss said concerns about the use of bitcoin in illegal activities are valid, but he compared it to the U.S. dollar to explain how not all cryptocurrency is bad. The dollar is the most common medium for criminal transactions, but it wouldn't make sense to shun that currency, he said.
Moreover, Preiss said bitcoin transactions are actually traceable because of the publicly viewable blockchain technology on which it runs.
"The question that always comes is: Is it a currency?" he said. "Well that's maybe too limiting — it's much more than that, it's actually a token. It's distributed trust and distributed consensus."