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NJBIA HAS BEEN THE VOICE OF BUSINESS FOR MORE THAN 110 YEARS, AND IS BUILT TO SERVE OUR MEMBERS IN TODAY'S NEW NORMAL.

NJCU SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS SCIENCE.ANCIAL TECHNOLOGY, WHERA STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY LEARN MORE ATROM WALL STREET NJCU.EDU/GAMECHANGER.

AND IBEW LOCAL 102, PROUDLY COMMUNITY SINCE 1900.BUSINESS LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG.

>>> THIS WEEK ON "NJ BUSINESSBE" RESTRICTIONS LIFTED.

NEW JERSEY'S PANDEMIC REOPENING HITS A MILESTONE.

BUT BUSINESSES SAY THE MOVES DON'T GO FAR ENOUGH.

PLUS NOT THE TYPICAL GAMING YOU SEE IN ATLANTIC CITY.

ESPORTS A BILLION DOLLAR INDUSTRY NOW MAKING ITS WAY TO NEW JERSEY.

AND WE'RE TAKING YOU ON THE BLOCK CHAIN, AND PUTTING BIG TECH IN FOCUS FROM CRYPTO TO NFTs AND THE TECH THAT'S CHANGING HOW YOUR MONEY WORKS.

THAT'S AHEAD ON "NJ BUSINESS >> Announcer: THIS IS "NJ SCHAFFLER.EAT," WITH RHONDA >>> HELLO, I'M RHONDA SCHAFFLER.

BUSINESS BEAT.

"ING US ON "NJ IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>>> THIS WEEK, NEW JERSEY TOOK ANOTHER STEP TOWARD RETURNING TO HOW LIFE WAS BEFORE THE PANDEMIC, AS GOVERNOR MURPHY LIFTED CAPACITY LIMITS ON OUTDOOR GATHERINGS ALONG WITH LIMITS ON INDOOR GATHERINGS IN RESTAURANTS, BARS, GYMS, CASINOS, SALONS, RETAIL STORES AND INDOOR RECREATION.

DISTANCING ARE STILL REQUIRED INDOORS.

AND THAT WILL CONTINUE TO HURT BUSINESS AT RESTAURANTS ACCORDING TO BOB WAGNER, THE OWNER OF OFF RESTAURANTS IN SOUTH JERSEY.

>> THE MAJORITY, 6 FOOT SOCIAL DISTANCING DOES NOTHING FOR US.

WHEN WE WENT FROM 35% TO 50% WE GAINED ZERO SEATS.

NOW FROM 50 TO 100, I HAD TO REDO FLOOR PLANS, EVERYTHING WAS THE SAME BECAUSE IT WAS STILL 6 FOOT SOCIAL DISTANCING.

IT DOES ZERO FOR US.

YOU KNOW, IT'S JUST CRAZY.

PEOPLE COME IN TO THE BAR AND THEY'RE LIKE, HOW COME THE BAR STOOLS ARE UP.

IF I PUT BAR STOOLS HERE, I LOSE FOUR TABLES SO I LOSE SIX SEATS.

>> OVER THE PAST YEAR THE STATE HAS PROVIDED MILLIONS OF DOLLARS IN GRANTS TO TRY TO HELP BUSINESSES THAT HAVE LOST REVENUE DUE TO PANDEMIC RELATED RESTRICTIONS.AT THE SAME TIME, S LOOKING TO THE FUTURE, TRYING TO INVEST IN INDUSTRIES THAT WILL PROVIDE JOBS FOR RESIDENTS AND GROWTH OPPORTUNITIES FOR WITH THAT IN MIND, THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY IS SUPPORTING THE CREATION OF INNOVATION CENTERS AT TWO OF THE STATE'S UNIVERSITIES.

ONE AT NJCU WE'LL TALK ABOUT IN A MOMENT.

THE OTHER IS AT STOCKTON UNIVERSITY, AND THAT ONE WILL FOCUS ON GROWING THE ESPORTS INDUSTRY.

I TALKED WITH SCOTT HOUSTON, STOCKTON'S CHIEF INFORMATION OFFICER ABOUT THE FUTURE OF COMPETITIVE VIDEO GAMING IN THE STATES.

BIG NEWS FOR ESPORTS FANS WITH THIS INNOVATION CENTER.

TELL ME ABOUT THE PARTNERSHIP NOW BETWEEN STOCKTON AND THE EDA.

>> YEAH, SO STOCKTON UNIVERSITY IS LUCKY TO HAVE THIS GREAT PARTNERSHIP WITH THE NJEDA.

WE HAD AN IDEA FOR AN ESPORTS INNOVATION CENTER.

WE THOUGHT THERE WAS NO BETTER PLACE THAN ATLANTIC CITY TO PLACE THIS AND WE HAVE A BEAUTIFUL CAMPUS ON THE BOARD WALK IN ATLANTIC CITY.

SO WE HOPE TO POSITION THIS 501C3 INNOVATION ON OUR CAMPUS IN ATLANTIC CITY.

>> WHAT WILL THE CENTER BE GOING?

>> WORKFORCE DEVELOPMENT WILL BE WE SEE THERE'S A LOT OF JOBS COMING OUT OF ESPORTS IN A LOT OF DIFFERENT FIELDS BETWEEN BUSINESS MARKETING, COMMUNICATION, TECHNOLOGY, AND EVENTS MANAGEMENT.

THERE'S REALLY A LOT OF DIFFERENT OPPORTUNITIES OUT THERE.

AND WE'RE HOPING TO SPUR SOME JOBS OUT OF THIS MOVEMENT.

>> I HEARD THAT HACK-A-THONS WILL BE HAPPENING AND SO THAT'S EXCITING TOO.

>> SURE.

THE eSPORTS MARKET IS NOT JUST VIDEO GAMES.ERE'S A FOLLOWING B.

IT SPURS OUT TO OTHER THINGS LIKE HACK-A-THONS, PROGRAMMING COMPETITIONS.

STOCKTON STARTED THEIR PROGRAM TWO YEARS AGO NOW AND WE BLOSSOMED TO OVER 300 STUDENTS PARTICIPATING IN THE PROGRAM BUT NOT ALL ARE JUST DOING THE GAMING.THERE'S DIFFERENT SIDES E SPORTS AND THE DIFFERENT POSSIBILITIES SO WE ATTRACT A BUNCH OF DIFFERENT STUDENTS.

>> IN THE INNOVATION CENTER, THE EDA POINTED OUT THAT SOME COMPANIES ARE MAKING INVESTMENTS IN NEW JERSEY IN REGARDS TO eSPORTS, WHAT HAS BROUGHT THEM TO NEW JERSEY UP TO THIS POINT?

>> I THINK NEW JERSEY IS A GREAT PLACE FOR THIS.

OBVIOUSLY WE HAVE ATLANTIC CITY, ONE OF THE NATIONAL GAMING CENTERS OF THE WORLD.

SO I THINK THERE'S A LOT AVAILABLE THERE.

WE'VE HAD A LOT OF COLLEGIATE TEAMS THAT HAVE BECOME VERY POPULAR IN eSPORTS.

WE'VE HOSTED SUCCESSFUL EVENTS IN ATLANTIC CITY.

>> WHAT'S THE TIME LINE FOR THIS?

WHEN DOES THE CENTER GET UP AND RUNNING?

>> OUR PLAN IS BY THE FALL TO BE FULLY UP AND RUNNING, HAVE A DIRECTOR IN PLACE, SCHEDULING SOME EVENTS AND GETTING SOME OTHER MEMBERS ON BOARD TO FORM OUT WHAT THE MISSION OF THE INNOVATION CENTER WILL BE.

WHAT KIND OF EVENTS WE WANT TO START WITH AND WHAT KIND OF THOUGHT LEADERSHIP WE CAN PUT TOGETHER FOR NEW JERSEY MOVING FORWARD IN THE eSPORTS AREA.

>> WE'RE GOING TO TRACK YOUR PROGRESS.

THANKS FOR FILLING US IN TODAY, APPRECIATE IT.

>> I APPRECIATE YOU HAVING US ON.

AND I LOOK FORWARD TO THIS BECOMING SPECIAL FOR NEW JERSEY.

>>> IF YOU HAVE AN IDEA ABOUT WHAT THE FUTURE OF WORK WILL LOOK LIKE, THE STATE WANTS TO HEAR FROM YOU.

NEW JERSEY IS TAKING APPLICATIONS FOR A NEW NINE-MONTH PROGRAM DESIGNED TO SUPPORT INNOVATIONS THAT BENEFIT WORKERS IN THE STATE.

THE PROGRAM IS CALLED THE NEW JERSEY FUTURE OF WORK ACCELERATOR.

THE STATE'S CHIEF INNOVATION OFFICER, BETH NOVACK EXPLAINS HOW IT WILL WORK.

>> WE'RE TRYING TO TRACK PEOPLE WHO ARE INTERESTED IN DESIGN INNOVATIONS, THOSE COULD BE TECHNOLOGICAL, LIKE APPS, BUTVIS THAT ARE AIMED AT IMPROVING THE LIVES OF WORKERS, SOMETHING WE NEED DESPERATELY ESPECIALLY AS WE HOPEFULLY HAVE COVID SOON IN THE REAR VIEW MIRROR WE FACE A LOT OF ECONOMIC CHALLENGES.

>> NEW JERSEY COMPANIES HAVE A LOT ON THEIR PLATE RIGHT NOW, THERE'S ECONOMIC CHALLENGES FROM THE PANDEMIC AND ALSO A LOT OF THOUGHT GOING INTO HOW TO MAKE WORK PLACES MORE DIVERSE.

THE NEW JERSEY CHAMBER OF COMMERCE, FUNDER OF THIS SHOW, HIRED A NEW EXECUTIVE TO WORK WITH BUSINESSES LOOKING AT ISSUES OF INCLUSIVITY.

SHE'S PATRICIA THEHARD, WHO TACKLED SEXUAL ASSAULT AND HARASSMENT.

>> AS I LEARNED IN MY TENURE, THERE WERE LOTS OF WELL INTENTIONED PARTNERS BUT THEY DIDN'T HAVE THE SKILLS OR EXPERTISE TO DO IT APPROPRIATELY.

IT'S AMPLIFYING THE NEED TO TACKLE THE ISSUES HEAD ON, AND WITH THAT COMES THE NEED TO BE A CENTRAL LEADER IN ORGANIZING THE VOICES AND BUILDING THOSE SKILLS.

AND I THINK WITH THE TOOLS AND THE PARTNERSHIPS THAT THE KMAM BER ALREADY HAS IN PLACE, I'M ABLE TO HIT THE GROUND RUNNING.

>> JOSH SCOTT JEIMER THIS WEEK WAS TAPPED FOR A LEADERSHIP ROLE ON A CONGRESSIONAL SUBCOMMITTEE THAT EXAMINES THE SAFETY AND SECURITY OF THE NATION'S FINANCIAL SYSTEMS.

HE SAYS THE COUNTRY IS FACING THREATS FROM HACKING AND CYBER ATTACKS AND HE ALSO SAID THAT CRYPTOCURRENCIES POSE A SERIES OF NEW AND EVOLVING THREATS.

WE'RE PUTTING CRYPTOCURRENCIES IN FOCUS AFTER A WILD WEEK OF TRADING.A STUDY ESTIMATED THAT 6 MILLION AMERICANS OWN A SHARE OF BITCOIN, ONE OF THE BEST KNOWN CRYPTOCURRENCIES, THAT'S ABOUT 17% OF THE ADULT POPULATION.

ANOTHER SURVEY FINDS 13% OF INVESTORS PLAN TO PURCHASE DIGITAL ACCESS WITHIN THE NEXT 12 MONTHS.

THE MAJORITY OF THOSE INVESTORS ARE BETWEEN THE AGES OF 25 AND 44 YEARS OLD.

TO GET A BETTER UNDERSTANDING OF THE CRYPTO CRAZE WE TURNED TO DOUGLAS, THE CHIEF BUSINESS OFFICER FOR INX LIMITED, A TRADING PLATFORM FOR CRYPTOCURRENCIES AND DIGITAL SECURITIES.

GOOD TO TALK WITH YOU.

LET'S START WITH THE BASICS WHAT IS CRYPTOCURRENCY AND WHY ARE PEOPLE INVESTING IN IT.

>> IT'S A EXCITING WAY TO INVEST IN THE BLOCK CHAIN.

THEY'VE HEARD OF BITCOIN.

THE ONES FOLKS ARE FAMILIAR WITH BUT THEY'RE PAYMENT PROCESSES FOR THE BLOCK CHAIN AND IT'S REALLY LIKE A TRAIN TRACK.

ON THAT TRAIN TRACK, UP IN THE SKY, THERE'S LOTS OF DIFFERENT THINGS MOVING AROUND DIFFERENT AND THESE DIFFERENT TRAINS ARE PROJECTS RUNNING ON THE BLOCK CHAIN.

IN ORDER FOR THEM TO MOVE AROUND, THEY NEED TO HAVE FUEL AND THE FUEL IS SOMETHING LIKE BITCOIN THAT'S USED TO FUEL THINGS AS THEY MOVE AROUND ON THE BLOCK CHAIN.

IT'S LIKE A GASOLINE TO FUEL TRAINS AS THEY MOVE AROUND IN THE SKY.

>> IS THERE A DIFFERENCE BETWEEN THESE VARIOUS CRYPTOCURRENCIES?

>> THERE ARE LOTS OF DIFFERENCES BETWEEN THE CRYPTOCURRENCIES, MOST IS BASED UPON THE USAGE.

PEOPLE USE BITCOIN AS A STORE OF VOLUME, THERE'S A LIMITED NUMBER MINTED WAY BACK WHEN AND THEY CONTINUE TO GET MINED TODAY.

PEOPLE INVEST IN THAT BECAUSE IT'S LIKE A FRACTIONAL OWNERSHIP WAY OF OWNING SOMETHING THAT'S LIMITED IN VALUE OR LIMITED NUMBER.

THINK OF IT AS IF, YOU KNOW HOW TOWNHOUSES ARE LIKE IN MANHATTAN, IF YOU BOUGHT ONE BACK IN THE 1800s, IT WOULD HAVE BEEN $500, BUT IF YOU HELD IT BECAUSE THE VALUE OF THE DOLLAR DROPS OVER TIME, TODAY MAY BE WORTH $20 MILLION, BUT THE AVERAGE GUY CAN'T AFFORD A TOWNHOUSE, A PICASSO BUT THEY CAN AFFORD BITCOIN OR A FRACTIONAL OWNERSHIP OF BITCOIN AND THEY'RE HOPING OVER TIME THE PRICE OF THE BITCOIN WILL RISE IN VOLUME.

>> THEY'RE NOT SAYING THAT THIS WEEK.

WE HAD VOLATILITY, PRICE DROPS WITH BITCOIN, WHY IS THAT HAPPENING?

>> VOLATILITY IS HAPPENING WHEN THERE'S ONLY A COUPLE PLACES TO TRADE THE PRODUCTS.

IN THE UNITED STATES YOU'RE LIMITED WITH COIN BASE OR GEMINI OR CRACKEN.

WE'RE ENTERING THE MIX.

BUT THERE'S ONLY A LIMITED NUMBER OF DOORS TO GO INTO TO TRADE THE PRODUCTS.

AND SEEING THAT YOU HAVE LARGE GAPS BECAUSE THIS IS A MARKET LARGELY UNREGULATED RIGHT NOW.

SOMEONE CAN COME IN WITH A LARGE ORDER, SPOOK THE MARKET AND SEE IT RUN AWAY WITH THE LARGE OFFERS.

THAT'S WHAT WE'RE SEEING TODAY I THINK.

FOLKS ARE PLAYING DIRTY IN THE SAND PIT WHICH SAW A SELL OFF, WHICH NOW HAS LARGELY DISAPPEARED.

TODAY WE SAW SOMETHING SOLD TO AROUND 30,000 NOW BACK UP TO AROUND 38,000.

IT'S CRAZY BUT THIS IS CRYPTO.

IN GENERAL YOU SEE PULLBACKS 30 TO 40% AND THEN KEEP ON MOVING HIGHER.

GO BACK TO MY TOWNHOUSE EXAMPLE.

IF YOU THINK ABOUT THE 1970s.

NEW YORK CITY WAS A DISASTER, NO ONE WANTED TO LIVE HERE.

EVERYONE SAID THIS TOWNHOUSE I'M GETTING OUT OF IT.

THAT WAS THE SHORT TERM THINKING.AT'S LIKE BITCOIN TODA.

TODAY BITCOIN IS THE 1970s, RIOTS IN THE STREETS, A DISASTER.

THAT'S THE OPPORTUNITY WHEN YOU SAY I'M LOOKING AT THE LONG-TERM PICTURE.

TODAY IS THE DAY I BUY.

>> GREAT TALKING TO YOU.

THANK YOU FOR YOUR TIME TODAY.

>> THANK YOU VERY MUCH FOR HAVING ME.

THANK YOU.

>>> SO MAYBE YOU'RE FEELING PRETTY CONFIDENT THAT YOU UNDERSTOOD WHAT CRYPTOCURRENCIES ARE AND HOW THEY WORK.

THEN ALONG COMES ANOTHER TERM FROM THE DIGITAL ASSET WORLD AND THAT'S NONFUNDABLE TOKENS, NFTs.

WE GOT A LESSON ON NFTs FROM A FACULTY MEMBER AT RUTGERS BUSINESS SCHOOL.

IT SEEMS THE BUZZWORD THESE DAYS IS NFT.

WHAT IS AN NFT AND HOW ARE THEY BEING USED?

>> SO FIRST OF ALL, LET'S NFTs ARE WHAT YOU CALL NONFUNDABLE TOKENS BUT FUNDABLE VERSUS NONFUNDABLE IS A CONCEPT AROUND SINCE THE BEGINNING OF TIME.

LET'S THINK ABOUT THE PHYSICAL WORLD FIRST.

THE PHYSICAL WORLD FIRST WHEN WE'RE TALKING ABOUT FUNDABLE VERSUS NONFUNDABLE.

WE CAN THINK ABOUT WHAT IS IT'S TANGIBLE AND ALSO INDISTINGUISHABLE.NK ABILITY THL THEN $1 BILL, IT'S INTANGIBLE BECAUSE IT DOESN'T MATTER WHICH BILL YOU USE WHEN YOU BUY COFFEE.T IT'S NOT INDISTINGUISHE BECAUSE OF THE SERIAL NUMBER.

AND THE SERIAL NUMBER THIS IS HOW THE CENTRAL BANK IS TRACKING IT.

NONFUNDABLE IS SOMETHING TO THINK ABOUT, YOU CAN THINK ABOUT ANYTHING LIKE AN ACTION MOVIE OR A VIDEO, AN ALBUM, MUSIC, ANYTHING THAT IS, YOU KNOW, VERY, VERY UNIQUE THAT'S SOMETHING THAT WE CALL NONFUNDABLE.U CAN TAKE ANY DIGI, ANY DIGITAL ASSET AND TOKENIZE IT BECAUSE IT'S UNIQUE.

EVEN THIS VIDEO IS UNIQUE, RIGHT.

WHATEVER YOU KNOW, YOU MAKE YOU CAN TOKENIZE IT, IT'S UNIQUE.

>> YOU MENTIONED IN THE ART WORLD WE'RE SEEING IT IN THE COLLECTIBLE WORLD.

WHAT ARE KIND OF THE BROADER IMPLICATIONS POTENTIALLY FOR NFTs?

CAN IT REVOLUTIONALIZE CERTAIN INDUSTRIES?

THINK IT'S GOING TOE TO MORE BUSINESS USE CASES.YOU E WINE.

WINE CAN BE VERY UNIQUE AND YOU CAN TOKENIZE IT.

BECAUSE EACH AND EVERY BOTTLE OF WINE IS UNIQUE.

YOU CAN ALSO TOKENIZE LENDING, RIGHT.

YOU CAN TOKENIZE YOUR CERTIFICATE, ANY CERTIFICATE.

SO ANYTHING THAT'S UNIQUE CAN BE TOKENIZED.D I THINK THAT THAT IS GOING TO BECOME MORE OF A USE CASE IN THE BUSINESS WORLD.

>> I THINK WHAT'S INTERESTING ABOUT NFTs AND THIS WHOLE SPACE IS THAT IT APPEARS TO BE HARDER TO VALUE BECAUSE OF THIS UNIQUE ASPECT YOU'RE JUST TALKING ABOUT NOW WITH NFTs, BUT IT SEEMS PEOPLE STRUGGLE WITH HOW TO VALUE THESE ASSETS AND THEN THAT MAKES PEOPLE WONDER IF THEY'RE OVERPAYING FOR ASSETS LIKE THIS.

>> YEAH.

BUT THAT'S SOMETHING YOU CAN SAY ABOUT ANY INVESTMENT, RIGHT.

THERE'S A HYPE ABOUT AN INVESTMENT, WHETHER IT'S A PIECE OF ART THAT YOU SEE AT A MUSEUM, CELEBRITY SELLING SOMETHING, AND ANY COLLECTIBLE THAT MIGHT BE SO NOW I THINK IT'S -- WE ARE AT THE STAGE OF THE HYPE WHEN PEOPLE MIGHT BE PAYING JUST FOR THE SAKE OF BUYING NFT AND BEING IN, YOU KNOW, IN THE SAME, YOU KNOW, HAVING INVOLVED WITH THAT AND FEELING LIKE INVOLVED.

AND YOU MIGHT BE END UP, YOU KNOW, EVENTUALLY THAT YOU OVERPAID BUT THAT'S SOMETHINGHER IT'S REAL ESTATE THAT YOU BUY OR COLLECTIBLE, SOME BASEBALL CARD OR A SPECIAL WINE.

THINK OF COLLECT ALL KINDS OF THINGS AND THEY MIGHT BE OVERPAYING, FIVE YEARS DOWN THE ROAD THEY SAY, GOD, I PAID TOO MUCH.

I COULD HAVE BOUGHT FOR HALF THE PRICE.

>> THANK YOU SO MUCH FOR YOUR >> YOU'RE WELCOME.

>> NFTs, CRYPTO CURRENCIES, IT'S PART OF THE FINANCIAL TECHNOLOGY WORLD WHICH IS RAPIDLY EXPLODING AND DISRUPTING OLD SCHOOL FINANCIAL SERVICES.

WHEN YOU USE AN APP ON YOUR PHONE TO TRANSFER MONEY, FIN TECH MAKES THAT HAPPEN.

ONLINE SPORTS BETTING IS POSSIBLE WITH FIN TECH.

NEW JERSEY HAS A PRESENCE IN THE FIN TECH INDUSTRY AND THE STATE WANTS TO KEEP IT THAT WAY.

THE NJEDA IS PROVIDING NJ UNIVERSITY, A FUNDER OF THIS SHOW, FUNDS TO MAKE A CENTER.

I SPOKE WITH THE FOUNDING DEAN OF THE THE BUSINESS SCHOOL ABOUT HOW THE CENTER WILL FURTHER NEW JERSEY'S FIN TECH INDUSTRY.

WHY IS A CENTER LIKE THIS WITH THE FOCUS ON FIN TECH IMPORTANT FOR A PLACE LIKE NJCU?

>> FIN TECH IS SUCH AN IMPORTANT EMERGING FIELD IT'S PERMEATING SO MUCH OF WHAT WE DO ON A DAILY BASIS AND WE DEVELOPED A CORE COMPETENCY AT THE SCHOOL OF BUSINESS FOCUSED ON FIN TECH AND THE DATA SCIENCE AND THIS CENTER WILL ENABLE US TO SERVE OUR STUDENTS AND FACULTY AND COMMUNITY BY TAKING THE EXPERTISE THAT WE DEVELOPED AND TO SUPPORT THAT INDUSTRY AND DEVELOP JOBS AND ECONOMIC GROWTH FOR THE REGION.

>> AND HOW EXACTLY WILL THAT TAKE PLACE?

WHAT WILL THE CENTER BE DOING?

>> INITIALLY IT'S GOING TO BE FOCUSED ON WORKFORCE DEVELOPMENT.WE'RE GOING TO WORKR FACULTY AND INDUSTRY, ALONG WITH OUR FRIENDS AT THE ECONOMIC DEVELOPMENT AUTHORITY TO DEVELOP PROGRAMS TO TRAIN STUDENTS AND MEMBERS OF THE COMMUNITY TO TAKE JOBS IN THE FIELD OF FIN TECH AND SPORT WAGERING.

>> WE'VE REALLY SEEN, AS YOU'VE MENTIONED, HUGE GROWTH IN THIS INDUSTRY AND THE JERSEY CITY AREA WHERE THE NJCU SCHOOL OF BUSINESS IS LOCATED, A LOT OF FIRMS HAVE DECIDED TO SET UP SHOP THERE WHY DO YOU THINK THAT IS?

>> IT'S PART OF THE HISTORICAL REGION, IT WAS THE CLEARING AND SETTLEMENT OF THE BACK OFFICE OF WALL STREET FOR GENERATIONS.

AS TIME PROGRESSED SOME OF THE OPERATIONS HAVE MOVED INTO AN ELECTRONIC FORMAT AND THERE'S THAT LEGACY OF EXPERTISE THAT IS MORPHING INTO THIS FINANCIAL TECHNOLOGY SECTOR.

I THINK IT'S PARTLY DUE TO THE EDUCATED WORKFORCE WE HAVE IN NEW JERSEY AND THE ACCESS TO THE FINANCIAL INDUSTRY IN NEW YORK CITY JUST ACROSS THE RIVER.

>> IS FIN TECH REALLY SOMETHING THAT IS CONTINUING TO EXPAND EVEN BEYOND THE TRADITIONAL BANKING SECTOR WHICH IS WHAT I THINK A LOT OF PEOPLE THINK OF WHEN YOU HEAR FIN TECH?

>> I THINK IT'S PERMEATING OUR LIVES IN WAYS WE DON'T KNOW.

WE HEAR ABOUT BITCOIN AND ALL THESE CRYPTOCURRENCIES, MANY OF US USE VENMO TO SEND MONEY TO FRIENDS AND RELATIVES BUT IT'S GOING BEYOND THAT.

IT'S USED FOR CLEARING AND SETTLEMENT, IT'S USED FOR ALL KINDS OF TRANSACTIONS TAKING PLACE BEHIND THE SCENES ON THE APPS WE USE ON OUR PHONES EVERY DAY.

WE'RE HOPEFUL WE CAN TRAIN OUR STUDENTS AND HELP THEM GAIN THE EXPERTISE NEEDED TO WORK IN THAT FIELD.

>> IN TERMS OF THE TYPES OF JOBS THAT ARE AVAILABLE, WHAT WILL YOUR STUDENTS BE TRAINED TO DO?

>> SOME OF IT IS BASIC ANALYTICS.

WORKING WITH EXISTING SYSTEMS TO ANALYZE RINGS OF DATA.

WE'RE ALL PRODUCING INCREDIBLE AMOUNTS OF DATA EVERY DAY WITH OUR NORMAL LIVES AND OUR PHONES AND ACTIONS.

IT'LL BE BASIC CODING AND SOME OF IT WILL BE MORE SOPHISTICATED I PERSONALLY HOPE SOME OF THE STUDENTS WHO COME TO US WITH IDEAS WILL HELP DEVELOP THOSE IDEAS, HELP WITH ENTREPRENEURIAL BACKGROUND TO HELP THEM GROW INTO BUSINESSES THAT EMPLOY OTHERS.

>> ANY CONCERNS WITH FIN TECH?

>> IT'S OUT THERE WE WORRY ABOUT IT ALL THE TIME BUT WE'RE GOING TO CROSS POLLINATE IT WITH OUR SECURITY STUDIES HERE AT NEW >> WHEN IS THE CENTER GOING TO BE UP AND RUNNING?

>> I HOPE BY FALL.

WE SIGNED THE MEMORANDUM OF UNDERSTANDING WE'RE GETTING OUR DUCKS IN A ROW SO TO SPEAK, BUT HOPEFULLY EARLY FALL THIS YEAR, COINCIDING WITH THE SCHOOL YEAR.

>> BERNIE, THANKS GOOD TO SEE YOU.

>> YOU TOO RHONDA.

>> WE'RE GOING TO LEAF YOU WITH WORDS OF WARNING ABOUT CRYPTOCURRENCIES.

HARVEY PITS PREVIOUSLY SERVED AS CHAIRMAN OF THE U.S. SECURITIES AND EXCHANGE COMMISSION.

WE BELIEVES CRYPTOCURRENCIES ARE A RISKY INVESTMENT AND MORE REGULATION IS NEEDED.

RIGHT NOW WE'RE SEEING A LOT OF VOLATILITY IN THE CRYPTOCURRENCY MARKET.

IS THIS LIKE THE WILD WEST RIGHT NOW?

>> IT DEFINITELY LOOKS LIKE WILD WEST.

PEOPLE HAVE INVESTED, BUT THE MARKET IS NOT WELL UNDERSTOOD, EVEN BY THOSE WHO HAVE INVESTED IN IT.

AND IT IS SUBJECT TO VERY GREAT FLUCTUATIONS IN PRICE, GIVEN SOME OF THE NEWS ITEMS THAT COME OUT ABOUT CRYPTOCURRENCY SO IT IS NOW, AT THIS POINT, A VERY DANGEROUS INVESTMENT, AND ONE THAT IS HIGHLY VOLATILE.

>> WHAT DO YOU THINK ABOUT THE STATE OF REGULATION?

IS THIS A MARKET THAT REALLY NEEDS TO BE TAMPED DOWN WITH >> IT'S NOT SO MUCH TAMPED DOWN WITH REGULATION.

I THINK THAT THERE NEEDS TO BE CLEAR RULES OF THE ROAD.

THE PROBLEM IS, THE S.E.C.

IS NOT 100% CLEAR, AND SO ONE OF THE ISSUES BECOMES WOULD EVERYONE BE BETTER OFF IF CONGRESS DECIDED HOW IT WANTS THESE INSTRUMENTS TO BE REGULATED AND THEN SAID SO IN LEGISLATION.

>> RIGHT NOW GIVEN THAT THINGS ARE MURKY, ARE INVESTORS POTENTIALLY -- COULD THEY BECOME VICTIMS OF SCAMS FOR INSTANCE?

CLEARLY THEY CAN LOSE THEIR MONEY, BUT IS THERE SOMETHING WORSE THAT CAN HAPPEN?

>> IT'S ONE THING IF YOU LOSE MONEY, BECAUSE YOU MADE A BAD INVESTMENT DECISION, BUT HAD IT'S AN ENTIRELY DIFFERENT THING IF YOU LOSE MONEY BECAUSE SOMEBODY TRICKED YOU OR DEFRAUDED YOU INTO BUYING AN INSTRUMENT THAT WASN'T SUITABLE FOR YOU OR WASN'T SOMETHING YOU UNDERSTOOD.

AND IN THE CURRENT ENVIRONMENT, WE'RE IN THE PROCESS OF WITNESSING A HUGE BUBBLE OF CRYPTOCURRENCIES.E ARE SO MANY T KINDS AND EVEN CRYPTOCURRENCIES THAT WERE -- STARTED OUT AS JOKES, DOSCH COIN, HAVE NOW WOUND UP BECOMING SERIOUS CRYPTOCURRENCIES IN THE MINDS OF SOME INVESTORS AND THE PRICE HAS SKYROCKETED ONLY NOW TO BE PLUMMETED.

>> IS THE BUBBLE BURSTING, DO YOU THINK?

>> I THINK THE BUBBLE IS CERTAINLY LEAKING.

WHETHER IT WILL BE FULLY BURST, I THINK IS SOMETHING THAT WILL DEPEND ON HOW THE REGULATORS AND GOVERNMENT GOES ABOUT THIS ISSUE.

>> THANK YOU FOR YOUR OPINION ON WHAT WE'RE SEEING IN THIS MARKET.

REALLY APPRECIATE IT.

>> MY PLEASURE.

>>> HOURS AFTER OUR INTERVIEW THE U.S. TREASURY DEPARTMENT ANNOUNCED STEPS TO CRACK DOWN ON CRYPTOCURRENCY MARKETS SAYING TRANSACTIONS $10,000 OR MORE WILL HAVE TO BE REPORTED TO THE IRS.

>>> AND THAT WRAPS UP OUR SHOWK.

THANK YOU FOR WATCHING.

I'M RHONDA SCHAFFLER.

WE'LL SEE YOU NEXT WEEK.

>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY, BUSINESS.Y CHAMBER OF COMMERCE.N ONLINE AT NJCHAMBER.COM.

NJBIA HAS BEEN THE VOICE OF BUSINESS FOR MORE THAN 110 YEARS AND IS BUILT TO SERVE OUR MEMBERS IN TODAY'S NEW NORMAL.

NJCU SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, WHERE BUSINESS ANALYTICS AND DATA SCIENCE.

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LEARN MORE AT NJCU.EDU/GAMECHANGER.

AND IBEW LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LEADING THE WAY.

VISIT IBEW102.ORG.

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