and yes i mean obviously yes i mean clearly the fact that bitcoin is finite. substance by design you know there's whatever 21000000 bitcoins and people are desperately mining for them and the scarcity value you know in the man yes a function of supply and demand and i think now you see the demand higher than the supply and the price is go is going up again you know i do agree with mr goodman that you know this is a confidence game so the fact that you know it more and more institutions in the financial sector whether it's you know b.n.y. mellon or you know j.p. morgan chase is now you know being sort of dragged into it because its employees want to trade it and its clients want to use it if more more people have confidence in this thing that frankly there's no reason to have confidence in them that can be a self-fulfilling prophecy it's no different in that sense than the money or gold or any other form of clinical currency or store of value that we use to trade with people need to be able to trade. goods and services and if they have confidence in bitcoin is

and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big quins very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance and then they notice that their paper money it becomes increasingly worthless and that's true of all paper money and it's been so for 300 years money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is becaus

she also talked about bitcoin. these are some of the names that not only got her the gains, but she made it clear she doesn't think those gains are over. tom: in the break, i was doing my taxes. lisa was thinking about this serious issue. do we have any understanding of what her cash holdings are right now? romaine: she didn't say. lisa: i was looking at her key etf, which saw its biggest withdrawal in the last trading poker recorded yesterday of them was $500 billion. it raises the question, this sort of issue that comes up with a self-fulfilling selling cycle because she does own a lot of these stocks. when they go down, what cash does she have? romaine: we had a conversation about how diverse some of these funds are. when you get to sort of the top 20%, 30% of her holdings, it is a pretty small basket of high flyers, and that has to be a concern if we do find ourselves in a real and sustained correction, at least according to her. as you would expect, she is still relatively bullish. i does want to bring you a c

any chance of taking bitcoin as a currency? tony: no plans to invest in bitcoin currently, but we are following what is happening. emily: would you accept bitcoin as a form of payment? tony: it is something we are considering, but no news on that front today. emily: prop 22 has passed. you spent a lot to pass that in california to make sure that your dashers could still be treated as contractors. you will have to pay them more in benefits, but i know this is important to you. is it going to be complicated to rule this out? tony: we are very excited about prop 22. it has already been rolled out late q4 and it has had astounding impact and it is one of the few policies that is seeing where the outcomes actually achieve the intended objectives, which really were to give the dashers, the workers the flexibility that they told us over and again they refer and pair it with protections they deserve. we are thrilled that the voters overwhelmingly supported the dashers in this regard, so when we look at some of the results, earnings are

so is this the katscase here fo bitcoin? >> i personally don't think so i mean, the problem with the mining sector at this point, i think at some point in the future they may. the problem with mining right now is you have massive sunk costs. you constantly have to be updating your equipment, and you're effectively making the same bet that bitcoin is going to go up you're going to do well if bitcoin goes up. i'm sure the ceo will tell us, well, we can make money even in a flat market. i get that, but to me, it's a very capital intensive business, and i'd rather just buy bitcoin, even though bitcoin has been the slacker, apparently, on returns at 300%. >> only 300% over six months c grasso, would you agree? i guess there is a case in theory that maybe some people are not institutions, namely are not allowed to buy bitcoin for whatever reason they are allowed to buy listed stocks instead so maybe this is their way to have exposure to bitcoin, but still 1500%. >> i think all of those reasons you just stated make a ton of sense.

bitcoin up by 4%. we have a bitcoin consummate that we will be -- summit we will be bringing to you. all of that adding to the bitcoin optimism. dig into what is happening in the market and it is a tremendous rise that we are seeing. markets are relatively calm, but financials are at a record up .6% and it really is reflation. you get more business and you are making money more off of the loans because of the steeper yield court -- steeper year -- yield curve. guy: broadly, the data that we have been watching has been out of the united states stronger than anticipated. without getting a weakness coming through, it is a certain extent expected, although it is not surveyed in terms of the economists we have talked to. the housing market has been red-hot. a huge spike up and then starting to fade. pending home sales down to -- 2.8%. the prior number actually revised higher taking the nonseasonally adjusted year on year number to 8.2%, which is a slowdown from the 22.8 that we had last month. after such a

taxes and capital investments in bitcoin and we will speak to the mayor about that initiative ahead. >>> and the texas energy nightmare. >>> and so, jon, what is happening overall in the market? >> well, it is key parts of the market that had been momentum-type stocks and sectors over the past 12 months. looking at the dow, flat on the day, and call it up six points and the s&p is down .33, and the real underperformer off of the lows of the session is the nasdaq composite and roughly one-third declines there. and the rising interest rates and you heard it from cathie wood there in the previous hour, the valuations of many of the momentum type stocks and in the sector are coming under question if the interest rates continue to rise in a quick fashion. if you are looking at the 10-year treasury yield, the last trade there, and at one point today, we did get above 1.3%, and just about 1.33 was the day's high on the 10-year treasury note, and this is the highest level since february of last year. something to keep an eye on. and the interest rates in mind, and the valuations playing a ro

and bitcoin pulling back. we have the you want at 6440, unchangedrent -- 644 08, unchanged currently. rishaad: in myanmar, declared martial law. process to -- marshall ought to stem growing popular opposition -- martial law to stem growing popular opposition to the military coup. tell us what the situation is like in the financial capital young don now? >> it does not appear -- yan gdong? now >> it does not appear had much impact here but video footage showing thousands protesting in the streets. they are calling come of course, for the immediate release of on, -- aung san suu kyi, as well as for the military to back down from its role in politics which it has had a hold on for several decades now. haslinda: with martial law in place what might happen now? >> it is anybody's guess, but as we can see already this morning, the protest movement does appear to be continuing. it has been sweeping, it has been across cities all over the country. all different kinds of groups. you know, myanmar does have, unfortunate

the highlight was the bitcoin investment, 3318 bitcoins bought for $170 million. you are seeing a little bit of a decline. we will look at hr in a minute. intuit, beating estimates, and investors not hopping into the shares after the close. seeing a pullback in the shares. gamestop news, the cfo resigning, pressuring those shares over 4% of a decline there, and taking a broad step back, i want to look at what happened with the major averages. the s&p 500 marginally in the green. few tech being able to lift it higher, but the broad tech story is a negative one. the nasdaq 100 and the semis down for a second straight session. we will look at the latest spac confirming their news with lucid motors. 472% gain before today's 38% drop, with traders selling the news. we have to end with bitcoin. that is the major risk sentiment indicator. recently after the close reported that investment in bitcoin are already seeing that not work in their favor. emily: right. really interesting, thank you. i want to get to tesla. share wiping out there year to date -- shares wiping out

couple of weeks ago, the amount of larger bitcoin wallets, so those holding more than a thousand bitcoin which is worth about $50 million, reduced their position so sort of trimmed their holdings around that 50k mark. meanwhile, retail investing picked up. as prices go up here, we see some of the momentum retail investor interest is surging. that's data from chain analysis and we also had elon musk saying that bitcoin seems high after passing a trillion dollar market cap. so a lot of action with bitcoin but again, around 53,000 right now. back to you. >> i wonder, he says something seems high speaking of things going higher, trip adviser up about 11%. thanks, kate rooney, after earnings got a buy from d.a. davidson there, julia? >> yeah, look at those shares and carl, what are you watching today as we close out the hour spotify shares up 4% >> wow okay also, points out the dow is in the green. only the fifth time in the last ten years the nasdaq down on a day when the dow was up and doc ewed docusign one of the laggards >>> i'm scott wapner front and center dow dramatically outperforming

joe. >> someone did tweet about bitcoin. and i have confirmed it, andrew. >> what's that >> i see it right here someone did tweet about bitcoin. i have confirmed it. the blue check mark is there person has 8.4 million followers, lindsay lohan tweeted bitcoin to the moon. exactly two hours ago to her 8.4 million followers. so, you were right -- >> not the same reaction when elon musk tweets that. >> you're right. someone did tweet. what's funny, i'm looking at melissa lee follows lindsay lohan. >> for some reason, every time bitcoin goes up, we try to explain why it goes up >> no, we don't, no, we don't. >> 10,000 -- elon musk -- >> every last little tweet of some person. >> okay. up 3%. you micro analyze the 3% move. you'll get a long way with that. >>> new jersey hitting a covid vaccine milestone. 1 million doses administered the goal is to get 4.7 million vaccinated by the summer for more, let's welcome in new jersey governor phil murphy from new jersey we'll try to save some time for the end, governor. you were making ext

and the broader bitcoin space. let's bring in brian kelly good to hear from you. i kind of thought that dollars were already sort of digital i can send you money by venmo or paypal or venmo. >> we have a digital dollar already. how many people, if you have kids you know that they never ever use cash. everything is going to electronic payment, so i don't think there's really that big of a deal about a digital dollar. you know, on the other hand, i think it would be just fantastic for bitcoin, because what you do know is that once a site has a digital wallet they will continue to print that money and that is the exact opposite value proposition than from bitcoin. >> you think it going ahead with the digital dollar, that would mean they would print more money, because it's just that much easier? >> yeah. exactly. there's two things instead of mailing out stimulus checks, they simply credit your wallet with more money alternative, if they wanted to get you to spend that money, they'd put $1400 a week and if you don't s

bitcoin is it's just. some see it has no intrinsic value not just that but it is extremely costly to jews. syria. mining process so it is an environmentally unfriendly intrinsically valuable this. private c.s. clearance. well we're going on the way you think it's a private fee had country in it in a moment and of course big going to vote will say you're talking about the new money supply off big coin the existing ones have already been mined and take up no environmental impact i suppose apart from the computers that we're using anyway i mean surely they would say it has an intrinsic value in that people who support the bitcoin currency believe it is an emblem of a totally new financial architecture without people like you and what you did at the bank of england or the european bank for reconstruction and development. road who feels currency. and as such it is really what people think it is this can be if you see 1000 as opposed to less than 10000 year ago. was a tense of a cent 1st was issued. or it could

gold is on the floor and bitcoin is the pretender -- is on the throne and bitcoin is the pretender. francine: eddie van der walt, thank you very much. coming up, we speak with -- this is bloomberg. ♪ francine: a new week and global stocks surged to records. bitcoin starting just shy of $50,000. u.s. markets are closed for presidents' day. europe continues to lag behind in vaccinations. -- says the rollout will be critical for the growth forecast. the spac revolution continues as the former unicredit ceo is heading the mix. good morning and welcome to "bloomberg surveillance." i'm francine lacqua, tom keene with the day off. in the last couple of seconds, we had breaking news out of the u.s. this has to do with the price of oil and the price of natural gas and that arctic snap in the u.s.. just moments ago, we heard that the cold weather put

and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big quins very close to cent relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they'd lose so much money from that the us not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance then then they notice that their paper money it becomes increasingly worthless and that's true of all paper money and it's been so for 300 years money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is bec

bitcoin is just too good. for some saying it has no intrinsic value. not just that but it is extremely costly. mining so it isn't environmentally friendly intrinsically. private. well we'll get on the way you think it's a private freehand country and in a moment and of course big going to vote will say you were talking about the new money supply off big corn the existing ones have already been mined and take up no environmental impact i suppose apart from the computers that we're using anyway i mean surely they would say it has an intrinsic value in that people who support the bitcoin currency believe it is an emblem of a totally new financial architecture without people like you and what you did at the bank of england or the european bank for reconstruction and development. it's a road you see us currency. and as such it is really what people think it is this can be if you see 1000 as opposed to less than 10000 year ago. was a tense of a cent 1st was issued. or it could be nothing. most easy to libya existing of possibilities. it's a very high risk of

we'll see 100,000-dollar bitcoin by end of this year. charles: buddy, that bringing us plenty of time to talk you back about it. maybe we will bring in peter schiff as well. thank you so much. how do you say no to lowering income of stimulus payments. would-be rescue package has become a progressive swag bag of handouts. can republicans only stand by and watch? i will you talk to ken buck next. $15 minimum wage, no talk about the impact to small business owners. the dangers small business owners face. right now they're liesing faith and losing it fast. for them, s. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. ♪♪ ♪♪ ♪♪ some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) (sam) gamers! he who is good for making exc

but the bitcoin thing is very serious. you cannot buy the hamptons yet, not goldman sachs yet, but -- chamath: can i tell you something that is so important about bitcoin? it just shows the fragility of the traditional financial model. if you look at the quantity and supply of the sample, the question people should be asking, if bitcoin becomes a defect to reserve currency, that replaces gold. what replaces the u.s. dollar? if you want to bear with me, it is not bitcoin that replaces the u.s. dollar. it is a stable going. what does that mean? there are companies around the world that are replacing one fixed u.s. dollar with one digital token of a u.s. dollar. by simply making that abstraction, they are able to completely build financial rails that didn't exist. and offramp to trading, asset management, payments, processing, there is a resolution happening. it is not as much in the united states because the financial services infrastructure is so robust, but when you look at the developing world, any market where there is a

and that bitcoin is an excellent as it to hold. obviously look, bitcoin had an incredible run. in the end, i think that is a big part of the story. it is an asset that has gone up. matt: you know, the hard part to understand is the use case for bitcoin. and that may sound rich coming from an, but i heard glenn hutchins trying to talk erik schatzker through it. and i get that there are use cases for a lot of other alt coins. but for bitcoin, the transaction is costly, slow, and it does not seem to have picked up any speed. joe: you know what i think the answer is? use cases making more money. and it kind of breaks your head because why those go up. i know. in the end, this is the argument for holding it. you can come up with a lot of fancy stuff about blockchain technology but the advocates of bitcoin basically say to buy it because it will go higher. matt: great talking -- amber: i think a lot of people still think of it. matt: sorry. amber: go ahead. matt: really a use case as glenn hutchins was telling eric. he wants it to have some other use case beyond just being a store of

dan ives says the tesla stake in bitcoin is potential game changing move for the use of bitcoin from a transactional investment. bill miller reserved right for his portfolios to invest in bitcoin, very craw gray scale in bitcoin trust. that is according to filing. miller was one of crypto early proponents if you remember. the bitcoin price is quadrupling in 2020. it has been quite a turnaround. tesla investment in bitcoin, latest sign this cryptocurrency being quitely eph -- embraced. elon musk has been talking up bitcoin on twitter and and daigh con,. >> done treat tweeted about daig coin, this was based on a dog people initially started as a joke. it has gained a following. the token climbed for 2.8 cents and market cap of 10 1/2 billion. never go against, well dogs. back to you. charles: i guess not, cheryl, that is for sure. thank you very much. of course elon musk, right? he had been teasing interest in bitcoin a couple weeks now. he is putting his tweets into action. but the man who set the standard for these companies to get bitcoin on their company balance sheet, he is here w

and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big queens very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance and then they notice that their paper money it becomes increasingly worthless and that's true of all paper money is spent so far 300 years of money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is because

plus, bitcoin falling dipping below $50,000. yikes. we're talking to the ceo that just launched the firs

it when you can pay with bitcoin basically so that's my 1st encounter at because i am and then i use it for my business and then fell in love with it helped me a lot of time with my business so yeah it's been really great your company spec cawing provide education for indonesia so what groups are you looking to educate who is really taking a big point and where do you find some resistance right now like you know in indonesia is actually the biggest one of the biggest country when it comes to like internet user especially in southeast asia we have like 300000000 population and almost 50 percent of them are internet user so like i'm targeting like mostly millennial and especially at the ching them how to save in bit client because as indonesia we don't have. really like a saving technology where yeah you can save your money and store your wealth so this is my primary focus which is teaching people how to save but i guess the resistance is coming from. you know like because in a nation there's a lot of scam going on so like people always think when they see something from internet they

you cite a mixed bag of earnings but the highlight was the ir bitcoin investment, 3318 bitcoins bought for $170 million. you are seeing a little bit of a decline. we will look at hr in a minute. intuit, earnings outlooks beating estimates, and investors not hopping into the shares after the close. seeing a pullback in the shares. as you mentioned, gamestop news, the cfo resigning, pressuring those shares over 4% of a decline there, and taking a broad step back, i want to look at what happened with the major averages. flip up the board. the s&p 500 marginally in the green. futex names being able to lift it higher, but the broad tech story is a negative one. the nasdaq golden dragon index which of course is heavily weighted toward tech as well as the the nasdaq 100 and the semis down for a second straight session. look at the board one more time. we will look at the latest spac confirming their news with lucid motors. take a look at that one-month chart. 472% gain before today's 38% drop, with traders selling the news. you have seen so much anticipation in that spac. we have to end with

how does that fit into how you think about bitcoin? sarah: at eastspring, we have not been introducing bitcoin into our client portfolios. that is not to say we don't think about it. we have investments in companies that are involved in the supply chain of bitcoin and cryptocurrencies, but we do not have it in discrete allocations. haslinda: sarah lien from east spring investments, thank you for spending your friday with us. let's get the first word news with vonnie quinn. vonnie: the u.s. says it is willing to talk about iran about the 2015 nuclear deal with the aim of finding a way forward on its cord abandoned by former trump. it says it will accept an invitation. tehran has called for action, not just words from the new administration in washington. meanwhile, the administration is pledging $4 billion to the covac to get vaccines to 20% of the people in the world. former president trump had refused to join the program. washington now says it will donate $2 billion this year and another $2 billion in 2022. china is rejecting allegat

plus, bitcoin falling dipping below $50,000. yikes. we're talking to the ceo that just launched the first bitcoin etf in canada. >>> the race to vaccinate is on. one major hurdle some people still do not want the shot we'll dig into who they are. and the numbers as "power lunch" starts right now >>> and welcome to "power lunch" i'm melissa lee. stocks well over the load, s&p on track for a five-day losing streak that would be the longest since february of last year. bob cosanny has more on the markets. bob, looks like rates for now. >> yes, higher rates are hurting tech quite simple replay trade versus technology stocks and higher rates concerns about that take a look today it plays out just like it's playing out on reflation. energy, banks, materials, industrials holding out well big techs, semi ducters and technology, to microsoft, apple, apple 12% off its high recently. amazon has gone nowhere for a few months now mega cap, just want to show you percentage from highs is a good way to look at this. facebook has been going nowhere for

i mean, bitcoin is a new vehicle. i'm attracted to bitcoin, quite frankly, because of the success of volatility and low correlation to the stock market. i think a lot of these stories we focus on are small stories in the bigger market story. to me, the bigger market story is we're going to have maybe the greatest growth year in the united states and around the globe in decades, perhaps, in terms on the back of massive stimulus and massive savings, massive pent up demands and a palet of relief when everyone gets a shot in the arm later this year. confidence among consumers and small businesses this morning, andrew, and i think investors are still depressed. and it tells me that if you think we're too giddy today and out over our skis, where do you think we'll be on victory over covid day? let's say later this year when the herd is fully vaccinated and there's palatable relief and industries closed are reopening. jobs lost are regained i think they'll be a lot giddier. >> jim, i want to be as positive as humanly possibl

some bitcoin lost -- the rate of production of bitcoin slows over time. that has been absolutely instrumental. every time we've seen the rally fate, there was another supply and it came back to us. that is what has kept it going. francine: don't worry. he cannot have seen your profile because tom still thinks you are called edward, which you are not, even on your christening. when does it going get regulated and by who? eddie: that is the big risk. regulators are looking at it. nobody wants to do anything because people want to speculate in the current environment, why shouldn't they be allowed to speculate? the moment this shows any hint of becoming systemic, the moment -- there are hints retail speculation is becoming systemic. the gme squeeze was a sign retail has an influence on the wider market. if we see a crypto crash and that triggers a crash and other assets, i think at that point the regulators take a dim view of this. francine: is this old wall street against the young people that understand crypto? if you take a look at twitter after an interv

tesla went up and so did bitcoin, $2000 per coin earlier this morning and right now it's 43900, bitcoin up. there is some buying in gamestop, a.m. seeing another shorted stocks, but a far cry from the recent frenzy. robinhood ran a commercial during the super bowl and made no mention of the turmoil. south africa will no longer use astrazeneca's vaccine as once said-- studies adjust its ineffective against the new variant, but australia is reassuring citizens that astrazeneca vaccine is effective in the stock is up 1%. here is something that may help the market overall, democrats have introduced legislation that will provide $3600 a year force millions of families with children under six years old and $3000 for older children under 18 in the family. in my opinion it's buying votes, but wall street doesn't care as investors love a town of money thrown at that economy. there's the super bowl and tom brady and gronk, trouble at the sports betting sites overloaded, some crashing gamblers are not happy but tom brady has won his seventh super bowl, mvp again, clearly the best and he teamed up

stuart: can you explain this one and you are the one to do the explaining here, bitcoin mining -- bitcoin mining uses more electricity than argentina. susan: mining bitcoin, a lot of power, a lot of electricity and computing power so you need mega advanced computers and chips that it's very difficult. you have all these complex algorithms running through these massive computers to mind bitcoin and it takes a while so that's why see the electricity surge in cambridge researchers say bitcoin mining takes up more energy than holland and the uae, and that power use has skyrocketed along with the price of bitcoin, almost quadrupling since november so pretty-- critics say if you think about it if elon musk and tesla are so green minded, it's not the most environmentally minded move to promote bitcoin is a possible payment method for tesla cars. stuart: co2 admission from global bitcoin mining are the same as or greater than new zealand co2 emissions a. susan: here's the catch, they will only be 21 million bitcoin, that's the finite number that will ever be minded that's why bitcoin's surging be

if you actually said that bitcoin grew to. take over as. fact a currency of a nation your shop. policy stabilization or defacto or the power of the central bank is ok if you reject that the bitcoin as such is not more valuable than a than you had currency than a commodity even as some have it because they say this is intrinsically this idea of a liberation from central banks. the coronavirus is clearly upset economy is in in the west far worse than the 28 crisis you don't believe that you have to adjust your views of bitcoin given that there may be a correlation between the coronavirus and bitcoin it's not just it's not just the old big investor putting money in for these. dutch tulip spikes no i don't think any see it it proved 90. aftermath good marriage. tract if. store of value or means of it and you reject that. actually far from as some of its proponents say it is an emblem of hajek and the and that kind of spiritualistic free market philosophy it's not actually quite marxist in that each bitcoin represents labor albeit the labor of computers producing those blocked chains

and bitcoin is an attractive one. in addition, i think the question is, what will the multiple creation accretion be for people who people who allocate to bitcoin. in the case of micro strategy, that is a very extreme approach allocating to bitcoin but the multiple is there in that firm and that leadership has benefitted from that move. same thing that we saw with square tesla, their reaction was maybe not quite the same but as we see more and more examples of different firms allocating their treasury assets to bitcoin, their real question for me is, what does that mean does that have an impact on multiples that investors and allocators assign to businesses? and if there is a positive effect there, i would expect that that strategy would be replicated across the entire s&p 500. >> what happens if the price goes down? i mean we saw it climb to record highs back in 2017 and then it crashed. so what happens to all of this discussion, and the adoption, and all of the things that you are trying to encourage, and really bel

because the end game is bitcoin you mentioned the stimulus tax and on the one him that these concern trolls in the new york times to say oh these people are going to lose all their money well they know it's a game and it was given to them for free and they know there's more free money coming to them right now but i also want to point out that this definitely cements trumps rule as a chaos agent because i also read in the past week that in 2020 it was the biggest transfer of wealth in u.s. history to the bottom 50 percent so the bottom 50 percent got the most transfer of wealth to them and us history so they have all this money of this free stimulus and they and they have these robinhood apps that allow them not only to trade for free but also to trade like really sophisticated weapons like these sophisticated options not just basic options like deep crazy options and borrowing leverage himself up just like a hedge fund yeah that's an amazing point that they know that more free money is coming just like the hedge funds on wall street have banked on bailouts ever sense really 187 they

coming up, bitcoin. the big dog is holding steady, $50,000, as the currency receives more and more institutional support. we are looking at the first bitcoin etf to hit north america. this is bloomberg. ♪ his is bloo ♪ want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g included at no extra cost. we've got you covered. so join the carrier rated #1 in customer satisfaction. and get a new samsung galaxy starting at $17 a month. learn more at xfinitymobile.com or visit your local xfinity store today. taylor: north america just got there first bitcoin etf and wasted no time getting out of the gate. this is adding already fueled bitcoin rally and the support it has been seeing among institutional investors and money managers. i am joined by ceo at osprey capital which just launched a bitcoin trust on tuesday. great to have yo

then something else happens and by the way that something else is called bitcoin right and again you know pointing back to this new york times article looking at the revolt of the public because of course the public institutions are revolting themselves and in a different an adjective way rather than a verb way or is that an adverb they're revolting anyway smartphone based trading apps like robin hood changed the situation by introducing commission free trade and an interface that made executing a gamma squeeze as straightforward as ordering a burrito from. suddenly millions of amateurs could organize themselves generate their own market research and investment theses drum up excitement on reddit threads and tick tock videos and enter the casino with the big boys whether storming the high roller tables has helped them financially is another question entirely right when i was a stock broker on wall street i traded a lot of options and to calculate for example the margin requirement on an option spread is difficult i know it take it out and do it myself the on paper a pencil and like o

going on the ground so-called mainstream media in nature nations is warning people not to invest in bitcoin the currency not controlled by government backed central bank regulators it comes off a bit going to value surged a little in the spike in some stocks sparked by grassroots activists seeking to damage the pool for the use of established hedge funds joining me now from st barts in the caribbean is the founder of bitcoin dot com raj of a thanks so much roger coming on i'm going to tell you that over here in britain as the spike in bitcoin that's bt see numbers have been happening there's been scathing articles written here telling people this is not the future all are powerful elites terrified of cryptocurrency. the incumbent the incumbents are always scared of the new upstart they're going to take away market share from them and that's exactly what we're seeing happen with digital currencies all over the world they're threatening be the status quo in the sense that it's easier faster cheaper more reliable to send or receive payments using crypto currencies than it is with traditional l

>> bob, i think 2021 is the year we see a bitcoin etf we just filed for bitcoin etf and the response is they have to wait for the trading of the markets division to get comfortable with the concept and the market division for the s.e.c. get comfortable with the bitcoin etf, i think it's listening to the community active as well as passive investors that are looking for a remedy to own bitcoin. looking for a safe environment to own bitcoin and historically, we have seen a lot of products with exposure to bitcoin with a premium to the spot price and lastly, i think with tesla, talking about owning bitcoin $1.5 billion with the bitcoin and the fact we are seeing the broader, going back to paypal last october where they're allowing crypto currencies transacted inside their community. a lot of synergies, to put sprinkles on the cupcake, we see etheorem and that's why i'm optimistic about a bitcoin etf for 2021 >> okay. thanks, will and jeff. join us 1:00 p.m. eastern time as we go into sports betting and bitcoin with will and jeff he'll be joined by dave nadig from etfedge.cnbc.com. >>> t

bitcoin is one of those. i can't tell you that bitcoin in the next big thing i can tell you reasons why this is happening. it may be the next big thing. there is chance it may not. you're getting in at 50,000. 50,000 looks a little bit like buying gamestop at $500 a share. you know where gamestop is trading now. we'll hear a lot about gamestop later in the week when the house financial services has hearings on the trading frenzy, the short squeeze involving highly shorted stocks, penny stocks that traded like amazon for a few weeks. i would just say one other thing here, neil. people have a lot of time on their hands to trade and speculate. when you keep interest rates this low, you have something like robinhood makes it easy to trade. neil: yeah. >> you will get bubbles this could be one of those. back to you. neil: thank you, my friend, very, very much. charlie gasparino on the bitcoin rise. i just keep track as charlie touched on a mainstream companies you want to call them that. that helped give bitcoin i

this is bitcoin priced in gold. suffice it to say, it costs almost no gold -- cost almost no gold to buy bitcoin when it first started. now, it takes 30 ounces of gold to buy one bitcoin. this is one tulip mania that has lasted almost a decade. laura, pleasure talking to you, as always. i look forward to speaking to you again soon. there is so much going on in this market that i have been glued to the mliv blog recently. laura cooper is the macro strategist from the mliv blog. you can get that by typing "mliv go" on your bloomberg. they should put a big mliv button on the bloomberg mobile app. coming up, barclays announces a 700 million pound buyback, as the bank beats the street with fourth-quarter results. we will speak to the ceo, jes staley, next. this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets: european open." we are just about 40 minutes away from the start of cash trading. not a lot of indication in terms of futures. we are not seeing very much happen right now but maybe it will move a lit

they didn't buy in at a cheap price either come over 3000 bitcoin, they bought in each bitcoin $51235 each. they are justifying this by saying bitcoin is an interest-- instrument they say of economic empowerment this is much less, the mind much less than tesla one and a half billion dollar purchase but tesla is bigger. he continues the trend of more companies looking to buy bitcoin with cash holdings this morning my strategy said about another billion dollars with a bitcoin now holding over $2 billion worth and kathy would chiming in that she is still bullish on bitcoin. she calls a bitcoin insurance again wealth seizure and who do you think that's targeted against, think. stuart: we have various senators calling for the seizure of wealth with a wealth tax. kathy wood is implied if you get into bitcoin the wealth seizure pitcher cannot touch you see to circumvent the us financial system so targeted at elizabeth warren, bernie sanders and aoc. stuart: which applies if you get into bitcoin these guys can't touch you. interesting. i would like to get more on that one. thank you. let's br

because the end game is bitcoin you mentioned the stimulus tax and on the one him that these concern trolls on the new york times to say well these people are going to lose all their money well they know it's a game and it was given to them for free and they know there's more free money coming to them right now but i also want to point out that this definitely cements trumps rule as a chaos agent because i also read in the past week that in 2020 it was the biggest transfer of wealth in u.s. history to the bottom 50 percent so the bottom 50 percent got the most transfer of wealth to them and us history so they have all this money of this free stimulus and they and they have these robinhood apps that allow them not only to trade for free but also to trade like really sophisticated weapons like these sophisticated options not just basic options like deep crazy options and borrowing leverage himself up just like a hedge fund yeah that's an amazing point that they know that more free money is coming just like the hedge funds on wall street have banked on bailouts ever sense really 187 the

i do want to hit bitcoin. we're seeing more companies under pressure to give their answer to tesla's big investment. what was the movement that we saw there? >> yeah, was it last year, it was last week that we were talking about 35,000, 40,000 for bitcoin? we're already at 50,000. you wake up and the picture has changed so much. big news over the weekend that morgan stanley according to sources is considering adding the crypto currency to some of its main funds, big vote of confidence and it's all apart from that momentum coming off that tesla news a week or so ago, news that tesla would invest $1.5 million into bebitcoin through its treasury and consider even taking payments through the crypt ocurrency in a limited way. you see other companies like mastercard talking about the potential for bitcoin in terms of transactions and this is a record-breaking rally that seems to have no end in sight, emily. >> all right. thanks so much. going to be speaking with the ceo of mastercard on the show tomorrow. we'll defi

the currency not controlled by government backed central bank regulators it comes after bitcoins value surged a little in the spike in some stocks sparked by grassroots activists seeking to damage the portfolios of established hedge funds joining me now from st barts in the caribbean is the founder of bitcoin dot com raj of a thanks so much roger coming on and i'm going to tell you that over here in britain as the spike in bitcoin that's bt see numbers have been happening there's been scathing articles written here telling people this is not the future at all are powerful elites terrified of cryptocurrency. the incumbent the incumbents are always scared of the new upstarts that are going to take away market share from them and that's exactly what we're seeing happen with digital currencies all over the world they're threatening deed the status quo in the sense that it's easier faster cheaper more reliable to send or receive payments using crypto currencies than it is with traditional legacy banking systems and so that's that's a threat to the current business model of the traditional f

i want to show you plays on the bitcoin. overstock accepts bitcoin payments. blockchain company on your screen. stuart: if you accept bit cain payment as overstock does you hold bitcoin, your stock goes up? susan: right. if you allow exchange, there is a lot more popularity and usage, right? paypal square. stuart: got it. this is another one for you. you're hogging the show here, susan. texas drivers in texas hit hard by winter weather. i understand that. susan: they can't charge their cars. wholesale electricity prices spiked 10,000%, i said that right, 10,000%. stuart: in some parts. susan: in some parts. texas hub. that is $9,000 per megawatt hour. you do the math. how much will it cosco charge your tesla car if it cost $90,000 per megawatt hour? stuart: a lot. susan: you want to do that? you can't get access to electricity anyway. stuart: at this point you have no chills. unless you get get a generac generator. susan: if you plug into the wall, six or nine hours. that is a lot of money. stuart: susan, you've been preemed by the prompter. "the bachelor" hos

bitcoin and focus as well. the market cap of bitcoin above $1 trillion. that has sent asian cryptocurrencies higher across the board. haidi: australia's face-off with google and facebook continues this week. facebook has reengaged with the government after re-engaging tension. joining us to discuss this is where bush security manager of research. this is significant in the sense that once again we see australia being the guinea pig. what is facebook worried about and where? dan: this hits them in terms of the gut punch in terms of the whole is this model. the way this was initially handled was deafly a black eye for facebook. clearly they are changing their strategy a bit, but it's not just australia. canada and other countries are watching and i think this is a broader issue that we will see with big tech going up against a lot of these countries, not even just the u.s. but across europe. this is something many are watching to see how it plays out in this game of high-stakes poker. haidi: what is your best guest -- best guess as to how this plays out if

news ever told you this right he can see it developing every day in real time as the market cap of bitcoin now pushing a trillion dollars remember we 1st started recommending because our audience when the market cap was under $2000000.00 when it was less than it all yeah it was like under $10000000.00 sort of thing is that any $111.00 and now the market caps pushing a trillion it's already i think the 5th or 6th biggest currency believe it recently overtook the swiss franc in terms of market cap and size in the global market it's getting close to 50 percent or so overtaking silver so the global silver markets approximately just under 2 trillion so certainly within a few months because it will be vaulting over sober it's on its way and my believe in 2020. 1 to get halfway or so against the market capitalization of gold that is it would be 4 trillion on its way to 10 trillion and then you know once it gets past gold there's only the dollars left and the thing about pickling is that it is the apex predator or it is the shark in a ocean full of gold fish and or plankton and which is the u.s. d

what about bitcoin's future? >> our fundamental work shows that bitcoin should be worth around $400,000. >> it doesn't add any value. >> people in the know doesn't seem to know where it is heading next. once the area of nerds, -- today it is drawing millions from hedge funds and wall street giants. bitcoin is not the only crypto game in town, but it is the biggest and the best known. bitcoin's first mega run was in 2017, rising from under $1000 to almost 20,000, then it fell off a cliff. mostly retail traders back then, as many in finance would not trade bitcoin in a hazmat suit. >> we retrading bitcoin for two reasons. -- it is against our rules and it is stupid. >> but today it is gaining respectability. j.p.morgan thinks it will hit six digits. but the most famous cryptocurrency still has detractors. >> john maynard keynes says the market remains illogical and now bitcoin seems utterly illogical. >> the question is, will bitcoin continue to shoot for the heavens or come crashing back down to earth? francine: w

policy stabilization or defacto or the power of the central bank is ok if you reject that the bitcoin as such is not more valuable than a fad currency than a commodity even as some have it because they say this is intrinsically this idea of a liberation from central banks. the coronavirus is clearly upset economy is in in the west far worse than the 28 crisis you don't believe that you have to adjust your views of bitcoin given that there may be a correlation between the coronavirus and bitcoin it's not just it's not just the old big investor putting money in for these. dutch tulip spikes no i don't think any see it is covert 90. aftermath good marriage. track to. store of value or means of and you reject that. actually far from as some of its proponents say it is an emblem of hajek and that and that kind of spiritualistic free market philosophy it's not actually quite marxist in that each bitcoin represents labor albeit the labor of computers producing those blocked chains that can't be copied so show you the production of bridgeport is a costly sort of mentally based. is it detracts

news ever told you this right he can see it developing every day in real time as the market cap of bitcoin now pushing a trillion dollars remember we 1st started recommending because our audience when the market cap was under $2000000.00 when it was less than it all yeah it was like under 10 $1000000.00 sort of thing is that he won 11 and now the market caps pushing a trillion it's already i think the 5th or 6th biggest currency believe it recently overtook the swiss franc in terms of market cap and size in the global market it's getting close to 50 percent or so overtaking silver so the global silver markets approximately just under 2 trillion so certainly within a few months because it will be vaulting over sober it's on its way in my believe in 2021 to get half way or so against the market capitalization of gold that is it would be 4 trillion on its way to 10 trillion and then you know once it gets past gold there's only the dollars left and the thing about pickling is that it is the apex predator or it is the shark in a ocean full of gold fish and or plankton and which is the u.s. doll

rbc says apple should buy bitcoin. there's a lot of cash out there, not just apple, but tesla represents .03% of corporate cash holdings, so there's a lot they could buy into cricket-- crypto went bitcoin and dogecoin is the other favorite elon musk. 8 cents a coin and now worth over $10 billion, 10th largest cryptocurrency. market cuban i think he said it best and i just want to warn our viewers that dogecoin has no intrinsic value, but he says it's a better chance of winning than say a lottery ticket while teaching economics supply and demand. bottom line, you can speculate and you might make money doing it, but know what you are getting into. stuart: gambling. the second most valuable digital coin is ethereum and i believe that's also been hitting record highs. coming more, lauren. lauren: there is such a frenzy out there for digital currency. it hit 1800 and it's all about credibility right now so you have elon musk a story, of course, but also cmd once futures contract for either and we lead up to indicia-- invest