and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. from bloomberg world headquarters in new york and radio from london, i am caroline hyde. romaine: let's get you caught up on where u.s. financial markets ended the day. the s&p 500 over 3700. all of the major indices close and at a record high. joe: the question is "what'd you miss?" underneathercolating the surface of these indices are

some pretty amazing moves. riset to see the meteoric in terms of snowflake, etsy. wild swings as investors await official approval in the u.s. in terms of covid vaccines. on tender we are also hooks in terms of the initial public offering for doordash any moment now. airbnb this week. joe, investors are hungry, willing to take chances on different assets. economic ora v-shaped recovery. ,oe: the thirst for risk speculation, absolutely massive even on days that are kind of quiet. days that are not huge moves in their own right but then you dig in and say, interesting. at 430 at one

point. nonetheless, the point still stands. up 425% sincell it debuted in mid-september. joe: it is still a bit of a pullback. hunger for risk, speculation , and growth is massive even on quieter days. romaine: we are looking for , two of therbnb biggest ipo's of the year. it will cap a year that kind of defies expectations really. remember, the deal pipeline basically shut down for a few months back in the spring. see -- we areo hoping to maybe get some data on

doordash later tonight. by: for more, we are joined christine. you have followed stocks at bloomberg for a long time. there is stuff flying every day, stuff flying the day before and before that. recentlyecall a time this much speculative frenzy in the market? >> every day, it seems like we are writing the same stories. tech ipo's, they are pretty much writing record highs. we have this positive vaccine news. obviously a catalyst. it makes sense because it does provide a degree of optimism that was not present this year. the question is, are a lot of

these stocks becoming ridiculously overvalued. you mentioned earlier surpassing both ibm and advanced micro devices in terms of market cap. this is a stock most people have not even heard of two months ago. many of my colleagues said this is a stock nobody had heard of and which is now bigger than big blue. when you compare the revenue of snowflake to ibm, you have to wonder how long this euphoria can last. omaha i: the oracle of think backed it, too. when there was all the hype over cannabis stocks, you were covering it. now you are covering all these moves in terms of snowflake. microstrategy, a bitcoin related company. what a ride. microstrategy, again, another

company most people probably had not heard of until recently. it is a business intelligence firm but it has been acting more like a bitcoin etf recently. the most recent update in july, several types of securities including gold and primarily most importantly bitcoin. they said they are going to issue up to $400 million in convertible bonds to put even more money into bitcoin. investors reacting negatively to that. we have comments from analysts saying that this is not the most efficient way to invest in bitcoin. there were other vehicles for doing this that were not selling it at such a premium at this point.

romaine: interesting from microstrategy to double down on this. i am interested in the idea that we are in a transformative moment from the passing of the mantle from the old guard tech companies to kind of the new guard, people who are sniffing around, whether they are looking chewys of ther world. the fact that there is a new breed of stocks here that will lead innovation and market growth. >> we had a story, talking to a hedge fund manager from toronto saying that he sees these companies being the next major tech leaders. airbnb and doordash ipo's coming this week. players, two more tech or sort of pseudo-tech players that could be part of this euphoric rally. one little data point i came

across, this is not the busiest week of the year for ipo's even with those two mega ones. that was september 14, the week that snowflake when clicked. ourine: christine leads equities coverage in the u.s. we will catch up with you soon. a big transformation going on in the equity space. after talk about bitcoin. a big transformation there. we will talk with founder of the second-largest bitcoin manager out there. this is bloomberg. ♪

romaine: today, we are focused

on a lot of the skyrocketing names across the market. we cannot have this conversation without talking about what we have been seeing in crypto over the past couple of months. prices now at record highs. is this the time for me to get in? joe: obviously bitcoin having a massive year. if you look at the bloomberg galaxy crypto index, and this has a bunch of them. around tells the story, 350 in june and july, around 900. that could be a chart of snowflake, palantir, u.s. steel, anything. anyway, it is really extraordinary. caroline: extraordinary and a perfect storm almost with talks of forever lower rates for longer, where you go if you do not want to be going into gold.

let's get the announcements now. we have the celsius network founder with us, alex mashinsky. your perspective please on how risky it is at the moment. you are a company hellenes. people are currently -- you are a company who lends. people are currently giving you crypto, lending it out. leveragere is always in every system. i think the risk-reward is still saying there will be major returns. bestin is still the performing asset across all categories for the last 10 years, every year in a row. the risk-reward is great. of there is definitely a lot -- we already up over 100% this year. you should definitely take your time and find opportunities to diversify and buy into the

assets over time, not just catch sure to like you would know what is the right time to get the lowest price. i am always curious, it is a question i asked different the ecosystem, who is the marginal buyer here? thetill does not feel like retail frenzy of 2020. where do you see the new dollars coming in in recent months? trendsf you do a google a john bitcoin, you will see that we do not have the power we had in 2017. that is because most people do not know what bitcoin is. now that there are so many more on ramps to come to bitcoin. app,an use paypal, cash line corp., one of our partners with 680 million users, all of

that is representing a much much easier way to find bitcoin. institutions and family offices are also joining and basically diversifying into this asset class because more people are worried about the printing from the fed and government. romaine: one of the reasons there had been some trepidation from some investors, the idea that it was hard to sort of model. you cannot create a spreadsheet and say, these are the reasons overow could rise or fall the next 12 months or so. into those sort of spreadsheets to give some investors a little bit more clarity as to the direction? that itagree with you is hard to model. the piece that i am -- that i really don't have answers for

his how many people will sell it or 30,000.r 25,000 the fact that we doubled from 10,000 to 20,000 does not mean that you don't have a massive amount of sellers that the next in thousand dollars will join. experiment, it is 11 years old. but the u.s. dollar, the fiat version of it, is also an experiment. dollar,model the u.s. with the fed printing this year? the point really, are you betting on scarcity or are you betting on fiat? i think more and more of the smartest investors in the world are betting on scarcity. caroline: many betting on technical analysis rather than fundamental. what about some of the other alt-coins out there? ethereum has been out there for

a while metoo. granddaddyin is the of all of this. 9000 digitalr assets. really each one of them is an experiment trying to create the future of finance. we focus on generating yield. we pay 10 times more than your average bank. others like bitcoin are focused on store value. m as itsis using ethereu underlying blockchain. for the people who are just getting started, just bet on bitcoin. take 5% or 10% of your assets and diversify into that. joe: 10%. that is a lot of money. that is a lot for people. alex: think of it as doomsday insurance.

how much insurance do you need to buy? joe: interesting perspective. coming up, sticking with crypto and payments come our next guest says the space has come of age in 2020. we will talk more with btig fintech analyst mark palmer. this is bloomberg. ♪

caroline: today, we are focused on skyrocketing names in the market. we tech -- we just touched on cryptocurrency. there are also companies kind of writing this wave. square is among them in terms of accepting the digital currency but also investing in it. joe: earlier, we talked about microstrategy, bitcoin. square is a payment provider service but also, cash app, they

have gotten into bitcoin activity. it has been pretty popular, caused people to get excited about the stock. 10% of u.s. population with easy access. a meaningful source of revenue and activity. another company trying to ride this wave. romaine: a lot of these apps and services in the fintech space become easier to use. i say that a somebody who could not figure them out a few years ago and now i use them all the time. joe: let's bring in mark palmer. tell us more about the story. a lot of companies want to say they are involved in bitcoin in some way because the stock market likes it. a meaningfulally revenue mover or useful acquisition tool for square, and how much is the cash app worth? mark: first of all, thanks very

much for having me. i think it is important to look at the role that bitcoin place as a means of acquiring new customers. the company is not making a tremendous amount of money on bitcoin itself. most of it is a pass-through. the number of users who have been attracted to the platform as a consequence is really what matters here. looking at cash app from a bigger picture standpoint, the role that it is playing his help the on banked and under banked to have a banking account a conflict. particularly when stimulus checks were coming out under the cares act, a lot of folks did not want to wait days or weeks to get a check. if they signed up for the cash app, they could get their money much more quickly. it is also facilitating the buying and selling of bitcoin on

the other hand. you have the makings of what could be a super app along the alipay has been in china. caroline: how much of a usp is visawhen you are seeing cards being rolled out. how much is square going to remain the be-all and end-all when it comes to the serving of the under banked? mark: again, the role of bitcoin, cryptocurrency, and blockchain writ large in terms of serving the under banked, is not appreciated yet. the reality is that without having to go through a traditional bank, there is definitely a role that blockchain can play in helping the on banked have a way to store their money. i think what you will hear about in 2021 is a start is that sort

of a function. it is not just going to be in that sort of role with cars to the cash app. it is going to be in money transfer, in all sorts of other applications that we are really on the forefront of. in 2020, we have seen a massive acceleration in the adoption of digital payments and the sort of applications like cash app, paypal, and others, that have enabled consumers to bypass traditional banks. expectat said, we fully the two regional banks will have their own response here and will want to play a role. but it will not look the way banking has looked the last 50 years. it will be very different and pave the way for more inclusion, again, of the on banked and under banked of which there are 1.5 billion in the world

romaine: you do have to wonder if the big banks make a significant to this. i also wonder about the fed. the general sense is that people are trying to work against the potential for a downdraft in the dollar, given all the fiscal stimulus that has already come out of washington. is there any sense here that you could see the fed and treasury try to defend that sovereign currency status. there definitely is going where clarity is -- this embrace of cryptocurrency. we have seen the chinese government with their central bank digital currency, now has been rolled out in four cities in china in preparation for the 2022 olympic games. you are seeing the united states and eurozone talking seriously

about new digital currencies. i think there is a sense that this technology is coming. certainly, the cash dollar will play a role going forward. there is definitely a role here. again, as your prior guest mentioned, the nice thing about bitcoin is scarcity. there is a finite number of bitcoin in the world. printing presses running constantly with central governments in full stimulus mode. aside, youg bitcoin look at the rise of these apps like square, cash app, and so forth, do we get to a point where they do start meaningfully taking customers away from the big banks and the start shrinking basically, losing retail business because

customers can get enough the app from an app on store. >> what we look at, this will be the next layer of adoption. in the hearing now, when you have according to the fdic more people billion on banked in the united states, there is a role to address that problem on the forefront. as these problems become more and more -- as these apps become more and more prevalent and the functionality increases, they will be bringing in additional users. expect point, we fully them to be bringing in a response from the banks. frankly, we expect that you will see partnerships between the banks and fintech space. joe: we seem to have lost mark

at the end. we appreciate you coming on. supreme court rejecting a request by republican president 'sump allies to nullify biden election victory in pennsylvania. ♪ every year, we set out to do one thing:

help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing.

i'm emily chang in san francisco. promisingrom two covid-19 vaccines. promises-elect biden 100 million vaccines will be delivered to americans during his first 100 days in office. full speed ahead.