take place on june 16 in geneva. jen psaki says leaders will discuss the full range of pressing issues as we seek to restore pretty debility and stability to the u.s.-russia relationship. european union leaders are moving to impose new sanctions on belarus over the forced landing of a plane and the arrest of a dissident journalist. speaking today and webinar on the german election, general finance minister weighed in. >> i am really angry about what has happened. we cannot have activities like this in europe. this is against any agreement we have had. it's necessary that we are strict and continue to be strict. mark: president biden is backing the e.u. after calling the incident a direct affront to international norms. a powerful cyclone is set to

slam into india on wednesday per the second in less than two weeks. officials are gearing up for relief operations at a time when the countries facing the world's worst outbreak of covid-19. forecasters say the cyclone is the equivalent to a category three hurricane and will bring heavy rain and wind of up to 115 miles per hour. in some regions in eastern india. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ >> it's 1:00 in new york, 7:00 in london, welcome to bloomberg markets. i'm matt miller.

here are the stories we are following. the path to production. we will hear from the ceo of lucid on the hurdles that's facing from supply chain disruption admit the -- amanda global chip disorder -- shortage and we will speak to bobby lee. we are looking for the outlook on cryptocurrency as bitcoin resumes volatility. later this hour we discussed the absolute surgeon housing prices -- surge in housing prices. and tom schapiro will be joining us. let's take a quick look at what's going on in the markets. it's a lot of nothing if you're looking at stocks. bouncing around between gains and losses on the s&p 500. the 10 year yield has come down. we saw at one point this morning more than 160.

now we have dropped down to 157. new york crude and brent crude are rising. 36 a barrel. and gold is approaching to $1900. this is at 1896. let's get to something that caught my eye, loosen motors. like a lot of companies it's facing supply chain disruptions and delays amid the global chip shortage. those are impact in -- impacting the production. they are looking at alternatives to semiconductors. ed ludlow caught up with the ceo to talk about issues with the company. >> loosen motors is pretty far behind its original schedule. the company caught attention in august when it said that the lucid air could do more than 500

miles on a single charge. production was supposed to start by the end of 2020. the timeline slipped when covid hit. >> covid has wreaked havoc with our process. you have an international supply base of 257 supplies. >> they did a deal with a blank check company which allowed them to list is a public company and could generate more than $4 billion in cash. but they also agreed to delay the start of reduction because churchill had quality control concerns. the rep -- the result is that they will build 500 77 cars this year. >> it was so important to get the quality right. and it was so important to be responsible as a public company to under promise and over deliver. it will kilis if we launched -- kill us if we launch anything other than top-quality. >> 20,000 units next year is realistic, but before customers get behind the wheel, more testing is needed. >> we are assessing the quality

and integrity of systems. developing various systems. >> to get idea of progress we asked the ceo to take us for a ride area -- ride. how much is the case of preproduction in your hands right now? >> most of it is in our control. some is frustratingly with suppliers who fallen behind. >> they have a plant in arizona near cleat -- completion and have hired hundreds. >> [indiscernible] this is why we are putting this in right now. we are looking at alternates to ships. >> and the debut version will have more than 1000 horsepower. my ride had a mere 800. >> that is so fast.

had to the back of the headrest. >> the prototypes are fast by getting two serial production has been a challenge. they have not quite lived up to the hype of being a potential challenger to tesla or the german carmakers in the luxury space. he was the chief engineer on model. elon musk has been repeating the same line, prototype syriza, production is hard. do you agree? >> it's easy to do a prototype of something which is really pushing the envelope, world-class with world-class technology, that superhard. -- that is superhard. and production is challenging. >> do you think has lined is directed at you specifically? >> it's interesting isn't it. >> lucid is inching closer but it's not revealed a start of production date.

>> we will keep building cars and we will grind away. when as a team we decide that we have finally gotten to say that this car passes the test. >> their merger is due to take place at the end of the second quarter. ed ludlow, newark, california. matt: very cool. for the record, when i drive with him, i make him sit in the backseat. coming up, little really for bitcoin, volatility continues to whipsaw investors. that's coming up next with bobby lee. the cofounder of btc china. this is bloomberg. ♪

matt: this is bloomberg markets. i matt miller. bitcoin is trading -- depends on when you last looked. higher from the weekend, a little lower from this morning. it's frankly all over the map again. prices have pulled back from the $65,000 high that we saw a few weeks ago. elon musk helped out by tweeting -- first he started by saying he loves bitcoin and will take it for his cars. then he realized how it was mind and didn't like it. now is getting together people who mine it and are trying make it better. you have to wonder why he's driving the price up and down and up and down. and what that means about the asset class, that one man in california can do so much. for more we welcome bobby lee. he is currently the ceo of a

cryptocurrency company he founded behind the innovative real series hardware wallet. there was a time when you were among the most influential names in the entire crypto space. elon musk has pushed everyone else. what do you think of the power that this relative newcomer on the scene has? bobby: he is certainly very accomplished as an entrepreneur and deserves a lot of accolades. i'm a big fan. i drive a tesla. he has a huge following online and twitter. so what he says has big impact on markets. what he does and so on area it's unfortunate -- she got to bitcoin earlier this year and last week he walked back on those comments on bitcoin and payments for tesla.

even though he found paypal and all that, he still a newcomer when it comes to cryptocurrencies. i first got to bitcoin in 2011. this is my 10 year anniversary. i worry that he does not understand bitcoin is deeply as some insiders. that's why he does not have a strong conviction. i am hoping that he will understand better over time. and not make these comments online which causes the market to gyrate so forcefully. matt: and we cover that market. a lot of people right in to complain about why do you spend so much time on this asset. it was more than $1.2 trillion. and now it has fallen in market cap to 711 billion. that is still a massive number

compared to any of the companies we talk about and frankly some countries. what do you think about the future of the og could -- crypto as so many challenge bitcoin. bobby: bitcoin is the king of cryptocurrency. it's in a league of its own. this is the global reserve asset -- we talk about stock markets, real estate, and the u.s. dollar. but bitcoin is on its way to be a global resource asset class, to be in lead with -- in league with the largest asset class. all of the stocks markets added together is about $200 trillion

in today's money. i think bitcoin will be in that league. maybe in 30 years for it to happen. today, bitcoin is going up and down below one trillion and i think it could go to 10 trillion in eventually 100 trillion. matt: one of the biggest concerns, we will get to pollution and a second, it's that china's treatment of bitcoin. yours is the largest cryptocurrency exchange in the world. and it was eventually pushed out. china's clamping down more. isn't that a problem when the world's fastest growing economy, the second-biggest economy is clamping down on the currency? bobby: it depends, who is it for? bitcoin is decentralized, it doesn't care. i call it more of an asset than a currency because bitcoin today is not very useful for spending to buy things.

very few people bought tesla cars with bitcoin. back to the china regulation. it will do what want -- what it wants. you have the currency's capital control, that's way bitcoin and cryptocurrencies don't mesh very well in the ecosystem even though the chinese people love investing in the volatility. like gambling. since 2017 all exchanges within china had shut down and moved abroad, offshore, and they still reach the chinese people through vpn connections and underground money movements. the reality is that china does not want this sort of gray economy and are trying to stamp it out. the regulatory announcements are not a surprise per se, just new enforcement. i'm not worried about bitcoin for the long-term term, but in the short term there are price

corrections. matt: certainly not if you think it will be were $10 trillion eventually. when do you think that will happen? how should we expect the price decline -- to climb and in what time period? bobby: i see 2021 as a bull market. it happens every four years and it coincides with the -- that happens every four years. this year is able market. the price collected -- corrected last month and it's fallen back more than 50%. to be honest, i'm not worried about the short-term. this is a great time to buy in. by summer i expected to go past 100,000. by year end the bull market could peek out. it could even touch $300,000. it will peek out at that price. and afterwards fall back and correct.

next year is the bear market and it could come back down to 50,000 or 30,000. we don't know where it will come down to. every three or four years is able market. so by 2025 we will see another bull market up to a million dollars. those are my personal projections. matt: i first met you at the end of 2013 when i was living on bitcoin for couple of weeks. and reporting on it for bloomberg. the reason we did that and focused on it was because it had reached a thousand dollars and people thought it was insane. i was buying bitcoin for 600 and people were telling me i was crazy. one of the biggest mistakes i made and other people and made is that i lost my wallet password. otherwise i would be buying if you tesla is now two.

what is yours do differently then other wallace? i used blockchain dot-coms while at, what do you do different? bobby: it's a hardware wallet. if you give me a second i could get one. >> grabbed one. --matt: grab one. a friend of mine used to own a ton of bitcoin, matthew mellon, was keeping it locked on hardware devices all over the city and may all over the world. he is tragically left us a few years back. and his bitcoin is lost. but that's the same with any hardware wallet. if you put cash in a safe deposit box and leave it somewhere you can't ever access it again if you are gone. bobby: so i have these, this is it. i have 10 years of experience in bitcoin and started mining in 2011 and started an exchange mining company.

over the last 10 years i have learned a lot about the industry. i realized that the world lacks a great wallet that's easy to use. it's safe and easy. if you forget your password you lose all access to cryptocurrency. matt: show it to us. bobby: it's the size of a credit card and made of stainless steel. there's no electronic components. it is stable secure long-term cold storage. not connected to h&m. we have a stainless steel and goldplated version. you can get it on amazon. this is my invention. we created this multicurrency wallet. it says bitcoin on here but it's deposit address. if you want to do any of these other coins we support over 90 of them and the rc 20 tokens.

we added support for nfp tokens. you download the app and your crypto is locked on this device. a title as that is where the value of the item is tied to your name. think about real estate, your car, your stocks. those are tied to your identity. like bobby christopher lee. if i lose my debit card i could go to the bank and get a new one. but bear assets, things like gold and cash or a bottle of red wine, that's a bear asset. we turned it into a digital -- from a digital asset to a physical asset. some to get hit by a bus, their spouse and children retain access to the cryptocurrency because there's no passwords to remember. and human memory is fallible. i designed this to be easy to use with longevity and it's good

for long-term investment. matt: i wish you had given me one of those back in 2013. bobby lee, thank you for joining us. fascinating hardware. and it is like a gold bar. people into the store of value play can use that easily. bobby lee also wrote a book. the promise of bitcoin just came out, the future of money and how it can work for you. check that out as well. thank you for joining us. still ahead, dogs are already man's best friend area a dog is my best friend. that is stephen. now there may be a new way that we could help our canine companions live longer. steve is a puppy in these pictures but is now 10 years old. i would rather have him stick around for the rest of my life and we will find out if that's possible next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. cats may have nine lives, but silicon valley researchers have been working to ask then the lives of the much more important pet. the dog. the latest edition of bloomberg businessweek looks at how this could lead to breakthroughs for humans as well. a small side effect. joining us as joshua to talk about this story. josh, it's a fascinating read for me because i'm an amazing dog lover. it brings up this -- these images that i have from silicon valley of gavin belson doing blood transfers from healthy asset -- healthy athletes.

how obsessed are the silicon valley billionaires with life extension. josh: life extension involving blood transfusions or calorie restrictions or other self experimentation has been a pretty persistent fixation among certain people in silicon valley for several years. i think the motivation is pretty obvious. people want to live longer and there's a fascination with that in the valley. the one problem with those experiments is that people live for quite a long time anyway. it takes a long time to figure out whether or not this thing doing -- those pills you are taking those -- that blood you are infusing yourself with does anything. matt: there is a big length between dog aging in humans aging. and now someone has started a company to extend the life of dogs.

josh: it's called cellular longevity. it's built on academic research that's been going on with life extension for dogs for several years. there's a dog aging project which has been taking place for a while now. in both cases, what researchers are doing is injecting compounds regularly and to animals to see if that can reverse or slow some of the impacts of aging. matt: steve is 10 but i hope we could get a couple of decades out of 10. joshua, thank you. you could read about this in the latest edition. this is bloomberg. ♪

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mark: i am mark crumpton. members of george floyd's family met with house speaker nancy pelosi today.

has been a year since mr. floyd's murder in minneapolis. they get together comes as think negotiation's on a police reform bill named after mr. floyd passed the house of representatives in march, but stalled in the senate. family members are set to meet with president biden and vice president harris in the oval office later today. moderna will submit a request in june to expand the emergency use authorization for its vaccine to include a group of teens. a large study showed his covid-19 vaccine was highly effective in 12 to 17-year-olds. if it stays on track, moderna says the vaccine could be ready for the teens by the third or fourth week of june. if one half of all american adults will be vaccinated by the end of today, that's from the official at the white house. the news comes as many states are easing mask wearing rules

and other restrictions as case numbers continued to tick downwards in many areas. backed by the u.s.-european union leaders imposing new sanctions on ella roos -- belarus over the forced landing of a jet and the arrest of a german reporter aboard. they call in the belarus president to release him and his partner. president biden called the incident, "a direct affront to international norms." global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ amanda: welcome to "bloomberg

markets." matt: we welcome bloomberg and bnn bloomberg audiences. here are the top stories. the state of spac's. we will speak to the chief spac officer at legato about the health of the market and taking algoma steel public. u.s. home prices search by the most -- surge by the most since 2005. estate state of the housing markets. there does not look like there is anything for sale. we discussed the housing numbers and the outlook for commercial real estate. with the return to the office looks like with tom schapiro. amanda? amanda: pretty quiet session. on the surface you are seeing basically flat markets. the 500 has been in and out of

positive and negative territory today. below in terms of the internals. more of a mixed picture. a steep decline for energy, materials and utilities are weak, but real estate in industrials are moving higher. in the middle of the pack, not doing much in either direction of the big heavyweights. the faangs that got it where was his sideways today. not seeing a lot of activity. that is what we are seeing. we have seen this quie day waiting for a catalyst for news. one-story getting a lot of attention is -- one story getting a lot of attention is deutsche bank. only partway through the major restructuring and attempted turnaround. it has been performing really well. did not get caught up in the collapse as other banks did. it's share price -- we have to

keep that in the context of where it has been. matt: an incredible story. not only because christian has done so well compared to his predecessors, but he has brought the bank back to its german roots. he grew up in this country, worked as a banker basically before going to university. has really kind of put his head down, done the hard work, put in the long hours, stuck to his values. it has done incredibly well where so many big, successful international names in the past have led the bank in the wrong direction. really great take on the bloomberg. you can see it on the terminal. amanda: it is a great story. it may not be over yet but positive indications of a change.

we are also seeing a change for the better. nothing is ever really over. including this pandemic. we have worked our way back to reopening and that has a lot of renewed attention on travel and hospitality. dave wilson with a closer look at united, which i believe is saying things are better than expected. dave: a month ago they were talking about a 20% drop in a revenue gauge for this quarter. now they are looking at 12%. in fact, they are talking about having an adjusted profit starting next month and carrying through to the third quarter. it really does give you a sense of how much of your recovery is going on -- how much of a recovery is going on at united. you see the numbers in terms of total revenue per available seat. per mile, per seat. that is the reference point. they talked about that in terms of fares.

they are rising more than previously expected. yields from tickets issued for second-quarter flights similar to two years ago. it is higher when it comes to leisure travel. yield is a fair comparison. you see what analysts are expecting in terms of a turnaround in the results. that is consistent with what the company is saying in terms of the third quarter. beyond that, people are more willing to buy. you see that in the numbers from the transportation security administration. people checking in at airports. down 30%, but considering how far down that particular set of figures fell during the pandemic you had quite a recovery. delta airlines and american airlines executives talking about a rebound at their companies as well. it is not just united's story, but united leading the way in terms of stock performance as shares are up more than 3%.

matt: if you look across the industry at all the airline stocks, are the stock charts reflecting that travel chart you showed us? are they reflecting the economic recovery we are seeing in the u.s.? dave: not so much over time. you see what's happened in the past several weeks. a broad gauge of s&p airline stocks, smaller carriers. things have kinda flattened out. we have gotten to the point where people really want to see the recovery. then they want to see the results. united talking about some measure of profitability. that is where the industry has to go for investors to be satisfied and perhaps push the shares back to where they were a couple of years ago. matt: dave, thank you very much. dave wilson talking to us about the airlines. coming up, a steal of a deal.

i was not saying steal. i was saying steel. a spac merger. will chi -- we will speak to the chief spac officer. this is bloomberg. ♪

amanda: this is "bloomberg markets." we have seen one of the oldest companies and canada being brought back to the public markets. that is as a spac. an acquisition. the ceo michael mcqueen spoke to

bnn bloomberg about the value of this transaction. >> as we have moved through the last several quarters looking to strategic move algoma forward, opted for the spec transaction to provide sufficient influx of cash to allows to pursue an advanced strategic initiatives. amanda: eric rosenfeld, prayed to have you with us. -- great to have you with us. you obviously have dry pattern and are looking for a deal. why algoma? what can you do with this that makes it the right move for you? eric: algoma is the perfect target for us. we started logado in january when we took a public. we are looking for companies in particular industries in

infrastructure, infrastructures, renewables. algoma really is just the type of company we were looking for. it is a company that has real revenues, is generating tremendous cash flow. the valuation we are merging with algoma at is only 1.9 times enterprise value, which is just remarkable. the valuation of the company is $1.7 billion. they are expecting $901 million this year. we think the company has great management. it's a company with there is tremendous tailwinds. steel prices are at record highs. we think that will be a great combination for our shareholders. matt: talk about the pipe, eric. what kind of private placement, what kind of investor involvement have you got here? eric: we raised $100 billion.

we have $236 million, u.s. dollars and are spac. in -- in our spac. also from a number of other professional investors that have bought non-, at $10. that validates the number put on the company. amanda: there will be those who wonder about the cyclical nature of the business and your ability to get enough deficiencies out of is given where steel prices are now and where they might go. i assume you are bullish on the direction of the resources sector in general. is there some concern here about what you have to do and how quickly to make sure everything stays stable? eric: there isn't concern. there is not concerned, because we are not just buying the

company because things are good right now. over a long-term period there is a 15% cash flow yield for the valuation we are merging with. right now there are lots of benefits. the trade agreement with the united states, canada and mexico, canadian steel coming into the u.s., there is tremendous demand. some of the uses for algoma steel rn ford f one and broncos and tesla. there has been a lot of demand from ford. this is even before the infrastructure built gets passed, and we have that much more demand from that. matt: how much more demand? i can't wait to see that ford bronco come out into the market and drive one. what kind of demand do you expect from the infrastructure bill?

it will likely be bigger than just bronco fans. eric: it will. there is not a number put on it yet. it might be between $600 million and $2 billion. over five to eight years, that is probably going to increase demand for steel. a lot of governments realize the way to make sure we totally get out of covid's infrastructure. infrastructure and building is the largest industry in the world. that is one of the reasons we were looking in that area and we were happy with what we see on the horizon here. amanda: there has been a ton of activity in this space. there is still amount of dry powder out there. give me a sense of where we are given there is a cyclicality to that market and possibly valuation issues ahead. is there a lot of runway for these facts that have yet to

deploy capital -- spac's that have yet to deploy capital? eric: in my opinion that is not the way. we have always looked for companies that are real companies, that generate cash, that have earnings. that is what we have found. spac's do deals with companies that actually have revenue and profits, and then they may be able to come up with good deals. matt: thank you so much for joining us. great to have you on such an important date. eric rosenfeld, chief spac officer at logato talking about algoma. u.s. home prices absolutely surge. the most since the end of 2005. it was not the first month we have seen a big jump like that. plus, the opportunities post-pandemic in commercial real estate with the founder of gti s, thomas shapiro.

this is bloomberg. ♪

matt: "bloomberg markets." u.s. home prices soared the most since the end of 2005. there is a shortage of property to buy that has fueled bidding wars. the index of property values claimed 13.2% in march from a year earlier, the biggest gain since december of 2005. they were well on their way there in the previous couple of months as well. not just in the u.s. we have seen housing prices soar in germany as well, and i'm sure there in canada. amanda: i think that is a key point. there is some element here that

is just cyclical. there is a supply-side issue everywhere, certainly across north america. we just did not build enough. there is also a pandemic aspect of where people want to live, how they want to live. that gets you to the question quickly of how long-termer these trends? is there something different about this? will we stay in these trends or revert back to some other way of being that my throw prices off? matt: very good question. where they don't want to live is in cities, highly populated, dense urban areas. which is why if you go outside of new york, outside of toronto, outside of berlin, prices are jumping on places that really aren't for sale quite yet. here to discuss is the founder and tv investment officer of real estate investing firm gtis, tom shapiro. the idea is now the people have found they don't have to work in the office, they can go outside of these urban areas and

telecommute, probably a that dates me horribly. we see people going back to offices. goldman sachs, j.p. morgan, bloomberg lp, people are coming back to work. how does it look from your vantage point? tom: thanks for having me on. clearly there was a huge trend in the suburbs and growth markets as people moved out of the high-tech states and look for refuge during the pandemic. don't rule new york out. i said that when i was on last time. if you look at the numbers, rid ership is still 55% below pre-pandemic levels in manhattan. it was down 97% before. we are watching communities in the suburbs. dad about 70%. -- down about 70%. hard swipes in the turnstiles are 20% of what the office workers as of april.

that is a from 10% last month. anecdotally, i'm working out of midtown now. there are a lot more people going back to the office. you are seeing a vibrancy you did not see before. the next few months you will see a real change in the amount of people coming here. i don't think you can build communities. you build team spirit. it is hard to train younger people. i don't believe in the total work from home model for companies. i think we will see it for sure. a lot of people work one or two days a week from home. i don't see it as a long-term trend. amanda: what long-term trends do you see? where do you see the investing opportunities? where are the gaps that need to be filled now? tom: we are very active in the growth markets, and homebuilding in particular. it has been challenging because

it is hard to find deals. we bought around 40,000 lots after the global financial crisis. we are actively developing those out as quickly as possible. one thing to keep your eye on is costs are going up to medically. lumber is up over 250% year-over-year. copper is up 86%. steel is up 54%. we really like investing in the homebuilding and the horizontal. we build out the actual subdivisions and sell off the lots to builders and construction. one area we have been hyper focused on is the single-family rental market. single-family rental market is on fire right now. it has a lot to do with some of the trends you were mentioning about the fact that people are working from home and need more space. they are trading urban lifestyles for the suburban lifestyle. more people need homes and they are making the lifestyle decision to be in a house versus

a downtown apartment. not necessarily the financial decision to buy the house. we are seeing a lot in the rental side. we are focused on build to rent. purpose built communities, 200 to 300 lots, full subdivisions as opposed to the early days where we entered the market and just bought scattered homes around the country. matt: i think that is fascinating. you don't see a lot of that. i'm focused on westchester because i grew up there. if you're looking in bronxville or greenwich or summit, you don't see a lot of single-family homes to rent. is that a huge growth area, do you think? tom: it is huge. it has always been part of the market. it has just been a more mom-and-pop business. it got institutionalized seven or eight years ago when we and other groups enter the market. there is demand for it. you look at the millennials. they are getting into their late

30's and starting to have families. they are starting to think more about homes. based on the pandemic, they need more space if they will be working from home. the trend is clearly there. we need more. we are more on the production side now as opposed to buying, renovating and flipping. we would buy, renovate, hold and sell. we are exiting our last single family rental home portfolio we bought overtime. now we are focused on building brand-new products. it is easier to manage and maintain those homes. matt: great to get your intelligence on this. tom shapiro, things for joining us, founder and cio at gtis. this is bloomberg. ♪

mark: i am mark crumpton with first word news. the first face-to-face meeting between president biden and russian president vladimir putin

is expected to take place june 16 in geneva. jen psaki says the leaders will discuss "the full range of pressing issues as we seek to restore predictability and stability to the u.s.-russian relationship." new york city mayor bill de blasio, rev. al sharpton and a group of faith leaders are membered george floyd today by kneeling for nine minutes and 29 seconds, the amount of time former minneapolis cop derek chauvin neal dunn his neck -- kneeled on his neck. a number of mayoral candidates run hand. congress is working on how to hold law enforcement officers accountable for excessive use of force. more than 1.6 billion covid vaccine doses have been administered globally. that's according to data collected by bloomberg news and johns hopkins university. dr. anthony fauci, the top infectious disease doctor in

united state