caroline: i'm caroline hyde. joe: i'm joe weisenthal. romaine: i'm remind hide -- i'm romaine bostick. the s&p 500 and nasdaq closing at a record high. joe: the question is, "what'd you miss?" caroline: weekend plans? the contagious delta variant doesn't care, and we are speaking to the ceo of looking

so holding about their travel patterns and if the average trip go where is thinking twice before saying it. and we take you to the scene from the executive director of the port of los angeles on the slow and steady to -- improvements and we can't go an entire show without diving into the world of crypto and we close out the show with the head of pantera, preparing for what he calls an epic battle of the crypto world. stay tuned for that. romaine: keeping an eye here on the covid crisis, getting word that the fda, food and drug administration is anticipating having a strategy by september for a booster shot planned, based on reporting out of dow jones. we have been talking a lot here about not only the issues with getting everyone vaccinated, and now if vaccinated if a booster shot is needed and how that will get done. joe: exactly right, all kinds of

questions still about the delta variant and the impact it will have on the economy and the return to the service sector in particular. for more of it, let's talk -- let's talk about travel. joining us now, the ceo of booking.com. let's start immediately, obviously, with concerns over the last couple of weeks about this sort of delta variant and whether it will slow the return to the service sector. what are you seeing right now? >> we are of course all concerned as we see what's happening with the numbers but on the other hand we have been dealing with different pandemic problems for a long time now, 18 months, so we know that there can be setbacks and we are pleased with last nights numbers and pleased to see the sequential growth in the room nights, going up 59% quarter over quarter. we are pleased with where we are and recognize that there are

some issues and concerns. the long run is as bright as it has ever been, we know the pandemic will end and we will get back to travel the way it used to be, we just don't know how fast. we help more people will get the vaccine and help make this go away faster. caroline: sounding pretty bullish about going forward. how much variation are you seeing from region to region about the types of traffic you are seeing? where is the strongest? >> europe had the largest recovery in the last quarter, but the u.s. is our number one country and we pointed out that asia was definitely having problems therewith travel because of the vaccines, the lack of vaccines, slow distribution, and the countries they are being much more strict about how people can travel or not travel depending on the health situations. that's hurting travel in asia a

lot. overall long run i think we will be getting back to where we used to be and we see it in terms of the u.k., with the terrible delta variant upswing, now going down. we saw it in india, delta upswing and now going down. i'm hopeful the u.s. will follow a similar pattern and peek out and start going down. romaine: when booking became popular, priceline obviously before it was rebranded here, you went there to book with a major airline or hotel and it is now the day and age where airbnb, bo, all of these alternatives to lodging and travel are out there now. i'm wondering how you integrate that onto the site and into your own ecosystem so that you are along for the ride for what is clearly a transition in the way that we travel.

>> we talked about how strong we were in terms of nontraditional locations. we have been talking about that since 2000 and have been very strong in europe and we recognize how in the u.s. we are not as strong and we continue to build it out, but i know we have great competitors and we will continue fighting it out that i'm not concerned about them. we are the leader and have been the leader for a long time and one of our advantages is we have the homes and hotels, the biggest distribution system for both kinds of properties. someone coming to us often doesn't know what they want. they compare, they contrast, they choose and offer whatever it is. romaine: there is eighth -- joe: there is a theory put forward by some in the industry that hotel bookings will start to resemble airline bookings more, more disambiguate it and separated by

price, pay extra for towels every day or making the net every night. do you see that, a permanent change in how lodging is price going forward? >> well what we always want is transparency and we want a way for the customer to understand what they are buying, when they buy it. one of the things i don't like is this idea of drip pricing. in that situation were a product person puts out something for this and then you find out it is something else for something required. resort fees, no one likes those. what we really need is a government elation to prohibit that type of activity, because every company says i don't like it but if i don't do it and i put all the prices upfront is one thing, i'm not as competitive as someone who does it. it would be helpful if the administration would come out with regulations that make transparent pricing required and

ink everybody would be better off by that, i believe. caroline: as a business leader you sounded optimistic about the next quarter and growth despite the ongoing delta variant. from you as a business leader, what does your return to work process look like at the moment and are you changing your viewpoint? >> obviously, nobody really knows the right way to work in the future. any people say they will try to do experiments and that is what we are going to try to do. try a couple of days a week in some areas, see how it works with everybody in the office. can we do it with lots of people not in the office at all? we will find out. right now we are not even sure when we want to start asking people to come back in large numbers. because of this delta variant. one thing that could be interesting is if we have a lot of people working from home part

of the week ending office part of the week, a lot of people could say thursday or friday, let's work somewhere else to build the travel industry. sure, you are working thursday or friday but you work from a beach or a lake and you are enjoying life in little bit more. caroline: many ceos might disagree, but you can definitely see the upside of people working from whenever and wherever. thank you so much, taking a look at the upside of the new flexible mark -- flexible workplace. romaine: president biden says he was half of all vehicles in the u.s. to be emissions free by the end of the decade ended is an ambitious goal that lawmakers say can only be achieved with bigger government in vestment and charging station infrastructure in the president signed the executive order outside the white house this afternoon, flanked by executives

from detroit's major automakers and more florida residents are hospitalized with covid-19 then at any time during the pandemic, they were 3.9% in the past day up from more than 12,000. 40% of adults of the beds are occupied by coronavirus patients and many are struggling to get enough oxygen following the governors decision not to declare another state of emergency. howard marks says it is time for the fed to consider raising interest rates before it is too late. the cofounder of oak trees spoke to us today. >> never been this unrewarding. 2, 3, four years ago people asked me if we were in a high-yield bond market and i said no, it's just a bond market

. interest rates and perspective yields were low. mark: he made the comments during an interview with erik schatzker. a superstar soccer player leaving the only club he has played she was 13. barcelona said they couldn't sign him because of his financial and structural obstacles. he had been expected to sign a new contract today. the most recent deal meant that every position was worth almost $675 million. this is bloomberg. ♪ -- $675 million. 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'm mark crumpton, this is bloomberg. ♪

joe: all right, we talk a lot about shipping and logistics on this show in the soaring costs of in orting goods by vessel from china to the u.s. it's actually easing a bit in the last few days, the costs of a shanghai to l.a., but still incredibly high. where does it go next? joining us now is the executive director of the port of los angeles. we have seen a smidgen of improvement, but barely anything. still incredibly elevated. give us some good news, when will the sea easing, truly, of the logistical logjams that we have at the work? >> good to see you, joe, and the good news is the cargo keeps flowing. our productivity has never been greater.

up 50% with vessel calls and we are exchanging 11,000 containers with every vessel here in l.a., the best in the business. as you rightly say, we are busy. chicago is logjams, where houses are full, railroads overflowing and it all comes back to the port. the next ships coming in carry the peak season cargo and we continue to move more freight than ever before but there is a lot of work to be done on efficiencies. caroline: ok, what are the real pain points right now? we have heard that some of it has to do with sheer labor and i'm not sure how much that can be evened out without high wages. >> we are doing ok. first, the dockworkers in the union have been averaging six days a week on the job since pandemic began. second, truck drivers. while we have 18,000 drivers

that work at the port every day, only about half of those call once a week, so there is capacity there, but they work on turns, so we have got to maximize their flow and out of the terminals and we aren't doing that because terminal capacity is overflowing, as i mentioned. we are 98% of yen -- land utilization when design capacity is 80%. third, warehouses, 2 billion square feet under roof from the pacific to the mojave desert, that's where we have the best opportunity and we need to bring more people back to work in the sector and look at extending hours to push the cargo out. romaine: any areas that could be targeted with regards to better efficiency getting these things unloaded, easing the logjam? >> absolutely, first and foremost is the digitization strategy.

we cocreated the first ever port optimization and we need more folks to take it up. we have done a great job in los angeles, we are 95% of the imported data flowing through the optimizer and more people need to join and it gives us a look upstream to what's coming at us so that we can plan assets across the ground and planning across stakeholders will make us more efficient very quickly. joe: just today we saw the ongoing widening of the trade deficit. it's an extraordinary amount of inflow of goods from china and other countries. not so much in the other direction, continuing to gather. how much will it help if we see consumption normalize at some point, less buying of goods and more consumption of services and things that don't need to be imported? >> right now we are at 5-1

imports to exports, the widest trading gap in the container business that you have seen in some time and it mirrors the dollar value reported by the department of commerce. what we do in the industry is based on round-trip economics, try to bring in as much in as you export out and we have been at a deficit for some time based on the trade policies of the last administration and a more recent phenomenon, shipping companies expediting back to asia to pre-position for more imports. this is a lot of work that needs to be done with big thinkers. joe: great stuff, really enjoyed speaking to you. you can hear more expansive conversation with jean -- gene on the recent episode of the outlaws podcast that i host. this is bloomberg. ♪

romaine: -- joe: dan moorehead is a tiger cub and a crypto wizard who thinks that a focus on esg is the next battle for the industry and believes it will be quite difficult and epic to overcome. joining us now is the ceo and founder of pantera. along with sonali. sonali: the note you sent to investors talked about esg on top of all the other things crypto is facing. ray give me -- regulation among other things. why is there such -- this such a big deal with the regulatory scrutiny around the world? dan: esg is one of the last

things that people want to talk about the letter on the website yesterday really goes in. sonali: it feels like the conversation is moving so fast past bitcoin and the theory is that it's really something to watch as it rises. where do you see it theory i'm going and do you think there could be a better solution then bitcoin? dan: we think there is room, as ethereum does things that coin cannot do. we have seen the crypto markets triple on average every year for 11 years and we think they will continue the rally. caroline: you are of course the co-cio and today they said of

course that they were moving towards more it was in terms of the way that they mine it. still proof of work, as it's known, not yet proof of stake, but we did see this london hard-fought. are we seeing crypto in general becoming more environmentally friendly in some way? is it theory him getting there faster? how much pushback are you getting from regulators and investors? dan: we actually drove it down as it accesses the energy that cannot be gotten at in any other way and as you mentioned, ethereum is doing the first step towards proof of state. and we think within six months, 60% of the market value of the

blockchain industry will be in the proof of stake chains. it really is an issue fading from prominence. joe: you mentioned that more and more of the proof of the mining is renewable energy, greener and greener, but not all of it. are you prepared to defend the nongreen bitcoin mining to say that look, proof is important and bitcoin is important and where it uses nonrenewable energy that is cheapest and better, it's still a worthwhile thing to have? because it is inherently good? dan: very much so, people are using it to protect themselves. there are thousands of use cases , hundreds of millions of people using it. it consumes some electricity, but so do all industries. like aluminum and it is six

times bigger. great strides for renewables with the u.s. as a whole only doing 12% and bitcoin is that probably 50% right now. -- 50% right now. caroline: it seems like you have made a lot of money outside that coin and other products built on ethereum and other networks. where do you think the next step possibilities are that are perhaps so overvalued. dan: bitcoin has been a great performer, but now we are investing in theory him, polkadot, on the default spaces built on top, they have so much more room to run. thinking about it $100 billion in out handing, bond markets are

$100 trillion. romaine: when will be see them cut in? what functions do people currently go to a bank for a loan for that we could see them enter? most of the lending and borrowing going on has gone to speculation that only goes so far, ultimately. dan: it's a bunch of problems. if you want to borrow money at 3 a.m. on a sunday, that's difficult to do, but we are open 20 47 and her list. people around the world can access it. essentially anyone the smart phone and that's a huge part of the argument, only one billion people or so have a normal bank account but there are three point 5 million people with a smart phone and they can all participate in they can save with bitcoin on their smartphone. caroline: great to have some time with you, stay well.

sonali, we think he was always. meanwhile, that does it for this episode of "what'd you miss?" joe: "bloomberg technology" is up next. have a great day, everyone. this is bloomberg. ♪

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>> this is "bloomberg technology ," with emily chang. [no audio] emily: i will speak to the ceo of uber