it is 5:00 a.m. at cnbc. here is the top five at 5:00 crypto crash the roller coaster continues as it bounces off the lowest level since january. the dollar value you have to see to believe will bitcoin woes bleed into the stock market cathie wood making the case that value has overtaken growth and the trade of choice for

many. a small step from branson. virgin with the first space flight in years as he looks to take on elon musk in the billionaire space raise. history in south carolina and pga and phil mickelson age ain't nothing but a number so tee it up this is "worldwide exchange. ♪ good morning, good afternoon, good evening. welcome from wherever in the world you may be watching. happy monday i'm brian sullivan thank you for joining us there is a lot to do on this monday let's get to it. crypto collapse over the weekend is the market story. let's begin with that. we are seeing a pretty decent move off the weekend lows. remember, crypto, unlike stocks,

doesn't take the weekend off we are seeing a move higher right now off the low. that is key. off the low. bitcoin is $36,500 up 10% from the low. it was below $32,000 at one point yesterday. ripple, ethereum and litecoin. ethereum is at $2,280. ethereum was over $4,000 a couple of weeks ago. all of this coming off the worst week since march losing 42% and 47%. with the exception of a couple of days in january, if you bought bitcoin this year, you are likely losing money right now. maybe half or slightly under half of all bitcoin owners losing money on that purchase. ethereum back to april lows.

more of a severe move higher in the past month cryptos are a big story. they are still a relatively small part of the overall global market maybe 1.5% to 2% of global assets the question is whether the problems we see with crypto recently will bleed over into stocks right now, we are not seeing that stock futures are flat to slightly higher. dow futures up 120 again, 120 for the dow 62 for the nasdaq. bitcoin and ethereum, problems over the weekend, not impacting equity markets right now still, nerves are high given everything that is going on. it is not just crypto fears keeping investor on edge inflation continues to be a major headline risk. something that cathie wood's ark

investment has their eye on and taking a contrary view woods says, if we are correct in the assessment of the risk to the outlook is deflation, not inflation, the nominal gdp growth is likely to be much lower than expected. adjusting that scarce double-digit opportunity will be rewarded accordingly growth stocks in general and innovation stocks should be the prime beneficiaries. let's dissect all that is going on to kick off the week and joining us is g square's victoria greene and one of the texas wealth advisers for the year victoria, welcome back to "worldwide exchange. were you watching crypto i know you are not a crypto he i investor, the fears, how closely

if at all are you watching what goes on with bitcoin and ethereum >> sure. it is an interesting part of the market we consider it part of the holy trinity of ark funds and tesla and bitcoin and they are related. one of the things we have to look at is you can't be a little upset if you are speculating and you get burned some of this is bitcoin with the rapid rise and has given back a lot of the gains we are not concerned yet $30,000 on bitcoin and it held over the last month and over the weekend. you have news over china regulations and potentially the irs trying to make people report transactions over 10,000 you certainly had news that rattled the market if you look at it, it doesn't change what bitcoin and cryptocurrency could be. people look at that as a value

of digital gold. if you look at it and say nothing is broken in the protocol and cryptocurrency is still a wild west. you have to look at the drawbacks. if you are a crypto believer, you are more of a buyer than several. ethereum now is a bigger name than bitcoin and bitcoin is only one of hundreds of different cryptos out there. it is yet to be seen exactly how crypto will integrate into our lives other than the digital store of value and helping protect against the u.s. dollar falling which is what many people see this as >> you won't hear me call it a currency with all due respect, currencies don't trade like this. not in modern nations. goldman sachs out with a statement. ethereum could be a bigger overall market than bitcoin. to your point, victoria, the

c correlation with bitcoin and the stock market does it give you comfort to see what we he sahe saw with crypto do you view them as separate asset classes? >> i see crypto as an alternative market class a nichemarket status if you look at it, you don't want to see anything meltdown. that breeds in more fear the sky is falling chicken little style i don't like to see any gas on the fire panics. i think a lot of investors see that with the tensions that are trading that market. i think they view this as a long-term hold to get into a new market rather than necessarily

actively trading it. >> let's not forget what a lot of this is designed to be attached to or a key part of the block chain financial transactions decentralized finance. one of your stocks is selling itself with a huge block chain attachment that is big blue ibm. is that one of the reasons or is that a separate add-on to why you like ibm as an equity? >> it is a separate add-on it is really hard to find a value tech stock it is a turn around story. this stockhas not been loved because it hasn't done anything. if you look at the new direction and dig into what they are trying to do you look at the vision

a you look in the direction the company is going with the hybrid cloud and there is tons to like there. it is a great value play and a company with good future growth pros prospects. >> victoria greene, thank you. throwing down the ibm. victoria, having a great week. talk with you soon thank you. right now, to a developing story overseas involving a ryanair flight and what the company's ceo is calling quote state sponsor ed piracy. we have joumanna bercetche with more from london >> reporter: good morning, brian. such a huge story. let me give you more color in what the ryanair ceo said. he called it redirecting of the flight by belarus a statehijackg

he told irish radio he believes there were kgb agents on board the plane that was forced to land in minsk. belarusian authorities arrested a journalist in the city and having sent a fighter jet to reroute the plane. the plane from athens and just before getting into lithuania, it was rerouted to belarus and minsk. we have the european commissioner and nato secretary-general and top diplomats from the uk and germany among those calling for an investigation and potential sanctions. secretary of state antony blinken said they were concerned over the military aircraft saying it threatens the lives of those on board he called for the immediate release of the detained

reporter there is a u.n. summit happening today. brian, a major story here in europe >> very scary situation as well. joumanna bercetche, thank you very much. let's get down to the other top stories. let's welcome in kristina partinos >> reporter: i heard you were one of the greatest anchors to banter with. you have jack ma stepping down as president of the elite business school in china as china is ramping up pressure the university was established in his hometown in 2015. the school will also be changing its name and restructure the curriculum users behind bitcoin rival

ethereum say they are closing in on the long fix for the carbon footprint problem with the goal of reducing energy usage by 99%. the change delayed by setbacks is expected in the next year it could not come soon enough as more light is shed on the energy requirements to keep crypto markets running. and elon musk says this is in response to the rising popularity of dogecoin and masa son is warning of the risks of the olympics in tokyo. he expressed concern about the tokyo olympics calling japan quote vaccine laggard. less than two months before the start of the gamescould put people's lives at risk brian, back to you >> i think, kristina, i don't

know i can live up to that touting. >> i threw that at you right away sorry. >> you are coming out swinging, which by the way i love. i wonder if masa son realizes that everybody going to the olympics will have been vaccinated they are not milling about in the general population in tokyo. >> some athletes like steph curry is unsure if he is joining team usa maybe some athletes are going to play it safe although they are vaccinated >> we'll find out. we will see if the olympics which are scheduled to go on, do go on. we are glad an equity investor has a comment on sports. that's helpful #snark

kristina, thank you. >> thanks. >> i don't know how i'll go on with the rest of the show. when we come back, another big milestone in the race against covid as cases continue to crash around america. plus, the hollywood blockbuster is back. and relying on old tricks to bring in the crowds here at home and around the world and new challenges for elizabeth holmes as her lavish lifestyle is game. we are back after this dow up 150

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welcome back good monday morning. there is a lot of good news in the fight against covid to tell you about right now. here is your latest vax stats. nearly 50% of adults across america are now fully vaccinated a new milestone for the land of enchantment. over the weekend, new mexico becoming the ninth state to cross the important 70% mark percentage of adults who received at least one dose of the vaccine. vermont leads the pack when it comes to the top performance with over 81% of adult vermonters having received one dose of the covid vaccine. overall, cases have been crashing everywhere.

nationally, covid cases are down 65% from just a couple of weeks ago. over the weekend, texas and california each posted fewer than 1,000 new cases on saturday the first time they have done that since early in the pandemic days of april and may respectively that is when testing was more scarce good news. covid is on the run. on deck, honoring a fixture of cnbc. details and the high tech way we are paying tribute to mark haines with the greatest call of his career. >> announcer: today's big number 94%. that's how many iphone users in the u.s. chose not to allow app tracking when asked following apple's ios 14.5 launch.

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of our operations. it's tempting to see how far we've come. but it's only human... to know how far we have to go. a box office hit, a new car on the block at the vatican and the expensive artistic watch kristina is back with the top trending stories kristina >> you got the installment of "fast & furious.

the universal film pulling in 80% from china "f "f9" hitting theaters in august. and fisker will make the first electric popemobile. scheduled to be delivered some time next year the vehicle will feature the glass dome which the pope can greet crowds the ceo met with the pope on sunday a rare watch worn by picasso sold for $267,000. it went for 20 times the estimate picasso was seen wearing it in photographs. brian, watches are not dead yet,

right? >> for our viewers listening on the radio, maybe commuting to work, because we're doing that it is a watch without numbers. the guy's name is the numbers. you have to be pretty -- you have -- if you are wearing a watch, kristina partsinevelos would be two watches >> it is like getting your name tattooed on your body? >> yeah. i had a couple other words in my head and i realized it is a family show. >> i'm learning. this is the first time on with you here i have to be family oriented >> we need robert frank to talk about that story somebody will buy ythat watch given the market, it will go for more down the road

kristina, pleasure to have you on see you in a few minutes thanks for getting up early. >> it is difficult i don't know how you do it and everybody watching hat's off to all of you. coffee >> you just stay up late i always say good morning. sometimes i feel like it is good evening. maybe you are ending your day with wex see you. thank you. i actually have friends in hawaii a couple of my friends in hawaii, hello. good evening now to more headlines outside the world of money including some proof that age ain't nothing but a number phillip mena in new york good morning for me here that's how i handle it good morning we start with the deadly tragedy in italy on sunday, a cable car taking

visitors to the mountain in the alps plummeted to the ground killing 14 people. authorities are sifting through the wreckage trying to figure out how it happened. thousands of people marched around the country this weekend in honor of george floyd tomorrow marks one year since his murder his death sparked calls for police reform and president biden to pass the george floyd justice and policing act this week 30 states have enacted reform laws to date. and simone biles made history in the first competition in over 18 months. she became the first woman ever to land this vault which included a move called the yurchenkho double pike at the gk u.s. classic. and brian, electric day at the pga championship phil mickelson hung on to win that tournament at kiawah

island at 50 years old, mickelson was the oldest to win the major. the odds for lefty to win before the tournament began were 200 to 1. anybody who bet on him cashed in on him brian. >> did you you see the crowds, p phillip? thousands or tens of thousands of people mobbing him as he walked you watched and you thought what pandemic then it was a weird feeling. he said after the tournament he said it was unnerving i'm not sure what he meant by that the crowds or covid or whatever. when you realized we're still in a pandemic and you watch that scene, it sort of took on the entirely new world to me. >> it was surreal. you know, in a way it was throwback to 2013 and the last time he won a major.

we could have all of those people back together you know, i take it as a sign of progress to see sports msg this weekend was rocking with the knicks game fans are back in a big way >> i turned to my wife and said it feels like a new beginning. the knicks lost. maybe it doesn't it feels like a new beginning otherwise. it was awesome to see. also nascar race in texas. i watched all sports too hot and too many cicadas phillip, thank you ahead, breaking down the wild ride for cryptos over the weekend and what, if anything, it may mean for stocks in the days and weeks and months ahead. if you haven't already, subscribe to our podcast check us out on apple and spotify and other podcasting apps if you are interested in cicadas, i have a million in my yard i have videos showing you how

many there are if you are not blessed to be infested with millions of brain-dead zombie inch-long bugs, check out the videos you will be jealous. dow futures are up 150 we're back right after this. need better sleep?

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water. congress getting something done striking a deal on infrastructure, but it is not even close to what president biden wants. the morning rbi is six months in the making tech, bitcoin stocks or commodities and what investment yielded the biggest return the answer is finally here on this monday, may 24th. this is "worldwide exchange. ♪ welcome or welcome back. i'm brian sullivan hope you had a great weekend thanks for joining us you. let's get right to it. with everything going on, we have to hit the markets and your money. over the weekend, if you tuned out, by the way, good for you. we needed it crypto absolutely collapsed yesterday. in particular, yesterday

morning. remember, it trades 24/7 not like stocks that take time off. crypto collapse became the story right now. we are seeing the attempt at a comeback you are looking at the screen and saying what's sullivan talking about? crypto is higher bitcoin up 10% ethereum is up 15% ripple up 22%. higher across the board, but they're coming off the quote highs from another weak weekend. yesterday morning, bitcoin fell as low as $31,100. ethereum was below $2,000. we had minor cryptos down 70% and 80% in a number of hours we had cryptos nearly go away over the weekend now, if you stretched this out

and maybe with the exception of yesterday morning or few yodaysi january, if you bought bitcoin this year, you are probably losing money on that investment right now. we say that because our report from chain analysis says half of bitcoin buying has been done this year. since we are now pretty much under the price we were most of the year, you can say that maybe half or slightly less than half, of all bitcoin owners, are probably now under water cryptos, of course, are a big story. they are still a relatively small part of the overall global markets. mike said on "squawk" the other day that it was 2% of global assets the question is whether the problems with bitcoin and others will bleed into stocks there are hundreds of thousands, if not more than a million of

crypto buyers who used borrowed money so they are forced to raise cash when they are called on their margin. investment drops mr. sullivan, i need the money now. i don't have it. that's too bad you have stock with us we sell it automatically to pay back your debt right now right now, it does not appear any margin call action on crypto is impacting equity. bitcoin and nasdaq have been tracking along the same way. not right now. nasdaq futures up 72 dow futures up 131 they're both up about .50% let's get more color and insight into what everything that is going on antd then tie it all together let's bring in the ceo of the investment group jan, you posted about bitcoin and interviews with other smart

people about bitcoin i imagine you watched what happened with interest over the weekend. what is your take on the spate of massive volatility in the cryptos? >> sure, brian good morning this volatility has been vicious. the meltdown on wednesday morning and little bit over the weekend was really testing the lows of bitcoin and low of 30,000 there has been a flood of bad news you alluded to some of it. over the weekend, third largest crypto exchange operating in asia was told it would cut back on the leverage. some of the leverage in the offshore crypto exchange is something like 50 times the price move nothing like you can get on the cme or the other futures exchange here in the states. that was the question that you posed. would this leveraged money cause

a real dislocation in the system i would say so far the answer is no things have continued to operate. a lot of price volatility. bitcoin is down 50% from its highs. i don't think that is too bad. it is absorbing a lot of bad news >> yeah. you look at the move in crypto over the weekend the margin calls we talked about that we know are coming. we have reports of hundreds of thousands of crypto accounts closed forcibly because if you bought on borrowed money, they make the call and you don't have it, you have to raise it somewhere. do you think bitcoin/nasdaq correlation, look similar. do you think that will continue or ultimately can tech stocks, jan, go their own way? >> wow

you know, the bigger markets have been going through the violent back and forth between value and growth we thought last summer that growth had outrun its power and was going to trade flat against the market that is what it has done it is really hard to figure out what the fed is going to do. is the fed going to allow tapering that is, in a way, bitcoin reflects the tech market and the stock market has been dealing with our view is kind of sell in may and go away. that would be my view on crypto as well which is just the markets need a rest. they ran up so much last year. global growth, the big story we see is global growth is running super hot. the car needs to slow down from 200 miles an hour to 70 miles an hour the question is, you know, can the economy with all of the

stimulus just cool down a little bit? you see all of the overheating in lumber and commodity prices crypto was a little bit of that. our narrative is to take a step back and crypto technology, i think, will be really disruptive for the payments industry and for wall street in the long term there's nothing, you know, that we see that disrupts that high conviction view which is this space overall, not just bitcoin, which is digital gold, but you also the other technologies like ethereum that you mentioned. the annual revenue has gone up to $15 billion that is a big growth story >> and quickly, jan. goldman sachs had a new report over the weekend came out friday night. read it with interest. basically launching crypto coverage, if you will.

they believe ethereum will or is likely to be bigger than bitcoin. what do you think? quickly. >> very different use cases. i call ethereum for the old people like the ms-dos the base layer of a lot of new technology is going to be built. will ethereum be the best? is it the fastest for all uses it is undergoing a software change this year and we have to watch. brian, you need to own a basket. sorry to take the etf verbiage here you don't know yet who the winners are. these are all baby technologies. it is the first thing in i'm glad they pointed that out i missed that report that's where we are in this cycle. i would also make one last comment. it is a maturing asset bitcoin in 2021 is not the same

in 2017. there are more people using it there are more applications that use it it is very early days. it will be volatile. size is appropriate for the portfolio. a long way to go. >> you called the bitcoin the phil mickelson of crypto it is long in the tooth, but can still perform. jan van eck, thank you for your insight. take care. >> thanks, brian speaking of all things block chain. cnbc is launching the first nft for two great causes ten years ago today, cnbc lost our dear friend mark haines. a fixture since the network's launch maybe for the haines bottom when

he called the low on march 10th, 2009. >> i really think we're at the bottom >> in honor of mark, we are auctioning an nft. we are selling others as well. it is all online at mintable.app/cnbc. it goes live at 9:00 a.m. this morning. it ends at 10:30 a.m. on wednesday. all proceeds going to autism speaks and the council for financial literacy by the way, it is a carbon neutral event. we are buying carbon offset credits. check it out all for a good cause and mark

haines. let's get to the other stories as well. kristina is back with those. >> you have a bipartisan group of senators reaching agreement on a $300 billion transportation package. it will go to the highways and roads and bridges. the previous expired last year and congress passed an extension which ran out in september this comes as the biden administration and the republicans struggle to strike a deal on the broad er infrastructure package. jurors in the upcoming trial of elizabeth holmes will hear about her lavish lifestyle prosecutors can present information on the expensive rental home and private jet use and luxury hotels. they will be barred about her specific purchases and personal items outside of her position as ceo. the trial is slated for late august. and virgin is making

progress in the bid to complete development of the space tourism system the company flying its first space flight in more than two years this past saturday the company has two remaining faa milestones it needs to clear to conduct regular space flights. brian, back to you >> cool stuff. kristina, thank you. coming up, your morning rbi and the answer to the big money question we asked all of you six monthsgo a labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world is going hybrid. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data,

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welcome back why don't we talk taxes? g7 members are reportedly nearing a deal to tax companies with an agreement as early as friday in the meantime, the biden administration is working to come up its own tax formula for multinational companies. we are robert frank with the latest this morning. >> reporter: brian, a lot to unpack the g7 is reporting on the multinationals this follows the announcement by treasury last week that it was lowering the proposed global rate from 21% to 15%

that was after low tax countries like ireland and hungary opposed the 21% proposed rate. the big question now is what it means for biden's proposed rates on u.s. companies bringing profits back to the u.s. he had proposed a 21% rate for the minimum tax on overseas profits and 28% for the overall corporate rate in the u.s. the bigger the cap between those three rates, the more likely they will ship profits back overseas as well tax experts saying it is now likely that biden will probably lower the tax on multinational profits as well to keep in line with the 15% proposed rate overseas u.s. companies earn more than $500 billion of profits from overseas that is about a quarter of the total. secretary yellen saying a global minimum tax is needed to stop the race to the bottom for

con corporate tax rates. brian, if you are telling countries they hcan go to 15% as the overall minimum, you cannot enforce the u.s. to meet a 21% rate when they bring profits back he hasn't said what he will do with the global minimum rate for u.s. companies the signal and hope is with pharma and banks which pay a lot of taxes overseas. the hope is he will also lower that 21% for u.s. companies bringing money home. >> i'm sure there will be or there is criticism, robert, that it is not the united states' job to tell other nations what they can do sort of a global arrogance of this is what you should do, ireland. ireland is one of the countries that is in focus here. >> reporter: that's right. ireland's rate is 12.5%.

hungary's is around 8% or 9% there has been not so much a race to the bottom, but race to lower rates. what the u.s. was threatening to do is if you are a u.s. company that does business in germany or ireland, you deduct the taxes you pay in the country before you pay some minimum tax in the u.s. the u.s. was threatening saying we are not deducting taxes from your country for companies if you don't follow this minimum rate there was a carrot and big stick along with the proposal. maybe that is why they are warming up to the 15% rate. >> i have a feeling traveling to ireland, that is the competitive average. a small island off the coast of the uk that is the advantage. that's what we do. lower tax rate we will bring those functions back there a big fight setting up robert frank, thank you.

all right. on deck, the answer to an investing question six months in the making it is your morning rbi it's coming up along with jeff kilburg. and may is asian-american pacific islander heritage month. >> as a child of immigrants from two different asian cultures who grew up in a white community, i developed a sense of empathy for others who felt like outsiders or who did not fit in. empathy is a valuable leadership trait. i tap into empathy as a tool to build a kind culture and team. i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off.

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this morning's random, but

interesting thing is the answer to the question we asked you all the way back in late november. on twitter, we posted this okay, smarties, of these four, which has the best percentage return in six months qqq? bitcoin? s&p 500? or a basket of 14 commodities? okay little bit of a mouthful it was a pretty close vote 37% of you said bitcoin. a pretty equal number picked qqq or the s&p 500 look at that the commodity etf brought up the rear, but with 18% of the vote that was six months ago yesterday. it turns out the wisdom of crowds was right even with the massive recent hai haircut, bitcoin did come out on top. 37% of you were right. it came out, by the way, with a big margin even with the drop yesterday.

here's how it played out since we tweeted out that question six months ago bitcoin, not including today's gains. we did this last night bitcoin up 89% look at that the commodity etf. lowest picked was second the 33% gain s&p 500 and nasdaq qqq bringing up the rear. good job to you, of course until the last few days, bitcoin had a massive lead when you drop 40%, that's what happens. the most surprising thing is the last place vote. commodities. no one cared guess what it came in second the last six months doubling the s&p 500 and 2.5 teams big tech stocks. nobody cares that was my pick in the poll commodity. it was the year of digging stuff out of the ground or put it another way, so far, metals are

greater than microsoft random, but interesting. we will probably do another poll this week for the next six months. let's welcome in jeff kilburg. cio of sanctuary wealth. jeff, if we did the same poll today, for six months from now, bitcoin, s&p, qqq, commodities how you would you respond? >> sully, it is comical we are snubbing our nose at the qqq i look at the way we see bitcoin and crypto reset that level set has been a 44% trap with the market cap of bitcoin at $625 billion after today's gain of $700 billion, i like exposure to bitcoin. metals gold, silver gold is knocking at 1,900.

silver at 30 with the dollar at near multiyear lows >> are you -- do you, jeff, find any comfort from the fact that the crypto collapse over the weekend -- if we throw up the crypto board right now, they ar up 10% to 15% and say everything's fine. if you tuned out yesterday, bitcoin broke be low $30,000. it was $65,000 about a month ago. we are seeing crypto drop over the weekend. nasdaq futures up. do you still think tech stocks and crypto are correlated? >> sully, it has to be understood that the crypto is trading all weekend long

that is different from stocks and bonds. i think you have to understand it is not a vix. it is not a true risk when you look at the cryptocurrency universe and how we approach and rebalance this stock i'm optimistic watch the consumer it's going to be strong. >> yeah. a lot going on this week we always appreciate the cio of sanctuary wealth's view. jeff kilburg thank you. love seeing you. folks, that does it for us on monday we leave you with dow futures up 150. nasdaq up .50% crypto on the way back a big news day "squawk" and the gang picking it up now we will see you tomorrow have a greatay d nvention hinking. t get us to the moon. it doesn't ring the bell on wall street. or disrupt the status quo. t-mobile for business uses unconventional thinking to help you realize new possibilities.

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good morning bitcoin bouncing up 10% after another weekend selloff. the cryptocurrency dipped below $32,000. 3 1 and change. milestone in the space race. virgin galactic with the first flight in years. and lefty became the oldest golfer to win a major. it is monday, may 24th, 2021 "squawk box" begins right now. ♪ good morning welcome to "squawk box" here on cnbc i'