were you watching crypto i know you are not a crypto he i investor, the fears, how closely if at allre 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

>> crypto or bitcoin? >> is crypto the most important for the chinese public now >> it's probably the same as what you'd see overseas is bitcoin is seen as a standard duh t but there's been a will the of interest in other digital tokens one tech executive i spoke to said that one of the street stall talkers who he was talking to was asking him for tims on doge coin. there's a lot of awareness there' so much concern that people have been using gray channels the get money that exist out of the country in order to take bigger risk and get into the more s speculative sttrades >>> thank you. will other governments follow china ease lead across the dploeb and what impact could have it on the regulatory process here in the u.s., if any. joining me is emily parker it's good to see you again there we are 40,000. we are massively off the lows even as we debate what's going on with this crackdown >> welcome to the crypto market. it's never a dull moment here. there's not a big change in terms of what they are doing t

how much does it take for players in crypto to create new coins of their own, new crypto projects ratherhan building on an existing one, end up swamping the market with so much demand and limiting the supply price? >> we tend to see in the bull markets, that is absolutely true. what we focus on are companies building around digital assets. those are truly the indicators you should be looking at when measuring the health of the market. these are founders that are building equity companies, that are leveraging digital assets because the end user is meaningfully using service. it really does not matter what tokens you are risking or who is coming out with any joke coin. these are substantive use cases, and that is what we focus on. romaine: let's talk about the prospect of regulation because this is back in conversation. even before today, there was a lot of talk about it. it was a hearing on capitol hill today that got overshadowed by a lot of the market moves. are you welcoming to some degree of regulation, of signposts, or does that sort of road the appeal of what bitcoin and crypto is t

china has been anti-crypto for a number of years and they remain anti-crypto today. it's not surprising, anytime crypto grows in significance, anytime it sees more institutional adoption you see this kind of pushback from a number of countries around the world including china, including turkey, including india, but none of that slows down the generalized progress that crypto is making, none of it is really limiting institutional investors coming into this market. none of it is limiting new use cases out there. none of it is limiting the fundamental developments that are driving this market forward, so can it survive without china? absolutely. liz: yeah, it already is, let's just be very clear about that. so in a way i already knew the answer to that question, good one, liz. >> right. liz: want to talk about your etf , bitq. bitq just launched a week ago and it's the first etf that the sec allowed to use the word crypto in its name and as i understand it, every company in here has to do about, what is it 75% of its business in the space itself. tell me about the compa

>> thank you >>> crypto continues to crash. bit of a recovery today, but still a lot of pain on the boards and this time it's not because of elon. rajohn will join us next driving shares higher an all-time high on tgt more "techcheck" still ahead ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated. only at&t gives new & existing customers the same great deals on all smartphones. get up to $800 off our latest 5g smartphones. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. competition bea

and everyone, everyone is talking crypto today s.e.c. chairman, jp more began stanley ceo. >>> we'll speak with an analyst saying he sees correlation. >>> and stocks of vaccine makers are crushed today as president biden wants to wave the patent protection. >>> all those stories and more coming up as "power lunch" begins right now >>> first let's get a check on the markets. you can see the dow hitting a record high again today. the nasdaq lagging and as you can see across sectors hoelt care, energy and discretion nation are laggards and this chart. bitcoin versus ethereum. >> all right let's stick with crypto. jamie dimon spooking at the investment company institute annual meeting today he shared his thoughts on what's lacking in the crypto world. oversight. here's what he said in a conversation with the ici ceo that they shared with us exclusive. >> someone should be saying what do we want to do around crypto there should be legal regulatory tax relatted framework around crypto. it's now worth $2 trillion when are they going to say, oh

let's dive deeper into crypto. investors on -- taking investors on a wild ride, plunging almost 29% before coming back. meltem demirors says the voluntary -- the volatility is expected and necessary. she is from coinshares. one of the most knowledgeable experts on digital currencies in the world. you teach classes at m.i.t. and you serve on a number of regulatory or governing boards, etc. oxford as well. so what do you make of this wild ride we have seen? why necessary? alex: yeah. -- >> absolutely. coinshares manages $5 billion in assets. we have been doing this for seven years. we have seen this before. these cycles happen in crypto all the time. let's start with the macro picture. you guys touched on it. there's a lot of uncertainty. will there be more stimulus? will rates go back up? what's happening with inflation? people are worried about risk. institutional dry powder is back almost at record highs, almost three trillion dollars in cash on the sidelines, so investors are skittish. bitcoin's options viewed ha

crypto selloffs over the weekend. crypto is kind of week. elon musk with his tweets, delivering a bit of a blow. not a huge impact rightly on the market other than tack is down, nasdaq down, tesla down over 2%, semiconductors 9%. some hard drive makers were up because there is a new cryptocurrency called chia that people are mining with hard dives. -- hard drives. let's start big picture. the story is more tech weakness, crypto aside, that drives lower. >> feels like it. if you dig down, you can find hints of risk on. if you look at the sector level, energy did well, financials did well, small caps ended higher but it is the tech underperformance that is the big story. that is what dragged down the s&p 500, the nasdaq and much of it is coming from the chip space. it was the philly stocks index that led losses on the index level. joe: when you look at some of the names that fell, the idea that if you have these inflationary pressures and a stock with a high multiple, maybe that income promise down the road may not be a

crypto coin for tesla.dotal or empirical. is musk antidote tall or is it empirically obvious to you these crypto advances are here to stay >> i think it is here to stay and it is volatile when we react to a tweet. we have shared this is a long term investment and believer with just getting started with investment of crypto and could be a bumpy journey as we have seen in the past. >> maybe in and out. i know from the app i get like what 6% on my cash in coinbase >> uh-huh. >> how is that possible when it get 2.5% at my bank? >> it's not yet an efficient market we see in the transditiol fiat system. but there are attractive rewards to be earned today. >> when we talk about this coin, isn't there a difference between some cryptos that are serious and others that just may be comical? >> you go to the decision of our users. we are a platform that want to offer all assets that have listing standards and hope to be the place you want to trade anything you want to play. that is not the case today and we need to add

it is your five @5 crypto crumping, and all this as china continues its crypto crackdown. >>> breakingews on former president trump as the new york attorney general joins a criminal investigation of the trump organization >>> on wall street, stocks slumping yet again but gold looking golden call it a major smile-stone, as new york says you can dump the masks beginning today. >>> and no apologies for nfts here as the auction world abuzz over one $14,000 sale linked to a legendary music icon it is wednesday, may 19th, this is "worldwide exchange." ♪ >>> well, good morning, good afternoon or good evening and welcome from wherever in the world you may be watching. i am brian sullivan. thank you for joining us here on that this busy day we've got a lot to do this hour. we begin with the market that is not looking so hot right now futures they are down big, in fact, they've been losing steam over the last 30 minutes, dow futures up 205, nasdaq up 156. on a percentage basis, the nasdaq down almost twice as much as the dow, up 1.3%. nasdaq futures really in the red right now. something to watc

these are the crypto minors, crypto mining equipment manufacturers, banks that provide services to cryptoompanies, and crypto brokerages and trader firms, all packaged into a single etf that makes it easy for investors to bet on the growth in crypto without the challenges of owning bitcoin or other crypto assets directly. emily: right. this would not involve holding any crypto assets, like this new internet computer, which just popped up. matt: that's exactly right. internet computer is phenomenally interesting, but so are the companies inside this. it is akin to owning gold miners instead of gold itself. but the exciting thing about these companies, they are phenomenal companies. they are some of the fastest growing in america but are also profitable. that is really rare. usually when you have companies growing this fast, they are not yet profitable. they are early-stage technology companies. crypto infrastructure provides high growth with high profitability, making it an exciting area of markets to look at. emily: we will be covering coinbase earnings out tomorrow, that her first as a p

caroline: who needs crypto?oe: who needs everything else -- anything else at that line continues to go up. for more insight, ariel investment's chief investment officer is here. thank you for joining us. there is always going to be a little noise, but this chart of tech going up into the right for a decade longer, can they be sustained? >> no. i think today, we have seen all the risks of the valuation risk of the tech bubble in the late 1990's. on top of that, we are seeing the credit risk of the financial crisis. i think investors should try to manage risks and not just returns. caroline: talk to us about how you manage those risks while also still not seeing an erosion of the values through inflation. how do you make a return on this environment? >> you are exactly right. one must get a positive return on one's invested capital. the regime change you referenced in the market, i believe what worked in the last decade is not going to work and it will -- not going to work in the next decade. going forward, i thin

portnoy is pumping up a crypto coin as the rest of the cryptos fall out of bed. goodbye. ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na ♪ na na na na... the world's first six-function multipro tailgate. available on the gmc sierra. stuart: here is the tweet from elon musk that did move the bitcoin market is in might not mean much to you. are you need is a diamond similar in two hands. it will not be selling the bitcoin. that was not enough to put bitcoin up from 32,$000 to its current price of 37,000. dave portnoy is with us, great to see you, good to have you on the show especially today. i think musk is manipulating the market and you are doing the same thing. what do you say? >> elon and i, he is a monster, he goes back and forth, i don't to do that. i wish i had his power. i wish i could to the degree he does but the thing that is frustrating for a lot of people is one second elon will say, and loves doge and that is good for the environment. following a guy who goes up and down that is frustrating. >> brings the whole market, into disrepute. if the

hundred % across much of the crypto space-— crypto space.pto space. the difficulty always is — crypto space. the difficulty always is when _ crypto space. the difficulty always is when to - crypto space. the difficulty always is when to exit. - crypto space. the difficulty i always is when to exit. 100%, the always is when to exit. 10096, the hardest — always is when to exit. 10096, the hardest thing _ always is when to exit. 10096, the hardest thing on - always is when to exit. 10096, the hardest thing on any - the hardest thing on any investment, whether it is a crypto asset or a more traditional investment. went to acknowledge that the crypto assets broadly are without fundamental value, therefore you have to calculate human behaviour across the population of 7 billion people, not all of them trading crypto assets, but that behaviour trigger will tell you what the process is, and there are some smart people trying to calculate this, but they often end up being wrong. thank you very much. a swedish maker of vegan milk could be worth as muc

it's a ruling that no person who uses crypto currency wants to hear a federal court has given the i or us permission to seek the identities of taxpayers who buy and sell crypto their ruling allows the i.r.s. to serve a john doe summons on the crypto exchange crack in seeking the identities of its users a spokesperson for the justice department described it by saying those who transact with crypto currency must meet their tax obligations like any other taxpayer so joining me now to discuss the host and crypto analyst ben swan and christiane i ben let's start with you so what do we know about this john doe summons and who is the i.r.s. going after here. well they're going after kind of the big fish for so what the john doe summons is asking for is that anyone who has transacted on crack in the crypto exchange crack and. at least $20000.00 between the years of 20162020 so between 20162020 if you did $20000.00 or more in transactions they want to know who you are essentially what they're saying to crack it is turn over all of your information on these users show was their financial history

crypto was the volatility story.are seeing that continue as well bitcoin did a $13,000 round trip in just a few hours on wednesday. it went from $43,000 to $30,000 before bouncing. got hammer again in asia overnight and trying to come back $39,780. ethereum down. fell in the asia markets lots of margin calls accounts closed. people getting squeezed. of course, we tried to comeback this morning it has been maybe a year and a day for the cryptos. a lot of moves blamed on inflation. it may be true it may not be. we'll talk more about it one thing you have to watch with the inflation story is bonds the 10-year is not moving that much which is curious because everybody is blaming this on inflation. the benchmark 10-year yield is where it was a month ago is it really is an inflation story? well find out. let's go around the world on a day like today we need to get the biggest minds out there. julianna tatelbaum in the london newsroom with the look at the global markets julianna, we are all holding up reasonably well in you

permission to seek the identities of tax payers who buy and sell crypto their ruling allows the i.r.s. to serve a john doe summons on the crypto exchange crack in seeking the identities of its users a spokesperson for the justice department described it by saying those who transact with crypto currency must meet their tax aba. ations like any other taxpayer so joining me now to discuss. stan krypto analyst ben swan and christy i ben let's start with you so what do we know about this john doe summons and who is the i.r.s. going after here while they're going after kind of the big fish for so what the john doe summons is asking for is that anyone who has transacted on crack in the crypto exchange crack and. at least $20000.00 between the years of 20162020 so between 262020 if you did $20000.00 or more in transactions they want to know who you are essentially what they're saying to crack it is turn over all of your information on these users show was their financial history show us what they've been doing because they owe us money and we're coming to get that money it's something you've

we think we offer a folks the ability to get into crypto and stay in crypto.mily: coinbase ceo and president ted coming up, -- and president. amazon expanding in the auto sector. as we had to break, take a look at bitcoin, which tumbled below 50,000. this is partly due to elon musk's serious decision to stop accepting bitcoin as payment. he did just to eat, i strongly believe in crypto but it cannot drive a massive increase in fossil fuel use. this is bloomberg. ♪ emily: amazon is deepening its ties with ford. the company has agreed on a deal that will integrate the system into the entertainment system of f-150 trucks. it will rollout to 700,000 vehicles this year. let's ring in matt day -- let's bring in matt day. what can you tell us about this? >> this is part of the biggest deal amazon has ever struck on the road. amazon has alexa right there. you don't have to fiddle with a smart phone. say hey, alexa, find me a gas station. emily: how successful do you expect this rollout to be echo we have been -- to be? we have been expecting it to come to cars and it

the root problem is not in crypto itself. capitalism is constipated.here's nowhere for this to go a massive amount of invested money and nowhere to put it to it's chasing around. you see it also in stamp collecting, coin collecting. nfts, even gamestop stock now has kind of become disassociated from the actual ticker or the company with physical stores and has become sort of a meme cryptocurrency-like thing. this is a general phenomenon and crypto because it's new and novel we pay a lot of attention to it. >> hmm >> you said that capitalism is constipated. some argue this is exactly what the technology behind cryptocurrencies are trying to sell we'll leave this debate and conversation for another time amend hope you'll join us again. thank you. >> thank you so much. >>> well, shaky debuts for coin base,and perhaps of robinhood pause? we'll look into that in a minute >>> meantime, watch ki crisco. stock sliding now at about bakre even more in a minute when "techcheck" returns. baby ♪ ♪ just to let me down ♪ ♪ (let me down) ♪ ♪ and mess me around ♪ ♪ and

it so is this good or bad for the crypto market. yeah you know there is that there is an article that says they're searching for the next script a winner i kept thinking it's a crypto winter the 1st couple of times that i was looking at this article because that's the terminology usually here not proved a winner but the crypto winner listen i hate the whole doe's coin thing and i'll tell you why it's not nothing against those if you hold those if you're buying that great you are entitled to do that what i don't like is the idea that you're going to go and purchase a coin and everyone's going to buy it together and they're going to pump it up and it's going to go to the moon because it doesn't happen yes it goes to the moon and then at a certain point the savviest people sell it's called pump and dump so somebody has got to dump and somebody has got to be left holding the bag at the end and people get hurt with that now my good libertarian self says hey if you get hurt by that that's on you the problem is that it hurts the overall in

you permission to put half in crypto instead. part of that is because it's scarce and not be gotten easily. and perhaps better than gold, maybe it was true not that long ago, but now that's not the case now. there's no way to tell the good ones from the bad ones however you feel about crypto as an investment, the idea that anyone takes them seriously is pr posterous, after the last say, 24 hours, it was created as a joke but the punch line is there's nothing backing most of the things anyway. but because there's so many crypto-zellots, it's easy for people in the media to keep their mouth shut i am not begrudging, i have made a ton of money but now i think t got lucky. what about the people who want to talk up their two favorite shots. i'm all in favor of conviction, but game sdl stop, and amc seriously? gamestop has been going down for years, because of digital downloads and for amc, the joke is on the supporters who allowed the ceo to sell is stock to keep his company from going bankrupt. if you criticize them, you will try to

crack in the crypto exchange crack and. at least $20000.00 between the years of 20162020 so between 20162020 if you did $20000.00 or more in transactions they want to know who you are essentially what they're saying to crack it is turn over all of your information on these users show was their financial history show us what they've been doing because they owe us money and we're coming to get that money it's something that you got to say it again rachael i've been warning about this for a long time but it's on its way that the i.r.s. will crack down and unfortunately i think there's a lot of crypto users who if crack and goes along with this and i believe that they will that ultimately that those users are going to be hurt tremendously by this because of the fact that the u.s. government can't figure out what crypto is how to classify it and so they just kind of jerk everyone around with these regulations i think it's a very bad thing for these users but if i were you if you're on crack and you better start getting your tax

it's a ruling that no person who uses crypto currency wants to hear federal court has given the i or us permission to seek the identities of taxpayers who buy and sell crypto their ruling allows the i.r.s. to serve a john doe summons on the crypto exchange crack in seeking the identities of its users a spokesperson for the justice department described it by saying those who transact with crypto currency must meet their tax obligations like any other taxpayer so joining me now to discuss the gulf coast and crypto analyst ben swan and christiane i ben let's start with you so what do we know about this john doe summons and who is the i.r.s. going after here will they go about through kind of the big fish 1st so what the jumbo summons is asking for is anyone who has transacted on crack in the group to exchange crack and. at least $20000.00 between the. of 20162020 so between 20162020 if you did $20000.00 or more in transactions they want to know who you are essentially what they're saying to crack it is turn over all of your information on these users show was their financial history sho

in terms of the buying, you have a lot of the big crypto, the three horsemen of the crypto world.g to fuel gains today. you have just and son saying, i just bought, he talked about bitcoin. you have would saying she sees it go about 500,000. of course, elon musk, always a tweet from elon musk saying tesla has stopped with bitcoin. anna: great for that. what is next? what are the key levels we are looking for? love what you read around bitcoin is with the technicals. it is so driven, the endorsements, celebrity tweets, and by regulatory concerns, we see buzz for those holding sway over cryptocurrency. dani: in regard to the regulatory concern, it is interesting because in talking to different analysts today, you have some of bitcoin saying, the one thing about bitcoin that is getting to regulation, and some other concern come from the divided administration not china. you have the bulls worried about it, and those with regulation. in terms of levels, there is an average we watch a lot. yesterday, we felt below 200. maybe we just go back to that 40,000 level. the fact that we are ab

there has been a shift from crypto into meme stocks. romaine: i smell a chart idea. >> that was the initial urge. you saw a bunch of call options on amc, kicking in that flywheel of gama hedging. caroline: break it down for those who don't understand gama squeezes. the options market on fire come extraordinary. what does that signify? >> this was the secret sauce in january and february. when you have a lot of call volume, dealers have to hedge that. they have to buy some of the underlying stock to hedge back to neutral. the contracts are all short dated weekly. we had a bunch of options expiring get bought today. the shorter the contracts, the higher the convexity, so they have to buy more as they get closer to being in the money. that was part of the impact. we saw a record call volume day for amc. it broke that record today. you saw 2.4 million calls get traded. that was it not enough to keep the stock moving up. joe: options go banana, pretty wild. amc was up 38% today. it did close negative. we saw the coins fall, apple, tesla fall

look at the crypto news out today, the treasury stripped of crypto compliance with the irs.s her saying cryptos gone from trendy to tacky. the value was based on wishful thinking. there is a growing suspicion the markets being manipulated. look no further than elon musk's manipulative tweets. serious investors don't spend their lives on social networks don't lying to tweets. the ceo the colonial pipeline, it will be tested before congress. it does not go down when the country is held to ransom by crypto criminals. the stock market has largely recovered from heavy selling. the comeback for stocks is more powerful than it has been for the cryptos which were on their way south again. this is not a prediction for crypto's future observation for regulation and bad pr are serious head wents. third hour of varney about to begin. market watermark avalon is with us. good to see you. do you think we will get regulation of the cryptos and if we do what form will that regulation take? >> it is going to be inevitable and take a lot of the hype and froth out of the trade. these wide swing

we are focused on crypto.ou london mosque once again doing his part to drive it down -- elon musk once again doing his part to drive it down. joe: he did have that effect because he came out last night and said they are going to hold bitcoin on their balanced rate -- balance sheet. they are no logo going to be selling tesla's. i don't know if anyone is buying. tesla and bitcoin. teslas for bitcoin. we saw the price plummet after the decision to return to currency. caroline: continuing the commentary and getting into chats with -- scenting coverage -- sending coverage. many have come back and said enough. did he really not know this before he decided to start taking on his balance sheet? joe: that is the weird part. let's bring in ed ludlow from san francisco. what is the deal with that? he knew all this. he understands energy. everyone talked about this from day one. how is it that two months later, fossil fuels? ed: the mission statement of tesla is to transition the world to sustainable energy. elon musk has

it is a crypto tailspin. crypto getting hit very hard. the exchanges getting hit hard.ll types of coins like ethereum getting hit hard as well. nasdaq 100 the underperformer -- actually, holding of the best out of the indices, but still down 1%. a large part of that is going to be tesla as well. the implication is stronger dollar. that is where you are seeing the safe haven flow. treasuries not moving that much. iron ore getting hit, copper getting hit, oil getting hit across the board. when you talk about risk off, you would think you would see a stronger move into the bond market, which we are not seeing. yield holding relatively flat here, 1.6 3%. we will brick that down. right now we want more about bitcoin's plunge. bloomberg's kriti gupta joins us now. kriti: you have the ark innovation etf up 3.7%. you also have the metals and mining etf down 3.5%. once again, you are seeing commodities, you are seeing tech under pressure. i want to show you before i bow into -- before i go into bitcoin , bitcoin is down, ethereum down as well. you are seeing what has become a br

and it is the announced purpose of the supporters of crypto currency. to take that power away from us. for full currency represents a litmus test for governance. it reveals how much your government believes in in the fundamental freedoms and human rights. because if they don't trust their own citizens to have control over their own money. that says a lot about the governments is very little about crypto cards. you see the reason why some governments and most banks are threatened by this technology is simple. your private key and your wallet can replace your bank account. the network is run by software, and it's currencies made and maintained by computing power and electricity. it can't be manipulated by central bankers, wall street lobbyists or politicians, but with new freedom comes new responsibility. so, if you can help with keys, it's your point. if you don't control the keys, it's not your bitcoin, your keys drop big point, not your. not your big point, your keys, your big, quite natural keys, not care of a point. got that. if you lose your key, yo

crypto holdings. and what does all of this mean for future currency projects like facebook for exam? this could actually be good for alternate tips. projects like facebook's di am, which used to be called liberal at 1st, but now they call it di and, you know, as facebook is trying very hard to comply with international financial regulations . and with more stake control over crypto currencies. the standing of, you know, more regulated, more transparent crypto currencies, like facebook's times might be strengthened in frankfurt. thank you. you afraid officials met with their us counterparts in a virtual meeting on thursday and both sides made significant progress and a long standing dispute, or aircraft production subsidies and on steel and aluminum terrors to size agreed to open tooth toss, which could end the trump error standoff over these terrorist and i u. s. president joe biden is to visit the next month with much of the focus on how the u. s. and the you will deal with the konami wible china and

cryptos also down. cryptos are down. they are all down now. i will give you 2 observations of mine in the last few days and the conclusion for each. first off i had my first in the office meetings yesterday with people that came to my office without a mask. i felt like a grown up again, without looking at people through a zoom call. almost a panacea moment that we are starting to get back. secondly, as you know as well as i do, you walk around the streets of new york it feels like we are back. saturday evening i went on a 6 mile walk through lower manhattan, observations along the way, i saw throngs on every single corner trying to help taxis and ubers that of which were available, restaurants and other places packed. at 9:00 at night i found myself in the center of washington square park, alongside squirrels. you would have felt you were in woodstock with what was going on. spending on stuff is going to stop and decline. people will shift to experiential travel. we will get to this instagram moments, to see things, that is a boon for travel,

in the process of launching its own crypto currency. the so called digital remain be it's likely that the people's bank wants to reduce some of the competition for its own state run crypto currency, financial correspond conrad booth in there. the pandemic has shopped, shocked, rather economies around the world. but emerging and developing nations often lack the resources to shield their own workers with programs such as unemployment insurance or short time work schemes. and his job losses are mounting. and that's threatening the livelihoods of many who had just attains a middle class lifestyle. in india, each day brings with this more images of suffering, the country has recorded over 200000 deaths from the corona virus. experts believe the real figure could be far higher in developing nations where health care systems are often already overstretch and public funds lacking the human as well as the economic told of the pandemic is especially high indian argentina. both posted an economic decline of close to 10 percent last year. so the a

we think we offer folks the ability to get into crypto and stay in crypto.: coinbase ceo and -- coinbase coo and president emilie choi. coming up, amazon alexa expanding in the auto sector. as we had to break, take a look at bitcoin, which tumbled below 50,000. this is partly due to elon musk's serious decision to stop accepting the cryptocurrency as payment for electric cars, however he did just tweet, to be clear, i strongly believe in crypto but it cannot drive a massive increase in fossil fuel use. especially cold. this is bloomberg. ♪ ♪ emily: amazon is deepening its ties with ford. the company has agreed on a deal that will integrate the system digital assistant alexa into the entertainment system of f-150 trucks. it will rollout to 700,000 ford vehicles this year. let's bring in bloomberg's matt day. what can you tell us about this? mats: one of the biggest deals in probably the biggest deal that amazon is ever struck on the road. amazon has inked to one that has alexa in it. just native alexa integration and say, hey alexa, finding a gas station and

card that also offered crypto and not a crypto-specific business.hat was what was hitting our customers excited. they can use brex for regular transactions, but also redeem in crypto. emily: as we were talking about earlier, there are concerns about regulation. there are concerns about the environment, the energy that bitcoin and crypto mining consume. is that something you are thinking about? >> it is definitely something we are seeing in the market. we understand the arguments pro bitcoin and against bitcoin. we decided to take the stance of letting our customers choose what they want to do with their points. emily: what is next for brex? we are focusing today on crypto, but obviously you've got broader ambitions, much more to the company beyond that. >> for us, we are building what we call the all-in-one finance business. at first, brex was only a corporate card. now you can replace your corporate chase bank accounts, your american express, you can have this all in one product with brex. the next step for us is to keep developing these products t

or in crypto lingo mined.ppens at 21 million we need to look at how bitcoin are created. unlike other commodity that are physically mining this is different because there's no physical digging going on. high-powered computers compete to solve math equations and whoever wins gets a lump sum added to the pool of currency. once the miners unlock the bitcoin and then the planet supply is tapped out is it too late to exist? that time line might be longer than we think. there's 3 million bitcoin in digital space to be discovered but the amount decreases over time and slowing the process of unlocking them when bitcoin first began in 2012 the reward is 50 bitcoin and then dropped to 12.5 and today miners gain 6.25 bitcoin for every new block discovered that block continues to decrease every now years until the last bitcoin is found some say because of that slow decrease we may still be at least 100 years from mining those very last ones in approximately 2140. so we may be a century away from that last bitcoin for now.

when you look at people investing in crypto, you look at crypto hedge funds, 84% of those today are individuals and family offices. so we still have a long way to go as we start seeing foundations, endowment, sovereigns, pensions so, again, we're at the very, very beginning stages of institutional factors and factors like you mentioned playing a big role. >> people with money are drawn to assets that are going to make more money that's what's happening there. we're going to leave it there. thanks for joining us on street signs. the crypto leader from pwc. >>> also coming up on "street signs," it could be the end of an era with israel with benjamin netanyahu potentially being on the way out. we'll be right back. >>> welcome back to "street signs. these are your headlines eu markets search for direction following a broad pullback in asian equities as chinese growth eases. the oecd boosts its acceleration amid vaccine rollouts and spending with china leading the forecasts. >>> the crypto route continues amid reports that u.n. financial regulators are considering cracking down on digital coin trade

looking at the crypto space, crypto is getting hammered.coin fell to its lowest level since february. china again saying crypto's have no real values and cannot be used as a form of payment. looking at the yuan, 643.18. rishaad: looking at taiwan, to try to keep the supply of chips -- how are these companies faring, facing this new virus outbreak? >> unfortunately, most chipmaker plants have been located outside the area locally hit with the surge in cases. the taiwanese government has looked back to try to help these chipmakers as much as possible. haslinda: the question really is what is the government doing and what are companies doing to make sure they can avoid a disruption to chip production? >> the government has issued guidelines for companies to conduct their operations in a way to minimize the effects. the government is asking companies for various efforts and asking them to control the flow of staff and visitors and also tightening controls of the movement of workers on their campuses. most of the world's chip production -- tsmc

in the process of launching its own crypto currency. the so called digital remain be it's likely that the peoples bank wants to reduce some of the competition for its own state, run crypto currency, financial correspond, conrad, those in there. but the pandemic has shopped, shocked, rather economies around the world, but emerging and developing nations often lack the resources to shield their own workers with programs such as unemployment insurance or short time work schemes. and his job losses are mounting. and that's threatening the livelihoods of many who had just attains a middle class lifestyle. in india, each day brings with more images of suffering. the country has recorded over 200000 deaths from the corona virus. experts believe the real figure could be far higher in developing nations where health care systems are often already overstretched and public funds lacking the human, as well as the economic told of the pandemic is especially high indiana argentina. both posted an economic decline of close to 10 percent last year, so

right now, crypto is booming huge interest.me point crypto may slow down i don't know if they do, do you still see the level of trading interest and buying these 45 or 50 plus different cryptos that exist right now? >> yes in a way, it is easier to forecast long-term for crypto versus the near-term that will be volatile. i do think in the long-term crypto and i agree that this is here to stay this is an incredibly destructive industry we are in very early over the long-term, crypto market cap should grow and trading volume should be elevated because of the 24/7 of the assets in the near term, it will be volatile we saw it with the tweet over the last two days. now the thing is right now, retail crypto trading. if you look at the fees, i believe it is over earning in the industry if you look at the brokerages and the fees came down we will see it crypto is here to stay the trading fees will compress over time. >> the crypto looks good all of them up 7% to 10% dogecoin up 34%. harshita rawat looking at the first quarter as a publ

when crypto's unwind?stions? >> number one, i don't think crypto is unwinding. i think it's par for the course. none of the normal analytics apply. how does it impact the stock market? companies like tesla that holds lots amount of bitcoin will get pressured because wall street has figured out a way to arbitrage that too so there is volatility there and finally moving forward i think that bitcoin has got a bright future and we will see some more upside, but the question is when. stuart: i have the yield on the 10 year treasury this morning around 160, 161. it's at 161 right now and yet we talk a lot about inflation, grocery store inflation, oil, energy price inflation, but what's going on here? i mean, the market suggests we don't have inflation but the number say we do. >> this is the real dilemma because this is where the statistic bifurcate spared the government statistics don't reflect the modern economy as they are based on data and manufacturing of 100 something years ago so they won't reflect the me

i use this new nerd money called crypto currency. is created and stored in computers and before long there was a growing family, mostly guys like roger via today he's a polarizing figure, but big then he gave away thousands of coins to kickstart the movement and they all called him bitcoin jesus. i think that for many years he brought more people to be going than anyone ends and we will for re grateful to him for doing that. or when i was a kid, i was reading all the science fiction books. they were talking about how the world is going to be when we have this like anonymous digital cache that people can use on the internet. it's not controllable by anybody. and then when bitcoin came along, it was like, wow, the science fiction money that i've been reading about as a kid is finally here. so i got so excited about it. i heard about it about 10 in the morning. and i was trying to go to work that day, but i didn't, i stayed home the entire day. reading about it didn't leave. i stayed up all night that night reading about a date up all n

straight to cryptos.coin and a dogecoin wiped out half $1 trillion worth of capital and now bank of america weighing in on the crypto marketplace. good morning to you. >> they manage half $1 trillion, a lot of money. one bitcoin is the most overcrowded in the world right now. it is in a bubble. bit coin prices won't fall from here. we've seen these peace and call it a bubble but bit coin prices have gone up. the latest in january of this year. a lot of experts say there is resistance, support for bit coin prices above 40,000, you have dogecoin at $0.50, not necessarily a huge selloff. stuart: no but it is not a return to the old highs. tell me about these musk impersonators, they stole millions. >> this is part of the giveaway scam where con artists and celebrities are known figures in the crypto world and promise to multiply the crypto currency they send but instead pocket the crypto currency system themselves. scammers pretending to be elon musk stealing $2 million in giveaway scams and people believe i

show me the cryptos.ming in? after a year or more of working from home how many will actually come back to the office? how many want to come back to the office and under what circumstances? two days at home? three days in your cubicle? tens of millions face the choice and the challenge and for some it is the biggest challenge of the pandemic so what do you make of jamie dimon? america's best known banker saying remote work is not for those who want to hustle. stay at home people are slackers the lacking ambition? is that what you think? there are some managers who feel you have to show your face to get ahead, they want to see an employee engaged with the company and it is easy to engage in the office rather than at home. millions of remote workers are very happy at home, they don't commute, they can live anywhere they please and if they are happy and productive they don't see why they should go back to commuting and 95 hours. ernst and young, the accounting firm surveyed 60,000 employees. half would quit

the meme stocks have back and crypto rebounding today too. we look at companies that mine b b bitcoin and an analyst says one of his picks could rally more than 80% hundreds of smaller banks are offering clients access to crypto big banks are softer on crypto maybe they are falling behind. when will they catch up? >>> the inflation debate gets political. we have the very latest. we start with the markets. as always dom is here with the in your opinions >> we're just about at or near session highs. it might seem modest because it is the dow industrials up fractionally we are trying to move back towards the record highs we have seen the dow industrials we are now down 2% from the record intraday highs. the s&p 500 at 4200 is down roughly 1% the building stocks as represented by the i shares dow jones home construction etf. it's up 1.5% we have mortgage application data out there morning we're down about 9% from the record highs we have seen earlier from this past year. third up day in a row here and third, three out of the last four days we hav

they are building a crypto utopia. magic, i think that will happen. it's something called block chain technology. and it just might change your life and they really could compete with, if not even take down the facebook and google's in the amazon. my name is austin hoffman and i'm going to put some of these claims to the test. forget all the hype will explore the true potential of this new invention. see who is already using it, making it really easy and simple for people to a page that it's all, or we and go deep into a secret bunker that holds billions in bitcoin. but they are those who want to kill it, join with me and introducing a bill to outlaw crypto currency, so that we nip this in the bud or change the world with it. welcome to ground 0 in the battle for the future of the internet. web 3 point all they wanted, a science fiction dream actually did was build forthcoming disaster. a lot of people were not willing to learn or not willing to admit they were telling me that i have no clue that just don't support free speech. you don't support big c

nejra: crypto -- annmarie: crypto assets plunging then rising. a string of bad news.st elon musk complaining about bitcoin's fossil fuel usage. the pboc added to the negative sentiment by reiterating digital tokens cannot be used for payment. joining us is bloomberg's crypto czar. one thing that struck me yesterday was the fact that she saw capitulation flashing on her screen. was this a buying opportunity? do you expect the price to rise? >> it could be. bitcoin went down almost 30,000, now it is back up around $40,000. it does look like capitulation but a lot of people were taken off by that. you can say it was cost, but there was a significant number of retail investors who took it on the chin. there were all sorts of twitter posts and everything going around saying keep buying on the dip. what do you use to buy the next time? definitely for people who had just a small portion or might have been saying i don't want to buy at $55,000, this could be an entry point for somebody longer-term looking to get in. manus: we do have to have a health warning which is obviousl

coming up in the next hour, a stomach turning day for crypto investors.t coin plummeting 31% in the morning and rallying in the afternoon. we will have all of the action. plus, a month ago she predicted bitcoin would go to $500,000. we see what cathie would is thinking now. and a md is one of the biggest tech turnaround stories of our time. the company's market value is now more than $90 billion, up from just over $2 billion at the end of 2014. we bring you might latest "studio 1.0" about the company come back. bitcoin in the last two weeks, as much as $1 trillion in market value has evaporated. in the last 24 hours, more than evan hundred deveney 5000 traders have had their accounts liquidated, equal to $8.6 billion worth of crypto. cryptocurrency exposed to shares including coinbase, marathon digital, all falling more than 6% after bitcoin touched its lowest level since january, before that big bounce back. some exchanges also reporting technical issues. it all made for a very volatile day. >> we go through soul-searching times like this. i think people

crypto down 33%. back up 33%. that will get your attention >> what did you think of the fed's comments when they would start to discuss it at some point and eventually. they hedged it as much as possible the markets did go up. we are not doing it tomorrow talk about stop potential purchases in the bond market and talk about tapers. >> planning to come up with a plan to plan to come up with a plan that reminds me of sheldon no, no it's not a cult. if you think about going against what the consensus is, i think you are seeing a few people do that now maybe that is leaking out. those were april comments that are coming out >> it's usually six weeks later. that was my question they must be more concerned at this point than six weeks ago. >> then i thought, all of the commodities we think are showing underlying inflation, they are backing off, too was that asset inflation not real inflation >> i think it is hard to get some of this stuff it is the demand picture and supply chain pictures. it is hard to get into this. l

we talked about crypto.ut really about this idea of it becoming a legitimate way to would diversify the portfolio. the idea that if some of the concerns of the past may not be valid today. joe: and of course we had janet yellen weighing in, mentioning today, among other things, that we don't have a fully adequate crypto regulatory framework. caroline: tell that to the dogecoin buyers. joe: yeah. let's talk about diversification. they didn't lose any money today. let's bring in ryan selkis. you crypto guys, you talk about the fed all the time. censorship. doesn't that does show -- the dogecoin thing show it is a gambling game? ryan: you can say the same thing about the stock market and gamestop and what we saw on robinhood. there is a bigger trend to play which is more retail investors are buying into meme stocks, mean coins, and having fun with it. elon musk has quite the cold following. when people see that he is going on saturday night live, and he jokes the episode will be called the does father, and bunc