he did possibly imply that tesla might sell its bitcoin holdings. its way down by the time the tweak came out. -- tweet came out. shery: what about the broader crypto market? what are we seeing in terms of pricing? reporter: most of the major cryptocurrencies are down in the past 24 hours. dogecoin is fluctuating. musk has been talking it up as he talks about the problems with bitcoin. while it is not spending dogecoin through -- to the moon, it is doing ok relative to some of the other cryptocurrencies. paul: what are the chances that bitcoin actually does -- that tesla actually sells its bitcoin, or has it already happened? reporter: it is possible. musk has this history of hinting about things and then actually going through with them, like talking about how he was tempted by bitcoin and then best -- and then tesla bought into it. it is possible. at the same time, it is a vague tweet. who knows exactly what will happen? shery: there with the latest on cryptocurrency. let's turn to some corporate deals. at&t is said to be in talks to spin off its m

bitcoin? emily: that is tesla's holding of bitcoin, but do we know anything about elon musk's personal holdingsf cryptocurrency? ed: the irs now requires individuals to disclose their bitcoin transactions on their tax returns. the difficulty with elon musk is it is difficult to separate the man who is a public company chief executive, fiduciary director, and the world's second richest man. we know he has a position on dogecoin, saying he is interested broadly in cryptocurrencies. in some ways putting his money where his mouth is through tesla, but we don't know how much of his own wealth is tied up in cryptocurrency. emily: i spoke to the president and coo of coinbase around earnings yesterday and asked about elon's comments and from others more broadly. take a listen to what she had to say. >> do you think there are devices that consume more energy than bitcoin? you have to put things into perspective. put things in perspective, but we want elon to participate. emily: joe, indicating that she thinks there could be something bigger behind whatever is happening here. would you agree? there seems

bitcoin. tesla may sell or has already sold its cryptocurrency holdings. will discuss how bitcoin is spreading next. this is bloomberg. ♪ rishaad: the world is ripe for crypto investors, the world continues with elon musk implies tesla could settle. bloomberg's cross as it editor is joining us now. what has elon musk been doing over the weekend in terms of crypto? because it has really taken its toll? >> he has just been getting into little spats with all sorts of bitcoin defenders and people who have been criticizing his move to say tesla will no longer accept bitcoin. and of course, the tweet that you are referring to where he implies that they may sell some or all of their holdings is when bitcoin was already on the way down, so it exacerbated the decline rather than starting it, but there has definitely been a theme over the weekend with musk at the center of it. cryptocurrencies as a whole are pretty much down. haslinda: down and volatile. in terms of outlook, how is it looking, and what of the chance -- and what is the chance of tesla selling all of

bitcoin. we are seeing like to percent hold 95% of the bitcoin. does that concern you as well?eter: that number might be a little off. there is some concentration. a lot of bitcoin is held by custodians. we hold a lot of crypto on behalf of other people. that is being held on behalf of hundreds of institutions and tens of thousands, millions of people. when you see these analysis is, they are missing the fact that crypto is held on behalf of other customers. amber: i'm curious how this downdraft impact your company's growth plan. do current market conditions push that out? peter: consistent point from us is we will go public someday when the moment is right. great companies go public in down markets, up markets, it is just a moment in time on a long journey of building companies. the price of crypto and the success of the whole crypto financial services system is important to a company like ours. it is the heart of that system. the system needs to do well for us to do well. it will be extremely profitable. we are here for the next 10 years, just like we have been here the last

unless the levels hold, possibly there are pockets of air in trading beneath ta could be violated again, bitcoin bulls trying to do their best to hold some of these levels with regard to the carryover effect some trading relationships carl mentioned. look at one of the stocks that has been talked about by many traders as being timed with the move lower in bitcoin. coinbase global, biggest u.s. based exchange operator up about a quarter percent since going public, though, about flat remember, the reference price for its direct listing was $250 per share. we are now just slightly beneath it remember, at the highs, worth north of $100 billion in market cap. currently worth closer to around $52 billion at current levels. watch coinbase global subtraders citing their direct listing timed just around where bitcoin hit highest levels other parts of ecosystem, jon, deirdre, carl, to your point tesla, micro strategy. other names like riot blockchain that have been very closely tied because some of these companies hold bitcoin on balance sheets on a year-to-date basis. tesla, microstrategy and blockchain,

record discount for the grayscale bitcoin trust and 600,000 bitcoins that it holds. ice for the stock is at the widest gap ever. mean time check out coinbase. coinbase barely above $200. after a direct debut a few months ago. down detective says there are problems with coinbase in this crypto frenzy. southwest airlines. show you what is happening with southwest, they also came out with earnings. they said april revenue will increase from march which is encouraging and leisure fare levels close to 2019 prices. people are traveling once again. wells fargo downgraded this morning at ubs to neutral. the stock has run up too much. did you see "the wall street journal" this morning, stu, more than $32 billion flowed into u.s. bank stocks this year in just the first five months of 2021. that is record amount for any year of 12 months. people are chasing financials. we're seeing some of the money coming out today. stuart: was that because the yield on the 10-year treasury went above 1.60? susan: yeah. stuart: put money into banks as the rates rise? is that the reason. susan:

shery: elon musk implied in the tweet tesla may sell or has sold bitcoin holdings, leading to a lot of volatility. let's bring in the ceo at the wealth consulting group. this chart on the bloomberg showing volatility in dogecoin, surging on elon musk's tweet, as compared to the rest of the crypto world as well. is it worth weathering the volatility for investors? is there more upside to dogecoin, bitcoin, or other crypto assets? >> i think you have to look at crypto either as a trade or as an investor be thinking about the more blue-chip type coins you think have utility and will serve as potentially a store of value or some other potential commodity investors will want to own long-term. as far as volatility, a simple tweet from elon can move the market quickly and in a big way both up and down. if you are an investor in crypto, you already know how volatile it can be. if you are thinking about investing, buyer beware that you are entering a state that has a lot of volatility attached to it and probably more down the road. shery: this is something retail investors have been following c

are going to slap themselves next quarter when they find out tesla dumped the rest of their bitcoin holdingsusk is getting, i wouldn't blame him. musk responded about an hour later, indeed. that triggered a 9% crash in bitcoin which fell as low as $42,102, right? that's what it stood at. musk clarified that tesla has not sold bitcoin -- he did this hours later because he saw what was happening. he said i just said indeed. i'm getting a lot of heat. we still have crypto on the tesla books, but that has not pushed a recovery. let's bring in scott redler and louie navalier. scott, we could wax poetic that anything that's affected by a one-word tweet is dangerous, but bitcoin, is it a buy, hold or sell? >> is there a valuation on bitcoin? it's always been driven by motion and fear and greed and, obviously, you see someone like musk who could come out and put a tweet out there at a very temperamental time after it went from 20,000 to 60,000, there really is no valuation. when you put it in terms of trading, you have to use technicals. and technically bitcoin's been in a tremendous uptrend. it rod

susan: they hold a lot of bitcoin. price of bitcoin which hit lowest level in more than 3 months. companies hold roughly $5 billion bother and we hold that much and bitcoin prices go down and you go down along with it. square and jack dorsey, continuing to hold $170 million and they say that they will continue to buy despite the fact that they lost around $20 million so far on some of the bitcoin purchases. stuart: yeah, i mean, you see where i'm coming from, susan? you get the theatrics from elon musk and mark cuban affecting not just cryptos but the overall market. major league stocks here. susan: yeah. stuart: don't we have a lot of crypto-related stocks that are down this morning? susan: i want to throw minors as well. like the marathon pyton and i will throw coin base in just a bit. they are all tumbling. we have bitcoin going down. xrp and cardona and doge coin outperformed, back mark cuban and elon musk comments which we will get to later on. stuart: we have to. [laughter] stuart: we will. the dow winners, 30 stocks in the dow. the best gaper is merck which is up 1 and a hal

matter. >>> and elon musk says his company has not sold off bitcoin position after he implied on twitter on sunday that tesla did sell the holdingsrom bitcoin to dogecoin sinking. down almost 1% that's a rough ride if you are into cryptocurrency. >>> the upcoming twitter subscription service will be called twitter blue. the company has tested new features like undoing tweets and ad-free scrolling. shares are down .50% in extended trading. undo tweets, brian can you imagine how much can be avoided with undo tweet? >> isn't that also called delete tweet? what is the difference between undo and delete? it's a real question i don't know >> reporter: i don't know. here is what is the advantage. if you can undo your tweet and undo it from where it was retweeted, which previously didn't happen if somebody else saw it and captured it you were lost. i think there is a way to do it. edit tweet you cannot re-edit. >> the fact they don't have an edit button. you end up with the wrong word by accident because you are yelling at the kids on the side. that's ridiculous. everybody can screen shot anything any way >> reporter: we're having coffee

as for green, we have not been able to lay our hands on a really rigorous analysis of holding bitcoinersus holding other currencies in the banking system. there are costs on that other side as well. we are very open to this idea but we live in the real world and we have to make decisions in the real world on a regular basis. we have seen a lot of opinions but we have not seen a lot of rigorous analysis on the topic being mentioned. we will continue to look for that and we will adjust our strategy accordingly as these things develop, but we have looked at it pretty closely. 2% of our cash position felt like the right solution at this time. shery: i know you are in your quiet period so i will not delve into your earnings, but give us an outlook of the broader gaming market, given that we are reopening. a lot of people are getting out and about. are we going to continue to see the demand for gaming that you would just do when you are at home? owen: sure. look, we said this a year ago at the advent of covid, we think that much bigger than the near term impacts of being at home versus bein

the sec had a warning for investors in mutual funds that have holdings in bitcoin futures.ositive viewpoint coming from the new commissioner of the sec. joe: most people know this, but the sec saying investors should understand it coin -- should understand bitcoin is highly speculative. bitcoin might go down. we appreciate the sec letting people know. so we are going to be talking more about crypto. i want to bring in the general counsel of o8o1 labs. i want to get your perspective on this idea of electricity cost. do you think blockchain technology tokens can move past the need for computation expensive crypt mining? >> thanks for having me. i think it varies largely. there is a proof of fate, which moves along to other networks. i think you are seeing a lot of energy consumption focused on not only by people like elon musk but environmental groups as well as neutral funds that have a wide investor base. i think it is hard to give -- more and more, i think you're going to see a focus and criticisms over how the network is run. romaine: a lot more scrutiny from a lot of dif

most recently insinuating that tesla may have already sold or plans to sell some of their bitcoin holdings. that was one of the major reasons bitcoin has risen so much, this idea that elon musk and tesla would be the game changer for bitcoin's mainstream acceptance. now taking the other side of that. really important to keep in mind bitcoin has a strong correlation with tech at the moment. so when you see that tech underperformance, sometimes cross asset trade also means selling bitcoin. haidi: kriti gupta there in new york. never a dull moment in equipped. you can follow -- never a dull moment in the crypto space. you can get the market run down in just one click along with commentary and analysis from bloomberg. the race to the financial world's most prized -- two women have been pushed forward towards the front after being named co. heads of the bank's massive consumer division. let's get more from chenal about tech. tell us everything you know about this. >> the reason it is so incredible is because these two women have had such a rapid ascent at j.p. morgan. a number of different jobs

elon musk saying tesla will not be selling any of the bitcoin holdings he has right now, but he's talking about concerns over bitcoin's environmental impact. of course this has been raised numerous times as we continue to see the huge electricity usage mining bitcoin entails. elon musk now saying tesla will be suspending vehicle purchases using this cryptocurrency bitcoin, although they will not be selling any bitcoin. we're seeing the cryptocurrency right now under a little bit of pressure. let's now get over to vonnie quinn with the first word headlines. vonnie: china has deployed warships to a disputed area of the south china sea. before and affairs of secretary says the south asian nation is considering another round of protests after beijing increased chinese vessels in the contested area to 300 from more than 200 in march. he plans to take up the matter with his chinese counterpart. >> [indiscernible] this is essential. vonnie: a diplomatic push is intensifying into the most serious clashes since 2014 involving israel and the palestinians. the u.s. deployed in envoy to the region an

bitcoin plunges again after elon musk implied tesla may sell or has already sold its bitcoin holdingsmed to agree with the tweet that said tesla should divest from bitcoin. inis is the latest statement from the billionaire that has hit the digital toe computer it is -- hit the digital token. crown resort has rejected a takeover bid from blackstone saying it is too low. it hands the advantage to rival suitor star entertainment. crown said there was too much uncertainty with the blackstone bid, including timing and literary approval. the casino operator says yet it has -- says it has yet to form of you on star's offer. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you very much. coming up, the world powers call for an immediate end to violence in israel and gaza, the israeli prime minister valves to fight against hamas. this is bloomberg. ♪ >> we will do whatever it takes to restore order and quiet and the security of our people. we are trying to degrade hama

we closed by a poinsettia -- elon musk alluding to the fact that he may have already sold his bitcoin holdings, and followed that by clarifying he had not. lisa: i do not get this. also the idea that he came out and said he was concerned about the environmental considerations with bitcoin, the fact that it takes a lot of energy to mine bitcoins. we knew this for a long time, he knew this for a long time. why was he emphasizing this now? then to reverse that. can we take this ceo seriously? jonathan: it seems to be moving this asset class massively, which undermines the asset class and distracts us from the amount of improvement we have seen over the last several years and increased institutional involvement in that asset class. i think it undermines the asset class and distracts us from some of the important fundamentals. lisa: and raises the question what is he thinking? what is his goal and will he be in the hotseat with respect to market manipulation? jonathan: tom asked that last week. lisa: he ran away, by the way. jonathan: yes. lisa: we are pulling the transitory game with me coming bac

doubling down on the issue with the energy consumption and implying they had sold some of their bitcoin holdingsen, clarifying he did not. then, this diamond hands tweet, which tipped a lot of people off after the whiplash. how much do you think elon is to blame about the volatility? >> i think he brings up a really great point. i was looking at the numbers and bitcoin takes something like the entire annual energy budget of australia to run. it is around 1%. that is crazy to think about. the cool thing is technologists are coming up with new types of solutions, like proof of stake, which is sort of like ethereum 2.0 and many other new cryptocurrencies are actually going to. that takes something that is a crazy energy draw down by 99%. engineers are coming up with better solutions already. that is what i am excited about. bitcoin is great as an unending store of value. the feature of it is it is not going to change. i am way more excited about new communities, new engineers, people who are sort of building the future. that is where i think it is going to go. i think elon is entitled to his opinio

kriti: the insinuation that tesla could have sold, or will be selling their bitcoin holdings not doing bitcoin over the weekend, but that is just the cherry on top of a not so great sunday. bitcoin has been on a negative downturn for seven days. a lot has to do with elon musk, a lot has to do with broader risk. you see the straight shot down and it's taking its cryptocurrency stoxx from companies like crypto miners that a lot of people hop into as exposure to bitcoin. in the stock market you see a lot of those names down, but even names like coinbase. if you look at several of the stocks that are crypto names, you have them here. coinbase is down 3.9%. only half the drop. galaxy digital down over 7%. once again, those crypto stocks are not doing so well in line with that drop. let's dive deeper into coinbase. it was not so long ago where we did see the ipo. since then, we have not seen much progress. the question is, does coinbase improve assets or does bitcoin become more apart of the mainstream media, and stream investments, or is the downturn something that is here to stay? emily: w

but there is clearly some tension on tesla's bitcoin holdings and what elon musk is doing.ou can see it on the screen. tesla has diamond hands. the meme stock twitter online chat for holding on to a particular asset class, in this case, cryptocurrency. emily: i have to ask you, you called elon musk "the shoeshine kid." i would love for you to elaborate on that metaphor. joe: traditional markets, the way it works is big-time investors on wall street create something. it filters out and then suddenly when the shoeshine boy is talking about it, it takes it to the top. bitcoin started with someone anonymous. it got hot on reddit and other places. then you have the richest man in the entire world at that time sort of rap his identity in bitcoin back in february. in wall street, every day, some new bank is rolling out some new product to offer bitcoin exposure to its clients. maybe in crypto world, that is the proverbial shoeshine boy. emily: joe, hang on a second, i want to continue this conversation. thank you so much for your input, ed. i also want to bring in nic carter, a fo

holding. >> great to have you with us. we are going to stick with that wild ride in bitcoin. plunging 31% before paring both of those losses in the latter part of the session. let's get to have a reporter who is covering this. as that chart mentioned, this is not that wild in the grand scheme of things for bitcoin. that is part of the problem, isn't it? >> exactly. if you talk to some veterans who have been trading on bitcoin, it is another day at the office, but that is the biggest concern, you never want to see an investment basically lose about half of its value over the course of a month. that is not something that money managers feel safety investing in. the biggest drawback for cryptocurrency is that we do not know what is going to happen because if you are a skeptic, there is no fundamental value that you can say. shery: what exactly happened today? there seemed to be no clear reason that we saw thousands of dollars evaporated in the morning session. >> it was not clear and i think that was the biggest concern for people who are either on twitter and using coinbase and

back from big oil due to environmental concerns lost has said it has a has not to date sold any bitcoin holdings are over in china now where the economic recovery seems to be cooling factory output growing nearly 10 percent in april compared with last year but that was significantly slower than in march china's exports are enjoying strong demand but global supply chain bottlenecks and rising raw materials costs have help production back. meanwhile domestic retail sales also slowed last month coming in at just over half the rate seen in march well that economic recovery has been a boon for the multinational companies there many of them european enjoyment manufacturers car makers but it does come with its challenges but in changing rules and standards in the country take a look. at its factory here in shanghai e.b.m. has been making fan since the mid 1990 s. sales have been growing continuously even during the pandemic but things have become more difficult lately because beijing has unveiled new industry standards. you know awful i don't mean that as trying to introduce its own standards they used

would pull back from the cryptocurrency most has since said that tesla has not yet sold any bitcoin holdings. the e.u. and u.s. have agreed to hold talks over ending tit for tat steel and aluminum tariffs they were initiated by the troubled ministration who was critical of trade agreements with the e.u. 2 sides it will take aim at over production of steel from china thailand's economy shrunk by almost 3 percent the 1st quarter as pandemic restrictions battered the key term sector since april a 3rd coronavirus wave has triggered fresh curbs on economic activity last year the kingdom suffered its worst for your performance since the asian financial crisis of 1907 which human health officials have announced the crown of our shop will be available to everyone beginning june 7th a good news for businesses who are hoping they might be able to begin roll out for their own employees here's a look at one pilot rollout at the drugstore chain rossman she finally got her vaccination appointment sabina van seifert works as a saleswoman that costs money working closely with months of customers she's at hi

a tweet bitcoin users will slap themselves when they find out tesla dumped the rest of the holdings with amount of hate musk is getting, i wouldn't blame them the price of bitcoin plunged to $32,000. then musk said tesla has not sold bitcoin and the price of bitcoin rebounded a bit. you see the price is $45,000 and change andrew. >>> thank you, joe coming up, summer travel and focus. the ceo of ryanair will join us after the break. after the break. >>> later, we talk to scot my a keeps me moving forward... even after paying for this. gottlieb over the mask mandates. all that when "squawk box" returns after this voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ this is the sound of change. th

dollars after he ceo elon musk implied on activist the company sold or may sell the rest of bitcoin holdingsver 45,000 dollars. >> and bill gates stepped down from microsofts board of directors after board hired law firm to investigate a romantic relationship with an employee according to "the wall street journal" gates resigned before investigation was finished spokesperson saying the affair had nothing to do with his decision to leave the board, today is the last day to file your federal income taxes deadline pushing back because of the pandemic, if you live in iowa oklahoma louisiana irs extended to june 15, if you are still not ready you can file for a 5-month extension, but still have to pay your estimated taxes. maria. maria: all right, gerri. thank you so much we are looking at market that is down in the triple digits this morning, the dow down 150 the american legislative exchange counsel releasing rich states-poor states report 14th year in a row utah reigns supreme best economic outlook, ranks on economic xevenz utah governor spencer cox joins me to talk about that congratulations

actual bitcoin holdings hold around $170 million or they bought $170 million worth, lost $20 million bitcoin investment for the quarter, the value did go up close to $500 million, they paid hundred $50 million worth $472 million so that is appreciation which is kind of the point. stuart: a nice bounce. take a look at dow winners, 30 stocks on the dow and here are the biggest winners, nike up to prison, amgen, salesforce, they are all on the upside. the s&p 500, the winner is expedia. pay, software rounding out the top 5 winners. the nasdaq winners, microchip tech etc. all the way down the line. i will let you read them. i want to look beyond meet, very interesting, way down, 6% lower hit by slower than expected return of customers. we report on the show a lot, pizza, fast food chains, they did well during the pandemic and apparently they didn't eat much beyond meet and it is down 6%, 111 per share. shake shack, the ceo says urban folks will be coming back, investors don't believe him, stock is down 12%. shake shack at 93. after 6 minutes worth of business the dow is dead flat, the 10

there are a lot of wallahs that hold more than 10,000 bitcoin -- lot of wallets that hold more than 10,000t of these are exchange wallets. firms. so you are seeing one entity on the blockchain, one wallet address, that actually represents tens of millions if not hundreds of millions of customers actively trading. so that's a disambiguation. it is much more diverse than that. amanda: just quickly, we cannot ignore that china raises the very real issue for crypto, which is the regulatory one. at any time, this is a market regulators could change completely. how do you factor that in? meltem: the news that came out of china was a rehashing of an announcement in 2017. it is a nonmaterial event in our view. we engage with regulators across the world. we operate in seven jurisdictions. regulators are still trying to figure it out. in the u.s., we're seeing some changes, but nothing dramatic will happen overnight. a lot of those concerns and fears are overstated, to be candid. after seeing lots of different types of regulatory concerns, most regulators are taking a prudent approach. they are work

back from big oil due to environmental concerns last has said it has a has not to date sold any bitcoin holdings are over in china now with the economic recovery seems to be cooling factory output growing nearly 10 percent in april compared with last year but that was significantly slower than in march china's exports are enjoying strong demand but global supply chain bottlenecks and rising raw materials costs have helped production back. meanwhile domestic retail sales also slowed last month coming in at just over half the rate seen in march or that economic recovery has been a boon for the multinational companies there many of them european enjoyment manufacturers car makers but it does come with its challenges but in changing rules and standards in the country take a look. at its factory here in shanghai d.b.m. has been making fan since the mid 1990 s. sales have been growing continuously even during the pandemic but things have become more difficult lately because beijing has unveiled new industry standards. you know awful i don't mean that as trying to introduce its own standards they used

bitcoin. tesla will hold on to that bitcoin and start using it again when it requires less energy for transactions. >>> millions of people living in the south bay now will soon have to pay nearly $5 more a month to pay their water bill because the valley water district approved a plan to raise rates by 9%. the rate hike goes into effect in july and will cover the cost for a reservoir expansion project. the $2.5 billion expansion of the reservoir will allow more water to be stored in the event of droughts. a federal grant of $500 million will start the project. sam liccardo strongly against this rate hike. he also agrees with some environmentalists that say the expansion will not increase our water supply. >>> when we return, she's stepping away. talk show hostelen announcing her show will end. tonight what ellen says she must do to step back. >>> and it's a popular street in san francisco that was shut down to all cars during the pandemic. some people say keeping jfk streetcar free is hurting neighborhoods. >>> and i'm jeff ranieri. a big cooldown for us on the way. coming up, we will update you o

a business intelligence software company but they have been amassing billions of dollars in bitcoin they holdat has significant realized gains. i talk to him about this he said volatility is the price you pay for bitcoin to be ten times out performing the s&p index over the past decade he sees synergies in terms of bitcoin on his books and the software business they have seen their best two back to back quarters in the software business in more than a decade that's the bull case out there now. you have a country like china cracking down that it does still debate it. >> right you watch corporate america. you watch institutional investors and doesn't seem like they are backing away anything like that. tesla a bit of a different story, which we'll get to this morning. let's talk about this nvidia stock split. it's a 4 for 1 split this could be paving the way for nvidia to enter the douw. it would be about 150 a share. >> nvidia's role, it's a leading technology company i'll save it for another segment the absurdity of a price weighted index because it makes no sense >> but i works >> well, maybe

hold and get some corporate news. let's get a bloomberg business flash. laura: bitcoinsme volatility carried into the weaken as the world's largest cryptocurrency continued to whipsaw investors with double-digit percentage moves. implying volatility on the bitcoin indicates it sits above 130. other crypto including a theory him and dogecoin also dropped over the weekend. ethereum could be closing in on a way to drastically cut its energy use. software developers are working on a proof of state system that would eliminate the power of mining. an official says he hopes the change can be made as soon as the end of the year. bytedance is said to have terminated its deal to store its data on the alibaba cloud. bytedance ended the relationship. that is the bloomberg business. mark, anna. anna: still keeping our eyes on the fourth landing in belarus. poland has proposed sanctions on ella roos at an eu meeting taking place from later on this afternoon so we will continue to focus on the european response to that forced landing of the ryanair jet in belarus. china has intensive e

do that by me putting my money where my mouth is >> bitcoin adoption by investors of color is on the rise with black and latino investors likely to hold of color but urging them to see this as a buying opportunity highlighting only 21 million bitcoins can exist those satoshis will be on may 31st the anniversary of a black wall street which the app is named after. >> frank holland thank you for bringing us that news. that's going to do it for "squawk on the street. "techcheck" starts now have a great weekend. >>> happy friday welcome to "techcheck. i'm jon fortt with deirdre bosa and julia boorstin carl has the morning off today an exclusive with microsoft ceo satya nadella. microsoft's vision for the future of hybrid work. another exclusive with evan spiegel. and finally, apple ceo tim cook takes

bitcoin currently holding at just under $50,000. r says fossil fuel use was a big concern for bitcoin's future. didn't mr. musk know about the fossil fuel worries and energy use when it relates to bitcoin? does this mean that potentially other crypto's like ethereum, litecoin, we could see them get a little bit more speed? >> well, so this is the downside of i guess designating elon musk as your respective crypto god, right. there are a lot of bitcoin maximalist that would look at musk and say he is a super genius, he knows everything that's going on and he really likes piquant -- bitcoin. there was some tension when he started promoting does going -- dogecoin. a lot of the bitcoin maximalist got upset. now, they are really angry. and a lot of them are trying to sort out their own feelings towards iran. on -- elon. they saw him as a guide preaching the bitcoin gospel. it now seems clear that either he does not understand, in their view, what bitcoin means for the environment or he disagrees with them entirely. either of those scenari

online 4s, the type of volatiles of 10,$000 bitcoin, 30% plus in one single session, those that can afford to holdoney, those that were speculators and the average joe probably got shaken out and lost a lot of money. stuart: i noticed musk's tweet on doge didn't work today. doge at $0.38 a coin. >> it did work because if you look at where dogecoin was when the tweet came out it was closer to 45. it was up basically. stuart: okay and it is at 38. moving on checking futures, some green here, 100 points for the dow, 58 for the nasdaq and he's here, the man with the energy first thing in the morning joining us now. what do you think of this? stocks up recovering, cryptos not so much. you agree? >> yeah. this is the kind of stock market and crypto market that will give you whiplash if you are reactive rather than proactive. big swing sector rotations are flip-flopping day after day and just when you have it figured out it proves you wrong the next day. one day tech is a dog and then the next day leading the rebound. a lot of traders talking about how difficult the environment is. i am happy i am an inv

after elon musk replied to a tweet that speculated about tesla potentially dumping some of its bitcoin holdingstting out. musk followed up with a tweet saying to clarify, tesla has not sold any bitcoin square's jack dorsey also pushing back on some reports that square was thinking about changing its own bitcoin strategy he said nothing has changed there. jack dorsey still a bitcoin bull demand from institutions has been seen as really important this year. it's been a big driver of bitcoin's price. any fears that companieswould be backing off threatens that bull case. back to you. >> kate rooney, thanks so much for that one victor, what's your take on bitcoin's recent action and whether losing elon musk's vociferous support even though he's not outright negative on it is a blow for the cryptocurrency. >> in the short term it definitely is. but crypto was gaining speed and momentum before sort of elon made himself sort of the mascot of the crypto movement, dogecoin movement, and both the enemy almost instantaneously look, i think you had seen institutional participation wane as we got a little pa

now the big banks ready to let buyers buy, sell and hold bitcoin in the accounts. we'll have more. "power lunch" starts right now >>> ian we are going to kick things off with the markets seeing a rebound from yesterday's tech driven losses the nasdaq still only with a small gain today so has the tech and mega cap especially those stocks fallen enough to make those valuations relatively attractive once again? you can see there the nasdaq lagging up one quarter of 1% bob pisani has more on that story. bob? >> hello, dom. it's a mixed day reopening sectors, industrials, banks, toerls doing better but the key story is tech stabilize. tech up throughout particularly mega cap with a nice open up throughout the morning flattish right now with the big names and the chip stocks marginally to the upside there was a lot of worries that tech is starting to reset lower particularly after the earnings story and then some numbers here i would n't say tech is resetting lower but bifurcating. if you look at where it is compared to the 52 week highs and in the last couple of months most of them in t

bitcoin prices are rebounding from a three-month low after elon musk clarify as tweet over tesla's bitcoin holdingswas behind bitcoin and walking it back and is wondering why everyone is confused? >> yeah he does definitely move bitcoin prices with one character at a time, jackie. i think on this one there needs to be clarification that two separate things have happened. first of all tesla came out we'll take bit own as a means of payment for our cars. then they came out they won't do that anymore because it is not environmentally friendly and tesla marketed itself as environmentally friendly means of car ownership. this step away from using bitcoin is consistent what tesla wants to achieve but important for us musk to clarify that tesla has not sold a bunch of bitcoin. even though it is not taking it as means of exchange it hasn't let bitcoin as means of value storage. that is two separate things. that clarification was important for musk to get behind. jackie: that is interesting because musk was on "snl" and hold dogecoin thing as well. take a step from him and talk about cryptos in general and

meme, david, this is a major business, and a lot of these entities are paying 6% interest, if you hold bitcoin. 6% how are they able to afford that isn't that almost like glen fed, remember the old days of glen fed, al fed -- >> charting it. >> you're getting it i'm getting 6%, on holding my bitcoin. i earn interest on it. i mean it's kind of like nirvana. >> the s.e.c., to your point has a lot on their plate, gens ler, looking at spacs, cryptocurrency, and looking at the gamestop scenario and what happened there there is no shortage of things for him. but thankfully is he thought of as a very rigorous fellow. >> they're kind of overwhelmed the previous guy - >> he needed a lot of staff. >> he needed staff. >> but the laissez-faire, i think gensler has to hurry up. >> what happens if there is a giant hedge fund, not unlike david, you know archegos, what if there's a fund that is $100 billion that was fooling around with, that and all of the different banks didn't know about it, and deutsche bank, credit suisse may not have known about it - >> that would have been a scary scenario, particularly

their holdings in bitcoin. a lot of that is at the whim of elon musk. bitcoin also has a strong correlation to tech stocks, so when you see tech tumble, bitcoin tends to follow. >> what is the general feeling and thinking on wall street when it comes to bitcoin long-term? >> we just had the bank of america survey that is long bitcoin, so it seems like the sentiment among fund managers that bitcoin is here for the long haul, but they are certainly bullish on it. that is the long-term. near-term, we have to watch the technicals, the rsi. they are same 40,000 is the next level they are watching. if bitcoin can maintain the level above 40,000, it can climb back up, but below 40,000, it starts to get tricky. >> always an interesting time on the crypto beat. you can follow more on this story and the day's trading action on our blog on the bloomberg for a market run down and one click from expert editors and find out what is affecting your investment at any given point. >> the biden administration would delay a ban on

the tesla chief tweeted, clarifying the company has not sold any holdings of bitcoin after he tweeted -- smoking speculation that he had dumped the entire $1.5 billion holding. i think that is the more important to tweet, it drove the price of bitcoin down. joining as -- joining us now is perianne boring, president and founder of digital commerce. the initial response tweet that musk sent to some digital currencies analysts seemed to confirm that because the bitcoin community has been unhappy with him he decided to dump his entire -- tesla's entire holdings. not surprised that would move the markets, but had -- but it has not come back since then. why? perianne: do as i say, not as i do. bitcoin is volatile. digital assets are volatile. volatile is not inherently a bad thing for investors. you need volatility for the price to go up. it's not great when volatility is working against you, but in the dish -- in the digital asset ecosystem it is normal for bitcoin to fluctuate between 30% and 40% in any given month. we expect volatility to become -- to level out as it becomes more institu

bitcoin holding its own.er gold as well. at thrivent, we believe money is a tool, not a goal.. nicorette knows, quittin ... kidding me?! instead, start small. with nicorette. which can lead to something big. start stopping with nicorette you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq [typing sounds] [music fades in] [voice of female] my husband ben and i like you opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”] nobody builds 5g like verizon builds 5g because we're the engineers who built the most reliable network in america. thousands of engineers on one nationwide mission; to make the best, e

holdings, but after his comments this week, you saw a 17% fall in price and that means tesla's own holdings of bitcoin%. laura: a high school student in texas came out as transgender. over the past year, he has been documenting his journey into young adulthood and sharing the formative moments with us and with the rest of the world. here is a look at his story. >> as a kid, i wore a lot of boyish clothes. i do not enjoy wearing skirts, dresses, all that. maybe that was early symptoms of my dysphoria. gender dysphoria is the discomfort and distress in individuals with gender identity is different from what they were assigned at birth. i did not even find out what lgbtq even meant until my middle school years when i had access to the internet from my phone. no adults ever taught me about it or told me anything about it. >> bisexual, transgender, queer. >> repelled by the notion of homosexuality. ♪ >> the step towards city hall. >> every day, it gets better. >> my dysphoria started to manifest around the start of freshman year, i would say. it is a really uncomfortable feeling, it is like playing at the

>> i think 42,000 should hold on bitcoin so we are buying.e are selling volatility because in times when everyone gets nervous like today, volatility gets really high, so often selling volatility makes sense. we are looking across our portfolio. are there places that haven't reacted? mostly it is business as usual. we have investment committee meetings, new projects coming through the pipe, talking to customers and seeing what they want to do. we are building -- we have 200 people, we will have 400 by the time we settle and close with bit go. we are building a big industry that is not just a bet on bitcoin. joe: it feels to me in conversations like the enthusiasm around bitcoin from a few years ago, i'm hearing a lot of people get excited because maybe they want a gateway to d5 and maybe it makes sense, the idea of smart contracts and cloud computing. is that your sense, that there are mainstream finance people who are seeing specifically, this is the way into crypto in a way that makes sense? >> it is certainly having a moment. probably for

might put aside their climate conscience and use more adoption micro strategies, $5 billion in bitcoin holdingsigh leverage, according to one analysis, 100-1 in crypto markets. stuart: did you say there is bitcoin or crypto meeting conference of some sign in miami? >> june fifth, sixth, it is going to be interesting. everyone is excited. stuart: any headline out of elon musk will affect the crypto market and you will be right there to report. nice trip too. what else if we got here? we've got the yankees manager aaron boone joining the nft craze. we will talk about that and cryptos n-dimensional two about baseball, the yankee manager coming up. we showed gretchen witmer caught breaking her own covid fools, now she's cracking jokes about it and have the clip for you but first queen elizabeth reportedly upset about press harry's interviews like this one. role tape. >> we did everything we could to carry on doing the job. but we were struggling. we are stuck in this situation. stuart: nigel farage says prince harry will not be wanted on either side of the pond. he will sound off next. ♪♪ some say

hold on. let's go back to where we started. bitcoin was created peer to peer lic, 20 cash. that was the can a payment directly from you to me from me to the coffee shop. i have bought a bag of coffee for 2 bitcoin in 2012, which today cost me $12000.00 and today's money. that is a deflationary of fact, as long as the coin keeps doing, southern increases in prices. that's going to stop retail use in its tracks. with bitcoin, you can see $1.00 or $1000000.00 worth of value anywhere in the world. you can do it for free. one philosophy could be described as coin official goals. and the other philosophy could be discarded. the queen as digital cash point order book, and we've already met the digital gold cam, who opposes any changes to the protocol despite the high fees. roger represents the other side of the debate. they wanted a system upgrade a solution as easy, and just increase the size of the blocks from $1.00 to 248 megabytes. so that more transaction fit into them. this will lower the fees, and people will start using bitcoin as cash again. but most of the community disa

looking to buy bitcoin and accept bitcoin as payment, they made some good money off of their bitcoin holdings indeed but as we say the stock is down 2%, 3%. let's look at tesla if we can. another drop this morning, down more than 4 and a half%. >> below $600 a share, they just announced this morning, some unimpressive china sales, 25,000 plus sold in the month of april, that is a drop of 20% for march, losing seals month over month android is reporting the model 3 maker has decided against buying up more land next to their shanghai plant, the ongoing us china trade tensions means less need to build and export still you have elon musk always making news each day, he teased this out of the dogecoin, should tesla accept dogecoin for its tesla, bitcoin for their tesla and given that he single-handedly boosted dogecoin in the past 6 or 7 months. ashley: he called it a hustle, 2 million people have voted already, interesting to see what the results are. what more for you if we can, virgin galactic getting hit hard today, does this have anything to do with the potential delay of spaceflights? >> the

bitcoin holding at 41,$875 a coin. that is a nice bounce back, this time yesterday 31, 31 this morning. elon musk stop the rot in cryptos within of skewered diamond tweet. there is on your screen. it implied it was not selling bitcoin yesterday. how much is the doge in the window with the words cyberthating. don't have a quote for you, 2900 a coin. doge, $0.41. is the selling in stocks, is it start of a serious correction. in a series of phone calls president biden told israel's netanyahu, he expected a de-escalation, israel continued its attacks on hamas overnight, democrats are split, the far left wants to punish israel, republicans united in support of our ally. at home race continues to dominate so much of the political db. in chicago mayor lori lightfoot is upset at what she calls, quote, the overwhelming whiteness and maleness of chicago's media outlets. she will only give interviews to black or brown journalists, no whites. we have an editorial on this. how do you stop skin color discrimination when you discrimi

emily: in your view, should tesla hold on to its bitcoin?r should it get out of crypto and spect oh -- speculative investing altogether? >> musk believes encrypt no and there will be continued investments over time. from a transaction perspective, many investors would like to see them pair it down. given what we have seen from musk in the transactions. that is going to be the big focus going forward. as we get into the quarter going forward, it has created i think a frustration point. not just for crypto investors but tesla investors. that piece did a great job explaining the environmental issues. that did not change in three months. emily: love your metaphor, the nightmare on elm street. happy friday. coming up, in an effort to continue pushing vaccines, the biden administration is teaming up with dating apps. how vaccination could get you premium service with tinder or bumble. emily: the white house teaming up with dating apps to encourage americans to get vaccinated. nine of the largest apps are adding a badge to show vaccination status.