is that good or bad for coinbase? gil: coinbase will not be able to escape crypto winters.e have seen cycles where adoption accelerates and asset cycles go up exponentially. after that, a cycle where prices go down and stay at lower levels for a period of time. over time, the growth is been exponential. there is crypto summer and crypto winter. coinbase will not be able to escape crypto winter. when there is less volatility, asset prices are lower, coinbase as a result will be lower. over time, they will benefit from that long-term growth and they should have the same level of growth as crypto assets overall. it will be more of an up-and-down situation then comparable high-growth stocks. joe: let's talk about the competitive risks. coinbase has been very early in this space. it built a platform that was very regulatory friendly, very safe. so far, we have not really seen in a meaningful way the established brokerages get into it. we have not seen the adoption of an etf that would allow people to have access to bitcoin via a traditional brokerage. is there a risk for either

>> well, i think, look, today, deirdre it's a historic moment for coinbase and not just for coinbase,pto ecosystem you mentioned andreesen horowitz and one of the things we look for in finding teams are teams that are visionary and also that can execute. that's what you have in coinbase you have an absolute case study in entrepreneurship. it's one case study that i know i'll teach at the stanford business school, i teach a class on crypto and i will teach this case study some day because you had in brian armstrong and his founding team a vision and they stuck to that vision for nine years through ups and downs and various price cycles, some came and went, others pivoted, this team has been there from day one and they stayed the course i think that's why you see coinbase being where it is today. >> and katie, speaking of today and the direct listing, there are plenty of skeptics on the price tag in particular, two big things i've been hearing about this week, transaction fees and the revenue concentration. how should investors think about the risk that others could come in, compete wit

con coinbase hasbeen around since 2012 there's a core growth story that's tied to coinbase there was a big idea that traditional firms would come in and disrupt the crypto markets i think a core piece of that is coinbase customer base of 56 million people that's more than some banks out there. >> bobby, if i could follow up there, earlier today i remember because it was on our 55:00 a.m hour, they are an ermarly investor we asked what he thought the fair market value of coinbase should be and as an investor in the company, he told us this morning, he thought $98 billion nap that was the value he saw there. why should you pay more than that if the investors are sayings the about $100 billion at this point. >> i think it depends on your time horizon the way i look at it is in terms of comps and different aspect offense that one could be a company like paypal which is arguably three and a half times bigger than coinbase right now it's not a question of why paypal started to integrate more crypto products mainly because they see this idea that coin base could grow even bigger and start t

i think coinbase was great, the coinbase ipo what really well.think what many people expected. it did have a little bit of a dip, and the jay powell quote was really interesting. but if the government does not recognize cap the currency and thinks it is just a speculation, the u.s. government is going to get left behind, and thus the u.s. people are going to get left behind. we need more companies like coinbase and lolli that are leading the way for mainstream adoption of bitcoin, not just being a speculative currency, but actually a currency that is being used by millions of people. taylor: big words there. alexis, do you agree? has this really legitimized a business that you believed in just a few years ago? alexis: very much so. i was very fortunate to have been among the earliest investors in coinbase something like eight or nine years ago. those were the early days of cryptocurrency. and we have seen two waves of adoption here. we have seen mining, we have seen buying, and i really believe earning is next. and that is the piece that lolli sa

so i'm curious about coinbase. i listed off a bunch of different businesses that they're in that they need to execute in and grow from your perspective which sector, custody, staking, asset management, lending what will be the break out business for them in the next two year 12k3w4rz s. >> sure. all of the businesses you described are linked to each other underpinning it is asset under management having the trust and security and software scale to manage all of that. if you look at what they did leading up to this, they bought a prime brokerage, a known infrastructure company that allows other companies and other protocols to manage blockchain technology. so i think they're going into all these areas because it's just additional product lines off of the same base they have a quarter of a trillion dollars under management right now half of that is institution sal. a lot of that is because of price appreciation and cryptocurrencies but if you want to have a platform that normalizes and extracts away all of the comple

robinhood, access to markets coinbase story argues blockchain opens access to markets and somehow coinbase will be able to keep charging a premium. i don't know if both it be true. >> all of those topics, jon, make it, make sense why we launched in the first place this de, interesting the issues jon raises and all the players right? a few weeks ago, not sure how many viewers knew the name brian armstrong. jon's known him a long time, but to what degree will he become more visible and vocal given the fact his twitter account to now remained fairly steady >> you know, guys, it struck me we heard from federal reserve chair jay powell yesterday on the day we had momentum moment for cryptocurrencies echoed what he said. cryptocurrencies, vehicles for speculation. heard similar skepticism from janet yellen's it misses the point ignoring the most important function of the crypto revolution we see. the technology behind it what's emerging isn't in fact -- its use to pay for stuff, but it's rule into centralized finance and potentially the technology's role in central bank digital currencies. jon,

but historical moment, for sure with coinbase. what do you need to glean from coinbase's open and the reality investors soon may face? michael casey is chief content officer at the crypto media and news web site, coindesk. and, of course, matthew guest who after 11 years at goldman sachs went to start clock tower, a top crypto investment firm. michael, with so much advanced hysteria for coinbase, is this what you expected for the debut on the nasdaq? >> well, i will say it was, actually, and thanks for having me, liz. it's great to see you again. ultimately, you know, it came in significantly lower than what the buzz was. in fact, i think where it is now isn't that far off where those private shares were, significantly lower than the last crack in the private share market. i mean, there's so much uncertainty, i think, as to how you actually value this thing, right? it's such a different beast. so inevently, i think you're going to -- inevitably, i think you're going to see a push and pull. so i think you put all of those ingredien

coinbase will be the first u.s. crypto company to go public.en as a big test to investors' appetite for other start j-ups in the industry more competition, a big headwind for coinbits used to be gemini, kraken, a little more niche. now paypal, square, robinhood and in many cases through a partnership. some highlight coinbase's biggest mode started back in 2012 when bitcoin traded around $10. the company now has 56 million users. its competitors are looking for a slice of that high margin trading business coinbase is about to go public on $1.8 billion in quarterly revenue almost all from trading fees reliance on those fees, though, is a big focus, and analysts i talk to say others are likely to come in and offer cheaper or free trades to gain market share. they predict another race to the bottom, like we saw play out in the brokerage industry meanwhile, guys, you mentioned bitcoin reacting positivity to the coinbase listing topped 63,000 this morning for a new all-time high. guys, back to you. >> all right going to watch that obviously a big day

of trading and crypto brokerages that could incur onto coinbase's space?ow, you are going right for the jugular there, joe. here i have all of these talking points prepared around how coinbase is going to skyrocket, how people are underestimating it and under evaluating it. but i do think you are touching on something important here, the competitive landscape and thinking about what we in venture capital like to call the moat around business. it is certainly true that if you look at crypto exchanges, crypto custodians and the various business models coinbase has, if you look at the landscape, whether it is across different geographies, crypto is a very global industry, a very global phenomenon. coinbase of course is, i would argue, the most relevant player in the u.s. that is not necessarily true abroad. you also have to look at new players in the space, not just the incumbents, which is kind of funny to even talk about finance and other competitors like that as incumbents, but decentralized exchanges even threatening coinbase in terms of the amount of vol

things like coinbase firm, coinbase debit card.r people earning yields on assets our custody business for our institutional customers, for instance these are providing more steady predictable streams of revenue my guess is in five or ten years, you'll see that it's maybe 50% or more of our revenue. >> you know, during the pandemic, coinbase became what is now known as a remote first company in this new work from heim l home hybrid what's it all look like future i asked brian what he thought about the reaction to the pandemic and how he sees the company itself evolving over the next couple of years. >> we really tried to take the setback that happened with covid, where we were all forced to be a remote company and turned it into an advantage. so, one of the biggest things that i've been an advocate for inside of coinbase's culture is how do we get top talent in every seat one of the ways you do that is broadening the hiring funnel, right? previously, and still today, we have offices in a number of cities around the world, and what p

we really waiting now for coinbase, the first trade in coinbase.rices it is called, $250 per share. so, now looking at 340. let's see what happens when that first trade occurs. you will know it, as soon as it happens. >>> a sign of the times literally. take a look at this sign, spotted at a mcdonald's drive-through. the last line reads no one wants to work anymore. we've got the story behind that for you. >>> the housing market so hot, most homes are selling in under two weeks. how long is that going to last? i will ask mitch roschelle after this. ♪. ♪. i'm own vacation, every single day, because i love my occupation ♪ stuart: well, maybe somebody is on vacation. i hope they're in daytona beach which is what you're looking at there in florida. looks okay, a little cloudy but we'll take it. that brings us to this, office buildings remain empty in many big cities across the country, however, some real estate developers are moving in and turning those empty spaces into, affordable housing. edward lawrence is here. he got to tour one of these renovated

those are the main things coinbase trades. so coinbase is not a securities exchange. mr.ook at things like etf's and decide whether he wants to allow those, but he doesn't have the power to set standards for coinbase. alix: which means you are talking commodities, switch should be relegated as a commodity index or commodity exchange? timothy: when i was chair of the cftc, we did declare them commodities because they were being used in derivative contracts. when something is used in a derivative contract, that automatically makes it a commodity. but that did not give the cftc the power over the cash market. it gave them power over derivatives using bitcoin, but not the cash trading of bitcoin, which is where most of the trading lies. again, that is the gap. alix: it is making my head hurt, timothy. [laughter] i can imagine what your job was like. timothy: i know. we basically have this big gap where there isn't a figural reddit -- a federal regulator for the cash market of cryptocurrency. alix: you mentioned decentralized finance, and that is what this should have been. is

coinbase ushering a new era for cryptocurrencies on wall street. we are talking about an asset class that has been mocked from the start, but moved into mainstream acceptance. the shares did fall from its opening, but trading above its reference price. trading on a for -- fully diluted basis was where it was trading in private markets. and remember those guys -- goldman sachs, j.p. morgan, wells fargo all reported earnings today. are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a significant milestone for the crypto spear. joe: a huge day for crypto. we already know, massive, coinbase, historic, etc. you are the ceo of a competitive exchange. talk to us about the competitive landscape. is this a multi-winner space? >> we were all applause all around with our team, cheering on the coinbase te

so much excitement around the coinbase listing. maybe this reference price -- put things on a more muted tone. you have some smart people you will talk to. but i know that at least you and i are excited, caroline. caroline: price targets going way higher. great roundup, thank you. let's return to the story of the j&j shot. six u.s. women between the ages of 18 and 48 who received the johnson & johnson vaccine developed blood clots. this after similar issues with the astrazeneca shop. t. >> the real thing that is so notable here is not just the cerebral thrombosis. those two things can occur. it is their occurrence together that makes a pattern. and that pattern is very similar to what was seen in europe with another vaccine. caroline: in the united states, nearly 7 million doses of the j &j single vaccine have been administered. a call for a pause in the distribution. as i look at the numbers, six cases, almost 7 million doses given, this is an abundance of caution but necessary, right? michelle: it is a vanishingly small number. t

coinbase could become at some point. how do you think coinbase changes over the next five years?think this is on-ramp. at the door to a lot more use cases. we talk about bitcoin as value. frankly i didn't think we would be seeing here 10 years later with bitcoin sitting at $60,000 let alone prognostication. it is just crazy to see the value. frankly i see what is now called d5. lower fees, commission list, and open. you are going to see that across all transactions in the future. airbnb is software eating hospitality, just one of many markets. alix: you say open, low fees, now the regulation comes down. they will say coinbase is doing it with them, they had a fine and moving on. it is over with. the other side will say regulation is coming. gary gensler will be stricter with what these companies could do. what do you think? garry: i think frankly, the world needs coinbase because it needs to be a clean, well lit place. that is one of the big recognitions that created coinbase to begin with. one big innovation. what brian armstrong really understood was crypto, for it to reach the

coinbase was hacked. people looked and they couldn't either get into their accounts or they found their accounts were emptied. have you ever experienced anything like that in your customer vaults? >> i'm not familiar with this incident. you know, there are occasionally users who get phished or their accounts are hacked using weak passwords or using the same password in other places, and that, unfortunately, you know, makes accounts vulnerable. and, you know, just like you could have your bank account hacked, your paypal account hacked, the same for crypto exchanges as well. so people do need to be very careful with their account credentials, they need to make sure they're on the right web site. i think there are very few exchanges that have stood the test of time. c hopefully, we can maintain our high level of security. liz: never been hacked. okay. we've seen reports that you too will eventually consider a direct listing or somehow going public possibly next year. can you give us more on that? i mean, i

and the founder of 776, and early investor in coinbase -- an early investor in coinbase.ggs takes the helm that day. thank you so much for joining us. from san francisco and right here in london, this is the bird -- this is bloomberg. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. ye

walk us through how coinbase gets there. >> there are two big drivers of growth at coinbase.he first one is expected expansion in the retail investment in crypto assets. so we are expecting cryptocurrencies to become a pretty mainstream alternative asset class analogous to gold or other commodities or real estate and a scale to that level takes crypto from 2 trillion in market cap where it is now, 10 or 11 trillion five years from now, comparable to the other asset classes. that is one big driver of growth. the second one coinbase is not just a retail crypto brokerage company. they are a broader infrastructure provider for the whole crypto ecosystem. those revenue streams, while they're small today, they're expecting will scale over time as they, as the whole ecosystem expands. you see more applications, more merchants taking crypto orb. charles: right. >> the ecosystem just blossoms. charles: let's talk about that, leases is a because moments ago jay powell from the federal reserve it is a misnomer to call it cryptocurrency since for the most part people don't use to it buy

coinbase is much bigger already.are offering things like savings and earning interest on your savings even though it is not fdic insured. they are offering some credit and debit instruments. what could end up happening is it could be that coinbase becomes the neo-bank for a slightly younger generation of retail investors and crypto becomes a service they offer and not the service. >> thinking about the future of coinbase, not just where it can expand in terms of different products, in terms of more banking services, what is the likelihood, especially given the regulatory environment right now, that it gets taken out, and who can take out coinbase? >> almost no one can afford coinbase. i don't have an extra $100 billion in my pocket. there are a couple players you have to consider. the jpmc's, could they afford it? probably. the $2 trillion elephant in the room always when you talk about technology is apple. we have seen apple with apple wallet, apple card, apple pay. they have increasingly gotten into the payment spa

coinbase is a profitable company. a lot of the ipos we've seen in recent years have not been profitable. if coinbase makes $100 million anticipated in the first quarter, then the 100 billion-dollar valuation puts it in line with the average nasdaq kind of go-go growth stock valuationwise. if for all four quarters of 2021 it has similar performance. but again we're talking about two separate beasts here. one is an exchange that facilitates cryptocurrency trading. the other is the actual cryptocurrency. my caveat is one that you share, regulators looking around as well as the fact you can expect coinbase to be just as volatile as bitcoin as it trades. neil: very well-put. guys, i want to thank you for that. we'll be monitoring this. what we're waiting for a final price. it sounds like an initial public offering. this is not. it is selling stocks directly in issues that are already there. they're not creating new shares here but getting to that final figure and deciding a price on that final figure, well that is a devil

coinbase does not have a fintech business, nor do we. it is hard to even note where the borders are of that. what is the total addressable market? four months ago, no one thought nft's would explode like it did. using the blockchain to transfer value, whether in digital gold and bitcoin or smart contracts with financial services in d5, are now collectibles in nft's, it is just an exploding sector. matt: you brought in michael from goldman sachs fuld up what did you want him to do? mike: i want to send a strong message to our investors, our employees, stock market investors and customers that we are a customer-focused merchant bank for the 21st century. michael probably was the number one client guy on wall street over the last 20 years. his relationships with the biggest hedge fund managers and biggest real money managers, institutional investors, are the best i think in the entire street. really, he understands how to deal with customers and does all the customers. we are trying to migrate customers from traditional finance into this ne

coinbase is aware of this.neral public loves the convenience of the central custodial approach that coinbase is taking. we are early days in the marketplac marketplace. if others come in and compete, the growing pie of a global marketplace for crypto is inevitably going to bring in impressive growth for coinbase and competitors. the big question is a few years down the road with the technology evolved into something else, can coinbase keep up? >> that will be the question we will watch the stock. it is up in the pre-market of course, a lot of the lesser knowns cryptos, michael, is getting attention. not just dogecoin. michael casey of coindesk. thank you. >> thanks for having me. >>> on deck, stocks continue to power higher april showers? make it rain in may. either way, dow futures are up 125 points federated hermes will layout the big tlhreat to the market that i looming t the.ouer things are good, but there is something you need to watch. we'll tell you what that is coming up. i really hope that this vaccine

people that have coins to lend, coinbase is one of the largest finance is the biggest coinbase is right up there with that lending practice where they can lend those and make a fortune on that. so when you are looking and saying, well, if i wantd to compare it, for instance, to the cme, is the cme both an exchange and a broker, because this is. you buy the coins there. they get all of those assets and, lesley, i'm not saying you are wrong. you are a great reporter but i believe that the institutional number is way north of 10% on coinbase right now. when i read through the s1, that's what i found, was that their coinbase pro and their side that really goes after institutions, scott, is growing by leaps and bounds. then you've got data and all of the rest i mean this one is like taking one of the best brokers on the street and putting it together with an exchange so that they can do all of those things i just mentioned, lending, the interest on margin and all of the rest scott, this thing is a behemoth. about 20% of my assets right now are in a host of digital assets, everything from bit

kate rooney with the details rate in. >> sara, coinbase, the largest u.s.y traded company, after years of skepticism on wheat today seen as a ledge myselfin moment they took it from a hobby for coders to letting everyday investors trade it the $100 billion valuation implies it could grow beyond its brokerage business despite making the majority of its wretch on trading fees there is plenty of skepticism on coinbase but the bulls are focused on the next phase of crypto, which includes moving more of the traditional financial system onto block complain back to you guys. >> kate rooney, thank you. >>> exciting day, josh are you a buyer of coinbase? do you think it's having an impact on the overall market >> i'm not i am a customer at coinbase. i think it's an outstanding company. i think brian armstrong has been a visionary. i think they have done pretty much everything that you can do right right. but i think a lot of the money has been made in the preipo market, which has been the case with a lot of very fantastic stories like snowflake so as much as i would

the question is, is interest in coinbase that is boosting bitcoin, we were asking yesterday, if coinbase would suck some flows out of the crypto space? it is pretty fascinating to watch. we will dig into the details with president and founder of the chamber of digital commerce. this is bloomberg. ♪ want your workout to be easier, more effective, and more convenient? then you should try aerotrainer by golo. the new full body workout that you can do at home or anywhere. it's great for planks, squats, core, and glutes. you'll strengthen and tone muscles, relieve back pain, and reduce stress. it's also great for yoga and pilates. get noticeable results in just ten minutes a day. (woman) aerotrainer makes me want to workout. look at me. it works 100%. (host) all of this is a $300 value, but through this special offer, you can get the entire aerotrainer system for just four easy payments of $19.95. and if you order today, we'll also include free shipping. still not sure? then we're eliminating the risk. try the aerotrainer in your home for 60 days. if for any reason you don't want to keep it,

day two of coinbase as a public-traded company has not been a great day.arted off really well, i think the high was $349 a share. we're at 323 right now. but regardless, it is still making major waves in the cryptocurrency world as other fin-tech companies see coinbase possibly helping them forge a path forward. to charlie gasparino with the controversial name of robinhood, right in and i guess, the response to coinbase going public. >> yeah. we've, i've been getting a lot of flak from the coinbase and the crypto literati out there because i dared to say there might be a lot more regulation in the space. there will be a lot more regulation in the space. blake burman today asked jen psaki, and she made it real clear, that's the biden press secretary, that that regulation is going to be headed by janet yellen, the treasury secretary. some had said television going to be guest -- it was going to be gary gensler, the sec chief. crypto companies are looking to ramp up their compliance staff the, from what i understand. some of them are going to go public, some

we the reasons why coinbase is doing so well.— the reasons why coinbase is doing so well.all have more on coinbase _ doing so well. we shall have more on coinbase in - doing so well. we shall have more on coinbase in its - doing so well. we shall have more on coinbase in its first| more on coinbase in its first day of trade in business in about 20 minutes. also still to come in this programme, new pictures of the duke of attenborough released by the royal family had of his funeral on saturday. pol pot, one of the century's greatest mass murderers, has reported to have died of natural causes. he and the khmer rouge movement he led were responsible for the deaths of an estimated 1.7 million cambodians. there have been violent protests in indonesia, where playboy has gone on sale for the first time. traditionalist muslim leaders have expressed disgust. the magazine's offices have been attacked and its editorial staff have gone into hiding. it was clear that paula's only contest was with the clock. and as for her sporting legacy, paula radcliffe's competitors will be chasing h

coinbase is a handful of those that institutions are willing to work with.have seen an enormous uptick in institutional demand. going from zero to some number of basis points, 1% of the portfolio in the space very few players to work with and i think that risk is enormous coinbase, fidelity, a few others you will see this point of the economy behemoths take hold and this is a beneficiary of that. >> finally, sarah, we are talking about coinbase but gary genslinger taking the helm today and seems to understand cryptocurrency what are the expectations around more offerings, the possibility of a bitcoin etf with a new leader at the helm there >> i think that it's very much reasonable to assume in the next 12 to 24 months to see the first u.s. etf of crypto gemini tried this several times. others have tried. i believe sky bridge we have them in canada as for institutional investors get more interested in crypto and retail investors i think the etfs are inevitable and will grow the overall market cap of crypto sitting at $2 trillion total with half of that, a tri

coinbase. -- by and sell bitcoin. coinbase. reason why tom sounded far away is because he was looking at his phone and trying to register for coinbase. jonathan: i think i need to sign up -- tom: i think i need to sign up. here to advise me, mike mcglone of bloomberg intelligence. we have been kidding about it all morning. the symbolism of this moment. what is the symbolism? mike: going to the mainstream adds to the milestones of 2021 for crypto. the key thing about coinbase is something significant has to go wrong. it makes money. the next step is maybe going into the major indices. it is part of crypto going into the mainstream. what will make it stop? i do not know. jonathan: is there a comp -- tom: is there conflict with coinbase that they are also doing too much or is that a distraction? mike: i think it is a distraction. they are a major custodian. moneymaking money. all of that can be sec lended. lisa: of course. do a lot of sec lending on bloomberg surveillance after we say transitory enough times. there is a question a

and retail transactions coinbase's future isn't just about trading bitcoin, the coinbase stock priceollectibles it got rich off of being smart early. bitcoin and ethereum it could fall in the short term, but it would be a mistake to think coinbase is just a crypto exchange it's more of a bet on a new model of decentralized finance less a rifle to finance and more a rifle to paypal. >> jon, great to see you today by the way, we'll be watching you today, as every day, at 11 a.m. on tech check looking good, my friend. >> thank you. >>> coming up, got a big hour ahead. the beginning of earnings season rolling on citigroup expected any minute. we'll bring you those numbers as soon as they cross john boehner going to jo us into talk about his new book, weigh in on the economy, politics and so much more ♪ ♪ the moxie showerhead speaker. only from kohler. some companies still have hr stuck between employees and their data. entering data. changing data. more and more sensitive, personal data. and it doesn't just drag hr down. it drags the entire business down -- with inefficiency, errors and

it was quite a day yesterday for coinbase. first say, by every fundamental measure, this was a successful listing. it debuted at $381. it came down to close at around $320. but still, you have a stock that was totally valued in the private market at about $90 billion. as of yesterday in the public market, it was valued at just below $90 billion. it is getting a little bit of a bid today. you've got word here that cathie wood jumped in yesterday and picked up about 750,000 shares. how many did you buy? tom: i didn't buy. ferro loaded the boat. very quickly, what i would note is -- jonathan: he couldn't help it, romaine. [laughter] tom: over at moffitt nathanson, they have a $600 price target on coinbase. romaine: well, if you care. look, there's two big deals. ppd apparently being bought by thermo fisher. tom: what do you think this is, "the close? " romaine: this is a big deal. they are finally splitting ways, dell going to fully spin off -- tom: i love michael. he's been milking this for years. romaine: do you still have a de

bitcoin hitting arecord high breaking $63,000 as coinbase will have a direct listing tomorrow 59 minutes left in the trading day, sara. looking at session highs. ahead on today's show, two great guests to help us break down the johnson & johnson vaccine news we'll talk to dr. ofer levy. he's a member of the advisory committee that makes the recommendations on authorizing these shots. we'll also hear from allerganceo. plus is the housing market about to crash that's one of the top searched on google right now. we'll discuss with mega investor and landlord steve witkoff first, let's focus in on the big stories we're watching mike santoli tracking the market action and meg tirrell on what we know about the j&j vaccine. mike, start us off. >> it's resilience through rotation that's been the story for a while. you have a little hiccup in the reopening or cyclical trades and you have the big nasdaq sector so this is an appear apple, tesla, amazon day. it looks like the market slowed down modestly but this little extra leg has a lot of analyses that says it looks like it should be culminating,

kathy would was buying coinbase on day one. i'm even thinking about putting in, this is how we know it could be the top. if i'm buying bitcoin, it's all over. how do you look at it? ed: well, we are not luddites, we do expect cryptocurrency to become an increasingly large part of the payment landscape. were talking central bank issued currency, not necessarily crypto. for now i think bitcoin will continue to participate in that run, but it will be very volatile. coinbase at the moment is affecting lower plays on the value of these coins. it seems that's how it's being valued. but we don't think regulators will allow bitcoin to become such a large part of the payment landscape, that it captures that monetary premium of which the most thoughtful investors rest. we used to have private unregulated money in the u.k.. that was banned in 1844 because of financial stability issues. central banks and governments want to maintain their monopoly on the payment landscape. we think that will prevent bitcoin from being used to widely. annma

bitcoin getting a philip from coinbase, soaring in its debut. slipped back below opening price, and bitcoin fell from opening highs. solar steady. the bloomberg dollar index. moving the markets as ever is fed chair jay powell, saying risks from a potential spike for covid-19 cases remain. >> the economy at this point seems to be at a bit of an inflection point. that makes sense with ever more widespread vaccinations, with continued support for monetary policy. you see the economy opening. you can see ridership on airplanes going up and people going back to restaurants. i think the mobs -- the march jobs report we recently got shows what that can look like. juliette: pat will also said the fed will likely scale back bond purchases before considering raising rates. let's get more analysis with mark cudmore in singapore. we had the pboc tapping on the brakes. top of mind watching the trading day unfold. mark: one of the big themes yesterday was we saw this real resurgence in commodities, which kind of seemed bizarre because it seemed like this week

there was a sense that 24 this was in the shadows once coinbase, your money is in coinbase, they will generate something, they will generate something that is to the irs, and even though they're nonbank, they won't be able to hide what you make, david. >> it's another revenue source that's important we need it certainly spending plenty of money. so we got that going for us, carl >> speaking of spending money, guy, we do want to get to the banks in a little bit, i guess we could start now, guy, i think we will do this this in the "a" block, jamie dime within the comments about the consumer saying cash hoarding customers are ready to go in his words the economy is primed for an extended run of extreme growth, something he highlighted in his letter although we're still trying to at least separate out from a sentiment basis what these reserve releases mean to the quarter. 5.2 billion. 2.9 in the prior quarter >> i thought that the number was supposed to be 1.5, and 5.2, and investment banking, i mean it's crazy good investment banking, and i think credit card spending, you got to be caref

coinbase is taking a little bit of their thunder. caroline: thank you. you take us away, now. >> i wanted to dig into apple. this comes from a note from ubs, my favorite word. stickiness. they are saying around 80% of iphone users have upgraded from an older model. so many of us have obsolete models. they expect that to continue with good service. because of its size, it is being a points driver. amazon, i know you are going to talk about it in the show. jeff bezos out with his letter. such a big story for the company about the way your group -- workers are treated. interesting to see it higher. chips, another big story. i want to look at some of the specific names. taiwan semi conductor, the biggest manufacturer. even though it is traded in taiwan, we have u.s. adr, down 2%. only one of two stocks down thursday. what they are saying is they expected the shortage of semi conductors to continue into 2022. they upgraded the sales forecast. a mixed message for investors. elsewhere, lots of strength. what was so interesting is raymond james, at the same time

coinbase is set to open at $382 per share.hough that indication has been steadily chronic -- climbing through the last hour. at 10:00 it was at 340 we will continue to watch that. we are getting word that this will trade in about 10 minutes. and of course, we will bring you the first trade live. let's dig into those powell headlines we got from david rubenstein's interview. we are joined by the ceo of hyder capital management. i hope you caught that interview, it was difficult to get a lot out of him on monetary policy, and sequencing. how should we expect this -- expect the fed or let's start with glenn -- let's start with when should we expect the fed to ease off a little? taper, and think about thinking about raising rates. >> it's too early to talk about tapering. but obviously they are going to taper at some point. i think the market thinks that the fed is going to announce the taper by june. between then we will see some --. we will also see large job gains as various economies reopened. california is reopening their eco

we will talk about this with coinbase. one of our colleagues was writing about it, happening with three trends right now, crypto, retail investors, and stock listing. all of that aligning for coinbase. there was volatility on the day. that might be to be expected. the story attached to cryptocurrency, again, we see volatility. mark: it has added new attention, new excitement. it brings in new investors, more credibility. even though there was laid day subsidence, has been a very successful listing. when you look at the crypto sector, people are drawn to bitcoin automatically. but ethereum continues to surge ahead day-to-day. that has been the cryptocurrency the has seen greater gains and may be taking more of the attention as we get more traction into the crypto space and brought envision beyond bitcoin. anna: i have the bitcoin price in front of me, i don't have ethereum. i will get that. you can get up-to-date with analysis from mark and his team. mliv is the function to use on your terminal. coming up on the progra

caroline: full disclosure, my husband is a senior manager at coinbase.t home, i drink the kool-aid hearing from him some of the positive reasons you outline about crypto. what i am hearing more and more is concerned about the environmental effect. is that something you are dealing with a policymaking perspective? how much of that is a backlash to where crib knowing crypto mining could go? gus: i am really glad you raised that. crypto has missed impressions. if we are not sitting with policymakers and people thinking about this and developing a shared set of facts, policies are going to be made and decisions are going to be made in an incomplete way. i think a lot of crypto community members have addressed and will continue to address energy usage stories, including one in the new york times today, was was -- which was forcefully pushed back on by other members of the community. so we are alone the same page about that. it underscores, caroline, the reason we need a global educational organization like crypto counsel for innovation, to get thinkers outsid

we are still waiting for coinbase. and what will happen when it opens. 340 is where we are looking at right now. abigail: it's unbelievable. listening to the last guest, i think $.15 is amazing. the markets in the u.s. are looking at a mixed note but more to the risk on side. the nasdaq 100 yesterday after putting its first all-time high in since february 16, now trading a little bit about takeover the russell 2000, outperforming. -- excuse me, underperforming, making up for the up 1.9%. some of that has to do the strengths of banks, goldman sachs putting up a tremendous quarter. a quarter very good for all big banks. finally outcome of the coin base. bitcoin retreating from its highs, down a little bit. is this going to be the cell the noose moment because crypto space has been on the this year. alix: such a good point and really exciting. the european medicine agency is speeding up a review of the johnson & johnson vaccine after concerns of blood clots caused its use in the u.s.. pfizer is pledging to provide that yo

nasdaq leading 3% from its all-time high it hit back in february second rocky trading day for coinbase as they deal with technical issues on its platform little bit embarrassing, i suppose. later retail sales surging in the month of march as stimulus checks get spent we'll talk to the former ceo of macy's terry lundgren on how long that boom can last as "power lunch" starts right now >>> welcome to "power lunch" i'm courtney reagan. as tyler mentioned, stocks are smashing records thanks to positive early returns from earning season bob pisani is looking at the numbers for us hi, there, bob >> hello, courtney we knew earnings were going to be good and we didn't know they would be this good. the reopening story economic numbers powering the market to new highs here and 350 new highs on the nyc including well-known reopening names including united parcel service, expediters and csx also moving up and avis also moving up and the economic reopening is proceeding very strongly and that is showing up in the earnings reports here the analysts have dramatically underestimated how strong the rec

we will have more on coinbase later this hour during our rapid fire sethment. meantime the latest batch of stimulus checks sent out this week makes 159 million recipients since march who are the beneficiaries? steve liesman joins us with the latest from the ults of the cnbc all-america economic survey. take it away, steve. >> tyler, thanks an astonishing seven out of ten americans say they have received some form of assistance from the government over the past year during this pandemic a number that looks to have shown up in today's very strong retail sales report and could keep showing up in months ahead. in the survey, 802 americans polled around the country, 69% say they received government assistance compared with 31% who said they did not. more on the lower income spectrum there the largest source of those funds, the direct deposit from uncle sam. 9% getting unemployment benefits a smaller share reported receiving nutrition or rental assistance or small business loans. that assistance could be part of the reason the economic outlook brightened from the las

on the one hand, we see coinbase is quite large. several etf's, pending approval of the new chairman. on the other hand, we see persecution of projects like xrp, and ripple labs. in both cases, my team and i fear that should that sec when the ruling, it could send a very nasty resident -- nasty president. anna: how big should be see the growth opportunity for coinbase? the ceo is putting out a blog poised saying that coinbase has an ambitious should to increase economic freedom in the world. everyone deserves financial access to help them build a better life for themselves and their families. a freedom that some four see in others do not know they need yet. how big should our expectations be? mati: the expected valuation of $100 billion, four times the size of nasdaq itself on which it is being listed, that should give you a sense of how people are looking at this. how do we evaluate anything these days? especially when you see valuations of tesla. one of the keys is the fact that it is going public as a direct listing. there are no

coinbase begins trading on the nasdaq today.to—currencies and is expected to be valued at $49 billion. it is hoping to attract investors who want to put money into the newly emerging cryptocurrency sector without being exposed to the volatility of the currencies themselves. joining me now is nigel green, chief executive and founder of the devere group. welcome to the programme. so how important is this listing today when it comes to crypto currencies and how we perceive them? it currencies and how we perceive them? , . , , currencies and how we perceive them? , ., ,, ., , them? it is massive, really because — them? it is massive, really because it _ them? it is massive, really because it adds _ them? it is massive, really because it adds credibility. | them? it is massive, really. because it adds credibility. if you have a company that is listed, people have more faith in the company. so point bases going for an in the company. so point bases going foran ipo in the company. so point bases going for an ipo on the nasdaq and that

that's how coinbase made 96% of its revenue last year. brought in just over a billion dollars in 2020. that's according to a recent filing the majority of that came from bitcoin and ethereum trading bitcoin prices have roughly doubled this year but they list ed bitcoin volatility as one of the factors. there's a lot of focus on user growth and competition from the likes of paypal and square back to you guys. >> we're obviously anticipating, kate, huge growth as we've seen what kind of interest has happened in crypto what is the ethereum versus bitcoin exposure they are stealing some of the spotlight with the nfts and moves we've seen this week. >> it is the entire cryptocurrency market cap topped $2 trillion this week and analysts are atrtributing a lot of that to ethereum. a lot of investors are looking to do them those combined made up 56% of trading volume they don't separate bitcoin versus ethereum but not much of them out there those are the two cryptocurrencies that trade in tandem >> i'm just wondering how people are thinking about

you think of coinbase in terms of product mix will it all be coin? bitcoin? universe of all coin or other things like nft's for instance. >> yeah i think the company's mission is around both increasing economic freedom but also a dedication to crypto so anything related to the blockchain, nft's certainly are, i think could be fair game for them in the future the company's product suite today is much more expansive than it was. it's all about utilizing crypto. it's a way to uptlize crypto it's wellwithin the company's future mission. >> tom, great to get your thoughts and thank you>> tom a r guy adami, what do you make of this i believe they're separate things you can be a believer in bitcoin, a believer in crypto and not necessarily be a believer in the exchange. >> i think that's absolutely fair i think you asked all of the right questions. his point about really the risk is an operational risk of them doing the right things i will tell you there's $100 billion that the market is talking about under terrim it'so final valt uation. golding goldman sa

coinbase leslie, have a great day thank you. >> you, too. $63,710 p0 and light coin up. we have guidance starting to kick in this week. tomorrow, every major back or most of them coming out with the numbers. we're joined by delano, the founder at new street advisers delano, good to see you. do you think it is getting snuts nuts spacs and cryptocurrency do you feel like there is a frothy element >> i think bitco is a new company you formed to your point, brian, when you have the elements of breaking into something new, there are bits and pieces of that element that will seem frothy. we are breaking into something new with cryptocurrency which has staying power. we know now institutional buy in the direct listing of coinbase which will change the sentiment of the investors you will see things that lose their value you and staying power. you mentioned everything changed things forever and do a lot of great good that is where we are right now on that precipice right now. >> okay. i bring this up because you brought us a stock pick which we love

the nasdaq giving coinbase a reference price of $250 per share.s important, ahead of that listing which would value the cryptocurrency at about $65 billion. so $250 reference price per share, equals $65 billion valuation. excitement around the listing. one of the first major crypto businesses to go public, boosting the price of bitcoin to record levels as well, as you can see they're currently right around $63.5,000 per token joining me is one investor who got in early on coinbase partner of research at manhattan partners santash, can i ask you how does manhattan venture partners, how do you guys get in on the pre-ipo funding, coinbase, robinhood, what is it that you guys invest in these at such an early stage? >> well, that's what i do with research and our team out there, we just go out, look at companies from ground up. look at the market opportunity out there. it's just about doing your research looking at new trends, ideas coming up. and we just got to get in early. that's what it is. kudos to the team. >> it's worked out a lot we just showed