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calls whatever may be happening to the personal or financial situation and selling off all their crypto holdingsard. i think as we come back around the other side of this will be a flight to quality they get burned once and maybe get burned twice but then i could get burned three times. liz: the fire is looking at some people speed at the moment. good to see you on a train day. we appreciate you coming on as we watch the stock digital down 19% we deal bitcoin at the moment at 30605. the s&p just hit session lows of 3994. were keeping an eye on that the technical analyst said 3800 level but the next floor. in the meantime saudi prince agreeing to roll his stake in twitter as part of elon musk's 44 billion-dollar acquisition of the social media company the prince revealed 4.6% stake in the service but it twitter short seller sees the repricing for the deal ahead were gonna find out why next charlie breaks it the closing bell ringing in 14 minutes charlie gasparino's next prefix into 23 points of the moment we are all over this story. we get to go to a commercial break after this stay tuned. what's

complication exists, not only for individual stocks, but for mutual funds, exchange traded funds, crypto holdings, business interests and other financial interests. individual stock restrictions address only a narrow portion of these potential conflicts, and as such, may do little in the long term to enhance voters trust in congress. the question then is how to manage this multitude of potential conflicts. while it is tempting to say that conflicts should be eliminated, the solution is not practical across the range of potential financial conflicts of interest that lawmakers face. importantly, seeking to eliminate a particular conflict, such as trading and individual stock, may have unintended effects on the quality of representation that voters receive, either by discouraging some from running for office, or by decreasing the connectedness between representatives and the impact of their decisions. disclosure provides a more complete solution, bringing the conduct of lawmakers into the light, discouraging questionable trading, and providing voters with information about the conflicts of interest

and then he also said in the event of bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceeding and such customers could be treated as general unsecured creditors translation, anybody whose got a crypto i guess account in coinbase, that's not protected. that made me very nervous. why are you still looking at a triple digit price target for this company? >> yeah, let me try to answer both parts. so the first one is easy. we believe crypto is a category as an economy as a technology will do very well over the last, over the next year, five years, 10 years one, and two, we believe coinbase is the gold standard company in this space, and therefore, it is certainly worth the investment to look at a company that can succeed in an industry we think is going to boom going forward and is now trading at a fairly reasonable multiple especially of trailing, of peak earnings. the second part in terms of the communication from mr. armstrong, i would question the wisdom of tweeting something like that. making a point that people should be awa

in the crypto market, you don't, and that is why we are looking for thoughtful regulation, but as long as there are exchanges holdingng cryptos, there are opportunities for commissions and spreads for everybody in the industry. >> let's talk about price protection. it is trading at $.70 on the dollar. you made a decision not to, but why? stephen: when we looked at the underlying of ust, we saw it was truly not a stable coin. the u.s. dollar stable coin is backed by u.s. dollars in u.s. -- and u.s. treasuries, and it has an attestation from a prominent accounting firm. we felt very comfortable, and still do, that there will always be a dollar for dollar there. when we looked at ust, we did not see the same assets behind it, and so we were uncomfortable bringing that to our customers. but we did list luna in terms of price action so that they could participate, and trade it, but not take it off the platform, because one main reason was to stake it and earn those rewards. we did not feel comfortable. we think about the customer first. we chose not to list it. we chose to list luna. >> will more exchanges be more discer

could lose crypto holdings if the company goes bankrupt.se to recover their crypto currency or equivalent cash balances. those are your headlines there by guys. >> ainsley: if we invest we could lose everything? >> carley: yes. >> ainsley: wow. >> steve: heard those stories about people who had i would imagine a big run for the exit. we ask larry kudlow. >> ainsley: this thing is going to be big so i invested in it so i invested in it. >> brian: wonder where is he right now. >> ainsley: cashing out on crypto. >> steve: 6:25. war in ukraine. ukraine's latest counter attack driving russian troops back towards russia. >> brian: that's some of the good news. not all good. kyiv officials shut off a pipeline carrying up to a third of russia's gas into europe. this was voluntarily. >> carley: that effects the life blood of russia's economy. matt finn is live in lviv with the latest for tuesday, matt? >> here in ukraine, forces took back five villages from russia near the area of kharkiv which is the second largest city here. russia is now reported

those i talk to say crypto valuations are holding up. es don't have a good public comparison coin base and crypto exchange really is the only publicly-traded crypto name out there. >> nearly 75% down year-to-date. we'll dig in a plightal more moffitt nathan son reiterating a buy but lowering from $600 to $200 lisa ellis, the analyst behind the call joins us now. that is quite the cut, $400. what took so long? the signs have been there. you think we're maybe at the end of this crypto cycle what took you so long to make this call? >> exactly so now that we're through crypto cycle, the peak appeared to have been hit back in deese, what we did was take the last crypto cycle and incorporated it into the outlook for coinbase going forward, anticipating nobody really knows how this plays out. trying to incorporate that into our onlyu outlook for coinbase the take away is historically the cycles, while the drop is quick and dramatic as we've seen in the last few months, once it troughs, it does tend to stay that way for six, seven, eight quarters

significant crypto-related holdings, coinbase being in particular there are searches asking are fund managers increasing the holding of fund base or increasing the holding of crypto. whether a kacathie wood. >> it's truly interesting. i mean, it does show that things, when they go down in price, it's supposed to be if you liked them at 40,000, bitcoin, you should theoretically like it a lot more at 30,000, how many of these searches, vanay, do you think will access a large-cap growth fund, do they then transact through that or what do they call it, window shopping for lack of a better term? >> window shopping, and i would say a bit frozen inmarkets suc as these and this is why, in some ways, i think the industry has more to do in helping people navigate from search and discovery to action in fact, the way we built magnify on the platform, it's less about trading, more about investing and more about education. so you'll see some fascinating new features we'll be releasing over the next few weeks that will help people navigate these sort

crypto market. that is next. this is bloomberg. ♪ emily: bitcoin dropping below $29,000. what will the weekend hold as crypto continues to trade? joined by mike from our miami bureau. talk about the factors at play. it seems that cryptocurrencies are so tightly correlated with what we are seeing in equities, which is the opposite of what any investors hoped they would do. mike: we are getting there, it will take a little time. right now it is significant that the stock market is going down, the fed is jawboning, it's got to reduce the ability for people to buy stock and reduce risk assets. crypto is a prime part of that. they went up the most and they have to come down. the way you started the significant -- the segment, the most significant is this weekend. markets are shut but bitcoin is trading and that is what the market is turning to realize this is the world's most fluid global trading vehicle. that is starting to trickle in. i am sensing offers above and the start market. and bitcoin is down about 2% and nasdaq down about 4%. so bitcoin is outperforming even though it has higher volatility. emily: not all digital tokens

crypto assets into the traditional financial system? aaron: i don't think so. regulated institutions, you see creative methods. i don't think there's a lot of leverage holdingsto investors. traditional investors borrow a lot of money to buy bitcoin. i think virtually a large crypto investors realize these are highly volatile assets. if they go down, it will be like that 2000 technology crash. there will be a lot of market value wiped out but it will not cause a credit crunch. shery: as secretary yellen set, they don't necessarily pose a threat to the financial system now, but at what point could an implosion like we are seeing this time around pose a danger? aaron: the necessary step is people have to start borrowing from traditional financial institutions to buy crypto. when that happens, janet yellen not have to worry about crypto assets going down. but they are so volatile right now. people borrow crypto to buy crypto. the internal gyrations. a bank will rarely low that much money to my crypto. shery: how much of this has to do with crypto investors that were wiped out during the meme stock frenzy, and now they are getting hit on the crypto space and are

supposed to trade at $1 no matter what a stable coin is just pegged at $1 the point of that is crypto investors can hold money on the sideline of stable currency but not moving to cash completely. they're really popular a big one crashed this week in washington, d.c. and taking notice, janet yellen, saying the event underscores the risk of these so-called stable coins regulators in dc are already worried about many of these concepts money market funds, a lot of these hold debt or u.s. treasury and some fear a modern day run in the bank. everybody rushes to deem these token at the same time, it could cause a lot of stress. >> how is the drop and prices affecting el salvador and the company that bought bitcoin as well >> starting with el salvador, the country lost about $40 million on its crypto investments just in september. and meanwhile, it owes the same amount to bond hohbondholders. and the volcanic big coin city it talked about. it had big plans around boitcoin and a price drop is not good to those. bitcoin had become accepted. tesla and micro strategy. micro strategy gone the furthest by far, it ta

giving people a 20% return on their deposited crypto and so forth and they were trading that crypto to try to holdfor a while and quite obviously again it didn't work overall. then the market just feasted on it and they've driven that one down, like you say it looks like it's going away. that is just egg over everybody's face, including nova who just got a tattoo on his arm about this one calling himself a lunatic. i think anybody that owns it right now feels like a lunatic. >> if someone is offering you 20% guaranteed on anything, shouldn't that raise an eyebrow, jon? i don't care what we're talking about. farmland, gold, crypto >> yeah, it should, brian, but sometimes greed does take over this is not just staking they were trading this algorithmically to a buck and i don't know how you can do that. >> keyword there is try. the great simpsons line, you try and never fail thank you very much. i'm quoting the great homer, homer simpson. that does it for us. i'll see you on 23 hours on "worldwide exchange. big coverage next with "squawk." [ doorbell rings ] my fellow xfinity customer! watchathon wee

many of the reasons he may not be speaking out as we look at the crypto index, the galaxy digital holdings for 300 million hits this quarter -- that would bring total equity down to 2.2 billion. galaxy said its treasury does not hold any algorithmic stable coin so there is no loss attributable to luna and tara. you're looking at the bloomberg. anyone who has bought bitcoin are having a bit of a loss. they come back rather quickly. assigned that institutional investors were not there a couple of years ago. >> this is actually down today, the bloomberg crypto index. >> this other stable coin is a smaller lesser-known coin. we are talking about dues finances. it has been pronounced both ways. it is very different from terra. when it lost its peg, it was a spectacular collapse. this is why tera had such a big impact. -- terra had such a big impact. terra was backed by a lot of bitcoin that was apparently sold into it. it is viewed as an innovation experiment that went terribly arry. -- awry. >> time for morning cause ahead of the asian trading day. stock investors may be pessimistic when it co

the carotid artery, he's going to be here with evidence on how businesses and consumers are holding up. crypto investors, look at bitcoin right now, down nearly 9%. it's lost the 37,000 level. bitcoin billionaire brock pierce is coming into the studio in just a few minutes as crypto crumbles even more than the broader market. this may be what caused such a severe reversal, this morning the labor d. revealed that labor costs for the first quarter went parabolic, up 11.6%, far outpacing the expected 9.9%. this is serious inflation here. and yet here yesterday the fed, whose mandate is to keep inflation in check, pulled anything more aggressive than 50 basis point interest rate hikes off the table. what is propelling the selloff? that's something else. let's bring in our floor show. joining me now, scott bauer, scott remember and, of course, the aforementioned charles payne. scott, why do you believe the rip-roaring rally wednesday morphed into this selloff that we see right now? >> well, i think yesterday, liz, was all about traders and short covering when the chairman sounded not as hawkish as

to contain nation causing risk assets to sell off that is what we we in crypto bitcoin holding up best off response i think you see regulators pushes for more investor protection a story in 2018 the last time there was a big crypto bear market we saw, a crackdown on the ipo market from regulators we have seen this before what comes out in stronger crypto industry in the end but die think there could be continued volatility in this space until past this environment. maria: jae, what a coincidence this is happening after fidelity said going to offer bitcoin, as an option for our retirement accounts, of course, we had, elizabeth warren,others poking holes in that, throughout first year a new focus on regulation in the crypto market, and fidelity says maybe you want in it 401(k) is that what we want in retirement accounts given this volatility of funds? >> i do think it at the right allocation level crypto can be amazing tool in long-term investment portfolios including retirement accounts if you have do shifl study what happens if you add one, 2 1/2% allocations to crypto diversified port

>> so we're always invested fully in crypto assets so we don't usually hold any stablecoins because weays just like to be betting on the market and new technologies that are being developed by some of the smartest software engineers in the world we don't hold stablecoins because we always wanting to be invested in the market. >> how do you hedge yourself against a move like this in cryptos that we're seeing in the stocks and the currencies? >> so i've been in crypto for over ten years and i don't hedge. i believe in a long only approach, which empirically has been the best way to generate returns over the long term in the crypto landscape i do think that it comes with a lot of volatility and you just need to know that you're getting into that ahead of time. but i've been through many drawdowns, bitcoin that were significantly worse than those we saw over the last few weeks. >> any in a rising rate environment or recessionary environment? we haven't had to deal with this in bitcoin's lifetime. >> i think that's accurate this is going to be a new environment for bitcoin. i also think it'

bit less of the retail trading one of the things that investors and analysts have said holding bitcoin and crypto prices back is the lack of new excitement and investors. there may be some that got in and got burned and are deciding to sit on the sidelines for now. >> down 9.4% on bitcoin. kate, thank you. we'll stick with the tech trade. joining us is an analyst from needham, covers uber, lyft, a airbnb and doordash. bernie, how do you view this sell-off what are the conversations that you're having with some of the investors in these names which are getting clobbered? >> yeah, two things investors are focused on one, what companies are trading at reasonable valuations we can't look at revenue multiples anymore, we have to look at ebitda valuations you're getting growth at increasing valuation and profitability. stock is trading 20 times ebitda and less than 20 times free cash flow the other area is where there's upside to estimates and we feel good about the end markets, travel basically which way you cut it seems to be on fire and for the summer airbnb is one of the few companies that still tr

crypto space. gain of foot hold in washington, a lot of details on the story on cnbc.com, but the bottom line herego into political action committees and toward campaigns themselves has really led to a really boom in lobbying by crypto leaders, executives and their representatives who have flooded capitol hill, flooded halls of congress with their priorities as really lawmakers are trying to figure out how to regulate the crypto industry >> brian, i wondered, though, with crypto tanking the way it has been the last few weeks and months, there are a lot of voters who have been burned here it is going to be interesting to see which wins out, politicians who want to make constituents feel better about not taking that kind of risk versus those that may end up getting hit, perhaps in attack ads with the suggestion that they've turned a blind eye to an issue that some lobbyists wanted them to ignore. >> that's true, but there's another side of that coin as well here, right that's where it comes down to the question of do lawmakers on the hill really understand crypto this has been the ongoing discussion

me ask about the, fed released economic well being fourth quarter. 12% of adults held crypto or used it. 99% holdingtually have a bank account. this suggests to me people are really looking at this as a legitimate, authentic, long-term investment. what percentage of, do you see now buying the dip? >> yeah. that is another really good question. obviously we work for a brokerage or i work for a brokerage that offers crypto. so we have a bit of a bias. in the survey we ran in march, 90% of investors ages 18 to 34 were planning on investing more money into crypto the next 12 months. charles: wow. >> we think here especially with bitcoin at these levels, ethereum at these levels, we could see investors buy buy the. certainly institutional investors are going out to do that. we ask customers to remember the utility to crypto. i don't want to say flight to quality, because i think that is wrong for the crypto space. there are cryptos with utility with them and you have to be very distinguished kind of looking through which cryptos to invest in. charles: 12,000 of them. we get what you're saying. go with et

selling in the stock market and people leveraged up and selling crypto now it might be the opposite i think there are a lot of people who were holding crypto that may now start selling stock. >> people that aren't committed are gone, i think. here is the weird thing about technical analysis you have to hand it to katie stockton we talked to her and she said $40,000. then i said 39, does that count as a breach or is that still not reaching it? i said you are not nodding it did count as a breach i was saying has it stabilize. she said 27 is next. that's classic what does it mean? it means that's the next target. if we talk to her today or tomorrow, we need to find out the next support level the 27 could be a temporary holding pattern or there's the reason technicians can tell you no this is a very good support level where you could expect at least some type of short-term. >> joe, when do we say with bitcoin is there a moment where someone could say the emperor is wearing no clothes i know you studied this. if it is not a currency and not a store value, clearly -- >> that is always possible at this point, i think it may still be the do

so, maria, look, i still like the long-term prospects of crypto as a speculative holding in your portfolioour accounts five times a day, your crypto account, it ain't for you. make sure you go in with the right size, with the right allocation. when crypto peaked, it was probably 6% of my liquid met worth, it's like 2% now -- [laughter] not because i sold any. but for me, that's an amount where i'm comfortable. if it goes to zero, i'll be just fine. if it 10xs and my buddies who are complete a baffoon toons and if they're rich and i don't get rich off of it, i'm going to be upset, so i need to own a little. maria: yeah. and i get that, if you have the extra money to own a little, that's okay. but if you're counting on this, this is a major hit. and it's certainly triggering regulators to say we need a framework in place which is what janet yellen said yesterday. so things will get tougher here. greg with, you talk about value disruption. take a look at disney and netflix. the stocks this morning are coming off of huge losses. disney has lost are $90 billion in market value this year. netfli

crypto exchange finance, brookfield, fidelity, and qatar holding have given new financing commitment, totaling more than $1 billion. -- has also agreed to roll his current investment in twitter. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quin, this is bloomberg. juliette: still ahead. opec and its allies seeking for a small supply hike, and the eu preparing to ban russian supply. but first, we take a look at the impact the fed's aggressive rate hike on emerging asia. we are joined by our guest who says growth is strong. this is bloomberg. ♪ juliette: let's check in on market action this session on the final trading day of the week after we saw the huge falls coming through from global markets on the back of the recession warnings from the bank of england. hiking rates by the highest level since early 2009. warning of double-digit inflation. that is going into market sentiment across most of the asian benchmarks. the regional benchmark index, a july 2020 low. japan has been cl

holding money in if you need it in the next year. i tell everyone who asks me if you're going to put money into crypto, you should have a five-year holdingthin a year or two, it's probably too risky of an asset and it is an experimental asset too. there's not just one crypto, bitcoin or ethereum. there are thousands and thousands and a lot of times, there are innovations that are being applied and some of these don't work out so it is definitely buyer beware but the advantages of block chain and of crypto currencies in terms of ease of settlement, full transparency, low cost and just strictly innovation is so high that i think it will be, it will be fine we will weather these shaky markets. whatever happens in the traditional markets, assume it's going to be two or three times the bumpy ride in the crypto market because it's young and smaller market >> william quigley, great to get your insights. thank you for joining us >> sure. >>> as we go to break, let's check on the meme names. game stop and amc, both still on pace for some double digit weekly declines. carvana may be the newest name of the bunch trading higher anmer yesterday's gai

after the crypto token, luna cratered. his luna holdings went from $1.6 billion to $2200 , but don't worry about him. his net worth is still about $15 billion. there is a new report that china is in discussions with russia to buy additional stockpiles of crude oil, according to bloomberg. it is a sign that the chinese government is strengthening its energy ties with russia, as europe is looking to ban imports of russian oil in response to the war in ukraine. china is the world's biggest importer of crude oil, and ford is recalling 350,000 suvs over concerns that some of their engines could catch fire. ford says the recall effects 2021 expeditions and 2021 lincoln navigators. telling owners to take their vehicles to a dealership for repairs. the recall also suggests parking those suvs outdoors because the engines could start a fire for it is also recalling more than 2 300,053, 54, 50 and 5 50 trucks because their air bags may not inflate and we have more information on those recalls. on our website ktvu dot com. i'm pam cook. that's a look a

coinbase has been an issue where there's reports if they bankrupt the crypto that you hold in coinbaseould go into bankruptcy. you won't get it real issues there. i think we're going to get through this and listen, i'm still really bullish on bitcoin and crypto as a whole. ashley: love your style, sean, you're doubling down, great stuff as always sean duffy thanks so much for joining us this morning, sean, have the courage of your convictions. all right, taking a look at the features pointing down ahead of the opening bell, coming up, pro -choice activists are still protesting outside homes of supreme court justices, take a look at what one of them had to say about justice amy coney barrett. listen. >> it's also plausible that the fact that she's an adoptive mother is her in ability to what it's like to carry a pregnancy to term. ashley: excuse me? you mean amy coney barrett the biological mother of five children? meantime the baby formula shortage leaving parents across across the country scrambling and it may not get better for months grady trimble will have the full report after thi

holdings. two former darlings of crypto that are talked about the biggest companies in the world just a few months the all-time high. keep in mind, many of the losses have come down that much since early november almost all of those stocks hit the all-time highs on november 9th. in six months, wiping out 80% or 90% or 95% of investor value that is something we have not seen since the 2001 internet crash or the mortgage lenders in 2008 it is real and it is painful and it has been scary. it will be crazy to watch this play out in the next few days and weeks and months random, but hopefully interesting. all right, joining us on this is juthica. i'm sure you are working 24/7 trying to answer questions in layman's terms, can you explain to our audience what the hell's going on? >> i think in crypto right now, we are seeing the confluence of a number of factors. it is not just specific to crypto, but the global markets as well. dating back to last week on wednesday, we had the knee jerk reaction from the fed and bitcoin up to 39k. thursday, nasdaq sold 5%, that is what kick started the crypto crash in a

whether or not that holds is going to be key. keep an eye on the crypto prices and if bitcoin's down that much, all of the other smaller ones are down much more than that i'll send things back to you >> bounced off that level last night but not too hard thank you. with the overall rally failing to hold this morning, my next guest says there are no signs of a bottom yet he's sticking with value stocks. believe they will help settle markets. joining me is chief market strategist i mean, i don't know sometimes i think we tell people what to buy when maybe it's not what you buy first but what you sell last. you say value but we're not at a bottom >> i think you have to step back, john and really look there's six companies out there that were really running the market i mean, 84 you're looking at facebook, apple, amazon, tesla those six stocks were up, on average, 31% in the average pe form, with 72%. 72 times this year they're done 32% but the pe is down to 42 on average. so, when i look at the overall market, can you tell when the bottom is? no, you really c

crypto. what happens to btc? does the alignment of this risk off move that we have seen in terms of the correlation between bitcoin and the equity markets, does that continue to hold up or does it break at some point? eddie: crypto at the moment is a perfect storm. we are going to see crypto retreat on the back of a weaker nasdaq. it is still higher rates at the moment. at the same time, you are in a dead spot in the crypto cycle. there is no particular reason to seep mass inflows -- see mass inflows. having said that, i think that crypto at this moment, there will be quite happy with where the price is sitting due to everything that is happening. crypto is volatile. they will be happy if prices stay above even 25 thousand. they will be happy with the gains they have seen over the last years. francine: i don't know if there is a canary in the coal mine we should be watching out for, but it feels like there are large signals we should pay more attention to. eddie: i think the big one at the moment is payment for others. jobs growth is still strong and that is probably going to continue. we will see a little bit of that coming off so the jobs numbers today will be i

crypto news site, but we also seek to demystify and explain the space. so our daily news coverage is as important to us as our explanatory content. and we have learned section where we kind of hold your hand and explain these technical concepts. and i've been covering crypto since 2011. so pretty early, really adding, hello that, nate, nice to have you on board. these introduce yourself to an audience. tell them what is your connection to crypto currencies. so i am a researcher at the international computer science institute and berkeley and have also been a lecture. you see berkeley and i've been following the crypto currency space professionally since 2012, 2013. and i'm one of the few skeptics who do, cuz i have a business model that i look at the space can extract the comedy gold and turn it into academic papers because there's a lot having to do with online crime and other things of research interest. i and so i've been, let's face it are scarred by exposure to this intellectual virus. oh, thank you for sharing. yes, catherine. that's more than that in just the way with edward. i welcome back to the stream. lovely to have you made your mind out. what is it that way back you

holding on. i think when you see amc totally capitulate, gamestop totally capitulate, even crypto, that's when thisl thinking it might come back. again, it's the heroin addict thing, like, they don't concern you don't want to admit you're an addict, so you stay on it. david: you want to hold on. >> but you've got to at some point because thing, as you know, ain't getting better. how many more fed rate increases will? david: well, and if we're right, the recession's got a ways to play out. charlie gasparino, you've been on it for a while, thank you very much. >>> tesla's ceo, elon musk, slamming the s&p 500 esg, kind after -- can kind of a woke social government index, after tesla was cut even though a lot of oil companies are on it. let's get reaction now from strategist luke lloyd and the expert press ceo dave maney. good to see you both. dave, i'll come to you first. for those who don't know -- and, frankly, i didn't know a lot about this index -- it is kind of the epitome of the woke crowd in the corporate world. if you're on that index, you're considered to be politically correct and woke, what

will see whether the pullback in fear factor when it comes to crypto trading overnight will have a positive impact. the dollar yen holding at just over 1.28. we have a freefall being potentially over now as we see more stability in that currency. let's get the vonnie quinn. >> bloomberg has learned that elon musk wants to scrap the margin loan linked to the tesla shares he was going to sell to buy twitter. beijing has denied the city will be locked down while urging people not to hoard food among speculation that the lockdown will be tightened. the government says it will conduct rounds of mass testing through the weekend. beijing reported 36 kbit -- new cases. a veteran lawmaker is returning to the role of prime minister of sri lanka for the sixth time. he was named just days after the previous leader resigned. germany is accusing russia of using energy exports as a weapon . prices jumped on supply concerns. germany's economy minister downplayed the latest cuts. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this i

crypto space which was the blowup of the stable coin tariff. does that mean stable coins are not really stable? >> it was an unusual animal, and algorithmic stable coin trying to holdnother stable coin called luna. the whole thing wiped out around $40 billion and raised a lot of questions whether algorithmic stable coins can be trusted to hold their value. not necessarily the case with traditional stable coin which are usb see. they held their pegs but there's a lot of questions house stable stable coins will really be and whether they make a leap from crypto markets where they are used for trading and liquidity to standard financial payments for remittance. there is evidence that is happening but a transaction fee could be quite high. jack: i could buy one of these stable coins and everything goes right i get my money back, it doesn't just go proof. what's the point? >> i don't know if that is the case. it is true that things went proof in terror. i don't think that is going to happen with usdc. tether is a bit opaque about its holdings but there definitely is risk in stable coin. that said they are taking off emerging markets, so the cases are increasing but ther

so i think too much attention is spent on crypto, or somebody might be a gold bug, or somebody might be, i don't know, they holds or whatever they might do. but i think we are now in an era where we are going to have different types of money. we're going to question money as a medium of exchange but also as a store hold of wealth and we are going to be questioning what are the right store hold wealth of value. and you're going to see around the world not only the digital versions of that take place in many forms, you are going to see other forms of that competition i think in the years ahead. david: we are not investing and you are not transcendental meditating and you're not writing books and doing philanthropy. what are you doing? you have any outside interests? ray: number one is my grandkids. ok? my kids, my family of course. they are one of the greatest blessings in life that one can ever possible have is one's family. david: how many grandchildren do you have? ray: four right now. david: what do they call you? ray: papa. david: not mr. dalio, something like that? [laughter] ♪ emily: so this is the lot. ai