kathleen: i am kathleen hays in new york.e are moments away from the final reading of gdp for the third quarter. the figures are higher. the stronger path to consumer spending may be pushed upward suggesting the economy is stronger than thought. joining us from tokyo is the chief macro strategist at -- it is great to have you back on daybreak. what is your forecast? what is the biggest driver for the japanese economy? that gdp datak will be revised slightly upward. one asset is strong exports, but we have seen -- capital spending and consumption. kathleen: consumption was doing well and then it pulled back a bit. what are you looking from the consumer? is there some potential adjustment in the numbers that could affect whether this number beats or falls below the forecast and expectation? guest: it is really difficult. it is kind of a change of the way of estimating the gdp data. but the cabinet office put more weight on the supply-side data. that could be read as an upward revision. kathleen: what about what this means for a

kathleen: i'm kathleen hays in new york.alogue wrapped up with british financial services. standard life everything chairman jerry greenstone was a leading figure in the delegation. speaking to bloomberg, he explained how western asset-management in china will rise growth for the next decade. >> just last week, we were given approval to start operating asset management business in china. we got napoleon foreign enterprises a year ago. we now have permission to start business. that business will be manufacturing and selling investment products in china. it's potentially a very important development. two years ago, they welcomed an application from us to get pensions license in china. this would make us the first four company to have a pet -- foreign company drive a pension license in china. complicated by the fact that the has no chairman at the moment. thingsanization of these takes time. >> that asset management side of the business, are you adding headcount? >> the growth prospects derived largely from the fact that chines

kathleen hays is back. or brexit, day and bigley appeared to top it off, governor kuroda speaks later today. kathleen: he will be a big week for so many things, from the tokyo, london, brussels, where you want to go. there is a lot going on. let's start with just quickly, i want to touch on something, governor kuroda is speaking at an international financial form hours from now in tokyo, along with the head of the bank of france. the thing bond traders are waiting on, just a few weeks ago he mentioned something about a reversal rate. in other words, it has to do with, people have said that keeping the euro at zero on the 10, -- it hurts banks, it could disrupt the market. people are wondering if he will elaborate on that, maybe if there is more leeway for the boj to let the yield rice. that's what we are waiting for from governor kuroda. rba is not expected to move the rate, inflation is a little below target, there are a lot of makes things in the wind. but the bank of india, this is interesting. our bloomb

kathleen: i'm kathleen hays in sydney. with us is making to explain to us why the tax cut will have an impact on the economy. mistaken, you not say your growth forecast is now closer to 3%, it is now considerably higher for gdp next year than the fed's. if you listen to janet yellen's last press conference, they have held back. we are going to wait and see what happens. now we know what is going to happen. are we going to start hearing different comments? change of views from fed officials if and when we see the tax cuts go into effect? >> i don't think we will hear comments from the fed right away. the fed did increase its 2018 forecast from about 2.1%-two .5%. they had a falling back back to 2.1%, which they concede it is temporary. it will have clear impact lifting sustainable growth. the fed is data dependent. when we start to see the stronger economic growth. keep in mind, this tax reform package comes on top of an economy that has momentum with significant, very high levels of confidence. when the fed does start seei

kathleen hays here with a look. done with the fed, now let's move on. t with the federal reserve. 2017, thewrapped up beginning of the end of the janet yellen's term as fed chair. they signaled three more rate hikes in 2018. let's jump to the terminal. here is 2018 come of the fed -- six voters clearly in line for rate hikes. some see maybe four, some see fewer. statement its policy in projections boosted their gdp forecast for 2018 and 2019. they continue to see a medium-term inflation rise. it is almost like what janet yellen said at the presser. market,e strong labor we are having difficulty finding qualified workers. we would assume to resume normal supply and demand channels, to see growth in wages overtime. kathleen: she does expect the labor market to remain strong. that will eventually boost raises -- wages. take a look at g #btv 711. here is the fed's key measure, up to 1.4, a long way from 2%. over the past year it has gone down. the consumer price index, watch closely. it was starting to rise until november. it went down to 1.7, year-over-year

and we want to thank kathleen hays.and the days big newsmakers on bloomberg radio. check in with "daybreak asia." you can also download the app or access the of bloombergradio.com. this is bloomberg. ♪ betty: a quick check of the latest business flash headlines. short seller carson block has a new target, focused on it chinese stock that went public in july. -- they saylete they make money from lending, but block says almost none of its business is real, and the only person taking out loans is the chairman. the stock sank briefly but then recovered strongly. >> china internet nationwide financial services, just in the name, the only thing accurate about that is china. there is nothing internet about it, nothing nationwide. and from our vantage point, this thing is a complete fraud, a total zero. yvonne: blackberry sores of the most in almost two years after reporting record software revenue, and saying for your sales at the top of forecasts. they bailed on enterprise software and services, rose 11%, to $97 million in th

our policy editor kathleen hays is here. what is driving bonds this week? ints, pulling back just a little bit. more roller coaster? kathleen: we shall see because there is a lot going on for the bond market march -- watch. let's look at this chart. you can see a bond yields on the benchmark 10 year last week starting off fairly low, 2.33, getting up to 2.43 as the tax cut got stronger. and friday night, all moving ahead from the republicans. this is where the news of michael flynn it, pleading guilty to the fbi, big move down. 10 basis points, ramy. looks like the asian trading is opening up and we are seeing a move back to higher levels. rebounding, bonds regaining ground, giving it back , but there is more going on this week. will the michael flynn rally be a one-day wonder? we know that the resolution for the house and senate starts later today. headlines could hit the bond market. december payroll out friday. let's look at that. this is not the forecast. we will tell you what they have done on 2530. there was a big drop because of the hurricane, around

governor kuroda sat down with kathleen hays and explained why his nation still needed stimulus to reachoals for growth. we like it so far, but in the u.s. and in europe, inflation rate is actually close to the target, close to 2%. 0.5%, japan, it's still far away from our 2% target. so there is some difference japan. u.s., europe, and rates are not rising so fast, that is true. but prices are not rising. ofe, there is some kind differentiation in mindset. leaders,ong business global leaders. be cautious in raising prices. what companies are doing is they are heavily investing, they are saving in equipment and so forth, and also they are changing a model so as to reduce. increase,g, this wage it has not been rising. they're not required to raise prices. >> but they are doing well. gdp growth six quarters in a row. that hasn't happened in japan in years. you are succeeding on growth, and debut something has changed to the degree that -- does inflation matter so much? things.- two one, forecasting growth is good, but i don't think 2% growth can be sustained. around 2% growth, we can attain

governor kuroda sat down with kathleen hays and explained why his nation still needed stimulus to reachls for growth. >> in the u.s. and europe, inflation rate is actually close to the target, close to 2%. but in japan, the inflation rate is still 0.5%, far away from our 2% target. so there is some difference between u.s., europe, and japan. rates are not rising so fast, that is true. mostly in japan. but prices are not rising. here, there is some kind of differentiation in mindset. strong among business leaders, as well as global leaders. they tend to be cautious in raising prices. what companies are doing is they are heavily investing, they are saving in equipment and so on and so forth, and also they are changing a previous model so as to reduce labor content. by so doing, this wage increase, the labor cost has not been rising. they're not required to raise prices. kathleen but they are doing : well. gdp growth six quarters in a row. that hasn't happened in japan in years. you are succeeding on growth, and maybe something has changed to the degree that -- does inflation matter so muc

kathleen hays is here to connect the dots between bonds and central banks. en: where we start, you do not see much of a connection because we will start with the presidents of the dallas and minneapolis fed, both speaking on bloomberg television earlier tuesday. roth capital was asked in particular about the flattening yield curve. let's listen to what he said. >> i am worried about it, too, and i think we need to watch it. 2.3%,-year treasury, high 2.4% is meaningful. the history of and virgins is such that it has tended to be a pretty reliable forward indicator of recession. kathleen: rob kaplan saying the yield curve is a long way from inverted just yet, but here's the classic concern. see how you get a very flat curve, and next thing you know, recession. again, not there yet. we have had a bit of a selloff in treasuries, so there is a little less flattening now, but this is why so many fed officials are starting to watch it. neel kashkari, who has been very dovish, says once again it is not time to hike rates. the fed still short of its inflation target.

kathleen hays has a preview.ith the restraint gdp numbers. >> we are expecting a good number. the rba that, holding rates , holding rates steady. they see a stronger economy, but reasons why it won't get stronger quickly. what is the number? 3.0% is what the forecast says and what the rba is forecasting. let's take a look at a chart that puts this into perspective. 1.8last two quarters, percent, not bad, but 3.0% looks better. it did just about a year or so ago. what is driving gdp higher? scenario, exports rising, mining investment slowing, but that slow down is starting to ease. non-mining investment is picking up. hiring momentum increasing, and that is boosting spending. one big negative we talked about his wages. wages are not going anywhere. this is 8743 on the bloomberg. you can see it in black, white, yellow, blue. the wage price index flat. at 1.5%,ash rate record low. graduallye cpi is decelerating. that's another reason why the rba is in no hurry to signal a rate hike at this point with inflation weak.

let's join kathleen hays. casting: let's put this in context.surprising, but we are previewing what might happen, now we know what did happen. nothing changed about policy. exactly what we are expecting. dissented again. the boj needs to do more. let's see what they are looking how far 8499 shows you from target even the most upward sloping line is. zero point 8%, the main number half glassches, i am full on inflation, like governor corona.

kathleen hays here with a preview.ke it will continue to be this long stretch of doing nothing at the rba. kathleen: the reserve bank of australia, that is what they are becoming very much known for. in a row.s they have done this three times in the past, going back to 2002. #btv 6084, and what you can see, they call it lazy days. maybe they get their policy right and communicate the right things to markets, etc.. here is a long stretch on world back in 2003. another one of these long stretches to 2013 to the end of 2014. and here we are now. 15 minutes, meetings in a row. you ask yourself, is the reserve bank of australia on indefinite now? let's look at the crosscurrents of what it is the rba is dealing with, and what's keeping it on hold now. let's call up that list. as you know, australia is facing very high household debt. that would be one reason you would not want to raise rates. you don't want to make it more expensive for people to pay off that debt. the labor market a stronger. that might be reason to say, we

axolotl kathleen hays. coming up, still searching for success, searching being the operative word. time for google to give up on china? ♪ >> a quick check of the latest headlines. china will setback after regulators rejected its opecsition of its ownership structure. the company said it is controlled by two charities in new york. hna saying it is disappointed by the decision. >> -- 20% holdings will be offloaded at 832% discount. >> alipay is chasing tourists in japan, planning a growing number two in system and evaluating the long-term potential of the countries digital payment market. times from grew up a september and now has 38,000 lenders using alipay across the country. >> apple is said to have a plan add -- tech reported deathlike >> apple is working on some of its most significant changes to its mac operating system. the company is looking for a way developers expand ios apps to also work on that computer. this will solve a problem. apple has a store that allows people to settle by applications, but in recent years, it has become a ghost town of sorts. now, apple is going t

why and what is next -- kathleen hays here with more. s start with of the ecb and inflation, still a problem. kathleen: it sure is. people found this surprising. the ecb was updating its forecast for the future. but it is clear, mario draghi and his colleagues do not see inflation picking up much oomph. by 2020 bases inflation averaging only 1.7% year-over-year, under the 2% target. that is why they kept their key rate unchanged. they did not make any additional changes or shifts or explanations to have a shift the bond purchases next year. mario draghi at the presser after the meeting made it clear. he said price pressures are still muted, there is little sign of any upward momentum. here is what he said it means for policy. >> an ample degree of monetary stimulus therefore remains necessary for under flying inflation pressures to continue to build up and support headline inflation developments. 1187, showingtv us confidence on inflation. but it is a long way away, under 2%, the ecb's inflation target. looking at core inflation, 0.9%, ye

kathleen hays has the lowdown for us. you, who are for they, and why them?those are two good questions. two georgey, these w. bush-era economist that the wall street journal appointed on today. was an assistant treasury secretary 2002-2000 three overseeing economic questions for the white house, then joined pimco as a money manager and advisor. he continues to do that job. since theniversity 1980's teaching economics. he is a well-respected scholar. --writes all kinds of fairy very detailed articles and is considered a true monetary economist. has also been at pimco as a money manager come a bond portfolio manager, things that rich would be a good choice. being an expert on the issues of monetary policy is important. think about ben bernanke, who is an advisor to pimco. he understood the great depression very well. it is important in terms of where monetary policy could fit in and what it could do. >> another economist is in the running as well. lawrence lindsey. he was one of george w. bush's top economic advisers 2001-2002, instrumental putting together th

david: kathleen hays, thank you.e, coming up next, a forecast on the actual global shipping industry. y's billionav dollars wiped out, markets and seoul, korea, and bloomberg intelligence just ahead. this is bloomberg. ♪ here about some son heavy and the billion-dollar wiped out, markets in seoul, korea, and bloomberg intelligence just ahead. this is bloomberg. ♪ ♪ david: this is "daybreak asia." betty: the shipping industry is back in the headlines after samsung heavy plunge 29% in trade yesterday. than $1 billion wiped out of its market value after forecasting a surprise loss for this year and next and says it needs to raise more money by selling shares diluted. one of samsung's main customers is remaining optimistic could we spoke to the chief commercial of --r o >> it is hard when one of your key vendors is having a hard time. we believe this is a reflection over ordering and infrastructure has been built to support this. the reflection this is not happening anymore unfortunately affects some of these shipyards t

pauline and kathleen hays.undup of that and many more you need to know to get your day going in today's edition of daybreak. bloomberg subscribers can go to dayb on the terminal and on mobile. you can customize your settings so you only get the news on the industries and assets that you want, that you care about. this is bloomberg. ♪ haidi: a quick check of the latest business flash headlines. walt disney expected to consider internal candidates to lead espn. sources tell us the search is already underway. candidate is possible. skipper resigned after admitting an addiction problem. he has led espn since 2012 and has been with the network 20 years. disney outlined a 90 day timetable to find his successor. >> china has opened a review of toshiba's flash memory chip sale. beijing says toshiba may have to offer assurances that the final deal won't hurt competition. china is the world's leading market for semiconductors. it is spending heavily to build its own domestic industry. china has ordered its biggest e

let's join kathleen hays. casting: let's put this in context. none of this is surprising, but we are previewing what might happen, now we know what did happen. nothing changed about policy. exactly what we are expecting. dissented again. the boj needs to do more. let's see what they are looking how far 8499 shows you from target even the most upward sloping line is. zero point 8%, the main number half glassches, i am full on inflation, like governor corona. the commissioner saying they need to do more and even push yield curve control, keeping the little lower. it may get tougher in 2018 as we look to the future for the boj to keep it at zero given global bond markets. pushes upcentral bank global bond yields. putting this in perspective for us, you can see the blue line along the bottom is boj doing a good job, keeping the yield at zero. look at all three other modern -- bond markets. u.k. and germany at the right-hand side, all the markets have been selling off, pushing up yields. governor kuroda will be asked -- he still seems to be the front

let's get over to the new york where kathleen hays is here, crunching the numbers.e also looking at the federal reserve. another official getting ready to hike rates regardless of low inflation. let's start off with the fed, if you will. who's talking this time? existsn: the conundrum in so many developed countries. we are talking about loretta mester. she has been hawkish in the past , but she steps down in washington with our own michael just like she said, jay powell, the incoming fed chair had a couple of days ago, she agrees the case is there for a december rate hike. let's see what she said. >> we really need to be moving interest rates up gradually given where the economy is pure growth is at a sustainable pace. labor markets continue to improve. kathleen: it is not just the labor market. the consumer is holding up reasonably well. in fact, we got consumer spending numbers for the month of november, and after surging in october, hurricane related purchases, you have got to get a other one.e the a. consumer spending back to more normal pace of 0.3%. a lot of f

kathleen hays joins us right now on this superk thursday trifecta. tedave to with the brexit mess and what this means for mark carney and his migraine. kathleen: all i can think of is, poor theresa may. the big story was the border with northern ireland and hammering something out amongst tons of constituents. theresa may finally came up with a solution that she thought would settle the bill. she could then move on to trade. that is what the u.k. is really concerned about. the u.k. parliament voted 309-302 that they want people to veto any brexit deal. the member how at beginning they wanted that, and theresa may was able to push through a deal where she could just forge ahead? her it turns out that biggest challenge may not be with the eu, but members of her own party. autumn line, she is not expected to lose her job, but people are saying it points to a soft brexit. in other words, she does not have the power to forge ahead with the deal they want. she will have to negotiate this soft ranks it. they are essentially downplaying the defeat, and are re

nejra: the former fed vice chair alice rivlin with kathleen hays.for the bloomberg business flash, the biggest business stories in the news right now. goldman sachs says u.s. tax reform will cut earnings this year by about $5 billion, they attributed roughly two thirds of .he hit to the repatriation tax goldman cited the of limitation of the territorial tax system and re-measuring u.s. deferred tax assets. several major banks will take large write-downs for the very same reason. netflix is scrapping cash bonuses for top executives, the tax plan eliminates company deduction for corporate base bonuses for managers who make more than $1 million. because there is no longer a write off, netflix will include the bonuses and salary. apple has apologized to customers for software changes that reduce the performance of older iphones to prevent unexpected shutdowns. they said it had not intentionally set out to shorten the list -- life of a product. in response to complaints, apple will cut the price of replacement batteries for handsets no longer under warra

i have kathleen hays here, our bloomberg economics policy editor. killer of chinese government approach to growth, is changing. as china grows and the economy grows, it looks like policy may be evolving too. the world bank a couple of hours ago came out with their latest report on china and they see growth slowing any way over the next couple of years as de-leveraging, takes a bite out of the economy. 6.4% growthdicting next year, down from 6.8 this year. 6.3 percent in 2019, as they rebalance away from invest went to work on option. this is going to help slow growth, and it is a necessary slowing. they believe that inflation outlook, global trade, healthy domestic demand, these will continue to keep the economy on track. this, thisy, look at year, gdp in china is that for its first acceleration in 2010. he seemed pretty positive about what china is doing the that in the future, monetary policy will remain prudent, they will be restructuring, and it will slow growth, but they still see growth at a healthy level, nevertheless. what people are questio

tax policy and we can only expect .odest boost for the economy speaking to kathleen hays, she also said fed is on track to raise rates, but doesn't deflation -- doesn't see inflation on the horizon. >> i don't see inflation and neither does the fed. inflation has been falling. it's very mysterious. a longbeen saying for time that we are in a new era in which the threat of inflation is almost nonexistent. manus: alan greenspan, the foreign fed chair there. the 1980's pop single, the biggest hit, welcome to the show, happy new year. you do channel the odd to. -- odd tune. inflation is the great look for. 2018 the year inflation is the surprise? guest: probably not and to be honest, it's not just a one-off spike in inflation. you might get one or two good things, but it is a sustained trend in inflation picking up. this is where the risks lay. you see a concern that low inflation is not just the transitory and him and on. something more structured -- transitory phenomenon. it's something more structured. it's neutral, if not slightly dovish. that will keep downward pressure on the dollar.

our global economics and politics editor kathleen hays joins us. >> this is a two-day meeting.n wednesday. it is the last one of the year where janet yellen will have a press conference. if for some reason the president decides to confirm powell early, janet yellen will step down as soon as she is warning. a lot of interesting stuff potentially coming out of this meeting. first of all, rate hike. it is suspenseful. i don't know if it will work. projections on your bloomberg. a couple years ago, they were at 98%. but now everyone is all-in, rate hike in december. what is interesting, a summary of economic projections. it is the fed's forecast. each submits the forecast for gdp unemployment, and inflation. those are updated every three months. the last one we got was december. now it is december, -- was september. now it is december, and time to update again. the dot clock is where we could have a little drama. markets are saying two rate hikes in 2018, up from just one. like j.p.banks morgan, goldman sachs that say you could have four rate hikes in 2018. check this out with me.

former fed was the vice chair, alice rivlin, talking to kathleen hays.g and tax hiking in singapore, as the economy gains strength and inflation, fingers crossed, rises gradually. let's bring in our correspondent, haslinda almond. -- amin. when i think of singapore i think of expensive dear, good food, hot weather, and low taxes. the fourth one is about change, isn't it? right, butou are thankfully, probably not incoming corporate taxes. that will impact competitiveness, at a time when the u.s. is cutting taxes. i want to show you this chart, a couple options for singapore. raised, perhaps even a motor vehicle levy. -- perhaps range even a motor vehicle levee. they have hinted higher products -- higher taxes are coming. singapore a country already among the most expensive to live in. of 40% rise in prices. set to feel the pinch this new year. betty: how convincing is a singapore's recovery? can it withstand further tightening? fingers crossed, it is not just 3.5%. broadcasting 4% growth. as --oss will return construction will pick up. call, it could be a

kathleen hays joins us with a preview of the decision and look at a fed decision this is the case forss clear. the path of rate hikes is very important to the economies and central banks around the world. >> absolutely. the third quarter gdp figure we -- onet from australia reason why people are optimistic for growth in australia and individual rate hike is that if the fed is hiking rates, that could weaken the aussie dollar. these things move quickly. charles evans, president of the chicago fed, he is definitely a dove. he has been in favor of rate hikes for most of the year. ofis raising the question why is the fed in a hurry to raise interest rates? he said he had been looking at the data and they did not indicate such a need for a rate hike. certainly in 2018. 6897. line,n see the white that's the headline pce, which is back up to 1.6. the blue line only at 1.4. a long way from 2%, the red line, and that is the target. charlie evans said the fed should just wait until the middle of next year and inflation picks up, then hike rates. this is not in line with the consensus. we will s

kathleen hays. still to come, invesco underweight on chinese property high-yielding bonds. investment officer later on. next, could the dollar recovery be this week's currency theme? outlookat the global fx with commonwealth bank of australia. this is bloomberg. ♪ ♪ the latest business flash headlines. citigroup suggesting investors go long on commodities and iron ore at as china steel supply tightens, expecting to see sustained demand next year, but warning around chinese policy and the economy has downward pressure on oil prices next year and into 2019 come into play. fiat chrysler talking with hyundai about the development of hydrogen engines. initially lead the drive towards fuel-cell vehicles, though it has fallen behind toyota. away earlier from hydrogen power, but says there is potential in the technology. exchanges embracing bitcoin, dragging federal regulators into a realm called fad and fraud. debutn contracts will cboe.e and both had been approved and sent bitcoin higher. cft tooping to help the monitor the market. weekrtainly had its best on reports of a brexit

let's get to kathleen hays, kicking the solve with the ecb a -- ecb.omplacent in the sense that inflation could pick up and he does not think it is going to. it is clear that the ecb is waiting for many other banks for inflation to pick up, but it will not happen quickly at all. ecb updating its forecast. averaging at 1.7% year over year in 2020, still below target. about a ratelking change. it was more about maybe they will give us more details about how to reduce bond purchases or changing the plan of it. nothing changed there. and the press conference, mario are still pressures very muted. he does not see much momentum building. this is what he concludes about policy. >> and ample degree of monetary stimulus, therefore remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments. let's jump into -- let's jump into the function. -- just under 2% is ecb's target. float athose measures all. what mario said at the press conference is he is more comfortable than he was a couple months ago that i

rishaad: the former fed vice chair speaking to bloomberg economics policy editor kathleen hays. 2018 hikes in singapore has inflation rises gradually. let's go there and speak with our chief southeast asia economics correspondent haslinda amin. we see these growth figures come in. one quarter they are down and down by a massive amount, and then not in the following one. >> you are right. it is an export dependent economy. if we look at the projection of the central bank, 3.5% next year. growth,casting 4% pretty strong for a mature economy like singapore. anz said jobs lost will return , consumptiones will come back, and construction will pick up. can the economy withstand the tightening? it could bests say a headwind for growth and the economy, but if you look at the consensus, pretty encouraging. global growth is picking up, great news for singapore. plus, the recovery is more broad-based, no longer confined to manufacturing or electronics. all of that points to more sustainable momentum. the central bank did open the door to tightening at the last policy meeting. the move may come

kathleen hays, going through the latest central bank moves, and lack of moves with what is anticipatede bank of thailand. theill be speaking with head of btcc. this is bloomberg. ♪ rishaad: you are back with "bloomberg markets: asia." haidi: let's get you caught up today with the latest check of the business headlines. singapore is the latest to warn about bitcoin. the monetary authorities as investors face "significant risks" and will not be protected by regulatory safeguards if they lose money. there is concerned that the dramatic rise may tempt people to dive and. the banks as the resist -- the bank says the risk of a reduction is high, and investors could lose capital. rishaad: the exchange will close a proceeding after a security breach last year. escape he -- the exchange first clients to keep their tokens in a safer form. about 20% of all global cryptocurrency transactions happened in korea. haidi: u.s. regulations have suspended trading in and of scared digital to currency due to the concern over stock manipulation. shares of the cryptocurrency surged more than 17,000% in less

and kathleen hays in new york. waiting for the fed decision. coming up, leaving in bitcoin. cryptocurrency will sign brighter than even goes. this is bloomberg. ♪ ♪ two people riding high on the current that coin -- current bitcoin wave. the stake is valued at more than $1 billion. why they are backing bitcoin. >> we think bitcoin is like gold 2.0. whatever your reasons are for investing in gold, we think that incoin matches or beats gold all those categories. youcan send it around like send an email. it's a lot harder to do that with gold. is 300ket cap right now billion. the market cap of gold is 6 trillion. disruptsif bitcoin gold. we have been saying this for a wild. wethink there is a chance will be 20 times more correct from here on out. sure.ossible, for anyone who likes the characteristic of gold in their portfolio definitely will be attracted to bitcoin. >> just curry had a note out talking about that. from his research on the flipside is because etf's have not seen outflow of gold. they look at a different type of supply and demand. >> so you said you could be 20 t