it by the hundreds of billions of dollars and other companies are buying back their own stock micro strategy under michael saylor said you know what we're not going to buy back our own stock we're going to put our cash on our balance sheet into bitcoin so he broke from the pack because he realized he doesn't want to be like i.b.m. he doesn't want to waste all of his cash on stock buybacks and see the stock drop and this is fortunately i like bailing them so. by buying their own stock again they're trying to this is sinking boat i.p.m. so they're bailing out their bad company by putting the water putting it back on the balance sheet and it's not working and of course that's kind of mirroring what the fed is doing it's essentially buying back the stock of america and hollowing out rather than investing and it is buying all the old bad debts of these same companies like i.b.m. is putting it on to their balance sheet for no good like it's not going towards any manufacturing in the united states remember we're 10 months into this pandemic and we still we're still an even like us the fed is like a

a bit go he tweeted that 84000 bitcoin were mine in the 3rd quarter just cashed up square and micro strategy account for 169 percent of that grayscale accounts for another 70 percent. now. are we going to run out a bit going i mean this is i guess just a question sir because the price seems to be going sideways and i have my thoughts on that but because the available supplies being gobbled up by 150 percent or higher 200 percent we've heard that the demand on the demand side of the curve is exploding prices going flat what do you think what's going on there's a very natural progression of price discovery and recognizing you know question i often times get audience i view and i think this probably influenced michael sailors' view when when the fed printed $3.00 trillion dollars between march and june of this year and rip the band-aid off and people say well why didn't you know that that more than double the supply dollars in the system i didn't explain immediately double and i think there's a reality of people are waking up to this idea that it will have to go through their process from the y

point as an inflation hedge as many already have so following the $425000000.00 purchased by micro strategy as its treasury observe asset its c.e.o. michael saylor revealed that he personally owns about another $240000000.00 in decline and has the best part actually and analysts recently pointed out that micro strategy has earned $78000000.00 in the last 3.5 years from their business operations but micro study just earned about 100000000 basically the last 2 months i'm just there between purchases a lot so think about that as a point gets increasingly accepted as a store of value it's going to outpace even gold them by us co-host christiane we saw our perk up when we saw how much money could be made with bitcoin thank you so much for that insight today. thank you. global call the 19 cases had a huge single day milestone this week reaching half a 1000000 for the 1st time on wednesday daily cases of the virus have risen nearly 25 percent in less than 2 weeks as europe and the americas continue to see this spike so with this in mind let's go ahead and take another look at the trends and spread

statement tell you in regards to the reasons for buying because this is obviously in the wake of micro strategy and michael saylor doing this is this the beginning now of the 4 chilean dollars worth of cash sitting on a corporate america's balance sheet being looked at and possibly other c.e.o.'s following suit with a fair or missing out or a full mo in the corporate space here yes it is but i would also highlight that this actually began a very long time ago which is that in 2013 slash 2014 fortress investment group became the 1st publicly traded company to hold big client on their balance sheet and i remember because i'm an accountant and i read financial statements and that was interesting to me because i was also a big corner. and then it's fun out in it became no regrets you know that. galaxy so it's it started a very long time ago but it did it at the time it did not gain acceptance and that's why fortress had to spin it out because the investors were not happy about the losses going on there because anyway fast forward to this year we have this current of virus hysteria or pandemic whate

got noticed by people like michael saylor who then put $425000000.00 of his treasury over their micro strategy into bitcoin as part of his overall learning curve into this space so this is now. at a time in history when that migrations of the hot alerts and the early adopters now to the corporate treasury has taken place and now other corporate treasuries are following suit. is this an act to add another element to our the discussion here is this an example of game fairy and if so were is that going i do think it's an example game theory because you know again if i come back to the economic principle i think about money as solving an inner subjective problem and that when when each incremental person is evaluating this decision it's effectively becoming easier because more people have come before them that they're looking at the equation when they're trying to solve an inner subjective problem which it which i guess the solution is money is that everyone's looking around and saying how my going to store value how we get your mediator series of transactions and they're looking at the properties

is an amazing equilibrium busting game changing polter jones and him saying and michael saylor micro strategy boosting moment in history well indeed and let's try to imagine what he's actually saying here with this bullishness on humanity is as you mentioned like he became a very wealthy guy from the 1987 stock market crash where he predicted this was going to happen he sold all he sold out and then i guess shorted as well so he could see what was coming at the same time today he's appeared reappeared back on the market being very vocal seeing again what can't sustain itself and you can do one of 2 things and 1987 was the beginning of the plunge protection team and the mass intervention by the likes of the federal reserve bank and the u.s. treasury to make sure the billionaire class do not ever suffer a loss. and that ultimately is very bearish on humanity because you think that you know this class of people investors the capitalism our innovation and you know surviving and innovating through collapse you know the creative destruction that these things don't exist what he's saying is like her

into bitcoin as a safe haven as as a reserve currency and something that michael saylor over at micro strategies got a lot of attention for i believe you actually made this move ahead of michael saylor correct actually you know we did it right after michael saylor announce it right before we were all because winners in the company and we already had a few meetings about being the company's reserves into big going and soon as we saw michael saylor announced we were like that was just so over the edge and we realized ok game on this is going to be a recent accumulation. we think that all corporations are eventually going to be acquiring bitcoin at some point and we just said hey we're going to do it 1st right so that was the kind of the spark that that got you guys off the fence and it's like i are going to put our portion of our reserves to depict going you know i got to ask did i watch your videos on you tube every day right from to he's restaurant where you're preparing little what's i love and you know i got to tell you you seem to be doing very well these days the terms of keeping the company

bitcoin in the last 2 months as a hedge against inflation a few currency so right now you have micro strategy who recently bought $425000000.00 worth of bitcoin in the last 2 months as a hedge yasar to square the payment system who also put about one percent of all of its assets into bitcoins as well and of course he had the asset managers and advisory firm we're all holding hefty amount of bitcoin now and there was ours and this includes galaxy digital holdings cyberpunk holding vigil x. all of them to they're all inciting inflation hedge trades so meanwhile the big question their own fundamentals right now they're holding up pretty well right now as the hash rate hit a new all time highs over this past weekend suggesting that more computing power than ever are now moving over being dedicated towards mining and since as long as short ratio also bottom now in october 9th point $75.00 s. instead of the climb and the 25 percent net short position actually now slipped to a positive 23 percent net long position according to the data on buying and so now you have the entire futures market leaning

crypto currencies of course pay paul isn't the only company to announce this kind of support micro strategy has initiated a $425000000.00 deployment of its cash surplus into big coin and payment processor square recently announced that it too supports crypto currency as well joining me now to discuss boom bust. and ben swan it kristie let's start with you obviously big a big day it rallied on the news of pay pal support how does this announcement push big point toward mainstream adoption and one of the drawbacks why don't we talk a little bit about it but can you go from there to detail. share pay into the crypt as fear is a really big deal and it signals this true validation by mainstream so its announcement marks a clear shift to digital forms of currencies and this is and that it is a true method of payment transaction and e-commerce even not just speculative trading like what we've been using it for before so like point based pay pal be acting as a gateway so while this news is largely bullish for bitcoin let's talk about some of the drawbacks the glaring drawback is that users cannot t

. >> there has been a lot of bitcoin wins talking about micro strategy it is adding it it is more thane are seeing growth on all front. >> so -- it's steve grasso when you describe the volatility in bitcoin, that's what makes me want to stay away from it. when do you feel you will have a more substantive, sturdy market with a retail audience and an institutional base i have seen the headlines from papal, from square, from fidelity where do you think that volatility, if i bought it today, i don't have to worry about losing 50% >> i think we are seeing quite a bit of that. over the last year or so, there has been the development of the two-sided market, borrowing and lending. it has helped decrease a lot of volatility in bitcoin. but lots of the investors are really looking at their allocations over a medium to longer term time horizon and when we have like that 50% drawdown day, we have investors looking to add to their position rather than running scared >> michael, always great to get your thoughts. >> thank you >> how are you feeling about bitcoin as a place in your portfolio today v

with new york in lamenting a micro cluster strategy this fall. >> we are now going to analyze it on the block by block level. >> reporter: melissa rainey, kpix5. >>> an individual who lives in the same vatican building as the pope has tested positive for covid-19. that resident is reportedly a systematic, and is currently in isolation. the vatican says the health of the pope and all other residents are being monitored closely. pope francis, who had one lung removed during a previous illness is tested regularly for covid-19. he had a normal schedule this weekend, including an address to a large group of italian police. >>> a new covid-19 testing option for people who don't like getting their noses swabbed. researchers are trying out a new oral rinse test in kentucky. you swish it for a minute and spit it back in the tube. as for those who tasted it they say it reminded them of red bull or a mild mouthwash. >>> happening tomorrow, friends, family and firefighters will gather together to celebrate the life of a francis frank san francisco firefighter killed in a training accident. 42-year-

wedding in brooklyn that was scheduled for tomorrow as governor andrew cuomo announces a new micro cluster strategy targeting neighborhood hot spots for shutdowns without disrupting entire regions. >> it's not only better in terms of fighting the virus, it's also easier on people, because the restrictions are in a smaller area. >> reporter: new york laying out plans for how it will roll out a covid vaccine, saying a task force will apply a phased system to determine who gets the vaccine first. in phase one, doses will be given to health care workers and residents and staff of long term care facilities. and in phase two, firefighters, police, and teachers. the national governors' association sending a list of three dozen questions to the trump administration about how vaccines will be administered on a national scale. the white house announcing a deal with cvs and walgreens. to provide free vaccine doses to those who live or work at nursing homes. >> we think we can provide a significant contribution in terms of ending this pandemic by helping with the vaccine. >> reporter: but health officials fear

they took a micro targeted strategy. looked at each county and could see there were big outbreaks in some counties and others were fine. they really targeted their efforts to individual places and tried to put in policies that are sort of going to be effective there. and what you see is cases came down for the rest of august and september. one of the few big states where cases are down now compared to labor day where the rest of the country has gone way up. >> this is the thing that's so maddening about the discussion. we've been around this carrousel countless times. testing leads to surveillance. surveillance gives you an indicator of early outbreaks which gives you a target of the efforts so they target what you need to do. they keep doing what looks like a facsimile of normal. >> that's the entire strategy. not rocket science. we had this figured out by march or april and have been essentially beating the same drum for six months and when states do it. but overall they've been doing a good job. when states do it, it

. >> reporter: and new york is now a week into its micro cluster containment strategy where they institute restrictions at a neighborhood level rather than targeting entire regions. governor cuomo says so far it's working, that in all the hot spot neighborhoods they've identified the rate of positive tests is declining. trevor ault, abc news, new york. >>> some european countries are taking drastic measures to fight their new outbreaks. spain is under a new curfew overnight. authorities have declared a state of emergency over the spiking number of infections. that curfew could last six months. italy has begun at least a month of new restrictions. gyms, pools and theaters have been closed. restaurants are closing early and a national mask order is in place. >>> pope francis made history as he announced the catholic church's knew cardinals on sunday. the group includes washington, d.c. arch bishop wilton gregory. the 72-year-old will become the first black american elevated to the college of cardinals. the chicago native was previously archbishop of atlanta. he made headlines in june when he

they took a very micro targeted strategy. they went looking in each county. there were big out breaks in some. and others were doing fine. instead of statewide policy, they really targeted their efforts to individual places and tried to put in policy that were going to be effective there. what you see is cases came down for the rest of august and september. and they have continued coming down. one of the only big state where cases are down. where the country has gone way up. >> this is the thing that's so maddening about the discussion. we have been around this carousel. testing leads to surveillance. surveillance creates early out breaks and opportunity to target the mitigation efforts and they are only targeting places you need to target. and everyone else can keep doing something that's normal life. that's the idea. >> the entire strategy. it's not rocket science. we have had this more or less figured out by march and april. and have been essentially beating the same drum for six months. when states do it, new york is doing it. quite a good job. and when s

theories —— micro lots of conspiracy theories —— micro lots of conspiracy theories going round, one question is how can we be sure that this is not a campaign strategy plausible that his condition could be fabricated, given the amount of officials involved and the amount of officials involved and the amount of steps that would require. while trump hasn't given the american people reason to trust him,i the american people reason to trust him, ithink the american people reason to trust him, i think we can be confident that he has covid—19. him, i think we can be confident that he has covid-19. you very much. —— thank you very much. the headlines on bbc news... the government admit almost 16,000 coronavirus cases went unreported due to an it error. the bbc has been told by senior public health officials a significant proportion of the unreported cases are from the north west area. president trump is criticised after taking a ride in a motercade to greet supporters outside the medical centre where he's being treated for coronavirus. cineworld confirm they are to close 127 cinemas in the uk, putting thousands ofjobs at risk. in russia, a village office c

sort of micro shutdowns or lockdowns and i expect to see more of that as we go into winter without a vaccine that's just the reality of where we are at. stuart: do you think it's a legitimate strategy well, it's the only strategy now. i was looking back at an op ed mike pence said back in june saying there would not be a second wave of coronavirus. i disagreed at the time, but i think he's right, we never got through the first wave and what we see is a resurgence of what's really been this first long exhausting wave. i would like to see more social distancing, more mask wearing in public. i think in some regions there is an appetite for that and another cases people are so exhausted they want to get back to normal, but the problem is going back to normal can make things worse in the nightmare scenario, the things we are really worried about our hospitals overwhelmed and the prospect of rationing medical care was raised by the governor in utah saying they just don't have the resources if trends continue to care for all the patients. right now, we can handle many lockdowns, but we may reach a point where they expand-- extend beyond the disabilities. stuart: doctor mccarthy, thank you