he brings it ahead of microstrategy -- head of macro strategy. what is the position as you try to hedge your bet out? are you able to hedge right now? lee: in terms of the outlook? you can. market is very neutrally positioned ahead of the election. a lot of people think a blue wave is priced in. it is not. if you look across a range of different indicators, blue wave isn't priced in. the market is nervous about a repeat of 2016. they are skeptical about the polls. people are really sitting on their hands. jonathan: where do you think it is not priced in? lee: i don't think it is priced in anywhere, quite honestly. , i thinkof the dollar there's a view amongst many which i agree with, that the dollar is going to go down whoever wins the election. you can argue there's some overweight positioning, but again, i think the view is we are going to get more policy stimulus. the barometer for me i am looking at most of all this probably em. a lot of people, most investors are very neutrally positioned. em is really the swing variable on the election. if

as a couple companies this year keep their treasury stock, their money in bitcoin specifically, microstrategywhich is already pretty in tune to bitcoin, buying $50 million worth. how much do you anticipate that being a source of institutional demand, as opposed to asset managers wanting to have a strategic allocation? diego: what we are seeing at anchorage is all of those be true. investors are looking at this asset class as a diversification in their portfolio. we are looking at, like you mentioned, publicly traded companies that are putting hundreds of millions of dollars on their treasury balance sheet, and they say it is for capital preservation. not wanting to have dollars on their balance sheets because of the nature of the currency. we are also seeing institutions wanting to do a securitization on the blockchain. we saw a several institution launching funds on the blockchain, we saw sec registered ipos from funds, we see a lot of these different types of interests and seen a lot of interests from central banks, digital currencies, companies wanting to issue their own digital currencies

prospect of stimulus in the face of twin deficits is the global chief economist and global head of microstrategyeat to have you on. our viewershowing have the dollar has already fallen to a level below its 50 day moving average. our analyst saying at the current level of the twin deficits, he projects a dollar declined to 31% over the next two years. how much more weakness could we see? >> much of that will depend on the coming weeks in the election. dollar,ook at the u.s. i combined that with other assets. it says this market has appeared for a joe biden win and a democratic sweep. as i'm looking forward to the next two to three weeks, when the market is fully priced, i get nervous you could have volatility, and have that shift the of way. if thoselook like thoughts change, that will have implications for the u.s. dollar, almost like every other trade making big calls before the election is extraordinarily difficult. this could go either way and it will be a binary outcome for things like the u.s. dollar ahead. shery ahn: given that we have policy that seems to keep rates lower for longer, and

joining us this morning to digest all of this news is michael metcalf, global head of microstrategy attate street. i want to start with china. we had president xi speaking hours ago and china is really the only one that stands a chance. look at the imf projections that is going to grow this year. for years, we have talked about chinese exceptionalism and i wonder if it is coming to a point this year specifically. does the rest of the world stand a chance to catch up to china's growth? as you say, china is the standout positive in the growth outlook. large part and significant part of the global economy now that that will actually help the rest of the world we know that chinese exports are still an important source of growth and we know that domestic source of growth will become more important but i think the fact we've got such a big growth driver doing so well is positive overall for the world of growth and the gap will eventually narrow but it does not look like it is going to narrow anytime soon. macro point of view, is china the place for returns on a yield basis, it has been a sea

coming up on this program, ferridge, state street head of microstrategy.near session highs. we advanced 0.5%. one weeks ago until we wrap up this election -- one week to go until we wrap up this election. this is bloomberg. ♪ >> we are in an environment now where there is much less leverage in the equity market. >> we have huge levels of debt and we don't want to get into a debt trap. >> it is clear we are going to see downward revisions in many businesses. the question is how strong they are. >> the fed has a lot of upside to accelerate. i think be a going to maintain this pace. >> it is all the same recession. >> covid is the great un-equalizer. the strong get stronger. the weak get weaker. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. "bloomberg surveillance," on radio-t

wicking up after sleeping for the last four months or so, peter tchir, academy security had of microstrategy. i know you have been paying -- securities head of macro strategy. i know you have been paying attention. i'm just kidding. the president seemingly on the road to recovery, or was it the polls this morning? arer: i think the polls helping because it is pushing towards stimulus. we will see more band-aid stimulus like we are seeing, but the market is starting to price in that we are going to see infrastructure stimulus. we are going to see real spending. that is going to drop a lot more bonds into the bond market. it is already had trouble digesting bonds in the treasury market. i think you see the 10 year go to 1%, b 1.2 per -- may be 1.25%. tom: i am looking at the failure of two yield rallies since march. it is called a double pole hi top. we go up and yield -- up in yield, and that we go down again. what does that signal? peter: i think we have kind of hit the limits of where we can get in terms of lower yield. stockwhen we had that market volatility recently and we were down on st

for today's installment we welcome mike schumacher, wells fargo global head of microstrategy. i am fascinated by this question of are the markets telling us anything about the election. what are they telling you? mike: it is interesting. the thing we focus on is the options market. that is important because you can create a clear timeline of events. their options to trade with expirations of one month, two month, three month. one month takes us 12 days past the election. if all of the market action is implying the election will be done in 10 days, you want to see a big drop-off between one and two month volatilities. that is not the case. instead there is a small gap. that tells us the markets are anticipating a messy period. we think it is mostly the late election possibility or delayed results, possibly brexit thrown in. the markets are telling us it will be a rocky time in late november or early december. david: there has been a fair amount of polling including the element in the campaign, including president trump getting covid. have you seen a shift over the last two or t

still, two publicly traded companies, space and microstrategy, have announced they were investing inogether with the paypal news, these bitcoins supporters think finally they have crossed the threshold to a new level of acceptance. rishaad: su keenan in new york. one company not included in that was ripple. the blockchain company is looking to pull out of the united states, saying regulation rules around crypto evaluation is undermining growth. we caught up with ceo brad garlinghouse and asked where the company is moving as well as the impact the pandemic is having on cryptocurrencies. >> it is clear the pandemic has put a tailwind behind the crypto market. printample is when you lots of additional fiat currency , as we have seen in the united states, that is inflationary on some level. we have seen the crypto market increase this year and gold has performed well. the move away from cash as part of the pandemic also helps. things like what paypal is doing are indicative of a macro trend i think is going to continue. haslinda: are you expecting to see it being used for more transactio