microstrategies claiming the claims are false and an overreach. david, another piece of a tough year for saylor, for bitcoin and microstrategy. >> it points out obviously a benefits to states with low are tax rye jet stream overall the hedge funders, private equitye. rs what ability do these cities and states have to try to, you know, prove their case is it based on your easy pass oar tracking you how does it work, robert >> it's so many pieces and now technology has made it easier. when you're a high earner and move to tax residency in florida, you are automatically audited. they use everything. they will even go to your refrigerator if you at any time to own an apartment in new york city and make sure that refrigerator is not stocked for someone who lives in new york city the key to this case, though, is that the company had access to the security personnel, the drivers, the pilots, all of that data that was keeping track of michael saylor, or following him or helping him all of that data is kept by the company. the whistle-blower presumably was

it microstrategy is on the board which is now in the red.erestingly microstrategy is a bellwether for crypto was up briefly because they announced selling stock to buy more bitcoin. in terms of other challenges ahead in 2022, for crypto in general, you have the macro environment, recession, pressure on a lot of the other assets. the risk off and the tie that we are seeing to the stock market. a lot of these pressures will continue to make a rally like we sought going into the merge difficult to replicate any time soon. >> google lost most of its court battle in europe. it's attempt to tackle record fines over the ecosystem. the antitrust chief says the ruling against the tech giant is a big win. >> this is a win. a huge majority of the case is completely upheld which means that the court has confirmed our view that, we also feel the encouragement to continue enforcing when it comes to big tech. we have a number of investigations ongoing. three apple cases, one facebook and google case coming up. >> the progress with regards to the google cas

before that, we will be speaking microstrategy. this is bloomberg. ♪ fixed income is looking like a more reasonable bet. let's bring in our guest who is the head of global fixed income at global spring investments. before we get to your calls, in the meetings you are having, what are you most worried about? >> number one, rates inflation outlook, they are in terms of recession and expectation, those are the kinds of questions we are getting at the moment. >> how are you managing a path out of that volatility? it does feel at the moment that it starting to become more relevant in the folio. >> we came from low yield or negative yield environment for the last few years. if you look at investment grade now, look in the u.s., you are getting yields over 5% same in the u.k.. if you look at euro investment grade, you are heading toward 4%. these are starting to get interesting because we have this on the right side and some move on the credit side as well. >> on the european side things are looking oversold. >> you are starting to get so

michael stepping down as the microstrategy see yeah. you will have michael morrow from genesis. a really interesting moment in the industry where you are seeing a lot of people in the c-suite. a lot of transition. it seems like the same ones leaving the industry right now is changing. we do have a lot still in their positions. it is not completely new but definitely a time of transition. >> as somebody who has covered silicon valley startups, forget crypto, a lot of this is like the changing of the guard. sometimes they have had enough. sometimes investors get involved. this is a really critical time for the industry. talk to us about that. >> your experience, to put this in your world, covering silicon valley, it is hard to transition away from a founder leaving the company. we are seeing a little bit of that. it will be really interesting to see where he goes from here because the founders become the identity of the company. it is going to be interesting to see how the crypto industry deals with this, who will step up to the plate and who ultimately continues to hang around, w

michael sailor stepping down as microstrategy ceo in august. i kick this off.ks later, you had michael morrow from genesis to the same thing. the face of who's leaving the industry now is changing. it's not completely new, but definitely is a time of transition. ed: as a buddy who has covered silicon valley startups, a lot of this is like a changing of the guard. sometimes they are pushed out, sometimes they have had enough, sometimes investors get involved. this is a critical time for the industry. talked about -- talk about the changing of the guard. >> to put this in your world covering silicon valley, it's hard to transition away from a founder of the company. we are seeing a little bit of that. it will be interesting to see where kraken goes from here. the founder is really the identity of the company. it will be adjusting to see who's going to step up to the plate and who ultimately continues to hang around and transition. who becomes the mark zuckerberg of the crypto industry. quickly, did the merge matter? that's a really good question. it doesn't much

. >>> microstrategy, ride blockchain and more also sharply down cnbc's mackenzie is joining us now.re we seeing a new shift in sentiment? >> good morning, seema it's not necessarily there's been a new shift crypto prices are based on one or two things. also it has a lot do with macroeconomic events so when we see the fed boost up the interest rate hikes, we see crypto prices move on that the fed chair recently made it clear we're likely headed for another big bump-up in september that will suck liquidity out of the system on the regulation front this week is the deadline for federal agencies to respond to president biden's executive order on cryptos. so we're expecting to see their recommendations for how they plan to regulate on everything ranging from the environmental implications to law enforcement to consumer protections. we recently had the house committee on oversight and reform that major crypto exchanges like ftx, by nance, and coinbase are get back to what they're doing to actively protect their consumers. meanwhile the fbi is getting involved, and they're asking that defi

that's a lot in there. >>> bitcoin back above 22k what that means for names keli microstrategy and coin in a moment if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today about an aarp medicare supplement plan. another busy day? call unitedhealthcare today about an aarp medicare of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secu

michael sailor's microstrategy is buying the dip, acquiring an additional 301 bitcoins for around $6between august 2nd and november 19th that's an average price of $19,851 per coin the late summer buying a drop in the bucket for company's bitcoin holding. microstrategy holds around 30,000 coins average purchase price of just a little over 30k per coin of course, this is a company, guys, we've been following pretty closely there have been a lot of changes there as well, as i believe sailor was co-founder and ceo is now chairman and stepped aside, right? >> it hasn't diminished his belief in bitcoin whatsoever he comes on and is one of its main proponents. amazed how well followed he is when we bring him on, too. >> yes we don't even talk software anymore. it's all about the bitcoin strategy i like to turn to you on the ether stuff, since that's your beat now. >> is it >> this is a joke. he has a very wry sense of humor. i was all over that merge. i wrote the code for that merge. you know that carl it went very well. we're all very happy about it. >> you kept that under wraps. >> yeah.

this with your pay but where does it all play out joining us now is michael schumacher, head of microstrategy at wells fargo securities no doubt you heard that fiery discussion with rick and i'm not knocking the fed in 2020 we had no idea what was going to happen for about a year. but after about a year, we realized that certain things were happening in certain states, not a health judgment there, but it was the reality of what was on the ground how late or maybe not at all, was the federal reserve's policy response how responsible are they for what we're seeing right now? >> yeah, the fed was pretty late to the party, brian. i think you can look at the fed's policies starting -- call it middle part of last year, maybe out to september, latest case, and the fed should have been cutting back. at a minimum, it should have stopped increasing its portfolio size and it didn't probably should have increased the fed funds rate a good three to six months before it did, but it's pretty far behind at this point and it's going to play catch-up pretty aggressively over the next three to six months >> and

i'm very impressed with it, even if some folks don't like microstrategies.erstand what is happening on the etf side. we'll break it all down next. ♪. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. charles: folks a huge miss own the cpi report. inflation is lot harder than a lot of folks thought. my next guest says cpi is not a good measure on inflation. let's bring in chamber of digital commerce founder perrianne boring. you're saying the cpi doesn't necessarily reflect real rate of inflation? >> absolutely not. i studied economics in school what they teach you inflation is an increase in the money supply and s

sue trinh is the head of global microstrategy at manulife investment management.onfounding central banks just about everywhere, except for the pboc. what is the next step? should we be waiting longer for the transmission of natural monetary conditions to play out? or is the risk of entrenched expectations of higher prices the bigger risk? sue: great to be back. good morning. policy missteps, i would start with the inflation that we are seeing in the global economy. it is largely supply driven. it is the kind of inflation central banks are not apt to deal with, and yet they must keep moving. we have a very toxic cocktail now as we head into the final quarter of 2020 the macro outlook remains challenged. characterized by high inflation supply driven as well as weaker economic growth. put that together with stagflation and it is challenging because that is a difficult regime for risky assets. and adding insult to injury in the financial markets, central bank's are amplifying recession dynamics by deliberate leak tightening financial conditions into the material growt

tom: ubs, fx, microstrategy, as we try to frame the picture of where we are.ymbolism we see in pound sterling, if we move beyond the period of mourning, king charles iii, his domain, what are the challenges that can move? >> the domestic political challenges are pretty clear, and i think they have been largely outlined by the bank of england, and some of their recent communications. really the risk of a deep downturn, i think, from the current perspective, that could mean that, you know, your inflation remains relatively high, and that is a fairly negative view for currency, obviously. as important as it is for the u.k., i think it is in the same boat as the euro in the sense that energy prices have really been, in our mind and in our models, kind of the dominant rivalry here. the reason i think you are seeing some reprieve toward sterling, most of the euro today, has a lot to do with natural gas prices coming off some of the pretty extreme levels we are seeing almost every week. they are certainly nowhere near normal, but it has been a little but i correction

the head of microstrategy at mufg. tom keene and jonathan ferro are off today.have kailey leinz and damian sassower. very much in focus are the markets. as one person put it, the markets in freefall. we are looking at the s&p not in a freefall, down 1.2%, but certainly the pound is in freefall. brent crude very much also getting focus, which i find interesting, down 3%. 97.71. you are seeing a complete reset when it comes to wall street projections for the s&p. there is a doubling down on oil prices, that they will go higher later into the year. julian lee joins us now. what do you make of that, that people are not capitulating to the idea that a lack of demand induced by recession will truly cause protracted lower oil prices? julian: the banks are looking at the physical supply demand balances and are seeing what is essentially a tight physical market. the view is that chinese demand will come back at some point, and when it does, there is not the spare capacity to boost output to meet that growth in demand. inventories are already low. they were drawn down ver