tom: it is, and mike mcglone's expert at this. quite good on the fundament a long call, as reaffirmed by goldman sachs and others. we've got to show the gamestop chart right now. for those of you on radio, all you need to know his one leg down, to legs down, a bounce and then another like down. each of these stories has a different characteristic, a different bid and ask, a different drift. tom: i would add -- jonathan: i would add to that, we have seen several sequences with this story. the first is a really smart, well thought out trade. a stock that was very crowded on the short side, and a group of individuals identified that. that squeeze really generated some big profits. then we got into the next sequence of things. once you start driving this beast up to $500, the shorts are out, gravity will take hold. tom: i am going to say this with great respect because i don't have money at risk, but it is so hard to win at shorts. you need a good idea in a group going south, and a market that is going south. right now in some of thes

tom: mike mcglone says it is going to bitcoin.egative one in fargo, we are any constructive trend. lisa: it getting hot. a different kind of cold. hard to breathe and that kind of weather. tom: fargo, north dakota, stay warm as you can. former treasury secretary rick perry coming up on "balance of power." ♪ ♪ jonathan: from new york city for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes until the opening bell. your 10 year yield having a look at life above 1.30. the big issue. will rising yields spoil the risk rally? >> it comes down to the pace of the move. >> bond yields will continue rising. >> is that going to put out the risk asset recovery? >> that puts all the more pressure on that earnings growth. >> as long as earnings are moving more quickly than yields are rising, then stocks will be ok. >> the foundational issue to the risk rally. >> a lot more treachery volatility. >> a significant rise in interest rates. >> becomes somewhat problematic. >> the fit will be l

mike mcglone joining us there from bloomberg intelligence. it is inevitable.ing to be careful, jon. radio and tv, that could be difficult. it is a hope -- it is open to huge debate here. we had a lot of discussion. lots of people clearly have the upper hand in lifting bitcoin. jonathan: i will say, there's some really intelligent people, and it is just nasty. if you say anything against bitcoin, people fill your inbox with really nasty stuff which i don't really understand. what is it about that element of it, the almost religious aspect to it that if you push back a little bit? tom: it is like gold or silver. william jennings bryan, same emotion. lisa: i will say, bitcoin grew out of a feeling that there was a gold decentralized currency away from government. there was an independent streak that has given voice to a lot of individuals. tom: but that is the question, when do they step in? jon's question was the number one question. i hate to say that. it is killing me. lisa: but honestly, it makes it much more difficult for them to step in when you have the li

i also want to give a shout out to bloomberg intelligence mike mcglone who has provided tremendous leadershipreat debate of bitcoin. francine: and joe weisenthal. tom: he owns so much of it, joe loaded the boat on bitcoin years ago. i think his cost basis -- francine: and remembers his password, unlike other people. tom: joe weisenthal him a star of the afternoon. i am he cannot join us. francine, what are you looking at into the weekend? francine: i think it is the reflation trade. i'm interesting in the idea of if you look at volatility, it has not done much, but volumes in u.s. securities are so high, and what that means for the market. tom: i'm watching big tech. they have not done anything. they are quiet. stay with us. i think there is a simulcast next. this is bloomberg. ♪ >> the pandemic is still not over. >> the risk of doing too little is far worse. >> the economy could bounce back much faster than people anticipate. >> the fed wants inflation to pick up and give the economy a chance to run hot. >> we are flooding the economy with monetary stimulus. >> where'd you put your money? >>

mike mcglone is with bloomberg. bitcoin is often used for illicit finance; is inefficient.the inefficiencies chair yellen is talking about. michael: i think she is missing the point. the number one tool for illicit finance is the $100 bill. but if you want to trade bitcoin like the dollar, she's right, the dollar is much more efficient. but even our previous guest said bitcoin is not a currency. it is a digital reserve assets. you can trade it. that is the good thing about it. but people potentially never went to sell it. i think it is the thing that enhances the value of bitcoin. from a digital asset standpoint, the number one traded currency in the world is tethered to the digital dollar, so to me, that is key. the digitalization is enhancing the value of the dollar. tom: but bitcoin is a gold equivalent. what is the correlation of gold with bitcoin right now? michael: last year it reached to the highest ever on a 52-week basis. i view them together as a bucket. they belong together. tom: it really is a bucket trade. michael: you cannot analyze gold anymore without puttin