. >> you can see more from christine's exclusive interview with ray dalio on june 15th at 8:00 to 11:00 on cte. >>> cryptocurrencies have faced increasing scrutiny in the past few weeks with china cracking down on mining and trading the u.s. is also toughening its stance under president joe biden with financial authorities reporting that authorities are planning to take a more active role in regulating the crypto market i'm happy to say the crypto leader from pwc joins us down the line great to have you with us. lots to talk about, but i want to talk about a report you have written about crypto hedge fund activities so could you just set the scene for us and talk about the appetite there is from the hedge fund community to get involved in the crypto space? >> absolutely. i think this is the third year we're doing this report in partnership with others. what's remarkable this year is in 2020, the total tripled from 2 million to 8 million these are traditional hedge funds that many of your viewers know are starting to get into crypto and what's been really interesting there is where we

emily: i want to bring in what ray dalio said earlier today, because it is having a big ripple effecttake a listen to his point about bitcoin's biggest risk. ray: i think bitcoin's greatest risk is its success. the more that we create savings in it, the more you might say, i would rather buy bitcoin than a bond. personally, i would rather have bitcoin than a bond. the more that happens, then it goes into bitcoin and it doesn't go into the fed and then they lose control of it and so, yeah, that is a risk. emily: joe, what do you make of that? joe: he is exactly right, the biggest risk to bitcoin in some sense. -- in some sense is its success. you have to go back to the very beginning even beyond the creation of bitcoin and the anarchist community that wanted to create a form of money that could not be controlled, could not be touched by governments, could move seamlessly over the internet, it is anarchist technology, and what we have seen in recent years is that this technology has tried to put on a suit and be accepted by wall street and put into packages. in some countries they have

haslinda: ray dalio said he had some bitcoin.f you are a bloomberg subscriber, you can catch up with all of our interviews by using our interactive function, tv go. you can also join the conversation by sending instant messages to our team during our live shows. check it out. this is bloomberg. ♪ haslinda: here are the latest business flash headlines. forever 21, brooks brothers, and others are said to be considering going public as soon as this year. we are told the company could seek a valuation of $10 billion but plans are not final and the size and scope of any deal could change. the portfolio includes more than 30 brands and was valued at $4000 and 2019. blockchain and digital currency platforms more than doubled in valuation after raising 61 million dollars from investors including the global ventures. a source tells us the company was valued at $500 million in the funding round. the ceo called the fresh funding rocket fuel and said she is eyeing a traditional ipo as soon as this year but did not rule out -- a $16 billion e

haidi: ray dalio, the founder of bridgewater associates on bitcoin.o elon musk tweeted he is inclined -- in talks with bitcoin miners about their energy uses. he says prices the least interesting aspect. i want to ring in the founder and ceo of avanti bank and trust. one of the charts we have been looking at that shows the price action and volatility across crypto and bitcoin. this is from the weekend on sunday at range from 20% top to bottom, trading within $7,000 or so. price philosophically may be that least interesting ask about price action is the number-one reason a lot of institutional investors say, this is preventing us from living in. so when do we find that happy medium? >> well, bitcoin is certainly price volatile. it is not systemically volatile which is why i like to talk about price being the least interesting. point taken, investors, certainly speculators, are most interested in the price action. and what we saw in the most recent correction is a majority of coins that traded hands were purchased at higher prices so it was no investors

ray dalio sees an exit. -- season the stencil -- ray dalio sees an existential risk ahead. >> right nowis not such a big deal. fighting it is more of a big deal. that is it. because it is not that big a deal. as a becomes a bigger deal, and more of a threat, let's a people want to sell their bonds. and they want to buy bitcoin, and they want to do that in the bigger way. like buying gold or something, in a bigger way. and then there is more transaction. they lose control over that, and that is an existential risk. so, yes, that is connected. the more we create savings and it, -- in it, the more you might say, i would rather have bitcoin , personally, i would rather have bitcoin then a bond, and, and then, the more that happens,, um, and it goes into bitcoin and it does not go into credit, and then they lose control of it, so yeah, that is a risk. shery: ray dalio my founder of bridgewater associates. on bitcoin the latest with su keenan. the token ended up having its biggest intraday gain so far after another tweet from the london mosque after a possible -- elon musk after a possible us

billionaire investor ray dalio says bitcoin's biggest risk is its success.s, hackers and their demands are getting more brazen by the day. bloomberg learned at least one u.s. company paid $40 million to get its data back. we talk about one of the most dangerous cyber threats on the horizon with nikesh arora, ceo of palo alto networks. virgin galactic sends a test flight into space carrying two pilots. space tourists are next. we will chat about the latest. first we have to talk about bitcoin, the cryptocurrency rebounding from its blocks light over the weekend with prices on track for the biggest gain in more than three months, climbing as high as $38,000 at one point. let's talk about the biggest moves of the day, not just the day but saturday and sunday, it has been another big bout of volatility in the last few days. >> does anyone else have the sense of deja vu, every talking about bitcoin raising over $30,000 because of an elon musk tweet. we have talked about that more than once over the last few days. what we got over the weekend was extreme volatilit

the endorsement you see today, ray dalio, goldman published a supported this weekend about the new assetss. caroline: jonathan cheesman. joe: have a great evening. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call...

maria: so bridge water associates associate ray dalio says he would rather own bitcoin than a bond.hey pay less than inflation, matthew. your thoughts on owning bitcoin here? >> i think bitcoin is an incredible asset and new asset class that's developed over the last decade and so ray dalio discussed owning bitcoin. not a surprise. it's -- it's probably the most wildly known trade on the planet today, to buy some bitcoin and if you don't have any, study it, understand it and start with some. and we are starting to see that from -- going from retail to more institutions and not a week doesn't go by where you don't hear a goldman sachs or ray dalio, other market signal-makers usher more adoption of bitcoin on people's balance sheets. i think it's a good thing. we are still early generally in bitcoin adoption in institutions. but seeing the signals from household names, wall street institutions, wall street investors, corporate balance sheets and, you know, the next shoot to drop is what government is going to hold the material amount of bitcoin in their balance sheet. i think that wil

alix: that was ray dalio. bitcoin is bouncing back after a weekend of selloff.s now is michael of grayscale investments. grayscale is the company behind the world's largest bitcoin fund. fix for joining us again. what we're hearing today after a weekend of volatility is that you are going to make the case for bitcoin being a replacement for fiat currencies, having this kind of volatility does not mesh with that. how do we think about it? michael: i don't think that is necessarily a narrative investors are gleaning onto. there is a pretty widely held narrative that bitcoin is perhaps a digital gold or physical replacement for that stored value that once was a part of investor portfolio. certainly in the developed world, investors are not thinking about this as an transactional mechanism, but more a new portfolio diversifier and something that cannot offer the same risk reward they might find in other investment opportunities today. guy: volatility is pretty extreme. the narrative has been the institutional money is going to come in. do you think it is really goin

the fed governor will be speaking at 9:00 a.m., and ray dalio of bridgewater speaking today. there is increasing concern that some of the frost in that world is coming up with more companies opting not to raise money through that vehicle. the house financial services committee will hold a hearing on bats and direct listings, investor protection, at a time where people are worried some normalization of fed policy could lead to disruptions in these markets. and today, the u.s. commerce secretary will be heading to macron technology in virginia, talking about the chip shortage. how quickly can the u.s. act to shore up chip supply at a time when the amount of the lag time between when you get it is at a record? jonathan: thank you. two-your nose come tomorrow from the treasury, five-year notes shortly after, a day later -- two-year notes come tomorrow. there seems to be some weakness, which we have seen again and again over the last several months. not sure why. lisa: not sure anyone totally understands why. it has to do with a bunch of issues, but it has been a key marker of jus

ray dalio was saying he prefers crypto rather than bonds. you have this new renaissance in bitcoin. i gave you this thought from john norman yesterday -- how big is this bubble or is it a bubble or what is the contagion risk from this? this is not the 1980's or the dot-coms of the 1990's, there is the enthusiasm of the elon musk quote on twitter. it is not the subprime crisis of the 2000's. i spoke to the head of fx at hsbc and he says there's no correlation between the polity of bitcoin and cross currencies, just putting that out there. talk about the fed, reaffirming the narrative that it is transitory not permanent, get over yourself. they are discussing the ongoing debate, an event on monday evening. an important part of the inflation done namic is longer-term inflation expectations and those has been extremely well anchored, implying that if we saw some development pushing inflation up, i would not expect that to get embedded into ongoing inflation. that takes you back to the clear delineation and debate between an un-mooring and an anchoring of inflation. jp morgan, don will -

ray dalio has come out with some skepticism about the crypto assets. curious to see if he has changed his views. the house committee for financial services, holding a hearing on direct listings and public financing and a host of different things as well as investor protections. how much are we going to reveal, in terms of appetite by regulators to crack down and then a u.s. secretary visits micro technology in virginia, also a company -- also accompanied by bipartisan congress members. semiconductor production in the united states as we see that ongoing chip shortage. jonathan: a quote for the weekend, the nice thing about the stock market is you stop getting your ass kicked on friday at 4:00 p.m. and it generally does not ruin your weekend. i think he was alluding to bitcoin trades. tom: china with two statements over the last week and you wonder what the next political statement will be, to move out bitcoiners. a theory him as well -- ether eum as well. i think it is an item of interest to so many who are removed from bitcoin. here is the quote from

that leads me to something that caught my eye today, cummins from ray dalio, founder from bridgewatertes. he was speaking earlier at coindesk come and listen to what he had to say about bitcoin. >> i think bitcoin's greatest risk is its success. the more we create savings in it, the more you might say i would rather have bitcoin at -- personally i rather have bitcoin than a bond. and then the more that happens, then it goes into bitcoin and it doesn't go into credit, and then they lose control over it, so that is a risk. kailey: so bitcoin won on zero, at least at this point. my question is more about bitcoin to gold, because many have been making the case that the coin can act as an inflation hedge and can do a better job of that than gold can. but when you look at volatility, bitcoin versus gold, that argument seems unsteady to me. virgin galactic had its first successful test flight in two years this weekend. earlier today the space exploration company ceo told us about the plan about matching the demand for flight. >> the first thing we need to do is finish the test flight program

we also have longtime donors like ray dalio and stan druckenmiller, special guests like cathie wood.also have a very special guest i can't tell you about, but everyone who has zoom fatigue, this one is worth dialing in for. it is an investment in you as an investor. just take the time out, dial-in 9:00 to 5:00. it is chock-full, very well curated, and we are really sensitive to people's time. we are going to give them the most for their money. guy: no hints as to who that person is? trying to break a little ground here. mary: it will be very worth your while. alix: a man. guy: we will leave it -- oh man. guy: we will leave it there. what do you think they will be talking about? the hot topic right now seems to be inflation or no inflation. what do you think the big theme this year is going to be? mary: first of all, dislocations have been happening more in the last year then for the past several years, and that is exciting for people who are active in the marketplace. the whole trade-off, as you all have been talking about and highlighting so well, is the great combination of loss of

. >>> trstraight ahead, ray dalio weighs in and we'll take you inside the market zone the dow is up juste right back. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. which shows will you be getting into tonight? how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way bethis is how youch. become the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cau

listen to ray dalio, now comparing crypto and fixed income >> the more we create savings in it, the moreou might say, i'd rather have bitcoin than the bond, personally i'd rather have bitcoin than a bond. >> so that's dalio, guys an interviewerurinterview rolle. it's the fear governments are going to crack down on bitcoin, on crypto as a notion. he says bitcoin's greatest risk is its success. despite saying he owns some. >> yep i don't know is that its greatest risk? the greatest risk is buying bitcoin at 65,000 and, you know, turning around this week and it's under 40,000. i mean what bond did that badly over that period of time between the long view and the short view, whether this is moving the market, whether it's not. the justifications comparing this to fixed income i don't know but i look over the past month-plus, and it's been like this extended downward pressure on bitcoin, and, yeah, you know, buyers are coming in and looking at coinbase. two to one buy ters to sellers still a slide. watching what that might mean over the next few weeks. >> some argue the biggest risk is one ma

the pandemic has ramped up those demand with everyone from elizabeth warren to ray dalio.st new regulations and taxes. zachary karabell described an older financial partnership model that came from the brown brothers harriman in which banks bet with their old money and emphasized not more and more and more, but enough. it is all in his new book "inside money, brown brothers harriman and the american way of power." so we're in the midst of a big debate about the future of capitalism and there are people in washington who want to change it by regulating and taxing it. the message of your book it seems to me is there is something much deeper that needs to change, which is the fundamental attitude of capitalism's elites. >> that is absolutely true. one thing i glean from doing this book, but probably thought about before, was that a lot what we have now in terms of the capitalism of more, more, more, always more, is not the capitalism that we've always had and that is not a product of a massive regulatory state 150 years ago. it is a product of a different culture and a differ

ray dalio, and bonds, he made his choice bitcoin but a greater struggle going on and between bitcoin say that because he has a greater risk tolerance than most people. bitcoin is a highly speculative asset. they call it digital gold. the suggestion is because there is a limited supply of bitcoin just like a limited supply of gold they should be somehow correlated because they haven't been. ultimately when it comes to cryptocurrency the value is in the technology of the blockchain it sits on. you can look at bitcoin or ethereum or pick your crypto, the fact of the matter is they're not all going to exist 20 years from now. so you're sort of making a bit who the survivors will be. bitcoin obviously has been around the longest, is the most well-known, has the most rabid fan base if you will but most investors don't understand that it's a highly volatile asset. gold has a much longer history. gold has, you know, clearer, practical applications outside of just being a store of value and an inflation hedge. and gold has a track record that goes back decades of being a hedge on inflation an

commit ad billion dollars to it, you know, only days after ray dalio said he would rather own bitcoin than a bond, is this a threat to the new york stock exchange? is this a threat to traditional stock investing? >> certainly an emerging, it is an emerging product that many individuals are investing in. many of the brightest mind in finance r looking at more closely. we do know as products like this continue to grow, regulators in the government will look at what are the appropriate guardrails we have to protect investors. the way about it coin works today, blockchain technology under it. it couldn't process 230 million message west process on a busy day here at the new york stock exchange. i don't expect it to be displacing us in that way. i certainly think it is something that will continue to grow. it is not over but i also expect the regulators and the government to take a look at it and view whether or not there are appropriate guardrails on it. neil: because investors seem to think that coinbase which is a market of all things crypto, for a while had a value well north of interc

heard from ark invest's founder who had bullish comments about bitcoin we heard from people like ray daliothis week as well there's also another big conference, coinbase or -- that conference that took place this week and there's another crypto conference happening next week so we'll see what happens to the trade. mike, what do you think? what do you think is going on here is it weird to you >> i don't know if it's weird. it looks like there was a little bit of, you know, kind of this peak of enthusiasm if you look at a typical chart pattern it looks like it's kind of broken in the sense it's going to be hard to go right back up to the highs but it does -- it is interesting the inner play with the meme stocks. it's hard to know if the fact that crypto became a little tougher and stopped going up and has caused the more aggressive thrill seeking money to go elsewhere or if it's coincidence. also keep in mind, the weekend sometimes gets a little bit weird with crypto. >> yeah. >> it trades 24/7. you don't have the futures trading. it's a little less liquid. last weekend is when you saw a lot

you've got the investor class as well, people like ray dalio and larry fink who are pushing chinese equitiesparty has made it very clear they want to overtake america as the number one super power, that's why florida senator marco rubio is leading legislation, supporting legislation that would put a ban on investing in companies with ties to the chinese military. marco rubio joined me yesterday. here's what he said. >> not only do i support them, i helped write -- i wrote two or three of them and so i definitely want to see that as part of anything we do now on this china bill. this those be dealt with. people don't realize it. the chinese figured out a long time, american corporations and investors, they want to make money, they want to make a profit. you see these dollars going including the money from federal government retirees, basically the equivalent of the 401-k for federal employees including members of congress is investing in companies that are linked -- that are controlled by the chinese military. the companies that are helping the chinese build the weapons that are designed to d