what does steve iceman do with -- steve eisman do with bitcoin? steve eisman does nothing with bitcoin. i don't understand it. should it be valued -- when i don't understand something i just don't get involved. tom: do you think it is a legitimate market, or is it manufactured? "surveillance -- steve: people are buying and selling, but my personal opinion is i think they are buying or selling something that is impossible to value. it is one thing to talk about what is the u.s. dollar-yen valuation, but when talking about bitcoin, i think we talking about how many angels are dancing on the head of a pi n. francine: what does the dollar do from here? if we get back something that is easier to value than bitcoin? steve: i mean, look -- valuing the dollar is easier than valuing bitcoin. i find the whole currency world, generally speaking, a difficult world. i don't do anything and currency. whenever i invest overseas i always hedge the currency 100%. it is not something that i ever have a strong opinion about one way or the other. tom: one final quest

steve eisman was just on, and mr.iseman is an example at newberger bergen of the class c way that you go into a short position without jabbering about it too loud. that is very different from what some of -- different from some of what you, i, and lisa have witnessed. jonathan: let's get some of your take on it. >> we've got low rates that should be persistent, so i see pockets where maybe there is some overvaluation. there are pockets ignoring the potential of tax threats. but as a whole, i am reasonably comfortable where we are. do i prefer investing anything that has a covid discount? i think there's going to be a lot of upside from owning those stocks and companies that will benefit from a full return to the economy, and this final defeat of covid, or at least seeing it down significantly. tom: humans no words about it -- you minced no words about it. you say janet yellen is revolutionary for market participants. why is janet yellen revolutionary? peter: she is really going to look at ways to ensure that money mak

the way steve eisman does it is great. total class, totally silent. jonathan: might be a word with us after the show. tom: he will probably be in the 9:00 for all i know. jonathan: coming up, a little chat with the imf managing director. joining the bloomberg year ahead conference with tom keene. that interview is coming up a little later. from new york city, this is bloomberg. ritika: the federal reserve is nowhere close to ending its massive support for the u.s. economy. that was made clear by jerome powell. fed policymakers left their benchmark rate unchanged near zero and powell told reporters it would take some time for the fed to reach the threshold for dialing back its bond buying program. in a span of two weeks, states in the u.s. were to have seen the number of coronavirus cases go down by 43%. that outstripped the decline in other regions. california governor gavin newsom eased social distancing measures earlier this week, but that could lay the groundwork for inspections to spike again. the european union and astrazeneca are locked in a dis