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tv   Bloomberg Markets  Bloomberg  July 27, 2021 1:00pm-2:00pm EDT

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the centers for disease control will advise that today that even fully vaccinated people should wear masks in public indoor settings in places where covid-19 is spreading rapidly. that includes schools, where the cdc says children should return to full-time in person learning in the fall, but teachers, staff, and students should wear masks endorse. a special u.s. house panel investigating the january 6 insurrection at the capitol is holding its first hearing today. congresswoman liz cheney took aim at former president trump indirectly in her opening statement, saying the investigation should not be limited to what happened at the capitol. >> we must know what happened here at the capitol. we must also know what happened every minute of that day in the white house. every phone call, every conversation, every meeting leading up to, during, and after the attack. mark: the seven democrats and
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two republicans on the committee were selected by nancy pelosi. republican leader kevin mccarthy has refused to seat gop members after speaker pelosi be two of his choices. a stunning development at the summer olympics in tokyo. american gymnast simone biles withdrew from the team finals saying she needs to focus on her mental health. biles had indicated after her qualifying round that she felt burdened by the enormous expectations on her. without her, her team it's lost the team representing the russian olympic committee. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.
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matt: it is 1:00 in new york, 6:00 in london, 1:00 a.m. in hong kong. i am matt miller. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. apis takeover of chubb. they announced their deal for the maker of products such as burglar alarms and fire extinguishers. we will speak to the api co-chair. all eyes on tech earnings. we will discuss and preview what is this -- to come with dan morgan at synovus trust. later this hour, we will discuss the virus and its impact on the return to offices and business travel with the global ceo of jll hotels and hospitality group. let's take a look at what is going on in the markets. we have losses across the board here. the s&p 500 down almost 1%.
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the nasdaq down more. we do see small-cap stocks falling about that much, in line with the drops on tech stocks, down 2%. the u.s. 10-year yield coming down to 1.2361. if you look at the real yield, i saw this morning, -115 basis points, so a huge drop. nymex crude down $.54. it is a risk off day today. nonetheless, shares of api group are higher as we speak, this after the company agreed to buy carrier's chubb safety unit at $3.1 billion. the api co-chair martin franklin joins us alongside deals reporter ed hammond. thank you for joining us. rick to see you at the new york
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stock exchange. why this business, why right now? >> this is a transformative deal for us. it is a perfect fit. it does exactly what we do united states, in our fire, safety, security business. we are the largest in the u.s. in that business. this is the largest player in europe, a variety of other markets like australia, hong kong. it really is a marriage of two leaders in their respective markets doing the same thing. it will enable us to have a lot of scale opportunities, synergies, go to market strategies. we are very excited about it. it is something that we had planned on doing to grow the business since we made the acquisition some time ago of api.
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this is the next step in our evolution. ed: the business has lower margins than the existing business. can you close the spread between the two, how accretive is it even without improving those margins? martin: we have said on the call earlier today, a little over 25% accretive per earnings per share. the reality is, it is not about that david this business has 10% ebitda margins at chubb. like our fire safety business is in the u.s.. we think there is a long-term margin improvement opportunity. the math is very compelling, but more importantly, the strategy is important for us. ed: you did the spac deal to take api public.
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a lot of those people have changed the management, brought in people close to the private equity model. you have kept the former ceo on. is that an act of good faith in the company? martin: it is actually very different from that. we came into the transaction because we wanted to backup the team. their culture and the way we operate is very similar to our long-term. the reality is they are following the same path. our intention was always to back russ. not just an award for him, but the reality is that we have been doing this together. our job is to the transformative m&a that he has never done before. they have done a lot of smaller transactions. this is a larger transaction.
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it's a good marriage of our strengths and his, but he knows how these businesses should look at operate in this space. he has been doing it for a long time. he built api group over the last 12 years as ceo. we feel very comfortable from an execution standpoint. where we play a role is on the transactional area. matt: we have talked before about the spac deals you have done, you are widely considered the godfather of the spac. in this deal, you have a couple of investors alongside you, blackstone, biking global are buying perpetual preferred equity. why is it important for you to do deals like this? martin: i don't think of this in terms of the spac world. if you like, this is a regular public company that is way past its period of being a spac.
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we needed about $800 million of additional equity. we could do this and keep our balance sheet conservative. why blackstone, biking? -- viking? they are our largest shareholders, have been fabulous supporters of us here at api. blackstone had a strategic interest in some time -- for some time in chubb. mary together our capabilities, the fact that we have real synergy from an industrial standpoint, combined with the fact that they own an awful lot of real estate where we have the opportunity to service them in their buildings, that is just icing on the cake. matt: i did not mean to compare that to a pipe, but just the idea of investing alongside experienced partners like this.
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do you prefer to do deals like that? martin: i go back to a transaction we did about 15 years ago, where jardin bought a company called american household. the analogy to the chubb deal is uncanny. it took us from being a very u.s.-centric business to being a truly global business. it was a large transaction, had lower than fleet margins with an upside opportunity. it was a win-win for both of us. we brought in about $350 million in a pipe. here is a similar situation. david will come on board to run that part of blackstone. we are excited to have him with us. their expertise will be a tremendous help for the company. ed: last question on spacs.
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you have done a lot of them, this is not a spac deal. do you think the model itself will recover from what has been a pretty severe reputational mauling over the past few months? martin: it is exactly what i said it would be four months. it got way overdone, people have gone over their skis, have done things that are unwise from an investor standpoint. a lot of bad companies, in my view, have been taken to market, and there will be a digestion period. do i believe in the spac model, are there contracts to make it work exceptionally well if you know when you are doing? absolutely. but there is a big shakeout in process. and it will continue. i always like structures where there is great alignment with investors. i'm very proud of the fact that the companies we have in market are not company where we got free shares but got rewarded for creating value for shareholders.
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we never took any fees, all of this crazy stuff going on now. there needs to be a correction. frankly, the adults in the room are the ones that by the pipe. that is their business. when these stocks go back down, they get punished for it. matt: maybe there needs to be some consolidation. always great to have you on the program. sir martin franklin, api co-chair, and of course, ed hammond here with me on set. coming up, we will discuss the selloff in tech shares as we await microsoft and apple after the bell. dan morgan joins us. this is bloomberg. ♪
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matt: this is bloomberg markets. i'm matt miller. u.s. stocks are in the red right now as a shares of tech companies weigh the major averages. microsoft and apple are the biggest laggards on the s&p in terms of points, head of their results after the bell. they are the biggest stocks in the world, so whenever they move one way or the other, they typically tend to be the biggest weights. dan morgan of synovus trust joins us. let's get to the issue. apple is worth $2.5 trillion, and everybody loves their stuff, but don't they have to sell a heck of a lot of it to actually move the needle on the stock at this point? dan: it will be interesting coming into this report. you mention apple, over $2 trillion. everyone will be looking for
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evidence that this super cycle, that they are selling more phones because of the new release of the 5g phone is in place. the last cycle wasn't 2014. they sold 190 million pounds. this year, 229 million. going into the quarter, we are looking at revenues around 34 point $5 billion, a 33% increase from a year ago. then a trickle effect into ipad i'm, services. with apple, it will just be show me that you are still on track, show me the super cycle is still going. that is what the bulls are looking for coming out of this report. matt: let's talk about microsoft. what drives investors, what do investors want to hear from the big cloud company -- when i was growing up, it was the big windows company. dan: don't date yourself, matt. matt: what do you want to hear
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from microsoft now? dan: it is all about the cloud. intelligent cloud, estimate for the quarter is about $26 billion. their data center service which competes with aws, looking for a 44% increase their. re. in terms of their computing group, that got a nice burst in the last quarter because of all of that work from home, school from home, people buying labs and pc's -- laptops and pcs, but that has been up only 7% this quarter. what is the street going to be focusing on? cloud, intelligent cloud. if they miss on that, that will be a problem. matt: how does their reopening trade affect these big tech stocks? a lot of them profited so well from the lockdown. it looks like we are still reopening, although we may have
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to wear masks again. as we reopen, how important is this to the companies you cover? dan: we mentioned microsoft, about how they benefited from working from home. amazon is a big work from home stock. that is starting to unfold a little bit. but you are still seeing strong growth in terms of i.t. spending going into the cloud and other areas, so they will pick up growth from that even though the work from home type of stuff, zoom, teams may not be as strong. a lot of the faang stocks benefit either way. if you go into covid lockdown and you don't leave their house, they benefit. if you come out, they benefit because spending picks up on other things. most of those companies are strategically placed both ways, other than netflix. we know the troubles they had a week ago with their subscriber growth. matt: they really have to start churning out some high quality content if they want to get me
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to stay home and watch stuff. amazon, on the other hand, i will keep ordering toothpaste because i'm already subscribed. what about valuations? are there tech valuations that concern you? it is not only the fact that the street has been enamored by the way they dealt with the pandemic, but retail investors have piled in as well. dan: it is not that bad, if you look at the faang stocks, other than netflix, amazon at 50 to 60 times earnings. you go down the list of today's stocks, they all trade between 28 and 30 times earnings. that is not excessive multiples. i have been in this business a long time. i can remember the s&p information technology benchmark trading at 75 times earnings and a lot of companies not even
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profitable. we are in a completely different situation now. matt: i remember that. it feels like yesterday. dan: don't say that. matt: with the rest of the market, people come on and say it is rates and taxes that matter. is that the same thing for these tech stocks? dan: to a certain extent, maybe not so much on the tax issue. what will drive them are these ever-increasing themes, these rollouts of things we expect to happen like 5g, data centers. these companies have the products that will benefit from those trends. i would expect those things to keep helping these companies. i don't see all of a sudden the earnings growth slowing down and the stock having issues. i continue to see them be dominant and grow at strong rates. i am not as concerned as i was in the summer of 2000 when we hit the peak in june in terms of the tech sector. matt: ah, the summer of 2000, such fond memories.
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dan morgan, thank you. senior portfolio manager at synovus trust. still ahead, china fears souring risk sentiment. the impact of china's tech crackdown. this is bloomberg. ♪
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matt: this is bloomberg markets. i'm matt miller. let's turn to our weekly segment on the new economy we examine how global leaders are trying to solve the world's biggest challenges. and really we are looking at what is going on in china, probably, definitely the most important growth economy in the world. we turn to andy brown. the news has been unbelievable over the last few days.
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first it was jack ma and alibaba, ant group, and then a broader crackdown. didi was popping up as the most read story. now it is five of the 10 most read stories are about china. front and center is the tech education stocks. what is going on, why are they transforming their market economy? andy: they are attempting to look at all of this as an iteration on a maoist rectification campaign, which goes all the way back to the 1940's. sectors of our society, economy have run amok. people have stepped out of line, they need to be brought into line, be shown whose boss. there is definitely a bit of that to it. the other aspect is we are seeing a whole new model of economic management. this is where the chinese party
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state enhances its already some regulatory powers with high tech tools. artificial intelligence, big data. in order to steer market outcomes. the market outcome we are looking at is the entire tech sector. matt: we are looking at a huge drop in the value of the tech index. i wonder how much of that matters. three quarters of a trillion that have been wiped out since the peak, but on the other hand, they are at least reportedly achieving goals that are important to the growth of their society. do they care about this? they, meaning people running the party. andrew: achieving goals but through different methods. in a market economy, you might expect we have a problem, let's go through this in a transparent process, bring everybody together.
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you hope to come out and fix the problem in some sort of a consensus style way. this is the party saying we have a problem and we are going to steer our way out of it. they kicked the driver out, slammed on the brakes, in the case of ed tech. in some other sectors, you have seen a different method at work. there is a problem in all of these sectors, no question. food delivery, it's around worker rights. in the case of alibaba, it has to do with abusive personal data. matt: ed tech, parents having more babies. andrew: they are not tried to close down all aspects. they understand e-commerce has been one of the greatest success stories of the chinese economy, the biggest e-commerce segment in the world. it is more about bringing people into line, telling jack ma who is boss, asserting political
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control, political authority. in the case of ed tech, closing it down. we don't need it, it is gone. for investors need to understand, this is a different world. matt: this is why we are maybe focusing on the wrong thing. to us, the most important thing is the value of these shares. to them, there are much loftier goals they have, they have the control of the commonest party. we could go longer on this but fortunately, our viewers can subscribe to the new economy. andrew browne, check out the new economy daily. it is focused on what is driving the global economy and what it means for policymakers. this is bloomberg. ♪
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mark: i'm mark crumpton with bloomberg first word news. on capitol hill, those talks to come up with a bipartisan infrastructure spending bill i
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run into a number of obstacles. senate negotiators ended the day still trying to resolve differences over transit funding, water projects, and how much unspent covid money can be used to pay for infrastructure. lawmakers insist an agreement is still possible. the european union is making strides in its vaccination rollout. 70% of adults across the 27-nation bloc have had at least one coronavirus shot. 57% are fully vaccinated. but the eu's chief executive warns member countries must step up their vaccination rates to combat fast spreading variance of the disease. the eu was widely criticized for the slow pace of its vaccination rollout earlier this year. the two careers have improved prospects for a breakthrough in the stalemated nuclear talks. north korea's kim jong-un and south korea's moon jae-in have agreed in letters to restore
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relations. they released what appeared to be coordinated statements calling for reconciliation on the peninsula. that happened on the 68th anniversary of the armistice that halted the fighting in the korean war. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ amanda: welcome to bloomberg markets. i'm amanda lang. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. new mask guidance. the cdc is expected to recommend even those who have received the coronavirus vaccinations resume
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wearing masks indoors in certain areas of the country. we will discuss the impact on the return to office and business travel with hilda perez alvarado, global ceo of jll. the recent improvement in air travel fueling ge to raise its cash outlook, sending shares higher. the full breakdown of earnings in our stock of the hour. and bitcoin holding at just under $40,000 after amazon pushed back on that speculation that it may accept the token for payment this year. we will discuss the recent volatility with the u.s. ceo of crypto exchange xmo. amanda: stocks like ge moving higher are a rarity today. we are seeing broad-based declines. a 1% move lower on the s&p 500. it is led by energy, but tech right behind.
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tech is the heavyweight in that market. some notable names, tesla down almost 4% or more, despite the fact that it surprised to the upside with some key metrics. maybe not good enough. ups is another one i'm watching. it is trading sharply lower perhaps on fears that we have seen peak growth. it is one of those companies that benefited from the pandemic, also a proxy on economic growth. for what it is worth, we have seen more inflows into u.s. etf's in the first seven months of the year than any other full-color year on record, have a trillion dollars. the cynics may say that is the sign of a market top, that passive investing is what you do when markets are done moving higher. that may be the sign that the retail investor is fully invested and exposed to equities. matt: i think it is just
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shocking that we hit the record so soon. i'm not surprised that we made it. retail money has just flowed in. we saw such high savings rates, people with little else to buy. plus, gambling is fun. it looks like this is here to stay, at least for now. i would be fascinated to see how much longer retail investors really stick with this market. maybe it is a structural change in our society. amanda: maybe, or like gambling, they stay until they lose their money. hopefully not, but that could be an outcome. turning to stock of the hour, general electric. it is offering up, despite weakness in its data points, some good outlook. wait for it, seems to be the tone from ge. dave wilson is taking a closer look. dave: if you focus in on the second quarter for ge, adjusted earnings, revenue beating
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average analyst estimates. the key thing is a measure called industrial free cash flow. percent of their revenue came from their industrial businesses. when you talk of free cash flow, that is money they can use to pay down their debt. they have increased their estimate by a billion dollars for the amount of industrial free cash flow they will generate this year. now looking at as much as -- the aviation business is the key to all of this. jet engines. if you follow the chart of changes in that business, in essence you are following the course of the coronavirus pandemic. we know things fell out of the second quarter of last year. beyond that, you look at the broader business. you see all the different
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segments within the industrial operations showing growth, whether you are looking at revenue, profit margins, or orders, which rose 33% across those businesses, led by gains in the power generation area. aviation, though, not far behind, with a 47% increase in orders. ge as a business is rebounding. the results reflect that. matt: how are they doing in terms of restoring their balance sheet? dave: they are getting there. as of the end of the second quarter, still $70 billion in debt. but you look back historically, that is less than what they had at the end of 2015. it is a number that has been coming down over time. the last couple of years, there is also a $24 billion of cash coming in in the next six to nine months from selling their
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plane leasing unit. matt: dave wilson, with our stock of the hour, general electric. coming up, we will discuss how the virus is impacting the return to business travel with hilda perez alvarado, jll hotel and hospitality group. this is bloomberg. ♪
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matt: this is bloomberg markets. i'm matt miller. outside of the stock market today, a story getting a lot of attention is that u.s. health
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officials will return to tighter guidelines for the use of masks, advising that fully vaccinated individuals, even those of us who got our shots, should be wearing masks in public indoor settings in places where the virus is spreading rapidly. this includes the cdc recommending teachers, staff, and students at k-12 schools wear masks indoors regardless of vaccination and ventilation. i have to say, i don't want more people to get sick, but it is a little disappointing. that was one of thecarrots. once you get your vaccination, you don't have to wear the mask as much. now i guess they will have to turn to the stick. amanda: although i must say, i think it was a bit of wishful thinking. authorities warned the pandemic would be with us for a long time. part of that is, even for countries that have good vaccination rates, this is a global pandemic.
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there are few health or social issues that make you as aware that your behavior affects others than a pandemic does. it really underscores -- the truth is even being double vaccinated doesn't protect you from getting sick. matt: the likelihood of me getting seriously ill after being double vaccinated is incredibly low. i can still catch something. amanda: you can still get sick and you can still get very sick, yes. just to say it is not a silver bullet. it is protection until everybody gets it and we make this virus go away. this is a psa to anybody who is wondering why you get vaccinated. you don't do it for yourself, you do it for your neighbor. matt: well, i kind of did it for myself, but i get what you are saying. if it is ever going to go away -- is a three-point seatbelt
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good enough, five-point seatbelt, should i put a roll cage in my car? let's get back to travel. i've been doing some business traveling. i am normally in berlin, now i'm in new york for the next couple of weeks. very glad to be here. let's talk to gilda perez-alvarado, ceo of jll hotel and hospitality group. what kind of reverberations do you expect from this? does it worry you that we may now see vaccinated people going back to masking? gilda: not really. i tell you why. corporations have protocols in place. this is not new to us, we have been operating in this environment. this is a continuation. i do think that we are may be more mentally prepared, companies know what to do, employees know what to do as well. i am not too concerned about it,
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to be honest. what we are talking about with investors and clients is the return to travel normalization will definitely continue but it may be a little bit bumpy. amanda: it must be a disappointment, gilda. there had been this hope, matt was alluding to it -- we are almost there, you see everything getting ready to uncoil, wondering if corporate travel will come back to where it was before. now we can agree there will be a slower pace and normal will look different, we may never get back to where we were before. what is that doing to how businesses are thinking, how the new destination rates might be looking like? gilda: we are having this conversation with clients in asia. their mindset is, let's establish operating protocols in an and done environment. it will not stay with us forever but let's adopt flexibility's
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around the workforce, engage in smarter travel. we need to start traveling if we want to grow. at least from my agenda, starting in september, we are seeing the sentiment be the same for corporations as those in finance, real estate, consulting. travel is on the books. we are also looking at several large hotels, and the numbers are looking fairly healthy. to your point, we need to adjust the mindset that this is necessarily going to go away. we need to be flexible and have protocols in place to deal withan endemic environment going forward. matt: what about requiring vaccines? is that something that the hotels and businesses in your group are starting to consider? we see now california is requiring vaccines for health-care workers. cal state is requiring its
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faculty to be vaccinated. new york city is requiring city workers to be vaccinated. are some of the businesses you own looking at that? gilda: we are starting to have discussions but until the vaccine is fda approved, that is the discussion we are having, can you mandate it or not? it is still a bit too early to talk about requirements in terms of being vaccinated. i am hoping that the mask mandate, some of these restrictions will actually incentivize people to step up that vaccination rate that we all need for a full recovery. but we are not having those discussions in terms of requiring or mandating your employees to be vaccinated to get back to work. amanda: that strikes me as surprising. would it not be better for your whole sector if, for instance, vaccine passports could be implemented globally, and you can easily distinguish between a
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vaccinated and unvaccinated? there is a ton of pushback, ideological, political, but wouldn't that solve a lot of problems for you? gilda: it would solve a lot of problems, but it would be really hard to get everyone on the same page and adopt a single protocol. i will engage on my first cross atlantic travel on thursday, we will see how it goes. you just have to be mindful, whatever destination you are going, you have to follow whatever protocols are in place. it would be great if the passport were to exist, if we had wholesale protocols, but unfortunately, it varies destination to destination. amanda: such good perspective on all of this, gilda perez-alvarado. thank you. we have been watching a roller coaster ride for curb to currencies. coming up, a closer look at the space with the u.s. ceo of xmo.
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he will be with us after this. ♪
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amanda: this is bloomberg markets. i am amanda lang alongside matt miller. we are watching bitcoin. it took a tumble but it has studied below 40,000, this as amazon pushed back against speculation that it may soon accept bitcoin. it is just part of the ongoing volatility in the space with every twist and turn of what the future holds for these various cryptocurrencies. richard kay is the u.s. ceo of exmo. i always feel like when we are talking to a crypto expert, i always want to make the distinction between bitcoin and the general crypto space.
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bitcoin is what people most know, but in some ways it is the least likely to survive, in my view. matt: that is a statement. amanda: fighting words, matt. but let's start with the volatility and what you think of it, what should people be making of the swings that they see? richard: we have had volatility this year, but it has been strange. the last few months, there has been less volatility. as an exchange, we live far volatility as people take advantage of the movement, but it seems to have calmed down between 35 and 45 the last few months. with cryptocurrency, there are issues of how it will be valued. it is all on supply and demand. that is why you will always have
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volatility. there is not any fundamental like a standard stock where you can base a valuation on it. matt: for me, bitcoin is the og, just as someone who follows the crypto world, i like to read and talk about it a lot, not really an owner. but it will only be limited to 21 million tokens. you don't have that scarcity with ether, the internet computer, tether. doesn't that make it more valuable, akin to digital gold? richard: i don't know. i was talking to somebody recently and they said bitcoin could almost become like the masterpiece, the original. some prestige about owning the bitcoin. but ultimately, a currency should be there to facilitate
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transactions, and that is the issue with bitcoin. can it actually be used in its current state to buy and sell things? the key part for me is, with technology in these spaces, they will be a new technology coming in all the time. matt: why does it matter if it can be used in its current state? maybe bitcoin evolves into something that can be more transactional. richard: i agree, maybe there are ways to get there, but is it better to change an existing coin, or will there be new coins that can do all of that and take over? i do believe the big issue with bitcoin is, as technology advances, will it be left behind? amanda: the thing we are dancing around here is the animal farm nature of cryptocurrencies. at the moment, they've been adopted by people who don't want central banks controlling currency, but let's agree that
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those central banks and governments will not let that be the case forever. is the regulatory risk and environment not the real path here? you want something with portability and transparency and not a limited quality -- quantity. that is why i say that it will go away. you want something that central banks can take over, or they will create their own. it is not the concept that is wrong but maybe the individual currencies that are maybe flawed. richard: i would agree with that. historically, with cryptocurrencies, the key part for me -- we have had the pandemic and the u.s. government has the ability to use the u.s. dollar to get their economy back, and they can print money. if that power is diminished by people using alternatives, they are not going to like that. ultimately, power and control of currency is very key to power and control of paying for
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things, such as your health care, various other things in your society. i do think power and control and regulation will be massive over the next few years. i think governments and regulators are starting to understand this, but i do believe they are a little bit behind the actual industry itself. matt: we have seen some lawsuits brought against executives involved in tether. in terms of volume, traded, tether is huge. richard: i agree, it is liquidity. you need a stable calling. the issue we have got with tether is the transparency and the reserves. ultimately, there are more questions out there than answers. i think the u.s. government are looking into it, trying to make
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some answers, getting some facts. at the moment, there is too much rumor and too many questions out there. matt: we will get you on to talk about it as we know more. richard, thanks for joining us, exmo u.s. ceo. for amanda lang, i'm matt miller. this is bloomberg. ♪
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mark: u.s. health officials are said to reverse course on the use of masks.
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the centers for disease control will advise today even fully vaccinated people should wear masks in public indoor settings where covid-19 is spreading rapidly. that includes schools for the cdc says children should return to full-time in-person learning in the fall, but teachers, staff and students should wear masks indoors. i washington police officer he rushed to the scene of the capitol riot told the house panel today he was "grabbed, beaten, tased" while being called a traitor to my country. the officer was among several personnel for testify before the new house committee investigating the insurrection. he addressed efforts by some members of congress to downplay the day's events. >> i feel like it went to hell and back to protect them and the people in this room.
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but too many are now

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