Proceed with caution. At least one analyst sounding alarms over skyhigh valuations. Lets get to those valuations. We start back with all u. S. Markets. Big day on wall street. The dow topping 30,000 for the first time. The s p 500 index also jumping to a record. The russell 2000 also. Abigail this reopening reflation trade back on, bringing record highs and big round numbers. Lots of euphoria over the market looking toward the second half of next year. It was like an everything rally for different stocks. Ironically, the only index to sit out was the biotech index, because ironically it is the vaccine and medicine people are so excited for smallcap banks up 5. 3 . Yesterday, apple was kind of precarious. Technically crossing some downside levels, but not so much today. Relative to the real reopening, some cruise lines, airlines sharply higher on hopes that once the vaccine gets circulated into the world, people will be traveling again and also gambling at the resorts. These are some of the top stocks. Taylor one day, we are hoping we can travel here. We want to go cross asset because you saw that reflation trade and lift up in yields. How much does that tie into this reflation trade as well. Abigail there is this sense that there is some reflation and inflation, a normalizing environment and the economy. On the other hand, you have yields not going too high. Yields still below that crucial 1 level. In turn, that is helping not just the banks and energy, that cyclical trade. Earlier, dan said that low rates have been helping the amazons and teslas. Maybe we are just off to the races. Taylor commentary has been made that this is a comfortable rally, but big tech not making highs either. Is this creating belief in this because you are doing this but not the expense of tech . Abigail today, tesla right in the middle of the pack. It is this seesaw. If tech were to drop, that could really be an issue for the broader market. Energy is only about 2 of the market. A very healthy, broadbased rally on the day. Taylor abigail doolittle, always appreciate your insight. After weeks of inaction, the chief of the General Services administration acknowledged monday that biden was the apparent winner of the election. The Trump Legal Team also suffered fresh setbacks. Gregory, talk to me a little bit about that transition. In the 1 00 hour today, getting key updates. After three weeks of a delayed transition because President Trump refused to concede losing to president elect joe biden, now we are off to the races and we have a transition that looks like a healthy transition. Biden formally putting forward some members of his Transition Team. Beginning to hire people. And we got word this afternoon that President Trump has signed off on president elect biden receiving the president daily briefing, which is the most topsecret intelligence product we have in the united states. It looks like we are moving forward to a biden presidency on january 20. Taylor bear with me here. It was earlier today, with ian bremmer talking about this transition, this theme of America First, it came after eight years of obama. Returning to stability, some of the fixing what is broken. This was the rise of this America First theme to begin with. It has only been four years since democrats have been out of power. You have to go back to george h. W. Bush to find another president taking over for another president of the same party in a shorter period of time. They are all getting promotions to the cabinet level positions here so far. It looks very much like what an obama cabinet might look like in an obama third term. It philosophically is aligned with those obamabiden principles. Foreign policy, multilateralism, a rejection of America First. You heard trump come out today and reiterate the phrase of America First, saying it would be a mistake to go away from that principle. Taylor we got a nomination here of treasury secretary for janet yellen. That is at least what the markets are still focused on, the stability and relationship with the Federal Reserve that she provides as well. What do you want to see from a treasury secretary janet yellen if indeed that is confirmed . The difference the job of a treasury secretary is different than a fed chairwoman. She will be constrained by whatever resources Congress Gives her. To look for a stimulus package either in this lameduck session or as we get into the new year. We have seen in the week the current treasury secretary Steve Mnuchin tying her hands a little bit by trying to claw back some of the lending facilities given to the Federal Reserve in the cares act earlier this year. She is, the markets seem to think, a very competent, mainstream leader. She is acceptable to the progressive wing of the Democratic Party but not beholden to them. Taylor with hopes of a vaccine and reopening, did we learn anything new about plans for Vaccine Distribution from a president elect biden . That is second to perhaps only the president ial daily briefing, a lot of people looking for this successful handoff of the Pandemic Response and for the biden team to be read in on what the distribution plans were. Some of that was public on a state level if not a national level. That is something, as these Transition Teams begin to visit corresponding agencies, that is one of the first issues that you can expect the biden transition to be honing in on to make sure they understand how the Distribution Process is going to work. Taylor what do you expect to be the next step we will hear from the Transition Team and of course waiting for that ever elusive stimulus. The guidance that we have from the biden transition at this point is to not necessarily expect any more announcements this week. One of the things we can look forward to is maybe the president taking a Holiday Weekend off. I would expect it to be into next week where we would get more of the Economic Team in place from the biden administration. What we would be looking for is the same as with janet yellen. What is the difference between the moderate and progressive wings of his party . And then, we will just have to see what the president elect tells us about what his plans are. We have a tradition of only one president at a time. President trump will be the president for the next just short of two months. While there are talks going on to try to have a smooth transition of power, really any sort of work on the vaccine response and pandemic is going to be President Trumps for the next few weeks. Taylor we thank you as always for your time. Coming up, bitcoin is pierced 19,000 for the First Time Since 2017. We are speaking with dan morehead, who called the currency a screaming buy in 2018. This is bloomberg. Taylor bitcoin extending that rally today, soaring through 19,000 for the first since 2017. The cryptocurrency is approaching an alltime high as many traditional investors. 28 wider acceptance of crypto. Joining me, dan moorhead, who has been bullish on bitcoin. It is great to have you and thank you for joining us. Talk about some of the latest price action. Through 19,000, approaching that record high. Does this scream to you peak sell . Dan no, i think we are in the midst of a bitcoin shortage. Every four years, the supply of bitcoin is cut in half. In this case, it is doing it right when corporations like square and paypal are offering very easy access to hundreds of millions of people. So, cashapp is already buying 40 of the issued bitcoins. Paypal looks like they are already buying 70 of all of the newly issued bitcoins. The two of them combined are buying more than all of the new supply. Supply and demand has to equilibriate. Taylor do you think it is more demand or less supply . Dan i think it is demandside. Supply is easy. It is exactly 50 of what it used to be. On the demandside, we have statistics that estimate paypals demand. But, there are so many new Institutional Investors. You featured some of the most famous global macro investors recently investing in bitcoin. You bring in all of the other Institutional Investors. Trying to buy a very finite number of tokens. Taylor does that legitimize it, the Institutional Investors . Dan i think it does. In the early days of bitcoin, it was kind of edgy. Kind of hard to bring to your investment committee. Now we have great custodians, a lot of Good Management firms. It makes it so much easier to bring it to any investment committee. Taylor i am curious how you see it as a real store of value like a replacement for gold, versus a real currency . Dan that is a question people love to ask. The way i think about it, it is basically the miracle whip of finance. It is well stored, payment, currency. It can do property titles on the blockchain. Each person latched onto one versus the other. It is doing a great job versus digital gold. The gold market will happen over decades. Payments, smart contracts. The important thing is we can do so many things. It is not just one or the other. Taylor during march, peak selloff, bitcoin was not a store of value. Do you expect that to change where it could be even in heightened periods of volatility. Bitcoin still has quite a bit of volatility. In the economic crisis in march, it went down with everything else. That happened a few times in its history. Theres been five times when bitcoin has been highly correlated with the s p. This time, everyone kind of sold everything and it went down together. But now, bitcoin is up. It is completely disconnected from oil, commodities, stocks, other things sort of trading together. Taylor the last time on this program, you called it a screaming buy. What do you see for 2021 . It has been going up at a compound annual growth rate of 209 , that is my forecast. 50,000 or more by next year. In the normal market, that would be crazy i made has been tripling every year for nine years on average, so that is a good estimate going forward. Taylor i am interested in the role that central bankers play in this, if they legitimize it . How do you think about the role of the central banker . Dan they do have huge advantages. The advantages that cryptocurrency has over fiat money, it is almost instantaneous to send it. Fed wires take three hours to send money in the united states. It is borderless. Central banks realize those are useful features. Some like china are doing it very aggressively and are going to go live. Ultimately, every country will have to have a Digital Currency strategy. Taylor im curious if this is a bitcoin issue or a blockchain issue, that encompasses ethereum as well. Dan it is blockchain as a whole. A lot of people use bitcoin as kind of a catch all phrase for all of the brands of blockchain. Ethereum is doing even better. It is up 365 year to date. Bitcoin is the entire market cap. The rest of the industry is even doing better than bitcoin. Taylor dan morehead, always appreciate your time. Coming up, amazon trying to hire more workers through attractive bonuses to meet the Holiday Season demand. With it comes yet another labor strike. This is bloomberg. Taylor amazon facing more backlash from employees after offering new hires 3000 signing bonuses while giving current employees 10 thanksgiving vouchers. Spencer, great story that you are writing. A must read on the terminal. I wonder what this tells us about continued relationship strife between management and employees . There is constant struggle with amazon to minimize strife among its workforce. These are difficult jobs, disenfranchised workers. This just kind of fanned things up at a difficult time. A lot of the existing workers felt like this is kind of a slap in the face to see new hires getting bonuses and they get a 10 turkey coupon. Taylor a lot of customers posting about this. What you hearing from workers . Long time workers, i think what really concerned them is when the pandemic first hit earlier this year, amazon instituted across the board to dollars pay raise is that were equally applied to everyone. Those were taken away over the summer as covid was receding. Now that it is flaring again, workers are hearing about more cases not only in their community but also where they work, there is a question, should we get this raised back . Then this bonus for new workers, that was a big thing that a lot of the workers were talking about. Taylor it really speaks to amazon, that they need workers. We are coming up on peak Holiday Shipping season. What is the demand for labor at this moment for amazon . The demand for product is off the charts. Consumers are flocking to amazon, going online for all of their Holiday Shopping needs than ever before. The growth rate will be double previous years. The weird thing this year is just the covid factor. You do have a a lot of people looking for work. It is that fear factor. A lot of people sitting on the fence, they are worried about taking a job if it increases their exposure. That is why amazon felt the need to lure more people back into the workforce. Taylor it comes at a week that workers in alabama had positioned to form a union. How have they managed this kind of strife . No amazon warehouses are unionized in the u. S. They have some unions in europe. Amazon is balancing that line, how much do we have to pay the workers are not unionized. Make it good enough but not too good. A couple of years ago, they came out with 15 per hour. All of those things help them diminish the likelihood that people want to form a union. Taylor thank you for joining us. Stay with us because it is a look at Small Businesses just ahead. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. 160 days from now, this is going to be a different country. I believe more people are going to take the vaccine than say they are. I think the next thing people do is go to dinner. I see boomtown this summer in the Restaurant Business. Taylor love that show. That was jon taffer, hospitality expert, outlining his optimism for the Restaurant Industry. Hospitality, one of the hardest hit sectors during the pandemic, has seen a slow recovery from prepandemic levels and has been increasingly threatened by the uptick in virus levels and restrictions. Is it as bad as it seems . Joining us is jared isaacman, ceo of shift4 payments, the leading payment operator for the hotel and Restaurant Industry. Great to have you on the program. How has the decline in business been for you given the exposure to restaurants and the hospitality sector . Jared thanks for having me. Hearing jon taffer before, we have collaborated with him for a long time, and i share his optimism. After the vaccine, people are going out to dinner. Shift4 processes payments for businesses across the country, in better times about 200 billion of payments. A large portion of that lives in restaurants and hotels. In late march the industry was entirely crushed, as was virtually all present commerce in the u. S. Outside of a supermarket. Payment levels dropped close to 80 from precovid levels. There has been a very steady recovery. It almost started immediately in april, mostly because people have to eat. They were not eating in restaurants, they were doing takeout, delivery, and curbside. Hats off to Small Business commerce for adapting. They did a great job. That has continued to accelerate. Of late, november, cooler temperatures, warmer weather states are faring better in maintaining strong levels, whereas urban areas in cities like new york city would have seen some sort of decline as temperatures got lower. In terms of broader recovery, shift4 had yearoveryear increases in payment volume, close to 20 , in october. Which isnt a representation of the hotel and Restaurant Industry as a whole, it is more representative of businesses adapting to contactless forms of payment. Taylor you bring up the point that cash is more dirty than some contactless payments. I am wondering if the shift we have seen, some of that was already underway. Have we just pulled forward demand we were going to see anyway a year or two down the road . Jared what we referred to as the cash to credit conversion is something our industry has been following for a long time. That was happening before covid. It has accelerated now as people favor more contactless or qr code based transactions, which has become popular. Visa recently said visa debit transactions were up 20 . They also have areas down due to covid, but that speaks to the cash to credit that is accelerating. Taylor you have huge insight into the behavior of the customer. Anecdotally in new york we are talking about shutting down Indoor Dining again, whereas florida is open. Where do you see regionally pockets of recovery starting to form within the Restaurant Business . Jared almost through all of spring, summer, and early fall it was virtually uniform across the country. There are regional areas of interest. There were parts of new jersey and connecticut that were up yearoveryear in payment volume through the summer and fall, mostly attributed to commuter business that was not happening in new york, where they would have spent, and was happening locally. New york and other major cities are still quite depressed. Florida and warm weather states have held strong