WEBVTT - What's Driving Crypto's C-Suite 'Great Resignation'? 0:00:02.360 --> 0:00:05.480 This is Bloomberg Crypto, a daily Bloomberg I heard podcast, 0:00:05.840 --> 0:00:09.400 and I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg. 0:00:09.440 --> 0:00:30.240 Mus It's Wednesday, October twelve. What do Michael Sailor, Jesse Powell, 0:00:30.360 --> 0:00:34.240 Michael Morrow, Sam Trabuco, Brett Harrison and Alex Maschinski all 0:00:34.280 --> 0:00:36.920 have in common? If you said there dudes in crypto, 0:00:37.640 --> 0:00:40.680 you'd be correct. If you said there dudes who used 0:00:40.680 --> 0:00:43.840 to be crypto CEOs and suddenly weren't anymore, you'd also 0:00:43.920 --> 0:00:47.479 be correct. This crypto winter has seen a string of 0:00:47.560 --> 0:00:50.040 high profile exits from the c suite, a mix of 0:00:50.080 --> 0:00:53.360 resignations and other forms of well to coin a phrase 0:00:53.680 --> 0:00:57.480 conscious and coupling. What's driving all of this activity? Is 0:00:57.520 --> 0:01:01.360 it Bitcoin prices falling more than is that the bankruptcy filings? 0:01:01.720 --> 0:01:04.160 Is it the SEC breathing down everyone's neck? Is it 0:01:04.240 --> 0:01:06.040 the wanting to spend more time with your yacht in 0:01:06.080 --> 0:01:09.000 the Bahamas? Maybe it's all of these at once. For 0:01:09.080 --> 0:01:12.000 more on this succession level crypto drama, we've got Bloomberg 0:01:12.000 --> 0:01:16.480 report to U. H. Young antipoly Vias, executive search recruiter 0:01:16.520 --> 0:01:29.600 at Global Consulting, firm. Corn Ferry very excited to have 0:01:29.680 --> 0:01:32.720 you both on the show. So that's all going on. 0:01:33.000 --> 0:01:35.080 I feel like I thought, basically every episode of this 0:01:35.120 --> 0:01:37.600 podcast with there's a lot going to own. It's always true, 0:01:37.920 --> 0:01:40.600 but today, more specifically, we're going to talk about the 0:01:40.640 --> 0:01:44.840 fact that, you know, roughly a dozen or more folks 0:01:45.600 --> 0:01:51.080 in C suite executive management, senior leadership positions at some 0:01:51.160 --> 0:01:54.040 of the largest crypto companies in the world have in 0:01:54.160 --> 0:01:58.040 recent days found themselves either out of a job or 0:01:58.080 --> 0:02:00.520 in a different job from what they were doing before. 0:02:01.440 --> 0:02:06.040 Industry turmoil happens, company upheaval happens. You know, we'll talk 0:02:06.080 --> 0:02:09.320 to folks and they'll say, oh, yeah, totally, this person 0:02:09.360 --> 0:02:11.519 just wanted to spend more time with their family. There's 0:02:11.520 --> 0:02:13.959 always a narrative around these things. What we're going to 0:02:14.040 --> 0:02:16.000 dive into a little bit is why we're seeing this 0:02:16.120 --> 0:02:19.120 right now in crypto, what might be coming next, and 0:02:19.200 --> 0:02:23.600 what our listeners need to understand about corporate succession and 0:02:23.680 --> 0:02:25.360 you asually, I'm going to start with you, could you 0:02:25.400 --> 0:02:29.120 just remind folks how many people have switched the jobs 0:02:29.360 --> 0:02:31.760 in the past couple of months in crypto. That's going 0:02:31.800 --> 0:02:35.400 to be a long league. What are some of the 0:02:35.400 --> 0:02:40.880 biggest names. We'll start with Michael Saylor, who let macro Strategy, 0:02:40.960 --> 0:02:44.480 which is the company that's been buying big Coin. And 0:02:44.560 --> 0:02:48.240 then we also have Crack and CEO Jesse Pals stepping 0:02:48.280 --> 0:02:51.000 down as he was the co founder of the crypto Exchange. 0:02:51.360 --> 0:02:54.720 And then we have a leadership shuffle at Genesis, one 0:02:54.720 --> 0:03:00.000 of the biggest institutional crypto brokerage, which was the biggest 0:03:00.080 --> 0:03:03.600 creditor for Three Arrows cryptal hedge fund that went bankrupt. 0:03:04.000 --> 0:03:06.519 So we've seen a series of changes, I would say, 0:03:06.680 --> 0:03:10.280 starting as early as August this year. As you say, 0:03:10.360 --> 0:03:12.480 U G, that is a fairly long list of people, 0:03:12.600 --> 0:03:15.320 and some of those folks, you know what they've telegraphed 0:03:15.440 --> 0:03:17.880 is this is expected. I've been doing this for a 0:03:17.919 --> 0:03:20.880 long time. I'm really interested in these other opportunities. For 0:03:21.000 --> 0:03:22.800 some of them, it came as kind of more of 0:03:22.840 --> 0:03:26.080 a surprise to the market. Are there any common trends 0:03:26.160 --> 0:03:29.079 or themes like, are there particular signs that this company 0:03:29.120 --> 0:03:31.640 was about to go through some kind of leadership of people. 0:03:33.280 --> 0:03:36.480 I would place all these changes in the broader context 0:03:36.520 --> 0:03:39.440 of what the cryptal industry has been sued in the past. 0:03:39.480 --> 0:03:43.280 Several months. As we know, ever since the collapse of 0:03:43.320 --> 0:03:47.480 cryptal prices, there has been a series of shakeout. We've 0:03:47.520 --> 0:03:52.200 seeing layoffs at big cryptal companies. There has been companies 0:03:52.200 --> 0:03:56.600 that fell for bankruptcies, there's been consolidations and bailouts, and 0:03:56.640 --> 0:03:59.880 now we're entering a stage where some of these companies 0:04:00.040 --> 0:04:04.840 are starting to change their top leaders, including the CEOs. 0:04:04.880 --> 0:04:07.960 And I would say that the cryptal industry is fairly 0:04:08.040 --> 0:04:11.080 news about ten years old. So a lot of these 0:04:11.480 --> 0:04:15.920 CEOs that are being replaced are actually the original founders 0:04:15.920 --> 0:04:20.560 of the crypto companies, and they are oftentimes closely associated 0:04:20.600 --> 0:04:23.400 with the brand name of the company, and they're able 0:04:23.440 --> 0:04:27.920 to amass lots of followings online and their household names. 0:04:27.960 --> 0:04:32.000 But now they're starting to be replaced by professional managers 0:04:32.080 --> 0:04:35.840 whose names are less familiar to folks in the cryptal communities, 0:04:35.920 --> 0:04:41.240 but who have background in traditional professional services firms and 0:04:41.320 --> 0:04:43.880 the Probably I wanna get your perspective on this, because 0:04:43.880 --> 0:04:46.240 I feel like we've seen this in finance, We've seen 0:04:46.240 --> 0:04:50.479 this in tech. You know, boy jenior ceo company grows 0:04:50.520 --> 0:04:52.920 to ten thousands, Suddenly like wow, this is really hard 0:04:52.960 --> 0:04:56.520 managing all these people's less fun we're gonna switch over, 0:04:56.640 --> 0:04:58.800 or there's some kind of corporate crisis, or as you 0:04:59.040 --> 0:05:03.000 directly points out, a an industry wide crisis from your perspective, 0:05:03.000 --> 0:05:05.000 as anything about what was happening in crypto unusual or 0:05:05.040 --> 0:05:08.919 different in any way. I think there's two answers to 0:05:09.000 --> 0:05:12.719 that question. I think there's a yes and a no. 0:05:13.520 --> 0:05:19.920 I'll start with the no, in that any disruptive industry 0:05:20.080 --> 0:05:26.920 or any disruptive technology has its early adopters, and there's 0:05:26.920 --> 0:05:30.160 an education process that the industry has to go through 0:05:30.240 --> 0:05:34.200 in order to adopt it. And so we've seen that 0:05:34.360 --> 0:05:36.960 in tech and like you said, a wonder cand and 0:05:37.400 --> 0:05:40.880 you know, these these geniuses, there is that element of it. 0:05:41.440 --> 0:05:46.240 The yes part of the unusual nous is that this 0:05:46.440 --> 0:05:52.440 is such a novel concept, but it's baked an ideology 0:05:52.480 --> 0:05:57.200 as well, right, and so they want to actually reimagine 0:05:57.240 --> 0:06:02.560 the way money is distributed with etcetera, and even the 0:06:02.640 --> 0:06:05.520 creation of a currency. I would you know, draw some 0:06:05.640 --> 0:06:08.680 parallels to when you know, the euro was introduced in 0:06:08.720 --> 0:06:11.560 the market. And I was actually there at the London 0:06:11.600 --> 0:06:14.360 School of Economics at the time and when they introduced 0:06:14.360 --> 0:06:16.520 this concept. As a student, I was like, this is 0:06:16.600 --> 0:06:19.400 never gonna think what is this? This is never gonna happen. 0:06:19.480 --> 0:06:22.279 What what are you guys talking about? And there was 0:06:22.320 --> 0:06:27.040 an adoption or an adoption process, and so I think 0:06:27.120 --> 0:06:31.440 with the crypto space there is some big uniqueness from 0:06:31.480 --> 0:06:36.359 sort of a you know, reimagining the financial system with this, 0:06:36.640 --> 0:06:39.520 and that's where you're going to get a lot of 0:06:39.880 --> 0:06:44.680 different perspectives. It's so interesting to hear you identify the 0:06:44.760 --> 0:06:47.599 kind of the ideology that's wrapped open crypto because that 0:06:47.600 --> 0:06:50.480 has absolutely manifested in the shall we say, some of 0:06:50.560 --> 0:06:54.880 the larger personalities at at play here, and you know, 0:06:55.080 --> 0:06:58.480 cracking and coin base and a couple of other folks 0:06:58.480 --> 0:07:00.839 have had their CEOs kind of go on the record 0:07:01.000 --> 0:07:04.520 saying if you're not down for this cause, if you 0:07:04.600 --> 0:07:06.880 are like one of those quotes unquote wokes out there, 0:07:06.920 --> 0:07:08.880 like we're not interested in what you have to say 0:07:08.920 --> 0:07:11.480 about any of these things, like don't bring politics to work, 0:07:12.200 --> 0:07:15.080 or let's ask questions about whether women can be people. 0:07:15.320 --> 0:07:19.080 You know. So that's such a specific way of running 0:07:19.120 --> 0:07:21.360 a company, and I wonder how that squares with what 0:07:21.400 --> 0:07:23.560 you AI is identifying of bringing in this class of 0:07:23.600 --> 0:07:26.800 like professional managers who are much less likely to be 0:07:26.880 --> 0:07:30.440 wanting to write incendiary blog posts about who counsel as 0:07:30.440 --> 0:07:33.240 a person as you, And she said, there's a lot 0:07:33.280 --> 0:07:38.000 of founder lead and founder first firms out there which 0:07:38.240 --> 0:07:41.440 they have become their own brand and personal brand in 0:07:41.480 --> 0:07:45.480 the crypto space, and as any industry, the maturation of 0:07:45.560 --> 0:07:49.360 that industry requires a lot of institutional knowledge, which is 0:07:49.400 --> 0:07:54.440 why you're now seeing this new wave of leadership step in. 0:07:54.640 --> 0:07:57.760 Because have we gone through a crypto winter? Yes? Have 0:07:57.880 --> 0:08:01.239 we gone through crypto winters? Yes? Have we gone through 0:08:01.520 --> 0:08:06.640 really extreme market volatility? Yes? Has the regulatory bodies that 0:08:06.680 --> 0:08:09.280 started to take a look at this yes. Think about 0:08:09.280 --> 0:08:12.040 when the iPod first came out. When the iPod first 0:08:12.040 --> 0:08:14.320 came out, people are like, what are you talking about? Like, 0:08:14.440 --> 0:08:16.720 I mean, you're gonna have you know, five thousand songs 0:08:16.800 --> 0:08:20.800 in this little device, And the early adopters really geeked 0:08:20.800 --> 0:08:23.040 out about it. And so the early adopters of crypto 0:08:23.160 --> 0:08:26.400 really geeked out about it because of those personalities, because 0:08:26.440 --> 0:08:28.840 of those guys that they were and yes, they wrote 0:08:28.880 --> 0:08:31.040 a lot of them were guys that came out and said, 0:08:31.280 --> 0:08:34.760 you know, this is the next way of the financial world. 0:08:35.040 --> 0:08:39.160 Let's democratize access and let's figure out what those pain 0:08:39.200 --> 0:08:43.040 points are in the industry and completely obliterate everything. And 0:08:43.080 --> 0:08:46.800 I think ideally everyone can understand that this is great, 0:08:47.160 --> 0:08:51.200 but the implementation of it is so hard, and I 0:08:51.200 --> 0:08:53.280 think that's what these guys are running up against. And 0:08:53.360 --> 0:08:55.920 that's exactly why you're going to see the succession around 0:08:56.000 --> 0:08:58.720 leaders that have said, I've taken a really hard concept 0:08:58.760 --> 0:09:01.600 in this, you know, age old industry, and how am 0:09:01.600 --> 0:09:04.360 I going to execute it and implement this? And you're 0:09:04.360 --> 0:09:06.760 going to need that institutional knowledge. You're going to have 0:09:06.840 --> 0:09:09.800 to have them navigate through the system because those guys 0:09:09.800 --> 0:09:11.360 that are just sitting on the other side of the 0:09:11.400 --> 0:09:14.520 house saying this is what is ideal. That's great, but 0:09:14.640 --> 0:09:16.680 you have to get the others to adopt to it. 0:09:17.160 --> 0:09:21.319 That's probably given that this is literally your job, right 0:09:21.480 --> 0:09:26.000 It is like identifying that pool of talent, but also 0:09:26.160 --> 0:09:28.920 helping organizations who are going through these kinds of transitions 0:09:29.000 --> 0:09:32.560 define who they want that could take on that change 0:09:32.559 --> 0:09:35.000 of strategy, Like what does that like look like in practice? 0:09:35.080 --> 0:09:37.160 Is this a short process? Is this a loan process? 0:09:37.160 --> 0:09:41.680 Like who gets involved? Depending on the stage which you 0:09:41.720 --> 0:09:45.680 know these companies are in trouble or you know, there's 0:09:45.760 --> 0:09:48.720 some event that has happened. And I think I might 0:09:48.720 --> 0:09:51.360 have mentioned this, uh before, is that you know, there 0:09:51.400 --> 0:09:53.319 needs to be an adult in the room that's kind 0:09:53.360 --> 0:09:55.800 of been there, done that, seen it and can tell 0:09:55.840 --> 0:09:59.960 the story again. And so you know, oftentimes those individual 0:10:00.000 --> 0:10:04.079 alls are parachuted in quite quickly together with the leadership 0:10:04.120 --> 0:10:08.480 team and the board working in lockstep. Other times, you 0:10:08.520 --> 0:10:11.120 know you're going to see what you're kind of seeing 0:10:11.240 --> 0:10:13.640 in some of the executives that might have come in 0:10:13.960 --> 0:10:17.920 is what we generally call organ rejection. Right, So they've 0:10:17.960 --> 0:10:21.880 come in and they've had really good intentions and you 0:10:21.920 --> 0:10:24.559 know they've just brought in a different perspective, but the 0:10:24.640 --> 0:10:29.640 culture itself or management or however things are working on 0:10:29.679 --> 0:10:34.320 the inside just basically rejected them. And so while all 0:10:34.360 --> 0:10:37.319 intentions were good, it just might not have worked out 0:10:37.320 --> 0:10:40.560 from that perspective. And sometimes the culture piece does run 0:10:41.160 --> 0:10:44.079 very deep, depending on the organization, and so you can 0:10:44.120 --> 0:10:47.040 get immediate sort of organ rejection and you'll see people 0:10:47.080 --> 0:10:51.360 out of there within six months to a year. Colorful phrase, 0:10:51.720 --> 0:10:54.160 I'm definitely I'm gonna have to work this since at 0:10:54.160 --> 0:10:59.120 the title of the episodes on How Up Next, you'll 0:10:59.120 --> 0:11:01.920 hear more on how the Crypto ceo reshuffle could change 0:11:01.960 --> 0:11:05.480 the entire landscape of the industry with Bloomberg Reports, uh 0:11:05.480 --> 0:11:22.120 G Young and executive recruiter deepoly Vas. Broadly speaking, I, 0:11:22.760 --> 0:11:25.400 at least other than the financial crisis, I can't remember 0:11:25.440 --> 0:11:28.720 witnessing an industry where they have been like so many 0:11:30.120 --> 0:11:32.840 very senior leadership transitions like this in such a short 0:11:32.880 --> 0:11:35.400 amount of time. Right, it would be like, if you know, 0:11:35.600 --> 0:11:40.920 Bezos and Zuckerberg and Tim Cook, We're all like Tuesday, 0:11:41.000 --> 0:11:43.960 let's do Tuesday, and they all just quit. Like That's 0:11:43.960 --> 0:11:46.680 what it sort of felt like in Crypto. What is 0:11:46.880 --> 0:11:49.200 like the collective effect on the talent pool? Are there 0:11:49.240 --> 0:11:50.959 people out there who are still lining up and being 0:11:50.960 --> 0:11:52.439 like that seems like a really good idea for a 0:11:52.520 --> 0:11:54.760 job transition. I'm going to run one of those companies. 0:11:55.120 --> 0:11:57.800 Or does that make it more challenging to replace these folks? 0:11:58.480 --> 0:12:02.360 I think it's challenging in general. Right, So you have 0:12:02.720 --> 0:12:06.960 one side of the market that is looking for extreme 0:12:07.360 --> 0:12:12.360 entrepreneurial opportunities, extreme challenges. They want to roll up their sleeves, 0:12:12.360 --> 0:12:14.800 they want to get in there. And then the type 0:12:14.840 --> 0:12:18.559 of talent that these crypto companies originally wanted to attract 0:12:18.880 --> 0:12:22.760 was this institutional knowledge that can convert themselves to a 0:12:22.800 --> 0:12:26.800 more entrepreneurial mindset and come in there and help them 0:12:26.800 --> 0:12:31.600 build something great. So that part of the market has certainly, 0:12:31.840 --> 0:12:34.400 you know, taken some pause and say, while I was 0:12:34.440 --> 0:12:38.199 super interested, I bought into the story, I might hit 0:12:38.240 --> 0:12:41.240 the pause button because where I am I'm safe and 0:12:41.280 --> 0:12:43.120 do I want to take on this risk in my 0:12:43.240 --> 0:12:46.559 career at this time and in this particular industry. And 0:12:46.760 --> 0:12:50.719 this is mainly due to the macro economic conditions. Right, 0:12:50.840 --> 0:12:53.760 are we going into a recession? You know, is crypto 0:12:54.040 --> 0:12:57.680 taking an even deeper dive? You know, there's massive consolidation. 0:12:57.720 --> 0:12:59.520 Do I want to work for a company that's going 0:12:59.559 --> 0:13:02.040 to because solidated and then I'll be layered or I 0:13:02.160 --> 0:13:04.080 might be out of there. So there's so many different 0:13:04.080 --> 0:13:07.760 considerations that are going on. I think this shakeout has 0:13:07.800 --> 0:13:11.040 to kind of taper off or level off at some point, 0:13:11.320 --> 0:13:13.640 and that will only be done as soon as we 0:13:13.720 --> 0:13:16.720 know what is the FED doing, you know, whereas inflation? 0:13:17.480 --> 0:13:21.080 What are other parts of the globe doing around the industry? Right, 0:13:21.120 --> 0:13:23.760 what's happening in Asia, what's happening in Europe. And then 0:13:23.880 --> 0:13:27.800 lastly the regulatory environment. Where do the regulatory body see 0:13:28.080 --> 0:13:31.520 us as a digital asset and how are they going 0:13:31.559 --> 0:13:33.680 to deal with us now and in the future and 0:13:33.720 --> 0:13:35.840 what sort of lined up? And then how are the 0:13:35.880 --> 0:13:39.680 banks and other institutions and institutional investors going to treat 0:13:39.760 --> 0:13:46.520 us positively or negatively? Time will tell. Those questions are 0:13:46.600 --> 0:13:49.320 so hard. You're You're like, what is the fact going 0:13:49.360 --> 0:13:52.120 to do? What's gonna happen with regulations? I could understand 0:13:52.160 --> 0:13:54.000 why somebody might be like, I'm just gonna set this 0:13:54.040 --> 0:13:56.319 one out, I'm gonna be okay, But actually you actually 0:13:56.360 --> 0:13:58.080 I want to come back to you, and then deeply 0:13:58.120 --> 0:14:00.400 I'm gonna ask you the same question. Are there certain 0:14:00.440 --> 0:14:04.920 types of industries that the folks in crypto have been 0:14:04.960 --> 0:14:07.640 trying to recruit from? So you age you've written about 0:14:07.640 --> 0:14:09.719 the fact that there was like for a while, the 0:14:09.800 --> 0:14:13.000 sort of revolving door of trad fi to defy, defy 0:14:13.040 --> 0:14:15.280 and the other parts of crypto, And now it's like, 0:14:15.520 --> 0:14:20.160 I might go back to my relatively chill investment banking job. 0:14:20.680 --> 0:14:23.600 How do you think that ship shaking out? Well, it wasn't. 0:14:23.680 --> 0:14:26.800 Banking jobs are not exactly chill but it is a different, 0:14:28.040 --> 0:14:31.840 very different wife from what you get at the crypto firm. 0:14:31.920 --> 0:14:35.560 We are still occasionally writing about news of people who 0:14:35.560 --> 0:14:39.960 are leaving big washway firms and joining crypto. This morning, 0:14:40.000 --> 0:14:43.320 we just wrote about MPT at Goldman SAX who's joining 0:14:43.720 --> 0:14:48.400 Quin based Institutionals for their derivative's effort. So these changes 0:14:48.440 --> 0:14:51.720 are still happening, but I feel like, just based on 0:14:51.720 --> 0:14:55.720 our observation, is less often as I would say the 0:14:55.800 --> 0:14:58.880 latter part of last year when the market was still 0:14:59.120 --> 0:15:02.960 going strong. And I would also note that a lot 0:15:03.040 --> 0:15:07.160 of these replacement of top leaders often come within the 0:15:07.200 --> 0:15:10.840 company or at least within the cryptal communities. It seems 0:15:10.840 --> 0:15:14.160 that they're the ones who already know the company inside 0:15:14.240 --> 0:15:18.080 out and therefore they have an understanding of how things work, 0:15:18.280 --> 0:15:22.080 what are the key issues here? And then oftentimes, with 0:15:22.160 --> 0:15:24.840 short notice, if you have to change your leaders, some 0:15:24.960 --> 0:15:28.720 of these companies will look within themselves to find the 0:15:28.760 --> 0:15:36.720 next leader. And probably how common is that right where 0:15:36.720 --> 0:15:40.760 it's like a company is going through crisis and they're like, actually, Jim, 0:15:40.800 --> 0:15:43.600 who's been here all along, it's gonna be it's going 0:15:43.680 --> 0:15:46.440 to be the new person in charge all the time, 0:15:47.160 --> 0:15:49.960 all the time and I and it's almost as if 0:15:50.000 --> 0:15:53.560 they need to rely on sort of that safe, steady 0:15:53.560 --> 0:15:56.640 pair of hands that have actually seen the story play 0:15:56.720 --> 0:15:59.800 out and they just didn't have the opportunity to jump 0:15:59.800 --> 0:16:03.040 in in. But because they have all of the bird's 0:16:03.080 --> 0:16:05.480 eye view or the front row seat right to what 0:16:05.680 --> 0:16:08.720 has happened, that they would be an ideal candidate to 0:16:08.800 --> 0:16:11.760 kind of step in. When you think about people going 0:16:11.800 --> 0:16:14.760 back to those investment banking jobs, those jobs are also 0:16:15.200 --> 0:16:19.560 sort of drying up in these specific market conditions, right 0:16:19.600 --> 0:16:23.560 like there's less deal flow. Goldman Sacks and other big 0:16:23.600 --> 0:16:29.720 banks have come out with potential layoffs and hiring freezes, etcetera. 0:16:30.000 --> 0:16:33.880 And so that's again just based on market conditions. So 0:16:33.960 --> 0:16:36.560 I would say that for me, if I was just 0:16:36.600 --> 0:16:39.920 sort of predicting future of work for those gyms that 0:16:39.960 --> 0:16:42.320 are sitting in those seats right now that want to 0:16:42.760 --> 0:16:45.000 take on something, I'm going to go out on the 0:16:45.040 --> 0:16:48.320 limb and say, for those companies that we're keeping a 0:16:48.360 --> 0:16:51.560 close eye on crypto, and I'm particularly talking about the 0:16:51.600 --> 0:16:55.440 banks and funds and others, this may be an ideal 0:16:55.480 --> 0:16:59.480 time for them to build something in house. Right, this 0:16:59.600 --> 0:17:02.200 is the time to say all right, there's talent on 0:17:02.280 --> 0:17:06.920 the street, there's consolidation. What can we do to set 0:17:06.960 --> 0:17:11.840 ourselves up for when crypto makes a re emergence after 0:17:11.960 --> 0:17:14.440 this winter? And they would be smart to do so. 0:17:15.080 --> 0:17:18.960 Final question, you are a person who was running a company. 0:17:19.040 --> 0:17:21.240 You spent a lot of really quality time on your yacht. 0:17:21.800 --> 0:17:24.320 Now you're like, I want to you know, like, there's 0:17:24.320 --> 0:17:26.320 only so many beautiful beaches I can spend time on. 0:17:26.400 --> 0:17:28.120 I want to go back and get my hands dirty again, 0:17:28.560 --> 0:17:31.640 but not necessarily in either you know, trad fire Wall 0:17:31.680 --> 0:17:34.720 Street or back into crypto. What from your perspective as 0:17:34.760 --> 0:17:36.639 a recruiter, like, where would you expect to see some 0:17:36.680 --> 0:17:40.680 of those folks popping up? I think the next trend 0:17:41.040 --> 0:17:44.560 is going to be sort of platform as a service 0:17:44.680 --> 0:17:48.440 and data as a service. I think that those individuals 0:17:48.520 --> 0:17:54.200 that have been in any part of the tech, financial services, data, crypto, 0:17:54.280 --> 0:17:58.119 blockchain ecosystem, it's all gonna be kind of in and 0:17:58.160 --> 0:18:01.760 around there, right, So for those yacht goers that want 0:18:01.760 --> 0:18:06.760 to dip back in, they're huge opportunities in these data 0:18:07.320 --> 0:18:09.880 related companies. Right at the end of the day, that's 0:18:09.920 --> 0:18:13.399 the data is going to be king amazing. Well, I 0:18:13.400 --> 0:18:16.879 feel like I learned some things. I feel like this 0:18:16.880 --> 0:18:18.639 is one of those episodes we should post on LinkedIn. 0:18:20.600 --> 0:18:22.760 I feel like, did you recently buy a yacht? Like? 0:18:22.880 --> 0:18:26.000 Listen to the Scrypto episode. Well, thank you both, so 0:18:26.000 --> 0:18:27.600 so much. What a pleasure to have you on the show. 0:18:28.760 --> 0:18:30.600 You can find more of you. H Young is reporting 0:18:30.600 --> 0:18:33.760 on the Bloomberg terminal, on Bloomberg dot com and on Twitter. 0:18:34.240 --> 0:18:38.480 She's at you underscore Young, that's why you e Q 0:18:38.760 --> 0:18:45.560 I underscore y e n G on the next episode 0:18:45.560 --> 0:18:50.280 of Bloomberg Crypto. Of all of the regulatory priorities in 0:18:50.400 --> 0:18:56.240 the world, why is finding Kim Kardashian one point two 0:18:56.240 --> 0:19:02.600 six million dollars at the top of anyone's list. This 0:19:02.680 --> 0:19:05.680 is Bloomberg Crypto, a daily podcast from Bloomberg and I 0:19:05.800 --> 0:19:09.040 Heart Radio. For more shows from I Heart Radio, visit 0:19:09.080 --> 0:19:12.119 the I Heart Radio app, Apple Podcasts, or wherever you 0:19:12.160 --> 0:19:16.159 get your podcasts. Send us your comments, questions, or suggestions 0:19:16.200 --> 0:19:19.199 for the show to Crypto at Bloomberg dot net or 0:19:19.240 --> 0:19:24.719 find us on Twitter. We're at Crypto. The supervising producer 0:19:24.760 --> 0:19:28.240 of Bloomberg Crypto is Vicky Vergelina. Our senior producer is 0:19:28.320 --> 0:19:32.800 Janet babin Our producer is Sharon Berrio, Associate producer is 0:19:32.840 --> 0:19:37.280 Thy Butler. Desta wonder At is our engineer. Original music 0:19:37.400 --> 0:19:41.920 by Leo Sidrin. I'm Stacy Marie schmal We'll be back tomorrow.