WEBVTT - Global Virus Resurgence Tied to Delta Variant 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovik. We're here every day bringing 0:00:07.320 --> 0:00:12.000 you the latest news from the world to business and finance, cluf, technology, politics, economics, 0:00:12.039 --> 0:00:15.000 all parnessing the power of Business Week reporters and editors, 0:00:15.160 --> 0:00:18.000 not to mention our journalists and analyst in more than 0:00:18.040 --> 0:00:22.160 one twenty countries. You can download Bloomberg Business Week on iTunes, SoundCloud, 0:00:22.239 --> 0:00:24.280 or Bloomberg dot Com. You can also listen to our 0:00:24.360 --> 0:00:27.120 radio show at two pm Eastern Time on Bloomberg Radio 0:00:27.240 --> 0:00:30.920 or watch us on YouTube search Bloomberg Clovel News. Well 0:00:30.960 --> 0:00:33.240 a lot of virus headlines to get to on this 0:00:33.360 --> 0:00:37.720 Friday afternoon. Visor shots halting severe illness but still allowing 0:00:37.760 --> 0:00:41.519 infection in Israel, Fiser also supplying the US with millions 0:00:41.520 --> 0:00:44.400 of shots for young kids, and then l A's fully 0:00:44.479 --> 0:00:48.159 vaccinated people. They are making up one in five infections 0:00:48.280 --> 0:00:50.920 right now. And I do want to get an update 0:00:51.000 --> 0:00:53.600 to the global tracker that we follow here at Bloomberg, 0:00:53.640 --> 0:00:57.840 cases topping one point five million and death succeeding four 0:00:57.920 --> 0:00:59.800 point one million. At the same time, more than three 0:01:00.200 --> 0:01:03.160 seven billion doses of the vaccine have been administered. We 0:01:03.160 --> 0:01:06.319 should note that many of those vaccine doses do require 0:01:06.400 --> 0:01:10.520 two shots to have someone considered fully vaccinated. Well, let's 0:01:10.520 --> 0:01:12.520 get to all that and more with Dr Ian LUs Beder, 0:01:12.600 --> 0:01:15.320 clinical Professor of Medicine at n y u's Lango and 0:01:15.480 --> 0:01:17.720 Medical Center. He joins us now on the phone from 0:01:17.800 --> 0:01:21.319 Long Island. Dr LUs Beder, how are you good? Good? 0:01:21.400 --> 0:01:24.319 Thank you Tim. Happy Friday. Yeah, Happy Friday. It's good 0:01:24.360 --> 0:01:27.040 to talk to you. Um. I want to talk a 0:01:27.080 --> 0:01:30.160 little bit about what we learned from Israel earlier today. 0:01:30.280 --> 0:01:34.720 Fiser's COVID nineteen vaccine provided a strong shield against hospitalization 0:01:34.760 --> 0:01:37.640 and more severe diseases in cases caused by the contagious 0:01:37.720 --> 0:01:40.520 deltavrean in Israel in recent weeks, even though it was 0:01:40.600 --> 0:01:44.040 just thirty nine percent effective in preventing infections. That's according 0:01:44.080 --> 0:01:46.399 to the country's health ministry. What do you what do 0:01:46.400 --> 0:01:49.600 you make of that third nine percent figure? So I 0:01:49.640 --> 0:01:54.400 think we're seeing UH Orwinian behavior in action than UH 0:01:54.800 --> 0:02:00.320 more aggressive viral escape or these breakthrough infections. The good 0:02:00.360 --> 0:02:03.560 news is that the antibodies that are produced by the 0:02:03.680 --> 0:02:07.920 vaccines still seem to provide some good protection in reducing 0:02:08.000 --> 0:02:14.040 hospitalizations in depths. Unfortunately, is becoming less effective over time 0:02:14.480 --> 0:02:18.160 for acquiring the delta infection, and there are a number 0:02:18.200 --> 0:02:21.080 of articles. There's a recent article in Nature from July 0:02:21.160 --> 0:02:27.640 of one that does show the delta variant is less 0:02:27.680 --> 0:02:32.440 resistant to not only monoclonal antibodies, but also to endogenous 0:02:32.480 --> 0:02:36.480 antibodies from vaccines. So, you know, unfortunately the delta variant 0:02:36.639 --> 0:02:40.960 spike has changed enough that it is escaping in part 0:02:41.200 --> 0:02:45.799 the antibodies that we've produced from the vaccine. And hopefully 0:02:46.120 --> 0:02:48.480 it really is a race. It's a race between getting 0:02:48.880 --> 0:02:53.320 enough people vaccinated versus the spread of the delta. And 0:02:53.360 --> 0:02:56.440 at this point it looks like Delta's women. What does 0:02:56.440 --> 0:02:59.920 that look like if Delta wins, not just if it's win, 0:03:00.120 --> 0:03:03.760 but if Delta wins, well, I think it really will 0:03:03.840 --> 0:03:09.040 mean uh more widespread infections and widespread deaths. You know, 0:03:09.080 --> 0:03:11.519 in the United States, you have to sort of compare 0:03:11.520 --> 0:03:14.840 a country to country because they're not all similar. For example, 0:03:14.919 --> 0:03:19.920 Mexico is seeing a big outbreak. Um they're only about vaccinated, 0:03:19.919 --> 0:03:23.600 where over fifty percent vaccinated. India is a little over 0:03:23.680 --> 0:03:28.359 ten percent with a much bigger population. So the substrate 0:03:28.600 --> 0:03:30.880 a number of people who can get sick with Delta 0:03:31.280 --> 0:03:33.720 or any other variant for that matter, is much greater 0:03:33.760 --> 0:03:36.080 in certain countries, but in the United States, I think 0:03:36.360 --> 0:03:39.280 what that means at this point is that we're probably 0:03:39.280 --> 0:03:42.320 looking at another hundred million people at this point who 0:03:42.400 --> 0:03:47.560 have not been vaccinated or may slowly get vaccinated, probably 0:03:47.600 --> 0:03:51.240 acquiring DELTA, and that will probably mean, by my guestimate, 0:03:51.280 --> 0:03:54.680 another one hundred or maybe two hundred thousand deaths, which 0:03:54.680 --> 0:03:57.440 will bring us to the you know, seven to eight 0:03:57.480 --> 0:04:03.480 hundred thousand deaths, which is unfortunate that but that's those 0:04:03.520 --> 0:04:05.440 are the numbers are the way the numbers are looking 0:04:05.480 --> 0:04:07.400 at this time. Well, speaking of numbers, I do want 0:04:07.400 --> 0:04:10.520 to make sure to include these numbers for Viser's vaccine. 0:04:10.560 --> 0:04:13.200 We did mention that it was just thirty effective in 0:04:13.200 --> 0:04:18.120 preventing infections. UH. That's according to the Health Ministry and Israel. UH. 0:04:18.279 --> 0:04:21.599 The Health Ministry also saying that it provided protection against 0:04:21.680 --> 0:04:26.919 hospitalization against severe illness for an unspecified number of people. 0:04:27.320 --> 0:04:30.680 Those people were studied between June and July seventeenth. That's 0:04:30.680 --> 0:04:33.800 according to report They came out Thursday from the Health Ministry. 0:04:33.839 --> 0:04:38.039 So that's that's pretty good news. Because it still is 0:04:38.160 --> 0:04:41.840 very effective in providing against hospitalization and severe illness, right, 0:04:42.839 --> 0:04:46.599 I agree completely. Look, the uh the vaccine over time 0:04:47.240 --> 0:04:51.159 is becoming a little less effective in preventing the acquisition 0:04:51.279 --> 0:04:55.000 of of COVID, but it certainly seems to be pretty 0:04:55.040 --> 0:05:00.479 effective in in preventing severe disease hospitalization, and which is 0:05:00.520 --> 0:05:05.279 really what we want. Unfortunately, Delta has relatively mild symptoms, 0:05:05.360 --> 0:05:10.320 running nose, headache, really common cold symptoms. Some people may 0:05:10.320 --> 0:05:13.440 not even know it. Obviously, if you've had two vaccines 0:05:13.480 --> 0:05:16.880 and you're coughing a lot or short of breath, get retested, 0:05:16.960 --> 0:05:20.680 get a swab, and if you have COVID present on 0:05:20.720 --> 0:05:24.160 the PCR nasal swab, contact your doctor. We do have 0:05:24.240 --> 0:05:28.080 some treatments like monoclone land of bodies which can still 0:05:28.120 --> 0:05:30.760 be effective. They're a little less effective, but this also 0:05:30.839 --> 0:05:33.520 highlights where we do need to look for better treatments. 0:05:34.480 --> 0:05:37.280 Whether and you know, people talk about a variety of 0:05:37.360 --> 0:05:40.920 things that really or very early studies, whether it's hybermettin 0:05:41.040 --> 0:05:43.839 or other anti viral drugs. Mark is working on an 0:05:43.839 --> 0:05:47.920 anti viral you know. Unfortunately, by the time studies come around, 0:05:48.440 --> 0:05:51.080 we will have a lot more infections but fortunately we're 0:05:51.080 --> 0:05:54.520 not seeing uh, greater deaths. It doesn't seem to be 0:05:54.560 --> 0:05:57.280 a more lethal strain, which is good. Yeah, it's good 0:05:57.279 --> 0:05:58.760 to get a little bit of good news in here. 0:05:58.839 --> 0:06:00.560 I do want to get your thoughts on just in 0:06:00.560 --> 0:06:01.960 the last minute that we have, and then we're gonna 0:06:02.000 --> 0:06:04.480 come back to you. Dr Lusbader, los Angeles County's top 0:06:04.480 --> 0:06:06.880 health officials, saying that fully vaccinated people made up one 0:06:06.920 --> 0:06:09.560 in five COVID nineteen infections in June and warned that 0:06:09.600 --> 0:06:11.599 the figure may rise in July with a higher level 0:06:11.600 --> 0:06:14.480 of community transmission. Does this mean that even if we're vaccinated, 0:06:14.520 --> 0:06:18.440 we should be wearing masks? That's a good question, you know, 0:06:18.560 --> 0:06:23.480 Masks or questionably effective. Certainly the N ninety five masks 0:06:23.480 --> 0:06:27.560 are are much more effective. Masks tend to protect other people. 0:06:27.560 --> 0:06:29.800 When you wear a mask, you have COVID, you're coughing, 0:06:30.080 --> 0:06:33.880 it contains those secretions. The virus can really get around 0:06:33.960 --> 0:06:37.480 all normal surgical masks and kind of these barrier masks. 0:06:37.880 --> 0:06:39.560 You know, I think it's something if you have an 0:06:39.640 --> 0:06:43.520 underlying disease or if you're worried, definitely wear a mask. 0:06:43.640 --> 0:06:46.520 There's no harm to that. How beneficial that will be 0:06:46.640 --> 0:06:49.200 is unclear. Well, let's get right back to the latest 0:06:49.279 --> 0:06:51.719 on the virus with Dr Ea must Beader, clinical professor 0:06:51.760 --> 0:06:54.240 of Medicine at n y US Lango and Medical Center. 0:06:54.440 --> 0:06:57.200 He joins us on the phone from Long Island. Dr Lusbader, 0:06:57.279 --> 0:07:00.280 here we are It's July. We are in the thick 0:07:00.320 --> 0:07:04.400 of summer travel season. I traveled for work last week 0:07:04.760 --> 0:07:08.040 over the weekend, and then this week. Airports were absolutely packed. 0:07:08.080 --> 0:07:10.320 There was not an open seat on any of the 0:07:10.360 --> 0:07:12.760 flights that I took. This is happening at a time 0:07:12.760 --> 0:07:15.400 where we are seeing hotspots emerged, not just here in 0:07:15.440 --> 0:07:18.160 the United States among unvaccinated, but in other parts of 0:07:18.160 --> 0:07:20.720 the world too. You mentioned Mexico when we were talking 0:07:20.920 --> 0:07:25.120 earlier today, an article on the Bloomberg by our own 0:07:25.160 --> 0:07:30.320 Andrean Varro writing that COVID's exploding in Camcoon Los Cabos 0:07:30.360 --> 0:07:33.120 as a new wave has hit Mexico and Kancun, for example, 0:07:33.160 --> 0:07:35.320 cases have stored to a point where the hard Rock 0:07:35.360 --> 0:07:38.320 Hotel has set aside two floors for guests with symptoms, 0:07:38.360 --> 0:07:40.880 and some hotels are saying they're offering discounts for those 0:07:40.920 --> 0:07:43.840 who are in quarantine until they're no longer contagious. It 0:07:43.960 --> 0:07:46.720 raises the question should people, even if they're vaccinated, be 0:07:46.800 --> 0:07:50.240 traveling right now? You know that I think has to 0:07:50.280 --> 0:07:53.640 be a very individual decision based on your underlying health 0:07:53.760 --> 0:07:58.200 and when you got the vaccine. We are periodically checking 0:07:58.240 --> 0:08:01.200 antibody levels and most hey and said, I've just randomly 0:08:01.280 --> 0:08:05.679 checked if they're traveling and concerned. Some countries require antibody proof. 0:08:06.560 --> 0:08:10.640 Most antibodies are high, very high from spike protein. But 0:08:10.800 --> 0:08:14.960 now we're seeing that that alone doesn't really fully protect you. Um. 0:08:15.000 --> 0:08:16.640 I think it's going to be very hard to get 0:08:16.640 --> 0:08:18.920 the genie back in the bottle. You know, we're really 0:08:18.960 --> 0:08:23.320 only vaccinating globally a very small percent. It is likely 0:08:23.400 --> 0:08:26.000 this is just going to continue to spread because it's 0:08:26.000 --> 0:08:30.000 so highly contagious and uh fortunately not more lethal, but 0:08:30.280 --> 0:08:33.640 totally you will have an increased number of deaths. Um. 0:08:33.760 --> 0:08:36.120 I think people have to be careful to go to 0:08:36.720 --> 0:08:41.200 hot spots like Mexico or only people are vaccinated and 0:08:41.240 --> 0:08:44.240 they're having outbreaks. You know, I would think twice about 0:08:44.520 --> 0:08:47.240 putting myself in that environment if I could avoid it, 0:08:47.400 --> 0:08:50.880 or uh to be very careful and distance and try 0:08:50.920 --> 0:08:54.000 and get an N ninety masks. Did you say that 0:08:54.080 --> 0:08:56.920 you were able to test for antibody levels ahead of 0:08:57.280 --> 0:09:00.600 people going to hot spots. Yeah. I don't want to 0:09:00.679 --> 0:09:04.920 encourage everyone running to their doctors saying please send antibody levels, 0:09:05.679 --> 0:09:10.199 but just randomly in some patients because when they do travel, 0:09:10.280 --> 0:09:14.319 they're they're required to not only show proof of vaccination, 0:09:14.360 --> 0:09:18.000 but actually antibodies, and so randomly. When I've checked people 0:09:18.120 --> 0:09:21.520 for spike protein, they're very, very high, which is good. 0:09:21.559 --> 0:09:24.600 In other words, it shows the vaccines are working. You know, 0:09:24.600 --> 0:09:28.560 when there's a debate as to vaccinating younger and younger kids. 0:09:28.600 --> 0:09:32.280 There are pros and cons to that, obviously, But the problem, 0:09:32.360 --> 0:09:36.040 unfortunately is even if you have high antibodies, that doesn't 0:09:36.120 --> 0:09:39.720 seem to prevent the escape. In other words, that delta 0:09:40.440 --> 0:09:43.000 you may get that infection. It does seem to be 0:09:43.040 --> 0:09:46.560 partially controlled, but it doesn't guarantee that you will not 0:09:46.640 --> 0:09:50.719 get that adulta infection for sure. Dr LUs Vader, I 0:09:50.840 --> 0:09:53.080 just wonder, and this is a question that we've we've 0:09:53.080 --> 0:09:57.200 talked about before, with the delta variants spreading so rapidly 0:09:57.400 --> 0:10:00.400 among unvaccinated populations here in the United States. Outside of 0:10:00.440 --> 0:10:02.600 the United States, do we get to a point where 0:10:02.640 --> 0:10:04.760 we think about being on the other side of this 0:10:04.880 --> 0:10:08.480 vaccine are the other side of the pandemic. Rather, is 0:10:08.559 --> 0:10:12.400 just a question of how quickly people can get infected 0:10:12.880 --> 0:10:16.199 and either recover or not recover, And that's how the 0:10:16.280 --> 0:10:20.000 virus dies out right, That's how the that's how the 0:10:20.920 --> 0:10:25.839 pandemic spread. It took three years. Uh large percent of 0:10:25.960 --> 0:10:29.239 it was about a ten percent death rate. We fortunately 0:10:29.280 --> 0:10:32.880 are are much lower than that, somewhere, you know, one 0:10:32.920 --> 0:10:35.960 percent or below, but that varies from country to country. 0:10:35.960 --> 0:10:38.000 There are some countries that have a very high percent, 0:10:38.440 --> 0:10:41.480 whether or not that student poor hospital facilities or underlying 0:10:41.520 --> 0:10:44.839 medical illness is obesity diabetes. Brazil, for example, is a 0:10:44.920 --> 0:10:47.760 very high percent death rate. But yeah, what you're saying is, 0:10:47.840 --> 0:10:51.839 unless we can get vaccines distributed, we're really looking at 0:10:52.559 --> 0:10:55.000 eight billion people. So we're in that, you know, the 0:10:55.000 --> 0:11:00.840 global population getting infected, and most will do well and recover. 0:11:00.960 --> 0:11:04.680 The problem is we're seeing um post covid or long 0:11:04.760 --> 0:11:08.680 hole symptoms. So even though most people do well, their 0:11:09.000 --> 0:11:11.720 COVID leaves a mark. There's some brain issues, the brain 0:11:11.800 --> 0:11:16.480 fog and long hole symptoms. So if you can avoid it, 0:11:16.480 --> 0:11:19.800 it would be good, which is an argument for vaccinating 0:11:19.840 --> 0:11:22.679 young kids. We vaccinated you know, young kids for hepatitis B, 0:11:23.240 --> 0:11:25.680 but in kindergarten, long before they're going to have any 0:11:25.720 --> 0:11:29.640 exposure or possible exposure. So it's something to think about. 0:11:29.679 --> 0:11:33.400 We need, you know, good safety data. But uh, we're 0:11:33.440 --> 0:11:35.880 playing catch up at this point. The virus is really 0:11:35.920 --> 0:11:38.480 outrunning us, and all we can do is try and yeah, 0:11:38.960 --> 0:11:41.480 block and tackle as best as convey. It's too bad 0:11:41.520 --> 0:11:43.280 because a few weeks ago, I don't think we would 0:11:43.280 --> 0:11:46.079 have been having the same conversation. Dr Iain LUs Bader, 0:11:46.120 --> 0:11:48.280 thank you so much for taking the time as you do. 0:11:48.360 --> 0:11:50.599 On Friday's clinical professor of Medicine at n y U 0:11:50.679 --> 0:11:53.000 Lango's Medical Center, he joins us on the phone from 0:11:53.160 --> 0:11:57.480 Long Island. This is Bloomberg Business Week with Carol Masser 0:11:57.679 --> 0:12:02.120 and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well. 0:12:02.120 --> 0:12:04.800 The new issue of Bloomberg Business Week is out on 0:12:04.880 --> 0:12:08.400 newsstands now. All of the articles are also available online. 0:12:08.559 --> 0:12:11.840 Joining me now is Joel Webber, editor at Bloomberg Business Week. 0:12:11.840 --> 0:12:14.840 He's with me in the Bloomberg Interactive Broker Studio. Joel, 0:12:14.840 --> 0:12:16.640 I got my hands on the new issue. The cover 0:12:16.760 --> 0:12:19.640 story the Border, the builder, the Border, and the thirty 0:12:19.800 --> 0:12:24.439 million dollar boondoggle Tommy Fisher. We went through his story yesterday. 0:12:24.640 --> 0:12:27.199 How did you choose it for the cover. We had 0:12:27.200 --> 0:12:31.240 this amazing photo shoot and you know, you get to 0:12:31.280 --> 0:12:35.360 see his wall and it is not ugly, it is striking. 0:12:35.600 --> 0:12:39.000 And we also photographed the very end of it, which 0:12:39.160 --> 0:12:43.240 speaks to the project because he built uh only he's 0:12:43.280 --> 0:12:46.920 only built three miles of it. Uh. It looks highly 0:12:46.960 --> 0:12:49.280 secure because of that. You can just walk around the 0:12:49.360 --> 0:12:51.840 end of it if you mean to. Um. But I 0:12:51.880 --> 0:12:54.679 once up, we kind of saw all the artwork, um, 0:12:54.880 --> 0:12:58.720 and have this great untold story of this guy who 0:12:59.360 --> 0:13:02.520 was bolded up to drop thirty million dollars building a wall. 0:13:02.559 --> 0:13:04.079 I was like, that's an untold story that I want 0:13:04.120 --> 0:13:06.000 on the cover this week. I gotta tell you too. 0:13:06.440 --> 0:13:09.360 Just scrolling through Twitter yesterday and today, this story has 0:13:09.400 --> 0:13:13.920 absolutely taken on wildfire. It totally gone viral. Yeah, why 0:13:13.960 --> 0:13:16.080 do you think that is? I mean, what is that 0:13:16.360 --> 0:13:18.240 not the secret sauce? Because I think that that's kind 0:13:18.240 --> 0:13:20.800 of impossible to answer. But this story seems to kind 0:13:20.800 --> 0:13:23.240 of touch every little list when we think about what 0:13:23.280 --> 0:13:26.240 makes a story work. Well, the I think the backdrop 0:13:26.320 --> 0:13:28.120 to the story is that keep in mind, we have 0:13:28.160 --> 0:13:31.000 a crisis on the southern American border right now, right so, 0:13:31.480 --> 0:13:36.600 and I think wherever your politics are on on immigration, UM, 0:13:37.679 --> 0:13:41.560 on the wall itself, UM, there are elements of the 0:13:41.559 --> 0:13:43.679 story we're going to resonate with you. UM. And I 0:13:43.720 --> 0:13:45.640 think we we told it kind of a bigger story 0:13:46.200 --> 0:13:48.880 UM about the business guy sort of at the center 0:13:48.920 --> 0:13:52.280 of this particular wall, and it's you know, it's really 0:13:52.520 --> 0:13:56.040 we don't go into the the immigration one, we're another. 0:13:56.120 --> 0:13:59.240 So I think it ends up resonating with a lot 0:13:59.280 --> 0:14:02.200 of different odds is because of that, and at the 0:14:02.800 --> 0:14:05.240 at the very center of it is this you know, 0:14:05.320 --> 0:14:08.400 businessman who made a choice to put thirty million dollars 0:14:08.440 --> 0:14:10.880 into a project that he has not made that money 0:14:10.880 --> 0:14:13.000 back on yet. One part of the story that I 0:14:13.040 --> 0:14:16.000 found absolutely fascinating was the idea that the state of 0:14:16.000 --> 0:14:20.520 Texas could actually be the one potentially to continue this 0:14:20.600 --> 0:14:23.920 wall project now that President Trump is no longer in office. 0:14:24.000 --> 0:14:28.160 We have no real intelligence behind that, but Governor Abbott 0:14:28.320 --> 0:14:30.960 has indicated that he is interested in building a wall. 0:14:31.720 --> 0:14:35.400 If you're a Texan and someone's already solved the problem 0:14:35.440 --> 0:14:38.720 for you like Tommy Fisher could have could could have done. 0:14:39.080 --> 0:14:40.800 I think that puts him sort of at the at 0:14:40.800 --> 0:14:44.720 the front of the list, right. Uh, what Tommy Fisher 0:14:44.760 --> 0:14:47.880 accomplished his was the bigger was the bigger thing here, 0:14:47.880 --> 0:14:51.120 which was that he built a wall on private land. 0:14:51.160 --> 0:14:55.160 This is a private project, right, It's not federal land, 0:14:55.320 --> 0:14:58.520 which is what has allowed the wall a wall to 0:14:58.640 --> 0:15:02.560 exist elsewhere on the board. Um, the fact that Texas 0:15:02.640 --> 0:15:05.400 is all privately held along the Rio Grand that's a 0:15:05.480 --> 0:15:07.480 huge problem if you're going to do any sort of 0:15:08.280 --> 0:15:11.480 building like this, and why uh you know, it's sort 0:15:11.520 --> 0:15:14.640 of an unlikely success story for for him, although again 0:15:14.640 --> 0:15:17.360 I will mention that he's still million dollars. Yeah, he's 0:15:17.360 --> 0:15:20.280 still he'll still waiting to get paid. Well, let's move 0:15:20.280 --> 0:15:23.840 a little further west to West Texas. That was the 0:15:23.880 --> 0:15:28.440 site Tuesday of Jeff Bezos taking off from near Van Horne, Texas. 0:15:28.600 --> 0:15:30.640 You were there, I was there. That's how I know 0:15:30.800 --> 0:15:32.760 with miss geography so well. I did a lot of 0:15:32.840 --> 0:15:35.160 driving in West Texas. And by the way, did you 0:15:35.200 --> 0:15:40.560 know that eighty miles an hour? I think I mean advisable. 0:15:40.840 --> 0:15:42.240 I think you can go as fast as you want 0:15:42.280 --> 0:15:45.640 in this teeny little Nissan that I'm hoping I could 0:15:45.640 --> 0:15:49.160 barely make it to eighty miles an hour, but I 0:15:49.360 --> 0:15:52.840 nonetheless was able to Ashley Vance had a great piece 0:15:52.880 --> 0:15:54.440 and has a great piece and the current issue of 0:15:54.440 --> 0:15:56.880 the magazine arguing that the future of space is much 0:15:56.880 --> 0:15:59.720 bigger than just Bezos, Brandson or Musk. It was a 0:15:59.720 --> 0:16:02.960 great read to to really dig into ahead of my 0:16:03.040 --> 0:16:06.160 visit there. Yeah, so actually wrote this story. Um, he 0:16:06.600 --> 0:16:10.080 knows a lot about space and sort of the space economy, 0:16:10.160 --> 0:16:12.920 and what his ultimate takeaway I think in this story 0:16:13.080 --> 0:16:16.760 was like, you know, it's for all the billionaires in space. 0:16:16.800 --> 0:16:20.920 All of a sudden, that is just a very small 0:16:20.960 --> 0:16:25.040 amount of the bigger space story. The space economy, in 0:16:25.200 --> 0:16:29.720 part helped by SPACs, actually has really caught fire. We're 0:16:29.720 --> 0:16:32.840 talking like what the economy of the future is really 0:16:32.840 --> 0:16:34.960 going to be powered by this? And I think, you 0:16:35.000 --> 0:16:38.040 know what Musk, the Musk angle here is. You know, obviously, 0:16:38.680 --> 0:16:41.200 um he's in the rocket business, but starlink and the 0:16:41.320 --> 0:16:45.000 internet potential is also on a lot of people's minds. Now, 0:16:45.040 --> 0:16:48.400 as as as that becomes potentially a really viable way 0:16:48.440 --> 0:16:52.040 to get cheap broadband to places that haven't had it yet. 0:16:52.520 --> 0:16:55.120 Um but he also found this kid, And this is 0:16:55.120 --> 0:16:58.640 what I love about what's happened with space. He found 0:16:58.640 --> 0:17:02.239 a kid who's basically just been able to use satellites 0:17:02.560 --> 0:17:07.639 that have amazing imaging capabilities. And and this kid who's 0:17:07.720 --> 0:17:12.560 like just graduating college was the one who found what 0:17:12.800 --> 0:17:16.119 ends up being, um you know, nuclear a nuclears, a 0:17:16.119 --> 0:17:20.199 new nuclear site in China that here too, four was 0:17:20.240 --> 0:17:24.879 previously unknown. Um so actually goes a lot of different places. 0:17:24.920 --> 0:17:27.639 But it's like, forget about the billionaires. There's a lot 0:17:27.680 --> 0:17:29.800 of other really interesting things happening in space. I think 0:17:29.800 --> 0:17:31.760 it's such an important point, and I think it's a 0:17:31.800 --> 0:17:35.399 really good way to think about billionaires going to space, 0:17:35.480 --> 0:17:38.480 because they've said that space torment tourism is just a 0:17:38.520 --> 0:17:40.000 small part of this. And if we were to think 0:17:40.000 --> 0:17:42.399 back to sixty years ago when Alan Shepard was the 0:17:42.400 --> 0:17:45.280 first American to go into space, we didn't know there 0:17:45.320 --> 0:17:46.919 was going to be such thing as an Internet. We 0:17:46.960 --> 0:17:49.680 didn't know that there could be satellites who could deploy 0:17:50.320 --> 0:17:53.080 that Elon Musk could deploy and get Internet to millions 0:17:53.119 --> 0:17:55.040 of people who don't actually have Internet. So I think 0:17:55.040 --> 0:17:56.959 that the opportunities here are ones that we don't even 0:17:57.040 --> 0:17:59.800 know about, and it's potentially the breakthroughs are just going 0:17:59.840 --> 0:18:03.960 to be coming with increasing speed. So the cost of 0:18:03.960 --> 0:18:08.040 getting up there, uh, still beyond my budget, but the 0:18:08.040 --> 0:18:10.440 the other effects that will come out of this stuff 0:18:10.480 --> 0:18:12.399 is going to be I think it's for the next 0:18:12.760 --> 0:18:14.880 five to ten years is gonna be really fascinating space 0:18:14.920 --> 0:18:19.960 to watch. I see what you did there, um, Joel, 0:18:20.000 --> 0:18:22.480 I do want to get to a couple more stories. Uh, 0:18:22.560 --> 0:18:25.680 this one by Kelly Gilblam product placement finds new relevance 0:18:25.800 --> 0:18:29.200 and add free streaming. I think this is really interesting 0:18:29.240 --> 0:18:31.919 story because the part of the reason, and Kelly goes 0:18:31.960 --> 0:18:34.920 into this in the story. You know, because of the 0:18:35.440 --> 0:18:39.560 rivalry and the shake out between Apple and Facebook, there 0:18:39.680 --> 0:18:42.080 is this sort of new dawn that I think everyone's 0:18:42.119 --> 0:18:44.360 trying to figure out what it's gonna look like. How 0:18:44.400 --> 0:18:48.040 are advertisers going to spend that money when suddenly you 0:18:48.160 --> 0:18:51.480 can't Facebook maybe doesn't track them as well now that 0:18:51.640 --> 0:18:54.520 users have the ability to opt out with iPhones and whatnot. 0:18:54.840 --> 0:18:58.080 So Kelly had this great little insight which was like, 0:18:58.119 --> 0:19:01.399 product placement has already been boom me and it's because 0:19:01.520 --> 0:19:04.159 people are getting out of Obviously the linear version of 0:19:04.160 --> 0:19:08.479 this on traditional shows and the streaming era makes it 0:19:08.760 --> 0:19:12.480 way more competitive because there's so much more opportunity and 0:19:12.680 --> 0:19:16.679 you can also digitally change the product part is unbelievable. 0:19:16.720 --> 0:19:18.600 The image that you have here like a green screen, 0:19:18.880 --> 0:19:22.240 take your pick? What what your brand here? Right? Well 0:19:22.600 --> 0:19:26.000 thereos free lay you name. It could be Ruffles next week, 0:19:26.160 --> 0:19:27.800 That's what I mean. When can they change it based 0:19:27.840 --> 0:19:30.000 on who's watching? Yeah, I think it's tied to how 0:19:30.080 --> 0:19:32.600 much money you're willing to spend, maybe the length of 0:19:32.600 --> 0:19:35.520 the contract, but you know, I think the takeaway here 0:19:35.640 --> 0:19:39.280 is um is that we don't know how big this 0:19:39.320 --> 0:19:42.760 could get. But even a retro space like products, it 0:19:42.800 --> 0:19:44.960 could be on fire. Again. Well, it's a fantastic issue 0:19:45.000 --> 0:19:47.520 full of great stories. Joe Weber, Editor Bloomberg Business Week, 0:19:47.520 --> 0:19:49.399 with me in the Bloomberg in Active Broker Studio. Check 0:19:49.440 --> 0:19:51.600 out the new issue of Bloomberg Business Week online and 0:19:51.800 --> 0:19:59.119 on news stands. Now, this is Bloomberg. You're listening to 0:19:59.240 --> 0:20:03.119 Bloomberg b This Week with Carol Master and Bloomberg Quick Takes. 0:20:03.200 --> 0:20:08.880 Tim Stinovic on Bloomberg Radio's Well Happy Friday, Everybody, tim 0:20:08.920 --> 0:20:11.760 Stenavig live in the Interactive Broker's studio in New York. 0:20:11.800 --> 0:20:14.560 Carol Master is off today. The price of bitcoin right 0:20:14.600 --> 0:20:19.080 now pretty much flat, trading at just over one and 0:20:19.240 --> 0:20:22.400 fifty dollars, still down more than fifty from its high 0:20:22.480 --> 0:20:25.640 of nearly sixty five thousand dollars back in April. Well, 0:20:25.680 --> 0:20:29.800 let's get into all things bitcoin, cryptocurrency, decentralized finance a 0:20:29.920 --> 0:20:32.720 k a d FI and more with Michael Son and Shine, 0:20:32.760 --> 0:20:35.280 the CEO of Gray Scale Investments. It's the world's largest 0:20:35.320 --> 0:20:38.520 digital currency asset manager. Michael, it's so great to chat 0:20:38.560 --> 0:20:41.280 with you. How you doing on this Friday afternoon. I 0:20:41.280 --> 0:20:43.800 am doing excellent. Thank you so much for having me 0:20:43.840 --> 0:20:45.879 excited to chat with you. Well, I'm excited as well. 0:20:45.880 --> 0:20:47.359 I want to start with the big picture here, just 0:20:47.359 --> 0:20:50.040 the price of bitcoin. I think still when people think cryptocurrency, 0:20:50.040 --> 0:20:51.920 bitcoin is the number one thing that comes to mind, 0:20:51.920 --> 0:20:53.439 and you can't help but think about that more than 0:20:53.480 --> 0:20:56.520 fifty to client that we have seen in recent months 0:20:56.520 --> 0:20:58.560 struggling to get back to anywhere close to where it 0:20:58.680 --> 0:21:00.600 was back in April. Well, what do you make of 0:21:00.600 --> 0:21:02.920 the volatility that we've seen and sort of the struggle 0:21:02.960 --> 0:21:06.680 for it to get higher. I think investors are used 0:21:06.720 --> 0:21:09.680 to this kind of volatility UM in the digital currency 0:21:09.720 --> 0:21:14.080 asset class as a whole um that certainly includes bitcoin UM. 0:21:14.119 --> 0:21:17.840 It has been a very interesting market. I think we've 0:21:17.880 --> 0:21:22.640 seen a couple of UM exchanges UM have some leverage 0:21:22.680 --> 0:21:24.800 come out of them, which we generally think is something 0:21:24.840 --> 0:21:28.399 that's healthy for the overall ecosystem. But when we do 0:21:28.520 --> 0:21:31.000 see pullbacks and prices like this, which is not a 0:21:31.040 --> 0:21:34.560 new phenomenon within crypto, we tend to see these kinds 0:21:34.600 --> 0:21:38.639 of corrections see the asset class form a stronger base 0:21:38.760 --> 0:21:42.320 to only eventually go on to take out higher highs 0:21:42.359 --> 0:21:45.680 over time. And so when investors do think the pullbacks, 0:21:45.720 --> 0:21:48.760 they will often use them opportunistically to add to their 0:21:48.800 --> 0:21:52.439 positions and be able to form you know, a larger 0:21:52.480 --> 0:21:56.000 position in digital assets like bitcoin and others. What about 0:21:56.000 --> 0:21:59.120 the next positive catalyst for for bitcoin? I I can 0:22:00.080 --> 0:22:03.720 clearly remember the biggest negative catalysts that we recently heard about, 0:22:03.880 --> 0:22:06.240 and I think it's fair to say that Elon Musk 0:22:06.600 --> 0:22:10.600 expressing concerns a few months ago over the environmental cost 0:22:10.640 --> 0:22:15.480 associated with cryptocurrencies and and bitcoin, but that came after 0:22:15.840 --> 0:22:18.640 he said that Tesla would accept bitcoin is payment for 0:22:18.800 --> 0:22:22.400