1 00:00:03,040 --> 00:00:06,320 Speaker 1: From the Heart of where Innovation, money and power Colli 2 00:00:07,160 --> 00:00:11,680 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:11,760 --> 00:00:27,159 Speaker 1: Emily Jay I'm Emily Chang in San Francisco, and this 4 00:00:27,200 --> 00:00:29,960 Speaker 1: is Bloomberg Technology. Coming up in the next hour. China 5 00:00:30,160 --> 00:00:34,000 Speaker 1: on lockdown, sparking a sell off across Chinese stocks, delays 6 00:00:34,040 --> 00:00:37,200 Speaker 1: in exports of just about everything to countries around the world, 7 00:00:37,440 --> 00:00:41,200 Speaker 1: and comparisons to the two thousand eight financial crisis based 8 00:00:41,240 --> 00:00:44,640 Speaker 1: on top of concerns about China's ties to Russia. We 9 00:00:44,680 --> 00:00:48,159 Speaker 1: will discuss plus. Mark Zuckerberg lays out his vision for 10 00:00:48,200 --> 00:00:51,320 Speaker 1: the Metaverse at south By Southwest in Austin, Texas. From 11 00:00:51,360 --> 00:00:54,840 Speaker 1: Avatars and Creators to the Future of Work, will critique 12 00:00:54,880 --> 00:00:58,600 Speaker 1: his take on the economies of the future. And my 13 00:00:58,680 --> 00:01:01,680 Speaker 1: exclusive conversation with the and new CEO of All Rays 14 00:01:01,760 --> 00:01:04,560 Speaker 1: working to raise up more women in tech, how she 15 00:01:04,640 --> 00:01:07,680 Speaker 1: plans to make much needed change that has so far 16 00:01:07,840 --> 00:01:20,040 Speaker 1: seemed impossible. Mark Zuckerberg speaking at south By Southwest in Austin, Texas, 17 00:01:20,160 --> 00:01:22,080 Speaker 1: laying out his vision for the metaverse and how he 18 00:01:22,120 --> 00:01:25,800 Speaker 1: believes meta is building the fundamental technologies that will make 19 00:01:25,800 --> 00:01:29,120 Speaker 1: it possible. Let's dig into that conversation with Blueberks Kurt Wagner, 20 00:01:29,160 --> 00:01:31,920 Speaker 1: who covers Meta for US, saying, Kurt, looking at the 21 00:01:32,040 --> 00:01:34,280 Speaker 1: highlights from this interview, I know we were hoping for 22 00:01:34,360 --> 00:01:37,760 Speaker 1: some hard news questions, for for some commentary on what's 23 00:01:37,800 --> 00:01:41,560 Speaker 1: going on in Russia, Facebook and its properties getting shut down. 24 00:01:41,680 --> 00:01:44,880 Speaker 1: That's not so much what we heard today, is it. No, 25 00:01:45,040 --> 00:01:48,960 Speaker 1: it's not. Mark Zuckerberg started the conversation by acknowledging the 26 00:01:48,960 --> 00:01:51,400 Speaker 1: elephant in the room. Of course, this this war that 27 00:01:51,520 --> 00:01:53,760 Speaker 1: is going on, his services kind of at the center 28 00:01:53,800 --> 00:01:56,760 Speaker 1: of a lot of the information sharing that's happening there. 29 00:01:56,800 --> 00:01:59,400 Speaker 1: You know, he said the things that you're supposed to say. 30 00:01:59,440 --> 00:02:02,640 Speaker 1: He said, Hey, I'm thinking of the people in Ukraine 31 00:02:02,760 --> 00:02:05,120 Speaker 1: that there's not much you know, that that I can 32 00:02:05,120 --> 00:02:08,280 Speaker 1: say that will do justice to what's happening there. Um. 33 00:02:08,280 --> 00:02:10,440 Speaker 1: But really he didn't get into any of the specifics, 34 00:02:10,440 --> 00:02:12,960 Speaker 1: and he didn't take any questions about the specifics, and 35 00:02:13,000 --> 00:02:15,959 Speaker 1: I think it's just yet another sign of how much 36 00:02:15,960 --> 00:02:19,680 Speaker 1: he's giving that portion of Meta's business, that portion of 37 00:02:19,760 --> 00:02:22,680 Speaker 1: Meta's operations over to Nick Clegg, the head of policy there, 38 00:02:22,720 --> 00:02:26,320 Speaker 1: who's been very forlorward and public about the company's stance 39 00:02:26,400 --> 00:02:28,640 Speaker 1: in in Russian Ukraine over the last couple of weeks. 40 00:02:28,639 --> 00:02:31,040 Speaker 1: So this was him kind of acknowledging what he what 41 00:02:31,120 --> 00:02:32,960 Speaker 1: he felt he needed to acknowledge, but then moving on 42 00:02:33,000 --> 00:02:35,000 Speaker 1: to what he wants to talk about, of course, which 43 00:02:35,040 --> 00:02:37,880 Speaker 1: is the metaverse, and not just the metaverse, but the 44 00:02:38,000 --> 00:02:41,120 Speaker 1: economy of the metaverse. I want to take a quick 45 00:02:41,160 --> 00:02:44,799 Speaker 1: listen to a clip from that conversation earlier. And these 46 00:02:44,800 --> 00:02:48,000 Speaker 1: are gonna be basically creators who are basically building all 47 00:02:48,000 --> 00:02:49,880 Speaker 1: of these different experiences, and I think that's going to 48 00:02:49,919 --> 00:02:53,720 Speaker 1: create this massive new economy around a lot of this 49 00:02:54,280 --> 00:02:57,920 Speaker 1: that that hopefully will support many, many millions of jobs 50 00:02:57,960 --> 00:03:00,600 Speaker 1: and people doing the kind of creative work that um 51 00:03:00,680 --> 00:03:02,560 Speaker 1: that they want to instead of maybe the kinds of 52 00:03:02,639 --> 00:03:05,320 Speaker 1: jobs that they feel they have to today. Girl, do 53 00:03:05,360 --> 00:03:07,640 Speaker 1: you buy into this idea that the metaverse will create 54 00:03:07,639 --> 00:03:10,520 Speaker 1: a too truly new economy? For example, how many new 55 00:03:10,639 --> 00:03:14,399 Speaker 1: jobs will this create? I couldn't tell you how many 56 00:03:14,440 --> 00:03:16,280 Speaker 1: new jobs, but I do think that it's going to 57 00:03:16,320 --> 00:03:20,679 Speaker 1: open up a lot of probably commerce related initiatives and 58 00:03:20,840 --> 00:03:22,800 Speaker 1: opportunities that we don't think about today. You know, he 59 00:03:22,880 --> 00:03:26,920 Speaker 1: talked about the idea of even dressing your avatar right 60 00:03:26,960 --> 00:03:29,359 Speaker 1: and and just similar to how you have a wardrobe 61 00:03:29,360 --> 00:03:31,600 Speaker 1: at home, you choose what you want to wear for work, 62 00:03:31,960 --> 00:03:34,720 Speaker 1: for dinner, for play, whatever it might be. You're gonna 63 00:03:34,760 --> 00:03:37,960 Speaker 1: be presumably doing that with your avatar too. Your avatar 64 00:03:38,080 --> 00:03:40,040 Speaker 1: is gonna show up in different settings, and you might 65 00:03:40,080 --> 00:03:43,080 Speaker 1: want to dress or or act differently in those different places. 66 00:03:43,480 --> 00:03:46,440 Speaker 1: Presumably you might actually spend money on those digital clothes 67 00:03:46,520 --> 00:03:48,520 Speaker 1: right in much the same way. So that's just one example, 68 00:03:48,520 --> 00:03:50,680 Speaker 1: but you could imagine that expand into a bunch of 69 00:03:50,720 --> 00:03:53,920 Speaker 1: different things, you know, workouts, concerts, all the types of 70 00:03:53,920 --> 00:03:56,240 Speaker 1: stuff that you spend money on today in the real world, 71 00:03:56,440 --> 00:03:58,480 Speaker 1: but doing it in a digital environment. I think that's 72 00:03:58,480 --> 00:04:02,320 Speaker 1: what he envisions as this economy surrounding the metaverse. Meantime, 73 00:04:02,360 --> 00:04:04,600 Speaker 1: just a couple days earlier at south By Southwest, I 74 00:04:04,640 --> 00:04:08,800 Speaker 1: asked former Nintendo president Reggie fees M his thoughts on 75 00:04:08,840 --> 00:04:13,480 Speaker 1: Facebook and Zuck's view of the metaverse. He is not optimistic. 76 00:04:13,520 --> 00:04:17,599 Speaker 1: Take a listen to a portion of that conversation. I'm 77 00:04:17,600 --> 00:04:20,520 Speaker 1: not a buyer of that idea. I don't think that 78 00:04:21,279 --> 00:04:26,400 Speaker 1: their current definition is going to be successful. Why do 79 00:04:26,480 --> 00:04:29,880 Speaker 1: I say that. I say that because, first, you know 80 00:04:29,960 --> 00:04:32,200 Speaker 1: and I don't know if anyone from Facebook is here, 81 00:04:32,320 --> 00:04:37,919 Speaker 1: but you you have to admit that Facebook itself is 82 00:04:37,960 --> 00:04:42,719 Speaker 1: not an innovative company. Not mincing words there. Facebook is 83 00:04:42,760 --> 00:04:45,599 Speaker 1: not an innovative company. I'm sure that's not something Mark 84 00:04:45,720 --> 00:04:49,080 Speaker 1: Zuckerberg would want to hear. No, not at all. I mean, 85 00:04:49,600 --> 00:04:52,599 Speaker 1: but it's hard to dispute in some cases because a 86 00:04:52,640 --> 00:04:55,760 Speaker 1: lot of the stuff that Facebook has, dawne really well, 87 00:04:56,279 --> 00:04:59,400 Speaker 1: have actually been inventions that were created by other people, right. 88 00:04:59,440 --> 00:05:04,000 Speaker 1: I mean, they acquired Instagram, they acquired WhatsApp, they acquired Oculus, 89 00:05:04,040 --> 00:05:06,960 Speaker 1: and while they certainly helped build those those services into 90 00:05:06,960 --> 00:05:09,200 Speaker 1: what they are today, a lot of the features that 91 00:05:09,240 --> 00:05:12,200 Speaker 1: we know stories reels on Facebook, which is kind of 92 00:05:12,200 --> 00:05:16,000 Speaker 1: a TikTok clone, right, Facebook has become known for a 93 00:05:16,040 --> 00:05:18,360 Speaker 1: lot of things that other people came up with. Now, 94 00:05:18,760 --> 00:05:22,120 Speaker 1: maybe that's the difference between inventing something and making it 95 00:05:22,560 --> 00:05:26,560 Speaker 1: massively popular, which is something they're they're capable of doing, alright, 96 00:05:26,600 --> 00:05:30,640 Speaker 1: Bloomberg's Kurt Wagner, thanks for breaking it down. Meantime, last week, 97 00:05:30,680 --> 00:05:33,760 Speaker 1: Bloomberg News reported that by Now pay Later lender Affirm 98 00:05:34,040 --> 00:05:36,960 Speaker 1: delayed a proposed asset back bond sale after a major 99 00:05:37,000 --> 00:05:39,320 Speaker 1: investor in the top rated portion of that deal backed 100 00:05:39,320 --> 00:05:43,000 Speaker 1: out last minute due to market volatility. I spoke about 101 00:05:43,000 --> 00:05:45,479 Speaker 1: this with a firm founder and CEO, Max Levchin, but 102 00:05:45,560 --> 00:05:48,960 Speaker 1: started by asking about the conflict in Ukraine, a country 103 00:05:49,000 --> 00:05:53,000 Speaker 1: he fled as a child. Take a listen. I have 104 00:05:53,360 --> 00:05:59,520 Speaker 1: people there, I have cele relatives, friends, former classmates, colleagues, UM, 105 00:05:59,680 --> 00:06:02,599 Speaker 1: and UH, it's horrible what's going on there. And I 106 00:06:02,640 --> 00:06:09,560 Speaker 1: think the human cost that it's now crisis proportions. UM 107 00:06:09,680 --> 00:06:11,560 Speaker 1: don't have to be born in Key or Ukraine to 108 00:06:11,760 --> 00:06:14,600 Speaker 1: UH to understand just how awful it is, but certainly 109 00:06:14,640 --> 00:06:18,960 Speaker 1: it does not does not help to UH to recognize 110 00:06:18,960 --> 00:06:21,360 Speaker 1: the streets in some of the footage. I've been very 111 00:06:21,400 --> 00:06:26,039 Speaker 1: focused on trying to channel all of our family charitable 112 00:06:26,360 --> 00:06:30,640 Speaker 1: contributions to refugee helping charities on the Polish border. I 113 00:06:30,680 --> 00:06:32,919 Speaker 1: think that's probably the most concentrated thing one can do 114 00:06:33,000 --> 00:06:35,760 Speaker 1: right now financially, to just try to upset some of 115 00:06:35,800 --> 00:06:41,480 Speaker 1: the damage. Now. It's also having a macro economic cost, 116 00:06:41,600 --> 00:06:46,320 Speaker 1: as we're seeing John mentioned Affirm halting this big planned 117 00:06:46,680 --> 00:06:51,359 Speaker 1: bond sale or asset BacT Securities, a big investor pulling out. 118 00:06:51,520 --> 00:06:53,240 Speaker 1: It seemed like this was going to go through why 119 00:06:53,279 --> 00:06:58,000 Speaker 1: did that investor pull out? Um? So that's actually, you know, 120 00:06:58,120 --> 00:07:00,159 Speaker 1: probably pretty important to set the record straight. So I'll 121 00:07:00,200 --> 00:07:03,159 Speaker 1: I'll start from far, but I'll cover this very carefully. 122 00:07:03,200 --> 00:07:05,080 Speaker 1: So first of all, we've known each other for a 123 00:07:05,120 --> 00:07:06,960 Speaker 1: long time. You know that I am an engineer and 124 00:07:07,080 --> 00:07:09,000 Speaker 1: think like an engineer. So we built the entirety of 125 00:07:09,000 --> 00:07:13,680 Speaker 1: a firm through this whole engineering concept of full redundancy 126 00:07:13,680 --> 00:07:16,440 Speaker 1: and resiliency. So our servers have tons of redundancy. Our 127 00:07:16,520 --> 00:07:18,080 Speaker 1: products have a lot of ways of a complish the 128 00:07:18,080 --> 00:07:21,040 Speaker 1: same thing. Are funding for our loans. Since we're not 129 00:07:21,080 --> 00:07:23,200 Speaker 1: a bank, we have to fund loans from from the outside, 130 00:07:23,400 --> 00:07:26,280 Speaker 1: has lots of lots of redundancy. We have ASIDA execurizations, 131 00:07:26,280 --> 00:07:28,240 Speaker 1: which is what we're talking about here. We have warehouse 132 00:07:28,280 --> 00:07:32,120 Speaker 1: lines where we basically place these loans into a warehouse 133 00:07:32,200 --> 00:07:35,520 Speaker 1: arrangement that we sell our loans directly through forward flow arrangements. 134 00:07:36,040 --> 00:07:40,960 Speaker 1: The deal that we were contemplating executing last Friday was 135 00:07:41,040 --> 00:07:45,120 Speaker 1: a refinancing with an existing ASTA security. One of the investors, 136 00:07:45,160 --> 00:07:47,480 Speaker 1: as you correctly pointed out, felt that the market volatility 137 00:07:47,480 --> 00:07:52,760 Speaker 1: overall just made them decided to pause a purchase of bonds, 138 00:07:53,040 --> 00:07:57,560 Speaker 1: and the deal had a real opportunity of becoming economically 139 00:07:57,880 --> 00:08:02,120 Speaker 1: less financially attractive to us than our other funding sources. 140 00:08:02,200 --> 00:08:05,840 Speaker 1: So we very quickly pivoted to place the same assets 141 00:08:05,880 --> 00:08:08,920 Speaker 1: to a much better economic arrangement. And so it is 142 00:08:08,960 --> 00:08:11,400 Speaker 1: correct that we decided not to do this deal, but 143 00:08:11,440 --> 00:08:13,960 Speaker 1: this was entirely an economic choice in our part in 144 00:08:14,040 --> 00:08:16,600 Speaker 1: favor of a firm, and part of what we said 145 00:08:16,840 --> 00:08:20,440 Speaker 1: um yesterday to sort of highlight the point of this 146 00:08:20,520 --> 00:08:22,880 Speaker 1: isn't just a choice we made specifically because you know 147 00:08:22,920 --> 00:08:25,920 Speaker 1: that that's what I wanted to do for funding. Our 148 00:08:26,120 --> 00:08:29,840 Speaker 1: profitability guide was raised specifically to make the point that 149 00:08:30,160 --> 00:08:33,320 Speaker 1: even as we shift between different funding sources, we're not 150 00:08:33,400 --> 00:08:35,680 Speaker 1: going to see any deterioration of our margin. In fact, 151 00:08:35,760 --> 00:08:38,000 Speaker 1: we intend to improve it and expect to improve it. Right, 152 00:08:38,960 --> 00:08:41,960 Speaker 1: so will you launch that deal again? And if so when, 153 00:08:42,120 --> 00:08:45,120 Speaker 1: especially in the context of the market volatility that we're 154 00:08:45,120 --> 00:08:48,880 Speaker 1: talking about, UH is we're certainly always looking to both 155 00:08:48,960 --> 00:08:52,240 Speaker 1: expand our funding sources. And this is not our first 156 00:08:52,280 --> 00:08:55,160 Speaker 1: deal and certainly not our last deal. And as we 157 00:08:55,640 --> 00:08:58,600 Speaker 1: watched the asset eccurities market will certainly come back to 158 00:08:58,640 --> 00:09:02,240 Speaker 1: it with other products I've literally spoken with handful of 159 00:09:02,320 --> 00:09:05,320 Speaker 1: ADS investors last twenty four hours and asked them, so, 160 00:09:05,400 --> 00:09:07,360 Speaker 1: how do you feel, you know, just trying to get 161 00:09:07,360 --> 00:09:09,160 Speaker 1: the market color, and the answer has been, Oh, you 162 00:09:09,160 --> 00:09:13,079 Speaker 1: guys are the quality and the market is definitely very volatile, 163 00:09:13,120 --> 00:09:15,040 Speaker 1: but their flight to quality that secretes to you guys. 164 00:09:15,040 --> 00:09:17,880 Speaker 1: And so we'll absolutely launched the next deal when the 165 00:09:17,960 --> 00:09:22,120 Speaker 1: time is right a firm founder and CEO Max Levchin there. 166 00:09:22,160 --> 00:09:24,199 Speaker 1: You can catch the full interview at Bloomberg dot com. 167 00:09:24,200 --> 00:09:26,079 Speaker 1: Coming up, the Future of Money, We're gonna hear from 168 00:09:26,080 --> 00:09:28,680 Speaker 1: Mike Novograts on Bloomberg New Crypto Show to talk about 169 00:09:28,720 --> 00:09:31,880 Speaker 1: the role of digital assets in the War on Ukraine 170 00:09:32,080 --> 00:09:50,120 Speaker 1: and more next. Global stock markets have whipsode investors in 171 00:09:50,200 --> 00:09:53,640 Speaker 1: recent weeks with the War on Ukraine. Yet Bitcoin, usually 172 00:09:53,679 --> 00:09:56,120 Speaker 1: no stranger to wild moves, has been locked in its 173 00:09:56,280 --> 00:09:58,760 Speaker 1: narrowest trading range more than a year, a trend that's 174 00:09:58,800 --> 00:10:02,360 Speaker 1: likely to continue, according to Mike Novograts of Galaxy Digital. 175 00:10:02,480 --> 00:10:05,400 Speaker 1: He joined Bloomberg New Crypto Show Bloomber Crypto earlier with 176 00:10:05,400 --> 00:10:09,160 Speaker 1: Matt Miller and Kaylee Lines. Take a listen. Let's say 177 00:10:09,160 --> 00:10:11,400 Speaker 1: the dollar might never be the same, right I mean, 178 00:10:11,400 --> 00:10:13,320 Speaker 1: I think the biggest thing that's happened in the last 179 00:10:13,800 --> 00:10:17,800 Speaker 1: ten years, in lots of ways, maybe longer, is when 180 00:10:18,840 --> 00:10:22,680 Speaker 1: Europe the US said, hey, Russia, those reserves that you 181 00:10:22,720 --> 00:10:26,040 Speaker 1: thought were yours, they're not really your reserves. So what 182 00:10:26,080 --> 00:10:29,640 Speaker 1: does that mean? It means the dollar or treasuries as 183 00:10:29,640 --> 00:10:32,360 Speaker 1: a risk free asset isn't so resfree. It's not resfree 184 00:10:32,400 --> 00:10:34,320 Speaker 1: if you're Russian, and maybe if you're Chinese, you're like, 185 00:10:35,040 --> 00:10:37,640 Speaker 1: might not be a risk free either, uh. And so 186 00:10:38,120 --> 00:10:41,199 Speaker 1: I think it's we're entering in a world uh that's 187 00:10:41,240 --> 00:10:44,600 Speaker 1: unknown where people are going to struggle to figure out 188 00:10:44,720 --> 00:10:49,040 Speaker 1: what is the reserve currency. The US isn't going away, right, Uh, 189 00:10:49,600 --> 00:10:51,320 Speaker 1: the dollar is not going away, but it's not going 190 00:10:51,360 --> 00:10:53,000 Speaker 1: to be the sole place. And so I think you're 191 00:10:53,000 --> 00:10:57,360 Speaker 1: gonna see this hodgepodge of assets. Gold, certainly digital digital 192 00:10:57,360 --> 00:11:00,559 Speaker 1: assets are gonna be part of that that bucket. The 193 00:11:00,559 --> 00:11:03,160 Speaker 1: whole world is not gonna flip the bitcoin overnight, but 194 00:11:03,240 --> 00:11:05,840 Speaker 1: you're going to see more and more people say I 195 00:11:05,920 --> 00:11:08,200 Speaker 1: want to have some of my money outside of the sovereign. 196 00:11:08,559 --> 00:11:10,520 Speaker 1: How do you deal with that debate? Though, because a 197 00:11:10,520 --> 00:11:13,040 Speaker 1: lot of people are talking about the problem with cryptocurrency 198 00:11:13,120 --> 00:11:16,440 Speaker 1: is that you can use it to circumvent um these sanctions. 199 00:11:16,440 --> 00:11:18,439 Speaker 1: On the other hand, people in the community are saying, 200 00:11:18,800 --> 00:11:21,320 Speaker 1: that's the point, right, we don't want government censorship to 201 00:11:21,320 --> 00:11:23,560 Speaker 1: be able to take away our property. So let's let's 202 00:11:23,559 --> 00:11:27,120 Speaker 1: talk big and small. There's zero chance the Russian government 203 00:11:27,120 --> 00:11:30,880 Speaker 1: can use cryptocurrencies a circumvent right. We're regular by twenty 204 00:11:30,920 --> 00:11:34,600 Speaker 1: five different agencies Galaxy and I'm sure you know f 205 00:11:34,720 --> 00:11:37,640 Speaker 1: t X and Finance and the others have have just 206 00:11:37,720 --> 00:11:41,679 Speaker 1: as many. And so almost all crypto moves to exchanges. 207 00:11:41,960 --> 00:11:45,000 Speaker 1: Those exchanges have k y c amail processes just like 208 00:11:45,400 --> 00:11:50,480 Speaker 1: Trade five exchanges. Uh. And so plus bitcoin is a 209 00:11:50,480 --> 00:11:53,439 Speaker 1: public blockchain, you know. Way back we hired Mike Morell, 210 00:11:53,440 --> 00:11:56,080 Speaker 1: who had run the c I a week Galaxy at 211 00:11:56,080 --> 00:11:58,840 Speaker 1: a few other companies, to do a study on bitcoin. 212 00:11:59,280 --> 00:12:03,320 Speaker 1: And he did like a ten weeks exhaust exhaustive study 213 00:12:03,360 --> 00:12:06,679 Speaker 1: with the security agencies, with the three letter agencies, with 214 00:12:06,720 --> 00:12:08,840 Speaker 1: crypto companies, and he came up with the thesis that 215 00:12:09,200 --> 00:12:13,280 Speaker 1: if you're going to design a trap to catch criminals, 216 00:12:13,280 --> 00:12:15,800 Speaker 1: it would look a lot like the bitcoin blockchain. And 217 00:12:15,880 --> 00:12:19,440 Speaker 1: so it's just Elizabeth Warren is just wrong when she 218 00:12:19,480 --> 00:12:23,120 Speaker 1: thinks you can use bitcoin for the Russia to say sanctions, 219 00:12:23,240 --> 00:12:25,080 Speaker 1: and we're looking at it the wrong way. The Russian 220 00:12:25,160 --> 00:12:28,520 Speaker 1: ruble has depreciated over nine in the last ten years, 221 00:12:28,559 --> 00:12:30,640 Speaker 1: just this year, Loan, I think lie to low is 222 00:12:30,679 --> 00:12:35,240 Speaker 1: like sixty. The Turkish Layra did the same. Bitcoin is 223 00:12:35,280 --> 00:12:39,320 Speaker 1: a lifeline to people in countries with really poor stewardships 224 00:12:39,400 --> 00:12:43,360 Speaker 1: of their economy, and we should be thrilled that Russians 225 00:12:43,400 --> 00:12:45,400 Speaker 1: can get some of their money in bitcoins so they're 226 00:12:45,400 --> 00:12:48,640 Speaker 1: not completely broke holding worthless rubles. Well, that brings me 227 00:12:48,679 --> 00:12:51,400 Speaker 1: to the question of what the use cases because in 228 00:12:51,440 --> 00:12:53,640 Speaker 1: the context we're talking about it, it's essentially as a 229 00:12:53,679 --> 00:12:56,480 Speaker 1: replacement for fiat currencies. Is that how you view what 230 00:12:56,559 --> 00:12:59,080 Speaker 1: the fit future of digital assets is? In a store 231 00:12:59,080 --> 00:13:01,840 Speaker 1: of value? So gilassis is a big word, right. I 232 00:13:01,880 --> 00:13:05,079 Speaker 1: think bitcoin has this really beautiful lane of being digital 233 00:13:05,120 --> 00:13:08,240 Speaker 1: gold or a store of value. Everyone has a human 234 00:13:08,360 --> 00:13:11,400 Speaker 1: right to have the fruits of their labor stored somewhere, 235 00:13:11,760 --> 00:13:15,760 Speaker 1: and if you don't trust your your government's currency, traditionally 236 00:13:15,800 --> 00:13:18,080 Speaker 1: we put it in diamonds or gold. This is the 237 00:13:18,080 --> 00:13:20,680 Speaker 1: first really digital version of that, and so I think 238 00:13:20,720 --> 00:13:23,400 Speaker 1: that's bitcoin's use case. Now listen, there's also a lot 239 00:13:23,400 --> 00:13:27,520 Speaker 1: of other digital assets. There's digital uh stable coins, or 240 00:13:27,559 --> 00:13:32,160 Speaker 1: digital dollars or euros. There's things ethereum digital networks and 241 00:13:32,280 --> 00:13:37,680 Speaker 1: f t s right, and so the the the revolution 242 00:13:37,760 --> 00:13:40,679 Speaker 1: that's happening isn't just in one lane. But I think 243 00:13:40,679 --> 00:13:43,240 Speaker 1: for bitcoin it really is a place you store value. 244 00:13:45,120 --> 00:13:49,880 Speaker 1: Galaxy Digital head crypto investor Mike novograts there. You can 245 00:13:49,880 --> 00:13:52,800 Speaker 1: now catch our weekly Bloomberg Crypto Show every Tuesday one 246 00:13:52,960 --> 00:13:55,280 Speaker 1: in Eastern Time, co hosted by my colleagues Matt Miller 247 00:13:55,280 --> 00:13:58,480 Speaker 1: and Kaylee Lines, where they covered the people, transactions and 248 00:13:58,640 --> 00:14:11,840 Speaker 1: technology shaping the world of DeFi welcome back to Bloomberg Technology. 249 00:14:11,840 --> 00:14:15,280 Speaker 1: I'm Emily Chang in San Francisco. Two years into this pandemic, 250 00:14:15,360 --> 00:14:19,120 Speaker 1: working women and especially moms are struggling. We see women 251 00:14:19,240 --> 00:14:23,240 Speaker 1: leave the workforce at historic levels. A new global study 252 00:14:23,320 --> 00:14:26,440 Speaker 1: found that last year alone, roughly of women left their 253 00:14:26,520 --> 00:14:29,840 Speaker 1: jobs between just March and September alone, most because of 254 00:14:29,880 --> 00:14:34,280 Speaker 1: their responsibilities to care for others. Joining me now Rashman Johnny, 255 00:14:34,320 --> 00:14:36,560 Speaker 1: founder of Girls Who Code and the author of a 256 00:14:36,640 --> 00:14:39,560 Speaker 1: new book Pay Up The Future of Women and Work 257 00:14:39,720 --> 00:14:42,720 Speaker 1: and why It's different than you think, talk to us 258 00:14:42,760 --> 00:14:47,000 Speaker 1: about where we are right now as the pandemic hopefully 259 00:14:47,000 --> 00:14:50,240 Speaker 1: winds down. What are we not seeing, what's different than 260 00:14:50,280 --> 00:14:53,280 Speaker 1: we think? Well, I think we know that workplaces have 261 00:14:53,440 --> 00:14:56,600 Speaker 1: never worked for women, and over the pandemic, you know, 262 00:14:56,680 --> 00:15:00,360 Speaker 1: women found themselves without childcare, with managers who didn't get it, 263 00:15:00,760 --> 00:15:03,880 Speaker 1: with partners who weren't doing their fair share, and now 264 00:15:03,920 --> 00:15:07,280 Speaker 1: women are in crisis. Millions of women have left the workforce. 265 00:15:08,760 --> 00:15:12,320 Speaker 1: Working moms say they're anxious and depressed. We can't go 266 00:15:12,400 --> 00:15:16,280 Speaker 1: back to a broken system. What can business leaders do 267 00:15:16,360 --> 00:15:18,680 Speaker 1: right now to support women in moms in the workforce. 268 00:15:18,840 --> 00:15:20,480 Speaker 1: And I'd love to hear your thoughts on the tech 269 00:15:20,520 --> 00:15:24,840 Speaker 1: industry in particular where it's so male dominated. Yeah, well, 270 00:15:24,880 --> 00:15:27,400 Speaker 1: we have a once in a lifetime opportunity. As you know, Emily, 271 00:15:27,400 --> 00:15:31,760 Speaker 1: the recent jobs report that came out eleven million open jobs. 272 00:15:32,320 --> 00:15:37,000 Speaker 1: CEOs are desperate, desperate for talented workers to fill those jobs. 273 00:15:37,040 --> 00:15:39,400 Speaker 1: So it's the seller's market right now. So I think 274 00:15:39,440 --> 00:15:42,160 Speaker 1: women have an opportunity to ask for what they need. 275 00:15:42,440 --> 00:15:45,280 Speaker 1: And what we need is affordable childcare. What we need 276 00:15:45,480 --> 00:15:48,240 Speaker 1: is paid leave. What we need is employers who are 277 00:15:48,280 --> 00:15:50,880 Speaker 1: going to support us on our mental health. We can 278 00:15:50,920 --> 00:15:52,520 Speaker 1: ask for what we need. We don't have to go 279 00:15:52,560 --> 00:15:57,560 Speaker 1: back to the old normal. There are companies like Netflex, 280 00:15:57,640 --> 00:16:01,880 Speaker 1: like Microsoft, eBay with really strong family and parental leave policies. 281 00:16:02,040 --> 00:16:03,880 Speaker 1: Is that enough or do we need something at a 282 00:16:03,960 --> 00:16:06,520 Speaker 1: national level? And if we need something at a national level, 283 00:16:06,960 --> 00:16:09,400 Speaker 1: why has it been so hard to make that first? 284 00:16:10,240 --> 00:16:12,440 Speaker 1: I don't think it's enough. Look, many tech companies are 285 00:16:12,560 --> 00:16:15,440 Speaker 1: doing you know, they're making progress right there offering some 286 00:16:15,520 --> 00:16:18,840 Speaker 1: of these benefits. But for example, some technology companies like 287 00:16:18,880 --> 00:16:22,480 Speaker 1: Facebook offer more in helping you freeze your eggs than 288 00:16:22,520 --> 00:16:25,200 Speaker 1: in childcare. And we know that the reason why women 289 00:16:25,240 --> 00:16:27,400 Speaker 1: are not returning back to work is because childcare is 290 00:16:27,440 --> 00:16:30,960 Speaker 1: too expensive. Most families spend more for their mortgage, more 291 00:16:31,000 --> 00:16:33,080 Speaker 1: for their childcare than they do for their mortgage. It 292 00:16:33,200 --> 00:16:38,440 Speaker 1: is literally the largest expense for families paid leave. It's 293 00:16:38,440 --> 00:16:41,120 Speaker 1: not good enough just to tell that you offer paid leave. 294 00:16:41,520 --> 00:16:44,720 Speaker 1: Companies like Apple still don't have gender neutral paid leave 295 00:16:44,760 --> 00:16:49,440 Speaker 1: policies in two thousand and twenty two. That's archaic. So 296 00:16:49,520 --> 00:16:52,160 Speaker 1: you can't just offer these policies. You have to mandate 297 00:16:52,200 --> 00:16:55,080 Speaker 1: that men actually take them. Tie it to performance review, 298 00:16:55,440 --> 00:16:58,280 Speaker 1: change the corporate culture. You know, Emily, we just went 299 00:16:58,320 --> 00:17:00,080 Speaker 1: through We're just in the middle of women's history of 300 00:17:00,520 --> 00:17:03,920 Speaker 1: and we just went through International Wednesday, Today's pay Equity Day, 301 00:17:03,960 --> 00:17:07,320 Speaker 1: And in every single boardroom there's a conversation happening about 302 00:17:07,359 --> 00:17:09,639 Speaker 1: how to get a mentor, how to get a sponsor, 303 00:17:09,760 --> 00:17:12,520 Speaker 1: how to learn how to be an investor. The conversations 304 00:17:12,520 --> 00:17:14,720 Speaker 1: that I want to be happening is how to get 305 00:17:14,760 --> 00:17:17,240 Speaker 1: your partner to do more laundry, how to get the 306 00:17:17,320 --> 00:17:20,199 Speaker 1: men in this corporate culture to do more laundry. How 307 00:17:20,240 --> 00:17:22,520 Speaker 1: to make sure that we audit our corporate policies so 308 00:17:22,600 --> 00:17:27,320 Speaker 1: that they're not exacerbating gender inequality at home, because until 309 00:17:27,440 --> 00:17:30,119 Speaker 1: we get to gender equality at home, we're never going 310 00:17:30,160 --> 00:17:33,400 Speaker 1: to get to gender equality in the workplace. And quite frankly, frankly, 311 00:17:33,480 --> 00:17:37,280 Speaker 1: corporate feminism has been taking us down the wrong path. 312 00:17:37,800 --> 00:17:40,359 Speaker 1: And I I realized that, you know, for the past 313 00:17:40,400 --> 00:17:43,920 Speaker 1: ten years, I've been telling young women to lean in, 314 00:17:44,480 --> 00:17:46,680 Speaker 1: you know, to girl boss their way to the top. 315 00:17:47,359 --> 00:17:50,320 Speaker 1: That the quality was just you know, an express train 316 00:17:50,400 --> 00:17:53,040 Speaker 1: to the corner office. And I found myself in the 317 00:17:53,080 --> 00:17:56,160 Speaker 1: pandemic with two little kids, trying to maintain a full 318 00:17:56,160 --> 00:17:59,960 Speaker 1: time job, and it nearly broke me, and I realized 319 00:18:00,160 --> 00:18:02,880 Speaker 1: that having it all, it's just a euphanism for doing 320 00:18:02,920 --> 00:18:05,879 Speaker 1: it all. So we had to stop trying to fix 321 00:18:05,960 --> 00:18:10,240 Speaker 1: the woman and fix the system. And that includes technology 322 00:18:10,280 --> 00:18:14,800 Speaker 1: companies who often tout that their policies and and the 323 00:18:14,840 --> 00:18:17,560 Speaker 1: fact that they're trying to lift women up. Well, now 324 00:18:17,600 --> 00:18:20,840 Speaker 1: it's trying. It's time to get meant to do more right. 325 00:18:21,200 --> 00:18:24,200 Speaker 1: Let in, let's talk about that rushima. It doesn't help 326 00:18:24,240 --> 00:18:27,800 Speaker 1: that there are tech founders and investors out there like 327 00:18:27,880 --> 00:18:33,239 Speaker 1: Joe Lonsdale perpetuating stereotypes about men taking parental leave. This 328 00:18:33,280 --> 00:18:36,040 Speaker 1: tweet from him just a few months ago, saying great 329 00:18:36,080 --> 00:18:38,439 Speaker 1: for fathers to spend time with their kids and support moms, 330 00:18:38,480 --> 00:18:41,480 Speaker 1: but any man in an important position who takes six 331 00:18:41,520 --> 00:18:44,800 Speaker 1: months of leave for a newborn is a loser. In 332 00:18:44,840 --> 00:18:48,600 Speaker 1: the old days, men had babies and worked harder to 333 00:18:48,680 --> 00:18:52,359 Speaker 1: provide for their future. That's the correct masculine response. I mean, 334 00:18:52,400 --> 00:18:56,679 Speaker 1: there are almost no words, no words, no words. I 335 00:18:56,720 --> 00:19:00,359 Speaker 1: mean almost so many female founders I know get asked, well, 336 00:19:00,400 --> 00:19:02,680 Speaker 1: you're planning to have kids? You know when you have 337 00:19:02,720 --> 00:19:06,200 Speaker 1: a family. Is that it's as if being a mother 338 00:19:06,359 --> 00:19:09,840 Speaker 1: is a distraction to your job and it's why we 339 00:19:09,880 --> 00:19:12,560 Speaker 1: have the motherhood penalty. You know, the reason why we 340 00:19:12,600 --> 00:19:15,920 Speaker 1: have a pay gap is because is between mothers and fathers. 341 00:19:16,440 --> 00:19:18,719 Speaker 1: The minute you become a mom, suddenly you're less committed 342 00:19:18,760 --> 00:19:21,480 Speaker 1: to your job. You're unable to build the next Facebook 343 00:19:21,520 --> 00:19:23,800 Speaker 1: or the next Twitter. And so we have to root 344 00:19:23,880 --> 00:19:27,760 Speaker 1: out that discrimination, which is at its core. And oftentimes 345 00:19:27,800 --> 00:19:30,920 Speaker 1: in tech companies that think they're libertarian, they think they're 346 00:19:30,920 --> 00:19:35,119 Speaker 1: a meritocracy. You know, they do it the worst. You know, 347 00:19:35,200 --> 00:19:38,040 Speaker 1: in many ways, rooting out the motherhood penalty is just 348 00:19:38,080 --> 00:19:41,639 Speaker 1: an algorithm away. Tomorrow. Every single one of the Fortune 349 00:19:41,680 --> 00:19:44,720 Speaker 1: on companies could get rid of the pay gap if 350 00:19:44,760 --> 00:19:50,119 Speaker 1: they wanted to. Well, appreciate you out there trying to 351 00:19:50,280 --> 00:19:54,080 Speaker 1: shatter some of these stereotypes. Rashmachal Johnny, author of the 352 00:19:54,119 --> 00:19:56,360 Speaker 1: new book pay app Always great to have you here. 353 00:19:56,920 --> 00:19:58,440 Speaker 1: Thank you for having me. It's great to be here. 354 00:20:00,160 --> 00:20:02,960 Speaker 1: Tesla is raising prices on all of its electric cars 355 00:20:02,960 --> 00:20:06,040 Speaker 1: after CEO Elon Musk said costs were going up. The 356 00:20:06,119 --> 00:20:08,480 Speaker 1: cheapest Model three in the US is now just under 357 00:20:08,520 --> 00:20:12,159 Speaker 1: forty dollars. Credit Sweet says the price hikes were between 358 00:20:12,240 --> 00:20:16,440 Speaker 1: three and five in the US and China. Coming on 359 00:20:16,960 --> 00:20:20,640 Speaker 1: speaking with Joe Lubin, Consensus CEO and founder and Ethereum 360 00:20:20,760 --> 00:20:23,480 Speaker 1: co founder about their massive new round of funding and 361 00:20:23,520 --> 00:20:27,879 Speaker 1: the future up blockchain companies as they lean in to 362 00:20:28,040 --> 00:20:47,200 Speaker 1: the metaverse. The whole year, I thought we need to 363 00:20:47,240 --> 00:20:51,360 Speaker 1: be a thirty thousand fifty thousand range in Bitcoin risk 364 00:20:51,440 --> 00:20:54,800 Speaker 1: to the upside, not the downside. Um, but I think 365 00:20:55,359 --> 00:20:58,520 Speaker 1: you know five years out bitcoin is not at five thousand. 366 00:20:58,800 --> 00:21:02,080 Speaker 1: I'm wrong. On the adoption cycle, uh right, we see 367 00:21:02,119 --> 00:21:07,240 Speaker 1: an adoption cycle that accelerates. Bitcoin grew so much faster 368 00:21:07,359 --> 00:21:10,000 Speaker 1: last year Crypto grew than the Internet did its best 369 00:21:10,080 --> 00:21:13,800 Speaker 1: years in the nineties. Mike Novograt's there of Galaxy Digital 370 00:21:13,880 --> 00:21:17,560 Speaker 1: saying Bitcoin could hit five hundred thousand dollars within five years. 371 00:21:17,600 --> 00:21:19,159 Speaker 1: I want to kick off our crypto report now with 372 00:21:19,160 --> 00:21:23,000 Speaker 1: our crypto contributor Sali Bostic Shanali bold prediction there from 373 00:21:23,080 --> 00:21:25,920 Speaker 1: Mr novograts bold prediction, and to get there you would 374 00:21:25,920 --> 00:21:29,159 Speaker 1: have to have bitcoin rise more than twelve times Emily. 375 00:21:29,280 --> 00:21:30,840 Speaker 1: So you have to wonder what will it take to 376 00:21:30,880 --> 00:21:32,879 Speaker 1: get there and what does that adoption curve look like. 377 00:21:33,320 --> 00:21:36,840 Speaker 1: Bitcoin is trading below where it was this time last year. 378 00:21:36,960 --> 00:21:38,600 Speaker 1: We have seen if you take a look over here 379 00:21:38,640 --> 00:21:40,720 Speaker 1: at the chart, a few days of a lift here, 380 00:21:40,960 --> 00:21:45,240 Speaker 1: but that still leaves you only under forty thousand perfect coins. 381 00:21:45,280 --> 00:21:48,760 Speaker 1: So there's a large question about exactly that. What does 382 00:21:48,800 --> 00:21:50,960 Speaker 1: that adoption curve look like? Last year there was a 383 00:21:51,040 --> 00:21:53,520 Speaker 1: ton of companies, a couple of sovereigns that have started 384 00:21:53,560 --> 00:21:57,280 Speaker 1: to discuss adopting it at a greater rate. But what 385 00:21:57,680 --> 00:22:02,840 Speaker 1: is twelve times the that we've seen prior? All right, 386 00:22:02,960 --> 00:22:04,439 Speaker 1: Janalie stick with us. I want to bring in our 387 00:22:04,520 --> 00:22:08,440 Speaker 1: next guests, Consensus CEO and founder and co founder of Ethereum, 388 00:22:08,520 --> 00:22:11,440 Speaker 1: Joe Lubin, whose company just announced a new four hundred 389 00:22:11,520 --> 00:22:15,399 Speaker 1: fifty million dollar round of funding, huge round. Joe, and 390 00:22:15,440 --> 00:22:18,560 Speaker 1: I want to talk about how you're using this funding 391 00:22:18,680 --> 00:22:21,280 Speaker 1: and also putting it to work in kind of a 392 00:22:21,320 --> 00:22:25,960 Speaker 1: different way. Explain that, Um, thanks simply. Yeah. UM, So 393 00:22:26,240 --> 00:22:28,960 Speaker 1: we are taking in we we've taken in four hundred 394 00:22:29,000 --> 00:22:32,879 Speaker 1: fifty million dollars in our latest rays, and we've been 395 00:22:32,960 --> 00:22:37,040 Speaker 1: working on being a crypto native company. UM. We've been 396 00:22:37,080 --> 00:22:43,200 Speaker 1: working on progressively decentralizing ourselves for years. We've built infrastructure 397 00:22:43,359 --> 00:22:45,640 Speaker 1: in the form of a consumer wallet, in the form 398 00:22:45,720 --> 00:22:49,800 Speaker 1: of a metal mask institutional wallet UM and we've built 399 00:22:49,840 --> 00:22:56,960 Speaker 1: institutional grade staking facilities and u UM. We are converting 400 00:22:57,840 --> 00:23:00,680 Speaker 1: the vast bulk of the pro seats of the rays 401 00:23:01,160 --> 00:23:08,320 Speaker 1: to ether um, both because we have steaking infrastructure where 402 00:23:08,359 --> 00:23:12,199 Speaker 1: we can generate yield on that, but also in advance 403 00:23:12,400 --> 00:23:14,920 Speaker 1: of the merge where a THEREM one and ETHERREM two 404 00:23:16,160 --> 00:23:21,960 Speaker 1: um affects the transition between proof of work and proof 405 00:23:22,000 --> 00:23:26,520 Speaker 1: of steak and UM, and that's going to ring in 406 00:23:26,760 --> 00:23:29,359 Speaker 1: an era of what we like to call ultrasound money 407 00:23:29,520 --> 00:23:35,600 Speaker 1: where the ethereum token M becomes a very important financial 408 00:23:35,920 --> 00:23:41,680 Speaker 1: instrument in the global economy. All eyes on that merge, Joe. Indeed, 409 00:23:42,240 --> 00:23:46,119 Speaker 1: you surpassed thirty million monthly active users with your Etherium 410 00:23:46,160 --> 00:23:50,000 Speaker 1: based crypto wallet meta mask, and I'm curious how much 411 00:23:50,040 --> 00:23:54,320 Speaker 1: awareness this is driving around Web three and in what's 412 00:23:54,359 --> 00:23:56,320 Speaker 1: going to take? What number is it going to take 413 00:23:56,400 --> 00:24:02,160 Speaker 1: for Web three to hit mainstream UM So where we're 414 00:24:02,200 --> 00:24:05,000 Speaker 1: seeing a lot of crossing of the chasm, where we're 415 00:24:05,040 --> 00:24:09,879 Speaker 1: seeing cryptocurrencies defy n f t s crossing the chasm 416 00:24:10,080 --> 00:24:16,840 Speaker 1: into mainstream adoption. Very recently, we've seen another major crossing 417 00:24:17,480 --> 00:24:22,879 Speaker 1: where nation states are considering this technology to be of 418 00:24:23,080 --> 00:24:28,440 Speaker 1: national security importance UM and UM. Firstly, every nation state 419 00:24:28,520 --> 00:24:32,159 Speaker 1: has to get savvy. They have to start experimenting with 420 00:24:32,240 --> 00:24:37,000 Speaker 1: the technology and gaining expertise and really wielding the tools 421 00:24:37,359 --> 00:24:41,000 Speaker 1: of the blockchain and crypto ecosystem because if they don't, 422 00:24:41,040 --> 00:24:47,520 Speaker 1: their neighbors will. And UM. Monetary systems, financial systems are 423 00:24:47,640 --> 00:24:52,719 Speaker 1: being wielded as weapons on the global geopolitical stage right 424 00:24:52,760 --> 00:24:56,879 Speaker 1: now and UM. This technology is going to flip everything 425 00:24:57,000 --> 00:24:59,960 Speaker 1: upside down, make it more bottom up, build a new 426 00:25:00,119 --> 00:25:06,080 Speaker 1: trust foundation UM. And essentially nation nation states are are 427 00:25:06,640 --> 00:25:11,320 Speaker 1: jumping in already, UM and UM. So it's it's elements 428 00:25:11,440 --> 00:25:15,400 Speaker 1: like that that will drive adoption. Its elements like sports 429 00:25:15,480 --> 00:25:19,959 Speaker 1: leagues and many other platforms that are starting to make 430 00:25:20,080 --> 00:25:22,080 Speaker 1: use of web three. Joe to that point, you know, 431 00:25:22,160 --> 00:25:24,080 Speaker 1: there's a lot of conversation over the last year on 432 00:25:24,160 --> 00:25:27,680 Speaker 1: how to think about bitcoin versus ethereum and how ethereum 433 00:25:27,720 --> 00:25:31,000 Speaker 1: will get greater adoption on a global scale. How do 434 00:25:31,119 --> 00:25:34,520 Speaker 1: you see the conversation playing out as people make decisions 435 00:25:34,600 --> 00:25:38,560 Speaker 1: on what they're going to operate on. So it coin 436 00:25:38,760 --> 00:25:42,600 Speaker 1: is a very important construct. We think of it as 437 00:25:42,680 --> 00:25:47,520 Speaker 1: digitally sound money, where gold is so physically sound money. Um. 438 00:25:48,000 --> 00:25:52,440 Speaker 1: Ultrasound money is this new concept UM where the ether 439 00:25:52,640 --> 00:25:56,159 Speaker 1: token is burned on every transaction and a huge amount 440 00:25:56,240 --> 00:26:01,439 Speaker 1: of ether um is being frozen, essentially reducing the supply 441 00:26:01,600 --> 00:26:05,320 Speaker 1: on the market via staking in the protocol itself as 442 00:26:05,359 --> 00:26:08,600 Speaker 1: we moved to proof of steak and staking in defy 443 00:26:08,880 --> 00:26:13,560 Speaker 1: and in decentralized organizations and so UM. I think bitcoin 444 00:26:13,680 --> 00:26:17,879 Speaker 1: will have an important role going forward UM as a money, 445 00:26:18,520 --> 00:26:23,760 Speaker 1: but Ether is a fuel for the entire decentralized protocol 446 00:26:23,840 --> 00:26:27,879 Speaker 1: economy which is going to eat the world. And ultrasound 447 00:26:27,960 --> 00:26:32,240 Speaker 1: money is a deflationary money, and so we expect a 448 00:26:32,359 --> 00:26:35,399 Speaker 1: huge amount of value to move into Ether in the 449 00:26:35,520 --> 00:26:37,600 Speaker 1: next few months. You mentioned D five, but I'm curious 450 00:26:37,600 --> 00:26:39,600 Speaker 1: about your take on n f T s. Here, Joe, 451 00:26:39,840 --> 00:26:44,119 Speaker 1: we see volumes trending downward. Do you see this space 452 00:26:44,240 --> 00:26:47,440 Speaker 1: being stagnant? And if it grows more, what would be 453 00:26:47,520 --> 00:26:51,920 Speaker 1: the catalyst to help it expand once again? So our 454 00:26:52,000 --> 00:26:58,320 Speaker 1: ecosystem moves in masses, surges and consolidations UM. So from 455 00:26:58,560 --> 00:27:02,920 Speaker 1: tokenization to i c o S to defy one point 456 00:27:02,960 --> 00:27:05,680 Speaker 1: oh two n f t s to divide two point 457 00:27:05,720 --> 00:27:08,320 Speaker 1: oh two doos UM and so we're going to continue 458 00:27:08,359 --> 00:27:13,080 Speaker 1: to see major new constructs emerge in our ecosystem. They 459 00:27:13,200 --> 00:27:16,719 Speaker 1: tend to happen on Ethereum first UM, and each one 460 00:27:16,840 --> 00:27:20,080 Speaker 1: drives a lot of excitement. Some are rational exuberance UM 461 00:27:20,680 --> 00:27:26,480 Speaker 1: and months of high intensity activity and growth of the 462 00:27:26,560 --> 00:27:30,520 Speaker 1: ecosystem and increase of value UM. But then we see 463 00:27:30,560 --> 00:27:34,199 Speaker 1: consolidations as things shake out, and each of these pieces 464 00:27:34,680 --> 00:27:38,359 Speaker 1: become fundamentally important. They become a foundation for for the 465 00:27:38,520 --> 00:27:43,280 Speaker 1: next fundamental construct to potentially be built. UM. I don't 466 00:27:43,320 --> 00:27:47,320 Speaker 1: know exactly what the next phase is, but UM all 467 00:27:47,400 --> 00:27:51,320 Speaker 1: of us in the ecosystem essentially use these UH, these 468 00:27:51,400 --> 00:27:55,480 Speaker 1: more relaxing periods to gird up our our teams for 469 00:27:55,600 --> 00:27:59,160 Speaker 1: the next wave. Joe, a group of our former employees 470 00:27:59,200 --> 00:28:02,440 Speaker 1: and shareholders are asking for an audit of a transfer 471 00:28:02,560 --> 00:28:06,680 Speaker 1: of assets, including intellectual property you made from Consensus a 472 00:28:06,840 --> 00:28:11,440 Speaker 1: g two Consensus Software, Inc. What's your response to this? 473 00:28:11,640 --> 00:28:18,120 Speaker 1: Quickly so, the mothership Consensus a g UM has invested 474 00:28:18,280 --> 00:28:22,600 Speaker 1: in north of two D projects, has incubated many of 475 00:28:22,680 --> 00:28:27,200 Speaker 1: those projects. Internally, we spun out forty or so of 476 00:28:27,280 --> 00:28:31,239 Speaker 1: those projects met a mask and Infura UM and our 477 00:28:31,280 --> 00:28:35,920 Speaker 1: protocols teams spun out together UM and UM so we 478 00:28:36,080 --> 00:28:42,400 Speaker 1: we've transferred intellectual property in many situations into startups. The 479 00:28:43,600 --> 00:28:49,080 Speaker 1: the group in question is um seeing the value of 480 00:28:49,120 --> 00:28:52,200 Speaker 1: the success that the Consensus Software Inc. Is having now 481 00:28:52,920 --> 00:28:56,320 Speaker 1: and they would like to apply the current valuation to 482 00:28:57,120 --> 00:29:01,239 Speaker 1: an event that was priced by our house Cooper's at 483 00:29:01,280 --> 00:29:05,000 Speaker 1: third at arm's length and uh um and done in 484 00:29:05,120 --> 00:29:08,360 Speaker 1: the darkest moments of COVID. And so it's uh it's 485 00:29:08,360 --> 00:29:13,880 Speaker 1: an unreasonable ask. Unreasonable ask? Got it? Joe Lubin, co 486 00:29:14,040 --> 00:29:17,360 Speaker 1: founder of Ethereum, CEO of Consensus, along with our Shinali Bask, 487 00:29:17,800 --> 00:29:28,640 Speaker 1: thank you for taking the time accelerating the success of 488 00:29:28,760 --> 00:29:31,880 Speaker 1: women and people of color in technology. My next guest 489 00:29:31,920 --> 00:29:34,360 Speaker 1: has spent her career trying to do just that, and 490 00:29:34,440 --> 00:29:36,400 Speaker 1: now she has a chance to shift into high gear. 491 00:29:36,560 --> 00:29:39,160 Speaker 1: At All Rays, the nonprofit with the singular goal to 492 00:29:39,240 --> 00:29:44,040 Speaker 1: diversify the tech ecosystem. Joining me now, Mandela Schumacher Hodge Dixon, 493 00:29:44,120 --> 00:29:48,320 Speaker 1: the new CEO of al Rays, in an exclusive interview, Mandela, 494 00:29:48,360 --> 00:29:51,160 Speaker 1: thank you so much for joining us. You were named 495 00:29:51,320 --> 00:29:54,680 Speaker 1: after Nelson Mandela, So I imagine change is something that 496 00:29:54,880 --> 00:29:58,400 Speaker 1: is incredibly important to you. How are you going to 497 00:29:58,600 --> 00:30:02,280 Speaker 1: change something specific sically? The representation of women in technology 498 00:30:02,600 --> 00:30:07,480 Speaker 1: that so far seemed impossible to change. Wow, the million 499 00:30:07,520 --> 00:30:09,760 Speaker 1: dollar question. Well, thank you so much, first of all, 500 00:30:09,800 --> 00:30:12,760 Speaker 1: Emily for having me here. I am beyond honor to 501 00:30:12,840 --> 00:30:15,240 Speaker 1: be in conversation with you. And just like you said, 502 00:30:15,560 --> 00:30:19,600 Speaker 1: my origination is in an insto racial marriage of two 503 00:30:19,800 --> 00:30:23,120 Speaker 1: civil rights attorneys who are part of grassroots movements like 504 00:30:23,240 --> 00:30:27,080 Speaker 1: the apartheid movement, the anti apartheid movement, and uh, you 505 00:30:27,160 --> 00:30:30,360 Speaker 1: can just imagine the conversations around the dinner table that 506 00:30:30,480 --> 00:30:36,480 Speaker 1: we had. But empathy, inclusion, diversity, justice, UM, seeing people 507 00:30:36,640 --> 00:30:38,840 Speaker 1: valuing people is a core part of my d n 508 00:30:38,920 --> 00:30:41,360 Speaker 1: A and I definitely will bring that to the work 509 00:30:41,480 --> 00:30:44,000 Speaker 1: at all rays where we support the success like you 510 00:30:44,120 --> 00:30:47,000 Speaker 1: mentioned of women and non binary leaders in tech. And 511 00:30:47,080 --> 00:30:49,040 Speaker 1: I think the thing that I'm really going to add 512 00:30:49,120 --> 00:30:53,600 Speaker 1: to it is my long history in community development. We 513 00:30:53,800 --> 00:31:00,160 Speaker 1: support funders, founders, operators, LPs, angel investors. When you think 514 00:31:00,200 --> 00:31:03,880 Speaker 1: about all the wrongs of the tech ecosystem, they are 515 00:31:04,040 --> 00:31:07,840 Speaker 1: within the all race community. We are twenty two thousand strong. 516 00:31:08,280 --> 00:31:10,440 Speaker 1: And I think that going forward, if we have a 517 00:31:10,520 --> 00:31:14,240 Speaker 1: more unified approach to how we are going to create 518 00:31:14,360 --> 00:31:18,800 Speaker 1: seasonic change, then I think that will start having different outcomes. 519 00:31:19,560 --> 00:31:22,680 Speaker 1: All Rays was founded by power women investors who come 520 00:31:22,720 --> 00:31:25,520 Speaker 1: from competing firms, but all want the same thing. More 521 00:31:25,600 --> 00:31:29,120 Speaker 1: women writing checks, more women getting funded. What have they 522 00:31:29,280 --> 00:31:32,640 Speaker 1: told you that they want you to do differently in 523 00:31:32,760 --> 00:31:36,400 Speaker 1: this next phase of All Race. Yeah, well, there's a 524 00:31:36,440 --> 00:31:40,240 Speaker 1: big focus on the founders. So the founders are the 525 00:31:40,400 --> 00:31:43,720 Speaker 1: entrepreneurs and they're really the lynchpin of this entire ecosystem. 526 00:31:44,160 --> 00:31:46,720 Speaker 1: And one of the stats that's I know you know 527 00:31:47,000 --> 00:31:49,400 Speaker 1: very well and that you report on a lot, is 528 00:31:49,440 --> 00:31:53,160 Speaker 1: this two percent number, This two percent of funding that 529 00:31:53,440 --> 00:31:56,240 Speaker 1: is going to women founders, And I want to clarify 530 00:31:56,400 --> 00:32:00,160 Speaker 1: for everyone that it's a little bit deeper than at 531 00:32:00,280 --> 00:32:05,200 Speaker 1: It's actually seventeen percent of venture capital in went to 532 00:32:05,360 --> 00:32:09,320 Speaker 1: female founders. But if you break that down, fifteen percent 533 00:32:09,480 --> 00:32:12,640 Speaker 1: of the seventeen percent went to mixed gender teams, whereas 534 00:32:12,760 --> 00:32:17,320 Speaker 1: two percent went to female founded only teams. Right, So 535 00:32:17,440 --> 00:32:20,240 Speaker 1: we are seeing an uptick in the capital flowing to 536 00:32:20,320 --> 00:32:22,600 Speaker 1: female founders, but whether or not they have a male 537 00:32:22,720 --> 00:32:25,560 Speaker 1: co founder, right, that's something to dig further deep into. 538 00:32:25,960 --> 00:32:28,800 Speaker 1: But this question around why two percent? Why does it 539 00:32:29,000 --> 00:32:33,000 Speaker 1: keep staying here? I really want to ask a different question, 540 00:32:33,480 --> 00:32:38,360 Speaker 1: which is who is owning this capital that is making 541 00:32:38,440 --> 00:32:42,680 Speaker 1: the decision not to deploy more capital to female founders. Right, 542 00:32:43,200 --> 00:32:46,920 Speaker 1: if we continue to give the same types of people 543 00:32:47,400 --> 00:32:50,600 Speaker 1: the same opportunity to take a swing at bat, of 544 00:32:50,800 --> 00:32:53,360 Speaker 1: course they're going to have a higher probability of hitting 545 00:32:53,360 --> 00:32:56,719 Speaker 1: a home run. Part of the issue is giving women 546 00:32:56,880 --> 00:33:00,520 Speaker 1: and non binary leaders a swing at back so we 547 00:33:00,680 --> 00:33:03,560 Speaker 1: can get our capital, our mentorship, all hands on tech, 548 00:33:03,800 --> 00:33:06,840 Speaker 1: access to the portfolio founders, access to all that comes 549 00:33:06,920 --> 00:33:10,760 Speaker 1: along with the capital to really have it be a 550 00:33:10,840 --> 00:33:14,520 Speaker 1: strong arm in our business to get different outcomes and 551 00:33:14,640 --> 00:33:17,360 Speaker 1: spending those numbers a slightly different way. That means more 552 00:33:17,400 --> 00:33:20,360 Speaker 1: than eighty percent of venture capital is going to all 553 00:33:20,840 --> 00:33:25,200 Speaker 1: male teams. Right, you were one of the You were 554 00:33:25,240 --> 00:33:27,840 Speaker 1: one of the first black women to be raising money 555 00:33:27,960 --> 00:33:31,120 Speaker 1: in Silicon Valley, and I'm curious how that personal experience 556 00:33:31,240 --> 00:33:34,440 Speaker 1: is going to inform the work that you do. Yeah. 557 00:33:34,680 --> 00:33:36,640 Speaker 1: You know one of our board members, just Lee, who 558 00:33:36,720 --> 00:33:39,880 Speaker 1: was the first female partner at Sequoia Capital. One thing 559 00:33:39,920 --> 00:33:42,640 Speaker 1: that she brings up oftentimes in our conversations and even 560 00:33:42,720 --> 00:33:45,959 Speaker 1: with our all race community this morning, is this notion 561 00:33:46,000 --> 00:33:49,000 Speaker 1: of me being an insider but having an empathy and 562 00:33:49,040 --> 00:33:51,600 Speaker 1: a deep understanding of being an outsider. Right. Just like 563 00:33:51,720 --> 00:33:54,880 Speaker 1: you mentioned, this is back in two thousand eleven, before 564 00:33:55,200 --> 00:33:57,800 Speaker 1: you know, Jesse Jackson was in Silicon Valley knocking on 565 00:33:57,880 --> 00:34:00,320 Speaker 1: the doors of all the tech companies demanding for them 566 00:34:00,560 --> 00:34:03,920 Speaker 1: to release their diversity numbers, before this really became a 567 00:34:04,000 --> 00:34:07,720 Speaker 1: mainstream topic. I was a black woman from at the time, 568 00:34:07,760 --> 00:34:10,040 Speaker 1: living in Los Angeles who has a background as a teacher, 569 00:34:10,120 --> 00:34:12,680 Speaker 1: trying to break into this world. I had many things 570 00:34:12,719 --> 00:34:16,480 Speaker 1: stacked against me, right, my pedigree, my identity, my lack 571 00:34:16,560 --> 00:34:20,520 Speaker 1: of insider knowledge, and so I have a deep understanding 572 00:34:20,640 --> 00:34:23,360 Speaker 1: of what it's like to break in as an outsider, 573 00:34:23,640 --> 00:34:27,160 Speaker 1: and also what it is like to transition from a founder, 574 00:34:27,360 --> 00:34:30,960 Speaker 1: a two time founder, a two time operator, an investor 575 00:34:31,120 --> 00:34:34,360 Speaker 1: in LP, all of these hats I've floored in my 576 00:34:34,520 --> 00:34:37,920 Speaker 1: now eleven year career out here, and so that was 577 00:34:38,040 --> 00:34:39,880 Speaker 1: part of the magic of what I'm bringing to all 578 00:34:40,040 --> 00:34:44,319 Speaker 1: rays of just understanding the nuances of this ecosystem. Well, 579 00:34:44,560 --> 00:34:46,760 Speaker 1: change is certainly not going to happen without a healthy 580 00:34:46,920 --> 00:34:50,880 Speaker 1: dose of reality but also optimism. So I appreciate hearing 581 00:34:50,920 --> 00:34:54,840 Speaker 1: a little optimism in your voice. Mandela Schumacher Hajje Dixon, 582 00:34:55,040 --> 00:34:58,520 Speaker 1: the new CEO of All Rays. Thank you. We will 583 00:34:58,560 --> 00:35:00,840 Speaker 1: be cheering you on. And that does it for this 584 00:35:01,040 --> 00:35:03,840 Speaker 1: edition of Bloomberg Technology. We're gonna be joined tomorrow by 585 00:35:03,880 --> 00:35:08,920 Speaker 1: Aaron Levy, CEO of Box, along with Jared's Pittaro, corporate 586 00:35:09,000 --> 00:35:11,560 Speaker 1: vice president of Mike Rossoft. We'll be talking about the 587 00:35:11,680 --> 00:35:15,880 Speaker 1: future of work. That's tomorrow. This is Bloomberg