WEBVTT - The Future Of The Metaverse & Women In Technology 0:00:03.040 --> 0:00:06.320 From the Heart of where Innovation, money and power Colli 0:00:07.160 --> 0:00:11.680 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:11.760 --> 0:00:27.159 Emily Jay I'm Emily Chang in San Francisco, and this 0:00:27.200 --> 0:00:29.960 is Bloomberg Technology. Coming up in the next hour. China 0:00:30.160 --> 0:00:34.000 on lockdown, sparking a sell off across Chinese stocks, delays 0:00:34.040 --> 0:00:37.200 in exports of just about everything to countries around the world, 0:00:37.440 --> 0:00:41.200 and comparisons to the two thousand eight financial crisis based 0:00:41.240 --> 0:00:44.640 on top of concerns about China's ties to Russia. We 0:00:44.680 --> 0:00:48.159 will discuss plus. Mark Zuckerberg lays out his vision for 0:00:48.200 --> 0:00:51.320 the Metaverse at south By Southwest in Austin, Texas. From 0:00:51.360 --> 0:00:54.840 Avatars and Creators to the Future of Work, will critique 0:00:54.880 --> 0:00:58.600 his take on the economies of the future. And my 0:00:58.680 --> 0:01:01.680 exclusive conversation with the and new CEO of All Rays 0:01:01.760 --> 0:01:04.560 working to raise up more women in tech, how she 0:01:04.640 --> 0:01:07.680 plans to make much needed change that has so far 0:01:07.840 --> 0:01:20.040 seemed impossible. Mark Zuckerberg speaking at south By Southwest in Austin, Texas, 0:01:20.160 --> 0:01:22.080 laying out his vision for the metaverse and how he 0:01:22.120 --> 0:01:25.800 believes meta is building the fundamental technologies that will make 0:01:25.800 --> 0:01:29.120 it possible. Let's dig into that conversation with Blueberks Kurt Wagner, 0:01:29.160 --> 0:01:31.920 who covers Meta for US, saying, Kurt, looking at the 0:01:32.040 --> 0:01:34.280 highlights from this interview, I know we were hoping for 0:01:34.360 --> 0:01:37.760 some hard news questions, for for some commentary on what's 0:01:37.800 --> 0:01:41.560 going on in Russia, Facebook and its properties getting shut down. 0:01:41.680 --> 0:01:44.880 That's not so much what we heard today, is it. No, 0:01:45.040 --> 0:01:48.960 it's not. Mark Zuckerberg started the conversation by acknowledging the 0:01:48.960 --> 0:01:51.400 elephant in the room. Of course, this this war that 0:01:51.520 --> 0:01:53.760 is going on, his services kind of at the center 0:01:53.800 --> 0:01:56.760 of a lot of the information sharing that's happening there. 0:01:56.800 --> 0:01:59.400 You know, he said the things that you're supposed to say. 0:01:59.440 --> 0:02:02.640 He said, Hey, I'm thinking of the people in Ukraine 0:02:02.760 --> 0:02:05.120 that there's not much you know, that that I can 0:02:05.120 --> 0:02:08.280 say that will do justice to what's happening there. Um. 0:02:08.280 --> 0:02:10.440 But really he didn't get into any of the specifics, 0:02:10.440 --> 0:02:12.960 and he didn't take any questions about the specifics, and 0:02:13.000 --> 0:02:15.959 I think it's just yet another sign of how much 0:02:15.960 --> 0:02:19.680 he's giving that portion of Meta's business, that portion of 0:02:19.760 --> 0:02:22.680 Meta's operations over to Nick Clegg, the head of policy there, 0:02:22.720 --> 0:02:26.320 who's been very forlorward and public about the company's stance 0:02:26.400 --> 0:02:28.640 in in Russian Ukraine over the last couple of weeks. 0:02:28.639 --> 0:02:31.040 So this was him kind of acknowledging what he what 0:02:31.120 --> 0:02:32.960 he felt he needed to acknowledge, but then moving on 0:02:33.000 --> 0:02:35.000 to what he wants to talk about, of course, which 0:02:35.040 --> 0:02:37.880 is the metaverse, and not just the metaverse, but the 0:02:38.000 --> 0:02:41.120 economy of the metaverse. I want to take a quick 0:02:41.160 --> 0:02:44.799 listen to a clip from that conversation earlier. And these 0:02:44.800 --> 0:02:48.000 are gonna be basically creators who are basically building all 0:02:48.000 --> 0:02:49.880 of these different experiences, and I think that's going to 0:02:49.919 --> 0:02:53.720 create this massive new economy around a lot of this 0:02:54.280 --> 0:02:57.920 that that hopefully will support many, many millions of jobs 0:02:57.960 --> 0:03:00.600 and people doing the kind of creative work that um 0:03:00.680 --> 0:03:02.560 that they want to instead of maybe the kinds of 0:03:02.639 --> 0:03:05.320 jobs that they feel they have to today. Girl, do 0:03:05.360 --> 0:03:07.640 you buy into this idea that the metaverse will create 0:03:07.639 --> 0:03:10.520 a too truly new economy? For example, how many new 0:03:10.639 --> 0:03:14.399 jobs will this create? I couldn't tell you how many 0:03:14.440 --> 0:03:16.280 new jobs, but I do think that it's going to 0:03:16.320 --> 0:03:20.679 open up a lot of probably commerce related initiatives and 0:03:20.840 --> 0:03:22.800 opportunities that we don't think about today. You know, he 0:03:22.880 --> 0:03:26.920 talked about the idea of even dressing your avatar right 0:03:26.960 --> 0:03:29.359 and and just similar to how you have a wardrobe 0:03:29.360 --> 0:03:31.600 at home, you choose what you want to wear for work, 0:03:31.960 --> 0:03:34.720 for dinner, for play, whatever it might be. You're gonna 0:03:34.760 --> 0:03:37.960 be presumably doing that with your avatar too. Your avatar 0:03:38.080 --> 0:03:40.040 is gonna show up in different settings, and you might 0:03:40.080 --> 0:03:43.080 want to dress or or act differently in those different places. 0:03:43.480 --> 0:03:46.440 Presumably you might actually spend money on those digital clothes 0:03:46.520 --> 0:03:48.520 right in much the same way. So that's just one example, 0:03:48.520 --> 0:03:50.680 but you could imagine that expand into a bunch of 0:03:50.720 --> 0:03:53.920 different things, you know, workouts, concerts, all the types of 0:03:53.920 --> 0:03:56.240 stuff that you spend money on today in the real world, 0:03:56.440 --> 0:03:58.480 but doing it in a digital environment. I think that's 0:03:58.480 --> 0:04:02.320 what he envisions as this economy surrounding the metaverse. Meantime, 0:04:02.360 --> 0:04:04.600 just a couple days earlier at south By Southwest, I 0:04:04.640 --> 0:04:08.800 asked former Nintendo president Reggie fees M his thoughts on 0:04:08.840 --> 0:04:13.480 Facebook and Zuck's view of the metaverse. He is not optimistic. 0:04:13.520 --> 0:04:17.599 Take a listen to a portion of that conversation. I'm 0:04:17.600 --> 0:04:20.520 not a buyer of that idea. I don't think that 0:04:21.279 --> 0:04:26.400 their current definition is going to be successful. Why do 0:04:26.480 --> 0:04:29.880 I say that. I say that because, first, you know 0:04:29.960 --> 0:04:32.200 and I don't know if anyone from Facebook is here, 0:04:32.320 --> 0:04:37.919 but you you have to admit that Facebook itself is 0:04:37.960 --> 0:04:42.719 not an innovative company. Not mincing words there. Facebook is 0:04:42.760 --> 0:04:45.599 not an innovative company. I'm sure that's not something Mark 0:04:45.720 --> 0:04:49.080 Zuckerberg would want to hear. No, not at all. I mean, 0:04:49.600 --> 0:04:52.599 but it's hard to dispute in some cases because a 0:04:52.640 --> 0:04:55.760 lot of the stuff that Facebook has, dawne really well, 0:04:56.279 --> 0:04:59.400 have actually been inventions that were created by other people, right. 0:04:59.440 --> 0:05:04.000 I mean, they acquired Instagram, they acquired WhatsApp, they acquired Oculus, 0:05:04.040 --> 0:05:06.960 and while they certainly helped build those those services into 0:05:06.960 --> 0:05:09.200 what they are today, a lot of the features that 0:05:09.240 --> 0:05:12.200 we know stories reels on Facebook, which is kind of 0:05:12.200 --> 0:05:16.000 a TikTok clone, right, Facebook has become known for a 0:05:16.040 --> 0:05:18.360 lot of things that other people came up with. Now, 0:05:18.760 --> 0:05:22.120 maybe that's the difference between inventing something and making it 0:05:22.560 --> 0:05:26.560 massively popular, which is something they're they're capable of doing, alright, 0:05:26.600 --> 0:05:30.640 Bloomberg's Kurt Wagner, thanks for breaking it down. Meantime, last week, 0:05:30.680 --> 0:05:33.760 Bloomberg News reported that by Now pay Later lender Affirm 0:05:34.040 --> 0:05:36.960 delayed a proposed asset back bond sale after a major 0:05:37.000 --> 0:05:39.320 investor in the top rated portion of that deal backed 0:05:39.320 --> 0:05:43.000 out last minute due to market volatility. I spoke about 0:05:43.000 --> 0:05:45.479 this with a firm founder and CEO, Max Levchin, but 0:05:45.560 --> 0:05:48.960 started by asking about the conflict in Ukraine, a country 0:05:49.000 --> 0:05:53.000 he fled as a child. Take a listen. I have 0:05:53.360 --> 0:05:59.520 people there, I have cele relatives, friends, former classmates, colleagues, UM, 0:05:59.680 --> 0:06:02.599 and UH, it's horrible what's going on there. And I 0:06:02.640 --> 0:06:09.560 think the human cost that it's now crisis proportions. UM 0:06:09.680 --> 0:06:11.560 don't have to be born in Key or Ukraine to 0:06:11.760 --> 0:06:14.600 UH to understand just how awful it is, but certainly 0:06:14.640 --> 0:06:18.960 it does not does not help to UH to recognize 0:06:18.960 --> 0:06:21.360 the streets in some of the footage. I've been very 0:06:21.400 --> 0:06:26.039 focused on trying to channel all of our family charitable 0:06:26.360 --> 0:06:30.640 contributions to refugee helping charities on the Polish border. I 0:06:30.680 --> 0:06:32.919 think that's probably the most concentrated thing one can do 0:06:33.000 --> 0:06:35.760 right now financially, to just try to upset some of 0:06:35.800 --> 0:06:41.480 the damage. Now. It's also having a macro economic cost, 0:06:41.600 --> 0:06:46.320 as we're seeing John mentioned Affirm halting this big planned 0:06:46.680 --> 0:06:51.359 bond sale or asset BacT Securities, a big investor pulling out. 0:06:51.520 --> 0:06:53.240 It seemed like this was going to go through why 0:06:53.279 --> 0:06:58.000 did that investor pull out? Um? So that's actually, you know, 0:06:58.120 --> 0:07:00.159 probably pretty important to set the record straight. So I'll 0:07:00.200 --> 0:07:03.159 I'll start from far, but I'll cover this very carefully. 0:07:03.200 --> 0:07:05.080 So first of all, we've known each other for a 0:07:05.120 --> 0:07:06.960 long time. You know that I am an engineer and 0:07:07.080 --> 0:07:09.000 think like an engineer. So we built the entirety of 0:07:09.000 --> 0:07:13.680 a firm through this whole engineering concept of full redundancy 0:07:13.680 --> 0:07:16.440 and resiliency. So our servers have tons of redundancy. Our 0:07:16.520 --> 0:07:18.080 products have a lot of ways of a complish the 0:07:18.080 --> 0:07:21.040 same thing. Are funding for our loans. Since we're not 0:07:21.080 --> 0:07:23.200 a bank, we have to fund loans from from the outside, 0:07:23.400 --> 0:07:26.280 has lots of lots of redundancy. We have ASIDA execurizations, 0:07:26.280 --> 0:07:28.240 which is what we're talking about here. We have warehouse 0:07:28.280 --> 0:07:32.120 lines where we basically place these loans into a warehouse 0:07:32.200 --> 0:07:35.520 arrangement that we sell our loans directly through forward flow arrangements. 0:07:36.040 --> 0:07:40.960 The deal that we were contemplating executing last Friday was 0:07:41.040 --> 0:07:45.120 a refinancing with an existing ASTA security. One of the investors, 0:07:45.160 --> 0:07:47.480 as you correctly pointed out, felt that the market volatility 0:07:47.480 --> 0:07:52.760 overall just made them decided to pause a purchase of bonds, 0:07:53.040 --> 0:07:57.560 and the deal had a real opportunity of becoming economically 0:07:57.880 --> 0:08:02.120 less financially attractive to us than our other funding sources. 0:08:02.200 --> 0:08:05.840 So we very quickly pivoted to place the same assets 0:08:05.880 --> 0:08:08.920 to a much better economic arrangement. And so it is 0:08:08.960 --> 0:08:11.400 correct that we decided not to do this deal, but 0:08:11.440 --> 0:08:13.960 this was entirely an economic choice in our part in 0:08:14.040 --> 0:08:16.600 favor of a firm, and part of what we said 0:08:16.840 --> 0:08:20.440 um yesterday to sort of highlight the point of this 0:08:20.520 --> 0:08:22.880 isn't just a choice we made specifically because you know 0:08:22.920 --> 0:08:25.920 that that's what I wanted to do for funding. Our 0:08:26.120 --> 0:08:29.840 profitability guide was raised specifically to make the point that 0:08:30.160 --> 0:08:33.320 even as we shift between different funding sources, we're not 0:08:33.400 --> 0:08:35.680 going to see any deterioration of our margin. In fact, 0:08:35.760 --> 0:08:38.000 we intend to improve it and expect to improve it. Right, 0:08:38.960 --> 0:08:41.960 so will you launch that deal again? And if so when, 0:08:42.120 --> 0:08:45.120 especially in the context of the market volatility that we're 0:08:45.120 --> 0:08:48.880 talking about, UH is we're certainly always looking to both 0:08:48.960 --> 0:08:52.240 expand our funding sources. And this is not our first 0:08:52.280 --> 0:08:55.160 deal and certainly not our last deal. And as we 0:08:55.640 --> 0:08:58.600 watched the asset eccurities market will certainly come back to 0:08:58.640 --> 0:09:02.240 it with other products I've literally spoken with handful of 0:09:02.320 --> 0:09:05.320 ADS investors last twenty four hours and asked them, so, 0:09:05.400 --> 0:09:07.360 how do you feel, you know, just trying to get 0:09:07.360 --> 0:09:09.160 the market color, and the answer has been, Oh, you 0:09:09.160 --> 0:09:13.079 guys are the quality and the market is definitely very volatile, 0:09:13.120 --> 0:09:15.040 but their flight to quality that secretes to you guys. 0:09:15.040 --> 0:09:17.880 And so we'll absolutely launched the next deal when the 0:09:17.960 --> 0:09:22.120 time is right a firm founder and CEO Max Levchin there. 0:09:22.160 --> 0:09:24.199 You can catch the full interview at Bloomberg dot com. 0:09:24.200 --> 0:09:26.079 Coming up, the Future of Money, We're gonna hear from 0:09:26.080 --> 0:09:28.680 Mike Novograts on Bloomberg New Crypto Show to talk about 0:09:28.720 --> 0:09:31.880 the role of digital assets in the War on Ukraine 0:09:32.080 --> 0:09:50.120 and more next. Global stock markets have whipsode investors in 0:09:50.200 --> 0:09:53.640 recent weeks with the War on Ukraine. Yet Bitcoin, usually 0:09:53.679 --> 0:09:56.120 no stranger to wild moves, has been locked in its 0:09:56.280 --> 0:09:58.760 narrowest trading range more than a year, a trend that's 0:09:58.800 --> 0:10:02.360 likely to continue, according to Mike Novograts of Galaxy Digital. 0:10:02.480 --> 0:10:05.400 He joined Bloomberg New Crypto Show Bloomber Crypto earlier with 0:10:05.400 --> 0:10:09.160 Matt Miller and Kaylee Lines. Take a listen. Let's say 0:10:09.160 --> 0:10:11.400 the dollar might never be the same, right I mean, 0:10:11.400 --> 0:10:13.320 I think the biggest thing that's happened in the last 0:10:13.800 --> 0:10:17.800 ten years, in lots of ways, maybe longer, is when 0:10:18.840 --> 0:10:22.680 Europe the US said, hey, Russia, those reserves that you 0:10:22.720 --> 0:10:26.040 thought were yours, they're not really your reserves. So what 0:10:26.080 --> 0:10:29.640 does that mean? It means the dollar or treasuries as 0:10:29.640 --> 0:10:32.360 a risk free asset isn't so resfree. It's not resfree 0:10:32.400 --> 0:10:34.320 if you're Russian, and maybe if you're Chinese, you're like, 0:10:35.040 --> 0:10:37.640 might not be a risk free either, uh. And so 0:10:38.120 --> 0:10:41.199 I think it's we're entering in a world uh that's 0:10:41.240 --> 0:10:44.600 unknown where people are going to struggle to figure out 0:10:44.720 --> 0:10:49.040 what is the reserve currency. The US isn't going away, right, Uh, 0:10:49.600 --> 0:10:51.320 the dollar is not going away, but it's not going 0:10:51.360 --> 0:10:53.000 to be the sole place. And so I think you're 0:10:53.000 --> 0:10:57.360 gonna see this hodgepodge of assets. Gold, certainly digital digital 0:10:57.360 --> 0:11:00.559 assets are gonna be part of that that bucket. The 0:11:00.559 --> 0:11:03.160 whole world is not gonna flip the bitcoin overnight, but 0:11:03.240 --> 0:11:05.840 you're going to see more and more people say I 0:11:05.920 --> 0:11:08.200 want to have some of my money outside of the sovereign. 0:11:08.559 --> 0:11:10.520 How do you deal with that debate? Though, because a 0:11:10.520 --> 0:11:13.040 lot of people are talking about the problem with cryptocurrency 0:11:13.120 --> 0:11:16.440 is that you can use it to circumvent um these sanctions. 0:11:16.440 --> 0:11:18.439 On the other hand, people in the community are saying, 0:11:18.800 --> 0:11:21.320 that's the point, right, we don't want government censorship to 0:11:21.320 --> 0:11:23.560 be able to take away our property. So let's let's 0:11:23.559 --> 0:11:27.120 talk big and small. There's zero chance the Russian government 0:11:27.120 --> 0:11:30.880 can use cryptocurrencies a circumvent right. We're regular by twenty 0:11:30.920 --> 0:11:34.600 five different agencies Galaxy and I'm sure you know f 0:11:34.720 --> 0:11:37.640 t X and Finance and the others have have just 0:11:37.720 --> 0:11:41.679 as many. And so almost all crypto moves to exchanges. 0:11:41.960 --> 0:11:45.000 Those exchanges have k y c amail processes just like 0:11:45.400 --> 0:11:50.480 Trade five exchanges. Uh. And so plus bitcoin is a 0:11:50.480 --> 0:11:53.439 public blockchain, you know. Way back we hired Mike Morell, 0:11:53.440 --> 0:11:56.080 who had run the c I a week Galaxy at 0:11:56.080 --> 0:11:58.840 a few other companies, to do a study on bitcoin. 0:11:59.280 --> 0:12:03.320 And he did like a ten weeks exhaust exhaustive study 0:12:03.360 --> 0:12:06.679 with the security agencies, with the three letter agencies, with 0:12:06.720 --> 0:12:08.840 crypto companies, and he came up with the thesis that 0:12:09.200 --> 0:12:13.280 if you're going to design a trap to catch criminals, 0:12:13.280 --> 0:12:15.800 it would look a lot like the bitcoin blockchain. And 0:12:15.880 --> 0:12:19.440 so it's just Elizabeth Warren is just wrong when she 0:12:19.480 --> 0:12:23.120 thinks you can use bitcoin for the Russia to say sanctions, 0:12:23.240 --> 0:12:25.080 and we're looking at it the wrong way. The Russian 0:12:25.160 --> 0:12:28.520 ruble has depreciated over nine in the last ten years, 0:12:28.559 --> 0:12:30.640 just this year, Loan, I think lie to low is 0:12:30.679 --> 0:12:35.240 like sixty. The Turkish Layra did the same. Bitcoin is 0:12:35.280 --> 0:12:39.320 a lifeline to people in countries with really poor stewardships 0:12:39.400 --> 0:12:43.360 of their economy, and we should be thrilled that Russians 0:12:43.400 --> 0:12:45.400 can get some of their money in bitcoins so they're 0:12:45.400 --> 0:12:48.640 not completely broke holding worthless rubles. Well, that brings me 0:12:48.679 --> 0:12:51.400 to the question of what the use cases because in 0:12:51.440 --> 0:12:53.640 the context we're talking about it, it's essentially as a 0:12:53.679 --> 0:12:56.480 replacement for fiat currencies. Is that how you view what 0:12:56.559 --> 0:12:59.080 the fit future of digital assets is? In a store 0:12:59.080 --> 0:13:01.840 of value? So gilassis is a big word, right. I 0:13:01.880 --> 0:13:05.079 think bitcoin has this really beautiful lane of being digital 0:13:05.120 --> 0:13:08.240 gold or a store of value. Everyone has a human 0:13:08.360 --> 0:13:11.400 right to have the fruits of their labor stored somewhere, 0:13:11.760 --> 0:13:15.760 and if you don't trust your your government's currency, traditionally 0:13:15.800 --> 0:13:18.080 we put it in diamonds or gold. This is the 0:13:18.080 --> 0:13:20.680 first really digital version of that, and so I think 0:13:20.720 --> 0:13:23.400 that's bitcoin's use case. Now listen, there's also a lot 0:13:23.400 --> 0:13:27.520 of other digital assets. There's digital uh stable coins, or 0:13:27.559 --> 0:13:32.160 digital dollars or euros. There's things ethereum digital networks and 0:13:32.280 --> 0:13:37.680 f t s right, and so the the the revolution 0:13:37.760 --> 0:13:40.679 that's happening isn't just in one lane. But I think 0:13:40.679 --> 0:13:43.240 for bitcoin it really is a place you store value. 0:13:45.120 --> 0:13:49.880 Galaxy Digital head crypto investor Mike novograts there. You can 0:13:49.880 --> 0:13:52.800 now catch our weekly Bloomberg Crypto Show every Tuesday one 0:13:52.960 --> 0:13:55.280 in Eastern Time, co hosted by my colleagues Matt Miller 0:13:55.280 --> 0:13:58.480 and Kaylee Lines, where they covered the people, transactions and 0:13:58.640 --> 0:14:11.840 technology shaping the world of DeFi welcome back to Bloomberg Technology. 0:14:11.840 --> 0:14:15.280 I'm Emily Chang in San Francisco. Two years into this pandemic, 0:14:15.360 --> 0:14:19.120 working women and especially moms are struggling. We see women 0:14:19.240 --> 0:14:23.240 leave the workforce at historic levels. A new global study 0:14:23.320 --> 0:14:26.440 found that last year alone, roughly of women left their 0:14:26.520 --> 0:14:29.840 jobs between just March and September alone, most because of 0:14:29.880 --> 0:14:34.280 their responsibilities to care for others. Joining me now Rashman Johnny, 0:14:34.320 --> 0:14:36.560 founder of Girls Who Code and the author of a 0:14:36.640 --> 0:14:39.560 new book Pay Up The Future of Women and Work 0:14:39.720 --> 0:14:42.720 and why It's different than you think, talk to us 0:14:42.760 --> 0:14:47.000 about where we are right now as the pandemic hopefully 0:14:47.000 --> 0:14:50.240 winds down. What are we not seeing, what's different than 0:14:50.280 --> 0:14:53.280 we think? Well, I think we know that workplaces have 0:14:53.440 --> 0:14:56.600 never worked for women, and over the pandemic, you know, 0:14:56.680 --> 0:15:00.360 women found themselves without childcare, with managers who didn't get it, 0:15:00.760 --> 0:15:03.880 with partners who weren't doing their fair share, and now 0:15:03.920 --> 0:15:07.280 women are in crisis. Millions of women have left the workforce. 0:15:08.760 --> 0:15:12.320 Working moms say they're anxious and depressed. We can't go 0:15:12.400 --> 0:15:16.280 back to a broken system. What can business leaders do 0:15:16.360 --> 0:15:18.680 right now to support women in moms in the workforce. 0:15:18.840 --> 0:15:20.480 And I'd love to hear your thoughts on the tech 0:15:20.520 --> 0:15:24.840 industry in particular where it's so male dominated. Yeah, well, 0:15:24.880 --> 0:15:27.400 we have a once in a lifetime opportunity. As you know, Emily, 0:15:27.400 --> 0:15:31.760 the recent jobs report that came out eleven million open jobs. 0:15:32.320 --> 0:15:37.000 CEOs are desperate, desperate for talented workers to fill those jobs. 0:15:37.040 --> 0:15:39.400 So it's the seller's market right now. So I think 0:15:39.440 --> 0:15:42.160 women have an opportunity to ask for what they need. 0:15:42.440 --> 0:15:45.280 And what we need is affordable childcare. What we need 0:15:45.480 --> 0:15:48.240 is paid leave. What we need is employers who are 0:15:48.280 --> 0:15:50.880 going to support us on our mental health. We can 0:15:50.920 --> 0:15:52.520 ask for what we need. We don't have to go 0:15:52.560 --> 0:15:57.560 back to the old normal. There are companies like Netflex, 0:15:57.640 --> 0:16:01.880 like Microsoft, eBay with really strong family and parental leave policies. 0:16:02.040 --> 0:16:03.880 Is that enough or do we need something at a 0:16:03.960 --> 0:16:06.520 national level? And if we need something at a national level, 0:16:06.960 --> 0:16:09.400 why has it been so hard to make that first? 0:16:10.240 --> 0:16:12.440 I don't think it's enough. Look, many tech companies are 0:16:12.560 --> 0:16:15.440 doing you know, they're making progress right there offering some 0:16:15.520 --> 0:16:18.840 of these benefits. But for example, some technology companies like 0:16:18.880 --> 0:16:22.480 Facebook offer more in helping you freeze your eggs than 0:16:22.520 --> 0:16:25.200 in childcare. And we know that the reason why women 0:16:25.240 --> 0:16:27.400 are not returning back to work is because childcare is 0:16:27.440 --> 0:16:30.960 too expensive. Most families spend more for their mortgage, more 0:16:31.000 --> 0:16:33.080 for their childcare than they do for their mortgage. It 0:16:33.200 --> 0:16:38.440 is literally the largest expense for families paid leave. It's 0:16:38.440 --> 0:16:41.120 not good enough just to tell that you offer paid leave. 0:16:41.520 --> 0:16:44.720 Companies like Apple still don't have gender neutral paid leave 0:16:44.760 --> 0:16:49.440 policies in two thousand and twenty two. That's archaic. So 0:16:49.520 --> 0:16:52.160 you can't just offer these policies. You have to mandate 0:16:52.200 --> 0:16:55.080 that men actually take them. Tie it to performance review, 0:16:55.440 --> 0:16:58.280 change the corporate culture. You know, Emily, we just went 0:16:58.320 --> 0:17:00.080 through We're just in the middle of women's history of 0:17:00.520 --> 0:17:03.920 and we just went through International Wednesday, Today's pay Equity Day, 0:17:03.960 --> 0:17:07.320 And in every single boardroom there's a conversation happening about 0:17:07.359 --> 0:17:09.639 how to get a mentor, how to get a sponsor, 0:17:09.760 --> 0:17:12.520 how to learn how to be an investor. The conversations 0:17:12.520 --> 0:17:14.720 that I want to be happening is how to get 0:17:14.760 --> 0:17:17.240 your partner to do more laundry, how to get the 0:17:17.320 --> 0:17:20.199 men in this corporate culture to do more laundry. How 0:17:20.240 --> 0:17:22.520 to make sure that we audit our corporate policies so 0:17:22.600 --> 0:17:27.320 that they're not exacerbating gender inequality at home, because until 0:17:27.440 --> 0:17:30.119 we get to gender equality at home, we're never going 0:17:30.160 --> 0:17:33.400 to get to gender equality in the workplace. And quite frankly, frankly, 0:17:33.480 --> 0:17:37.280 corporate feminism has been taking us down the wrong path. 0:17:37.800 --> 0:17:40.359 And I I realized that, you know, for the past 0:17:40.400 --> 0:17:43.920 ten years, I've been telling young women to lean in, 0:17:44.480 --> 0:17:46.680 you know, to girl boss their way to the top. 0:17:47.359 --> 0:17:50.320 That the quality was just you know, an express train 0:17:50.400 --> 0:17:53.040 to the corner office. And I found myself in the 0:17:53.080 --> 0:17:56.160 pandemic with two little kids, trying to maintain a full 0:17:56.160 --> 0:17:59.960 time job, and it nearly broke me, and I realized 0:18:00.160 --> 0:18:02.880 that having it all, it's just a euphanism for doing 0:18:02.920 --> 0:18:05.879 it all. So we had to stop trying to fix 0:18:05.960 --> 0:18:10.240 the woman and fix the system. And that includes technology 0:18:10.280 --> 0:18:14.800 companies who often tout that their policies and and the 0:18:14.840 --> 0:18:17.560 fact that they're trying to lift women up. Well, now 0:18:17.600 --> 0:18:20.840 it's trying. It's time to get meant to do more right. 0:18:21.200 --> 0:18:24.200 Let in, let's talk about that rushima. It doesn't help 0:18:24.240 --> 0:18:27.800 that there are tech founders and investors out there like 0:18:27.880 --> 0:18:33.239 Joe Lonsdale perpetuating stereotypes about men taking parental leave. This 0:18:33.280 --> 0:18:36.040 tweet from him just a few months ago, saying great 0:18:36.080 --> 0:18:38.439 for fathers to spend time with their kids and support moms, 0:18:38.480 --> 0:18:41.480 but any man in an important position who takes six 0:18:41.520 --> 0:18:44.800 months of leave for a newborn is a loser. In 0:18:44.840 --> 0:18:48.600 the old days, men had babies and worked harder to 0:18:48.680 --> 0:18:52.359 provide for their future. That's the correct masculine response. I mean, 0:18:52.400 --> 0:18:56.679 there are almost no words, no words, no words. I 0:18:56.720 --> 0:19:00.359 mean almost so many female founders I know get asked, well, 0:19:00.400 --> 0:19:02.680 you're planning to have kids? You know when you have 0:19:02.720 --> 0:19:06.200 a family. Is that it's as if being a mother 0:19:06.359 --> 0:19:09.840 is a distraction to your job and it's why we 0:19:09.880 --> 0:19:12.560 have the motherhood penalty. You know, the reason why we 0:19:12.600 --> 0:19:15.920 have a pay gap is because is between mothers and fathers. 0:19:16.440 --> 0:19:18.719 The minute you become a mom, suddenly you're less committed 0:19:18.760 --> 0:19:21.480 to your job. You're unable to build the next Facebook 0:19:21.520 --> 0:19:23.800 or the next Twitter. And so we have to root 0:19:23.880 --> 0:19:27.760 out that discrimination, which is at its core. And oftentimes 0:19:27.800 --> 0:19:30.920 in tech companies that think they're libertarian, they think they're 0:19:30.920 --> 0:19:35.119 a meritocracy. You know, they do it the worst. You know, 0:19:35.200 --> 0:19:38.040 in many ways, rooting out the motherhood penalty is just 0:19:38.080 --> 0:19:41.639 an algorithm away. Tomorrow. Every single one of the Fortune 0:19:41.680 --> 0:19:44.720 on companies could get rid of the pay gap if 0:19:44.760 --> 0:19:50.119 they wanted to. Well, appreciate you out there trying to 0:19:50.280 --> 0:19:54.080 shatter some of these stereotypes. Rashmachal Johnny, author of the 0:19:54.119 --> 0:19:56.360 new book pay app Always great to have you here. 0:19:56.920 --> 0:19:58.440 Thank you for having me. It's great to be here. 0:20:00.160 --> 0:20:02.960 Tesla is raising prices on all of its electric cars 0:20:02.960 --> 0:20:06.040 after CEO Elon Musk said costs were going up. The 0:20:06.119 --> 0:20:08.480 cheapest Model three in the US is now just under 0:20:08.520 --> 0:20:12.159 forty dollars. Credit Sweet says the price hikes were between 0:20:12.240 --> 0:20:16.440 three and five in the US and China. Coming on 0:20:16.960 --> 0:20:20.640 speaking with Joe Lubin, Consensus CEO and founder and Ethereum 0:20:20.760 --> 0:20:23.480 co founder about their massive new round of funding and 0:20:23.520 --> 0:20:27.879 the future up blockchain companies as they lean in to 0:20:28.040 --> 0:20:47.200 the metaverse. The whole year, I thought we need to 0:20:47.240 --> 0:20:51.360 be a thirty thousand fifty thousand range in Bitcoin risk 0:20:51.440 --> 0:20:54.800 to the upside, not the downside. Um, but I think 0:20:55.359 --> 0:20:58.520 you know five years out bitcoin is not at five thousand. 0:20:58.800 --> 0:21:02.080 I'm wrong. On the adoption cycle, uh right, we see 0:21:02.119 --> 0:21:07.240 an adoption cycle that accelerates. Bitcoin grew so much faster 0:21:07.359 --> 0:21:10.000 last year Crypto grew than the Internet did its best 0:21:10.080 --> 0:21:13.800 years in the nineties. Mike Novograt's there of Galaxy Digital 0:21:13.880 --> 0:21:17.560 saying Bitcoin could hit five hundred thousand dollars within five years. 0:21:17.600 --> 0:21:19.159 I want to kick off our crypto report now with 0:21:19.160 --> 0:21:23.000 our crypto contributor Sali Bostic Shanali bold prediction there from 0:21:23.080 --> 0:21:25.920 Mr novograts bold prediction, and to get there you would 0:21:25.920 --> 0:21:29.159 have to have bitcoin rise more than twelve times Emily. 0:21:29.280 --> 0:21:30.840 So you have to wonder what will it take to 0:21:30.880 --> 0:21:32.879 get there and what does that adoption curve look like. 0:21:33.320 --> 0:21:36.840 Bitcoin is trading below where it was this time last year. 0:21:36.960 --> 0:21:38.600 We have seen if you take a look over here 0:21:38.640 --> 0:21:40.720 at the chart, a few days of a lift here, 0:21:40.960 --> 0:21:45.240 but that still leaves you only under forty thousand perfect coins. 0:21:45.280 --> 0:21:48.760 So there's a large question about exactly that. What does 0:21:48.800 --> 0:21:50.960 that adoption curve look like? Last year there was a 0:21:51.040 --> 0:21:53.520 ton of companies, a couple of sovereigns that have started 0:21:53.560 --> 0:21:57.280 to discuss adopting it at a greater rate. But what 0:21:57.680 --> 0:22:02.840 is twelve times the that we've seen prior? All right, 0:22:02.960 --> 0:22:04.439 Janalie stick with us. I want to bring in our 0:22:04.520 --> 0:22:08.440 next guests, Consensus CEO and founder and co founder of Ethereum, 0:22:08.520 --> 0:22:11.440 Joe Lubin, whose company just announced a new four hundred 0:22:11.520 --> 0:22:15.399 fifty million dollar round of funding, huge round. Joe, and 0:22:15.440 --> 0:22:18.560 I want to talk about how you're using this funding 0:22:18.680 --> 0:22:21.280 and also putting it to work in kind of a 0:22:21.320 --> 0:22:25.960 different way. Explain that, Um, thanks simply. Yeah. UM, So 0:22:26.240 --> 0:22:28.960 we are taking in we we've taken in four hundred 0:22:29.000 --> 0:22:32.879 fifty million dollars in our latest rays, and we've been 0:22:32.960 --> 0:22:37.040 working on being a crypto native company. UM. We've been 0:22:37.080 --> 0:22:43.200 working on progressively decentralizing ourselves for years. We've built infrastructure 0:22:43.359 --> 0:22:45.640 in the form of a consumer wallet, in the form 0:22:45.720 --> 0:22:49.800 of a metal mask institutional wallet UM and we've built 0:22:49.840 --> 0:22:56.960 institutional grade staking facilities and u UM. We are converting 0:22:57.840 --> 0:23:00.680 the vast bulk of the pro seats of the rays 0:23:01.160 --> 0:23:08.320