>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, crypto markets roiling after more tweets from elon musk's. coinbase finally adds it to its

platform. jack dorsey's square holds purchases of bitcoins with the world's largest cryptocurrency just above 50,000. companies as big as disney are rushing to assess policies after guidance from the cdc. a lot of us are confused and not quite ready. airbnb's ceo expects the travel rebound of a century, but mask travel and business travel will never come back -- mass travel and business travel will never come back the way they work. and living in remote stays will continue on. first we start with one of the most volatile weeks in crypto history. with a single tweet from elon musk wiping out hundreds of millions of dollars off crypto markets. some of that has been recovered, namely in doge. coinbase officially bringing doge onto its platform.

but bitcoin is still down. test out announced it would stop accepting bitcoin as payment for its cars. today jack dorsey's square halted purchases of bitcoins altogether. joining us is ed ludlow and joe weisenthal. we can't blame everything on elon musk, but when you look closely, most of these moves seem to have something to do with elon musk. joe: bitcoin itself had been below its highs from february. it had been going sideways for a while. some of the movement with other coins. when tesla bought bitcoin earlier this year, that was seen as such a key signal, enthusiasm, the most cutting edge company on the world putting its weighton it. -- weight on it.

to see the angst of energy, because regulators care about that stuff, it is a blow to bitcoin. emily: tesla down big time for the week. it had to be pretty transparent about how it is benefiting and not benefiting from its bitcoin investments, since it is still holding bitcoin, just not accepting bitcoin as a form of payment. ed: tesla shares down the most one week off since february. it is about communication. in the first quarter of this year, 1/5 of their pretax profit was the gains they made on bitcoin. during the earnings call, that call basically said we are monitoring the situation closely, his words, we will continue to accept bitcoin as a point of payment for our vehicles and build up our own bitcoin holdings. two weeks later, elon musk tweets a contradictory statement. the other element is of

surprise. don't forget tesla is also an energy company. one would assume elon musk has some knowledge in the area of renewable energy and energy storage, because that is what he is trying to do with his company. people were confused, why is elon only now talking about the energy consumption part of bitcoin? emily: that is tesla's holding of bitcoin, but do we know anything about elon musk's personal holdings of cryptocurrency? ed: the irs now requires individuals to disclose their bitcoin transactions on their tax returns. the difficulty with elon musk is it is difficult to separate the man who is a public company chief executive, fiduciary director, and the world's second richest man. we know he has a position on

dogecoin, saying he is interested broadly in cryptocurrencies. in some ways putting his money where his mouth is through tesla, but we don't know how much of his own wealth is tied up in cryptocurrency. emily: i spoke to the president and coo of coinbase around earnings yesterday and asked about elon's comments and from others more broadly. take a listen to what she had to say. >> do you think there are devices that consume more energy than bitcoin? you have to put things into perspective. put things in perspective, but we want elon to participate. emily: joe, indicating that she thinks there could be something bigger behind whatever is happening here. would you agree?

there seems to be something more to this? ed: -- joe: who knows? she mentioned there are a lot of other things that use way more energy than cryptocurrencies, but once people have accepted those are things that are good -- people like watching tv, people like traveling -- the industry has yet to convince people there is something intrinsically good about cryptocurrency. there are arguments to be made, but a lot of people look at it and say there is no use for this technology and it is all speculation and get-rich-quick. this is disputed, but that is ultimately what it comes down to. no one questions the energy usage of refrigerators because we think preserving food is a good thing. that is the debate that has to happen, not the energy use itself, but the argument people in the industry need to convince more people that the expenditure

of the energy is on something that is a net positive and not just something for speculators. ed: you tweeted that chart from cambridge data that showed that huge run-up in energy consumption ties to bitcoin for the first three months of this year. him saying this is a more recent phenomenon. i am aware of the long-term energy consumption of bitcoin in china, where coal is the main energy driver. he is the expert, so he claims to be, so it is confusing for those retail investors that are buying into bitcoin and tesla in symmetry because they hang on elon musk's every word. emily: here is my question. obviously crypto markets on a roller coaster, a lot in part because of a tweet from elon musk bashing bitcoin, supporting doge. is there any indication there could be some regulatory issue here?

is there an sec violation? joe: there is no reason to think he is profiting from this in some untoward way or tricking people. you are allowed to change your mind on what your company is going to hold. he is not a doge insider or anything. this is probably an under regulated area from the perspective of people in d.c. one of the priorities for the industry is the bitcoin etf at some point, but there are a lot of questions going. and the energy thing is a big source of concern for regulators. do they want to create more avenues for money to flow into a space at the same time this administration considers climate

change and energy uses a -- energy usage as a priority? there are questions beyond elon's tweets. emily: thank you both for joining us for this crypto debate. i want to stay on the topic of crypto. a startup corporate credit card is opening its rewards program to include bitcoin and ethereum. the committee says its first ever crypto rewards program will allow customers to use crypto points the same way they redeem points for miles or travel. joining us is brex's ceo. obviously there is a lot of controversy about cryptocurrency. do you have any concerns offering this rewards program, about how volatile the market seems to be? >> first, thank you for having me.

we are giving our customers choice. you have brex coins and you can choose to redeem them for cash, miles, or crypto now. for those businesses or consumers behind these businesses who want to buy into crypto or bitcoin and are true believers, we have the option. if you want to redeem your points and miles through cashback, that is still possible. emily: what about dogecoin? what if that is what your customers want? would you offer them that option? >> bitcoin if the areas of -- bitcoin ethereum is our first stat. we will see what customers ask for. in theory we have nothing against dogecoin or any other coin. we try to not have an opinion on the coin itself. we are trying to make it

available for our businesses to participate in it. emily: how much interest is therefore this -- is there for this among your customers? >> it has been more than we expected. there is a lot of crypto enthusiasm. there is a lot of other crypto companies offering cards, but i think brex was the first general business card that also offered crypto and not a crypto-specific business. that was what was hitting our customers excited. they can use brex for regular transactions, but also redeem in crypto. emily: as we were talking about earlier, there are concerns about regulation. there are concerns about the environment, the energy that bitcoin and crypto mining consume. is that something you are thinking about? >> it is definitely something we are seeing in the market.

we understand the arguments pro bitcoin and against bitcoin. we decided to take the stance of letting our customers choose what they want to do with their points. emily: what is next for brex? we are focusing today on crypto, but obviously you've got broader ambitions, much more to the company beyond that. >> for us, we are building what we call the all-in-one finance business. at first, brex was only a corporate card. now you can replace your corporate chase bank accounts, your american express, you can have this all in one product with brex. the next step for us is to keep developing these products to different segments, but also to larger companies. emily: the ceo of brex, thank you so much for joining us. meantime, some breaking news.

walmart now says vaccinated customers can shop without a mask. the retail conglomerate saying it will give $75 to all vaccinated workers. of course, still a lot of questions how this will work. how will they know if people are vaccinated or not? we will talk about this more later in the show, the new and surprising guidelines from the cdc, how businesses are reassessing their policies more, coming up on the show. after serious pressure from the united states, the hacking group suspected behind the colonial pipeline hack has shut down its service. we will have that story next. this is bloomberg. ♪

>> this cannot be open season for hackers who can make money off of the threat, even if they don't go as far as crippling the entity, as with colonial, they did not. emily: house speaker nancy pelosi there in response to a question about ransom for cyberattacks, saying companies like colonial pipeline should not pay up. now the group suspected of being behind the attack has told other hackers that it plans to shut down its ransomware as a service operation amid pressure from law enforcement. let's get the details. first of all, it is shocking that ransomware as a service exists, but what is the latest that we know about darkside's

plans? if they did not want to wreak havoc, why did they do this at all? >> that is a good question. clearly they got what they were looking for. my colleagues on the cybersecurity team broke news earlier this week that colonial pipeline did pay something close to $5 million in bitcoin, which is all these revenue-generating attackers are looking for. since then, we learned darkside, claiming pressure from law enforcement, has pulled the plug on some of its operations. they claim law enforcement has taken them down. it is unclear what happened. what is clear is their public facing persona and websites are now no longer accessible, which means if you have been encrypted by darkside and have not paid yet, you are in a difficult position. at the same time, the attackers

are likely to go on pause, at least those affiliated with darkside. emily: here is a question, like speaker pelosi said, why should packers be able to wreak havoc -- why should they be able to extract this kind of money? shouldn't governments or someone be able to help companies, especially critical companies that are part of our infrastructure that are put in this position? >> this is a problem that is not new. ransomware has been evolving for the last decade. researchers have been scrambling to the rooftops for the government to take it more seriously. it appears the biden administration has turned the corner on cybersecurity more broadly. in the opening days of the administration, they hired new leadership to focus on cybersecurity, an area that was gutted under president trump. since then, they launched a new

cybersecurity and ransomware task force under the justice department which will focus on addressing issues like this specific case of the colonial pipeline. what is central to any operation will be ensuring american critical infrastructure, an attack on which would be seen as an act of war, can be prevented, mitigated, or responded to appropriately. at the same time, every day you have local school districts, local governments, pharmaceutical companies, hospitals that provide essential health services getting hacked by groups like darkside. they obviously have little resources to respond. the federal government does need to take action through this task force and another that advised the government late this week. they seem to be putting pressure on these hackers to cut itout.

-- cut it out. it depends on whether the russian government, whose protection they operate under, will cut down on these. there is no indication putin or russian leadership are ready to do that. emily: thanks so much for your reporting. that huge scoop that indeed darkside got paid. coming up, the cdc's abrupt guidance on wearing masks has changed company policies. walmart saying fully vaccinated shoppers can shop without wearing them. much more next. this is bloomberg. ♪

emily: walmart says fully

vaccinated shoppers can shop without wearing masks and that vaccinated staff can stop wearing masks as of next week. it also gives $75 to employees upon their vaccinations. this has companies are rushing to assess mask policies after an announcement from u.s. officials. i want to bring in bloomberg's matt boyle, who has been reporting on this evolution. this news from walmart is big. how will walmart know if shoppers are vaccinated and come in mask less? will they check everyone's vaccine card? matt: that is the problem. with all of these things, the devil is in the details. it reminds me of last year when walmart and other retailers insisted that everybody wear our mask for safety. -- wear a mask for safety. they said if you had a health reason, you are not required,

but they were not checking that. with today's decision, no, they will not require a customer to produce their vaccination card, which does not fit in my wallet, but that is a different story. for employees, though, they will have to answer a health check, to at least admit if they have been vaccinated. you are right, with all these millions of customers coming through walmart every month, it is going to get tricky. walmart has decided, rather than trying to keep enforcing a mask mandate when the cdc has gone in the other direction, they are saying as of today for customers, you can take them off. emily: i spoke with disney's ceo yesterday, who was just coming off the earnings call, which was only a couple hours after the cdc made that announcement,

asked him what this means for the parks, whether they will be quickly listening mask policies there. take a listen. >> we are still digesting the guidance just given a few hours ago, but we think that is in the near future for us. it will make for a much more comfortable experience in the heat and humidity of walt disney world in orlando. emily: not just in the future, but in the near future, which is interesting given their will not be a vaccine for young kids at least until the fall. it could take even longer than that. what do you make of this? certainly there are many businesses trying to figure out what to do. matt: that is the level of confusion. it is pretty palpable right now. it comes down to companies figuring out what are their priorities in terms of their employees, their customers, how

much interaction is there between customers and employees? you will see more face-to-face interaction in a place like a restaurant or retailer than maybe a bank, for example. all of these companies and their hr departments will have to do serious thinking. this walmart decision might give a lot of companies cover to say, this is what walmart is doing, they are the nation's largest employer, and we might follow that route. right now, home depot for example has signs outside their door saying we still expect you to mask it. it will be a case where customers have to check their phone or figure out the policy for any particular store or restaurant they are going to these days. emily: interesting. gosh, it will be interesting how this plays out over the next few

weeks. matt boyle, thanks for your reporting. doordash sales almost doubling in the first quarter, but can the food delivery giant continue this growth as restaurants begin to reopen for in dining customers, mask free potentially? our conversation with the cfo, next. this is bloomberg. ♪

emily: welcome back to bloomberg technology. we are getting to the tail end of earnings season. companies are still reporting and it will give us a look into what things will look like as the pandemic picture improves. we are focusing on airbnb and doordash. >> these are great companies to look at. doordash is up 22%. this stock dominated during

covid. this is not going to go to wait. -- this is not going to go away. similar with airbnb, we are traveling and going on vacation. disney is down, missed on subscribers. the next chart shows the happiest place on earth. you can see the recovery is there. parks are reopening in california and florida. the recovery is pretty steady for disney, even though they missed on subscribers to disney plus which was a big focus for investors. how much was that priced onto the stock anyway? they didn't get the same feel-good effect that airbnb is getting with the reopening and travel. focusing on airbnb and doordash, we put them side-by-side.

it's difficult to understand. year to date, they are in the negative territory. doordash is up 20% today. if it hadn't been for the incredible gain, they would be down 20% year-to-date. investors are digesting how long is ordering in going to last? airbnb and doordash are good case studies. you can see they move in close symmetry, but they are still in negative territory year-to-date. emily: thanks for breaking that down. the ceo of doordash says they want to engage with consumers for pickup and catering. adding that the company is just getting started in groceries. take a listen to what else he had to say. >> people still want to go back

into the residence -- restaurants, but during the week , some are going to be delivered at home. others will be picked up on your way back to work. some will be catered food when you're in the office. we are trying to engage consumers to make sure we keep their behavior robust as the markets reopen. emily: what verticals are you seeing and where the growth is coming from? cities, suburbs, what kind of restaurants? is there anything else you can say? >> we are seeing growth across the board. when you grow your top line by 222%, what is driving that is very early earnings in terms of the penetration of these categories. if you take all of the food

delivery platforms across the space, the percentage of overall food sales we are talking about a smaller percentage were a fraction into the overall food sales across the industry. online convenience sales are a tiny fraction, less than 1% according to third-party data. grocery, the same dynamic. even the low levels of penetration, there is a lot of room for us and others to grow and that is what is driving the growth that you are seeing this past quarter. emily: let's talk about grocery. grocery seems to be the next frontier. how are you preparing to take on the competition? >> the first thing i should say is we are very early in the grocery journey. that was launched six month ago. our committing his business was launched 12 months ago, much later than those other businesses you mentioned.

even in the short duration of 12 months, we are looking to become the number one leader in online convenience by third-party data. that speaks to the extensibility of our platform, our ability to engage consumers in categories beyond food. that should drive our growth and we should be a market leader as but continue to build a product that meets consumer expectations of speed, quality, and price, we will be successful in grocery and the other verticals. emily: my app often asks me if i want to pick something up from 711. is that a popular feature? >> from the consumer perspective, there is no reason you should be concerned about which store something comes from. i was talking from someone the

other day and they ordered a cake for mother's day and they wanted to buy a bouquet of flowers. the consumer didn't care if the flowers came from a different store than the cake. our product allows you to mix-and-match across these different stores. it is early and we are excited by the prospects there. emily: there is still a risk about the reclassification of workers. we don't know what position the biden administration is going to take on this. how concerned are you about that? knowing that it could go in a direction that does not necessarily help doordash? >> it's important to take a step back from the initial headlines. when you read the comments and based on our discussions with the department of labor and the biden administration, we are encouraged by what we are hearing because it signals a willingness on the part of the department of labor to engage with the private sector to

determine a mutually acceptable solution that is important going forward. it is important for me to reiterate that we will always advocate for what dashers want. the number one thing they care about is flexibility paired with the benefits and protection they deserve. we are exceeding to partner with the department of labor and the biden administration. emily: that was the doordash cfo. speaking about earnings, i spoke with this ceo of airbnb who say that signs indicate a travel rebound unlike anything seen in a century. while shares fell early, he remains optimistic with the company beating its own internal expectations. >> i said is going to be a travel rebound like we have never seen. probably travel rebound unlike

anything you have seen in a century. what we have seen is travelers over 60, between february and march as they started getting vaccinated, looking went up over 60%. in countries like u.k., spain, france, when restrictions were lifted, the bookings went straight up. the cdc said if you are vaccinated, you can resume activities you were doing before the pandemic. all of these data points are indicators that we think travel is going to come back probably stronger than ever. certainly, we will be a beneficiary of the trend over the coming months. we are very bullish on. emily: you also reiterated the travel will never be quite the same. i recently interviewed a representative of expedia and he said national parks are nice, but i think cities, hotels, business travel will fully rebound. how do you respond to that?

>> i would say first of all that the world is never going to look like it did before the pandemic. that means i don't think travel will look like it did before the pandemic. the data is bearing that out. number one, we commission surveys across the world and people said travel is the thing they miss the most. business travel is the type of travel they missed the least. business travel is never coming back the way it did before the pandemic. that doesn't mean it's not coming back, it just isn't coming back before the pandemic. the bar to get on a plane for a meeting is much higher. the kind of business travel that will emerge is the kind of business travel we are defending from. for example, we have a huge percent of our books in cities are over 28 days. people are working remotely, but they want to go back to headquarters for weeks at a time. let me talk about other trends

that are here to stay. guests around the world on airbnb are more flexible about where they travel and when they travel. world where we can work on zoom is where we can work anywhere and live anywhere. that means people aren't just going to travel to the same 20 or 30 cities, they are going to travel all over the world. length of stay is increasing. two years ago, our business was over 28 days. now, it's over 24%. people can travel anytime now. in february, we launched a flexible date feature where we asked when you want to travel. instead of adding dates, you can say i want to go for a week or a month or anytime this summer. nearly 100 million searches used this. that means there is a shift from mass travel to meaningful travel and from business to leisure. when borders open up and people go back to cities, we will do

quite well. emily: let's talk about borders opening up. you have new data on u.s. travelers to europe. i'm curious about what you are seeing in europe and visibility you have into your business in asia and when the international rebound is coming. >> certain countries are doing really well in europe. the u.k. is growing quickly. france is growing quickly. spain is now rebounding and growing quickly. we are seeing a number of countries in the eu that are really growing and i think one of the things we are seeing is initially with domestic travel, people traveling in their own country, now we are starting to see borders open up and that is starting to see a huge rebound in europe. asia is a little behind. think of north america ahead followed by europe followed by the rest of the world. i expect to see asia a little behind. >> in the meantime, you have

launched your biggest marketing campaign in years. how many new hosts have signed on as a result of the campaign and these commercials that do pull your heartstrings. >> it's funny you mention the commercials. we did our first global brand campaign in five years. they feature real photos of real guests on real trips. one of the reasons they pull your heartstrings is because we yearn for things we missed. that is what airbnb is about. that's what we're focused on. additionally, we are seeing elevated traffic levels of people coming to airbnb. on may 24, we will reveal the biggest update -- upgrade to our service including ways to make it easier to host. we don't have any data to report on the new listings right now but i am optimistic on the elevated traffic and we will

continue to make it easier for people to start. the last thing is if you list on airbnb, most people get a booking within four days. emily: you can get that full interview on bloomberg.com. meantime, jack dorsey square is not planning on buying bitcoin. bitcoin represents about 5% of squares cash on hand. the square cfo in response to that report has officially said the bitcoin strategy hasn't changed and the company will continue to assess that strategy ongoing. jack dorsey just tweeted the bitcoin changes everything for the better and we will forever work to make bitcoin better though it did not dispute that report. coming up, the golden globe

controversy heating up with nbc deciding to ask the shout. -- cancel the shout from its lineup. that's coming up. this is bloomberg. ♪

emily: the nbc network is dropping the golden globes. saying the company that puts on the show needs to reform its record. it came under fire this week for having no black members. it's no secret that the

hollywood foreign press has not been diverse enough for a very long time. what spurred this latest wave of protests? >> to give you some background, this group is a group of journalists. they are based in southern california. there are a few people seemingly qualified to join but they were rejected and that led to some complaints and a story that revealed bombshell facts that they have no like members and haven't had one for who knows how long. given everything that has happened in the past year with george floyd and the black lives matter movement, i think that fact resonated with people. this group that is this arbiter of culture, it pays to be so totally out of step with what is going on in the world.

that became a big sticking point. people basically saying that you can buy ago -- golden globe and that is not what you want to see in a show. you want to see things that are great get awarded and recognized. that's where we're at now. tom cruise has returned his golden globe that he won years ago. now, nbc is dropping the golden gloves. it does that mean the golden globes are gone? can they come back? >> this is not the first year that we have not had the golden globes.

unless another network pick set up. i think they could come back, but given the fact they have become a social pariah in hollywood, they will have to work hard to prove to people they have changed. they did put forward some proposals of how they're going to diversify. that proves to everybody that the award selection process was aboveboard. those proposals got slammed by the studios. netflix, amazon, everybody saying that that is to surface level and to slow. that they needed to see some -- something more substantive. >> that begs the question of where these award shows go broadly. i know the awards are important to the industry, important to the actors and all of the talent behind the scenes. or broadly, do you see more of

reckoning on award shows happening in general? >> i think so. they have been losing relevance and viewership for a while. in the past, they only got 7 million viewers. usually, it's more than 16 million. i think they are losing favor and losing play. this is part of a broader change happening in hollywood. emily: interesting. thank you so much for your reporting. we will continue to follow what happens there. coming up, rip and replace. that is what's happening to huawei's 5g towers. we will take a closer look at that next. this is bluebird. -- this is bloomberg. ♪

♪ emily: now a plan is underway to

tear down all of huawei's equipment. >> the process of ripping out 4g and r.g. mobile equipment from thousands of network towers across europe has begun. countries including the u.k., france, and sweden are making good on their promise to side with the u.s. decision that china posed a risk to national security. the country has -- the company has repeatedly and vehemently denied it. ♪ transplanting a decade's worth of investment into communications infrastructure is expected to cost networks

hundreds of millions of pounds in several years to complete with work now underway, i wanted to know what the process involved. that involved somebody traveling to the birthplace of the man behind the venn diagram in the northern county of yorkshire. it's the first british city in which the band is becoming a reality. it is working to cut out all of the chinese firms equipment there are early july substituting equipment from nokia. my colleague traveled to figure out how big of a challenge this is. emily: ♪ >> it's not just the 5g equipment being removed. the company gets a permission for engineers to come on-site, check if the antenna is intersecting signals with others

, that multiple engineers will spend a few days up a pole or building often attaching themselves to remove components. >> this is far from achieved process. last year, bt said expected it to cost $650 million over the next five years. that is on top of the money spent building and installing it. the people who built and designed the u.k.'s networks are saying it's disappointing. others are saying it still more work. on the other hand, the hazards of working on a new site every week, there are more hazards. some have said they've had things thrown at them by the public.

i spoke with the chief technology officer who said that those incidents have held off a little bit. >> we are quite keen to fix one area and make sure to check that we are not having an adverse impact on the customer service and science goes to that so far. quite this is all early glimpse of a project on the white houses strict stance on huawei. for more on what's happening with this work, don't miss the full story on bloomberg.com right now.

emily: i'm good everyone is safe and sound. that does it for bloomberg technology. i'm emily chang in san francisco. this is bloomberg. ♪

>> we've got the demand but what about the supply? this is "wall street week." i'm david westin. this week, a special contributor. what do we do if inflation is here? >> there are precious few examples of when inflation was brought back down without significant disruption. david: a warning that the shutdown of the