>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i maile -- i am emily chang and san francisco. in the next hour, evangelist confirm on miami as a coin --

bitcoin conference gets underway. we will have all of the latest. plus, we will introduce you to a bitcoin rewards company. and at least two years is the amount of time you will not see former president trump on facebook. the social network delivered the decision to keep his account suspended and we will have the latest and reaction. apples signature developers conference kicks off next week. we will tell you about new iphone updates and macbooks you can possibly expect to see. those stories in a moment. first, the markets reacted to the latest u.s. jobs report and cryptocurrencies worth watching today as always. we have the full picture. >> green on the screen in the stock market. the s&p 500 in the green as well as tech stocks, nasdaq 100 outperforming. on days that tech does well, others outperform even more.

the stock up a whopping 2.4%. why all of the green? it has everything to do with the jobs report. this is where it gets interesting. it wasn't that great, 670 5000 was the estimate and we have 559,000 new jobs good -- jobs. we are reentering the theme where bad news is good news for stocks. a lot of it has to do with the fed, the idea that when you see negative economic surprises, it is positive for stocks because if it is bad news for the economy, the fed is not going to waver and change support. something else that did fairly well on the week was bitcoin after two weeks of drops over 20%. a positive week for bitcoin. today was iffy but on the weekly basis, not too shabby. but over the weekend, anything

could happen and we could get another tweet. emily: and last weekend was a roller coaster for crypto. thank you. i want to talk about the largest conference ever on cryptocurrency, underway in miami, attracting over 20,000 attendees including top tech founders and ceos. >> if you are looking for a safe haven, i see bitcoin as the most secure, most reliable, most certain thing in the entire economic universe. if you are looking for someplace where you can store your life force or economic energy, there is no question. >> a fun fact, there are 46 million, billionaires on the planet and only 20 million bitcoin. if you own a bitcoin today, you will be a millionaire in the future for sure. >> everything about it is why we

are into it. there is nothing else that compares to it. we have no interest other than making sure we are building a native currency for the internet and helping in every way we can. all of the other crypto coins to me do not factor in at all. emily: for more, i want to bring in our analyst, who covers crypto markets. he is on the ground in miami. set the stage and talk about the atmosphere, it is a huge conference, post-covid. what can you tell us about the scene? mike: to me, it is like a woodstock of crypto. it is such a unique event because everyone here knows the space, they can come together without masks. bitcoin is the key theme. the line for the bathroom is long and there's not much food but everybody is happy.

they are talking about bitcoin could that's what you hear on the stage. behind the stage, there is a lot of talk about the bigger space and other digital currencies. bitcoin is the focus, it is the digital reserve, behind the scenes, the space is growing and they are happy to be part of it. emily: obviously, the people there are mostly crypto supporters. what do you make of some of these broad pronouncements, like the winklevoss twins saying you will be a millionaire if you own one. nobody knows for sure that is tribute mike: -- is true. mike: i am skeptical of those statements because it can make people take more risk than they should. the thing i have to respect from the winklevoss twins is they have been steadfastly right for almost a decade now and you have to go with it once in a while and the trend is going their way

in the macro. that kicked in during covert, everything going digital. it's also a unique thing in the space. bitcoin started it, but digitalization of the dollar is rapidly increasing. you see that with the stable coins. that is part of the system. the theory him -- ethereum. but we have to be careful, 10,000 cryptos are an excessive amount but bitcoin is the number one, like a digital version of gold. emily: let's talk about e-minis building crypto features into their products, one of which is a square, which is been investing into cryptocurrency. take a listen. >> we don't want to compete with

hardware wallets, we just want to take it to the next level and get it to 100 million more people who have non-facility solutions. we are likely to do it sometime very soon. emily: likely to do very soon, he's talking about building a it coin hardware wallets. how significant would that be -- building a coin hardware wallet. how significant would that be? mike: what this represents at this conference is adoption. it is local and macro and everyone is getting into it. mostly institutions, but institutions need stability and safety and square represents part of that. everybody here kind of thinks, what will prevent those things from happening? it is a question of win. jack dorsey, i walked right by

him, and he makes good points -- some people actually booed, but they were the non-bitcoin people. emily: thank you for giving us the atmosphere. appreciate it. meantime, bitcoins volatility has continued with elon musk tweeting thursday, #bitcoin and a broken heart umoja. it underscored the influence he has on the cryptocurrency. we spoke about his seemingly on -- unlimited power to move crypto markets. >> if elon musk is this interested in crypto, it must be important. in short term, market payments -- market panics are not good for anybody.

he cares about this enough to say something, and whether he is pushing markets up or down is probably good in the long term. in terms of the regulators, it depends on the back end, i hope he is not trading after he tweets, i hope he is not doing that for his own speed -- his own sake. but we are a country of free speech, and i am more focused on five years. emily: and of course, who knows? for more about whether elon musk is actually in the market, our guest joins us. also in miami. alex, what do you make of the comments about elon musk's influence? is that fair or does he perhaps have unhealthy power over the market? alex: i think it is great what he is doing, he is driving attention and clearly very influential. any eyeballs coming to bitcoin

making them question money in general is a net good for the space, for bitcoin and the people following him. emily: so tell us about your priorities and why a store would partner with you when folks can pretty soon get a crypto credit card from gemini and get rewards that way? alex: we give up to 30% back in bitcoin rewards, and it will be much higher than your typical debit or credit card. a lot of people use on top of debit and credit cards in addition to your points or whatever cashback you are getting. it is not competitive with credit card or debit cards, it is additive. people are familiar with programs that save you money and give you free money when you shop online. in our case, we have a majoring merchants on board, nike and

kroger, ebay, adidas. you name it, you can pretty much earn bitcoin from them. emily: has demand waxed and waned with volatility? you have the winklevoss twins talking about bitcoin going to $1 million in a matter what, but we are still a far cry from the mid-60's hi. alex: when we started about three years ago, bitcoin was about $3000 per coin and so our users have spent 10 their earnings -- 10x their earnings. if you have been using lolli even a short period of time, your bitcoin has gone up over time. yes, we saw all-time highs the last couple of months and a short dip, but people are excited to be earning bitcoin. for a lot of users, they never had bitcoin before.

we have all of these wonderful bitcoiners in miami and across the u.s., what we are excited to bring new people into the bitcoin space that previously would not have had bitcoin because we are attaching a bitcoin to shopping and earning rather than mining and investing. emily: it looks like you are having fun out there. appreciate the report, thank you for joining us. all right, coming up, former president trump have to live without getting any likes on facebook for the next two years. the social network announced its extended suspension of his account. we will discuss it all. this is bloomberg. ♪

emily: former president trump will remain banned from facebook for at least two years, and the social network says he suspension will lift only in 2023 if the risk to public safety has subsided. to discuss, we are joined by david kirkpatrick. david, did facebook go too far or not far enough? david: you might be surprised to hear me say this because i've been very critical of facebook in recent years but i think they went to the right place in this instance. the proof will be in the pudding as to how they actually implement what they said they are doing today, i was very impressed they seemed to have taken some very rational steps. it was not just extending the

ban on trump, it was implementing a whole new set of guidelines for how they treat politicians and how they treat the notion of newsworthiness when it comes to politicians globally. they made some big changes. emily: let's talk a little about the reaction. there is the reaction from trump himself saying the decision is an insult to the record-setting 75 million papal -- people plus many others who voted for us, they should not be able to get away with this censoring, our country cannot take this abuse. to be clear, it was just over 74 million votes. then facebook almost a saying it doesn't want to have this power, a lengthy statement from facebook, saying we think giving private companies the power as a commercial entity to permanently banish someone from online discourse is a significant step and at the end, american democracy does not belong to

silicon valley, it belongs to the american people, the legislators who have to govern the rules that prevail. what do you make of that? david: i think facebook is right in theory. if government could come up with a rational set of rules for the road for digital speech, it would be great. i am skeptical that would be easy to do, particularly in the current political environment. the reality is everyone needs to remember commercial companies have the right to do whatever they want with their product. they don't have obligations to host anything because somebody, even the president or ex-president wants them to. facebook is within their rights to do absolutely anything they want. i think separately, there has been a very serious question about the way they implemented that control in recent years. i think they have frankly capitulated to many politicians, including president trump while he was in office, and many other

countries around the world. what i am impressed by is in responding to their oversight board, which is what they did today, they basically took almost every one of the board's recommendations and made a serious attempt to implement them to come up with a more standardized, transparent and fair set of guidelines for how they treat political speech by public figures. emily: let's talk about the oversight board, because some folks think it should never have gone to the oversight board at all. i talked to an activist investor about this earlier today, right after the news about the suspension. take a listen to what she had to say put -- to say. >> the board should not be having to deal with these issues. very much the symptom, not the sickness, why we are getting garbage at the end of the pipe versus why has the business

model of facebook and so damaging? emily: she is saying the oversight board should not be dealing with these issues at all. would you agree? david: in some sense i would agree. i think there's been a failure of nerve, maybe of bravery and even conviction, and honor even on the part of zuckerberg and his company in not having taken actions like this on their own a long time ago. it is kind of a brilliant stroke creating this board and then letting them make a decision, but then actually taking their advice and doing something they might have had a hard time justifying if they had said it was just their own decision to do so. in a way they can blame the oversight board for taking actions that are very difficult to take, particularly banning the ex-president for two solid

years. it have some a little air from the decision, it is -- saying it is the board and we are just taking their advice, but they did not specifically to ban him for two years. they said he should be banned and facebook had to decide what the rules were because they were not implementing rules and a consistent -- and a consistent manner for the president up until now. as far as the business model, it is a different question. facebook's business model has a lot of pernicious effects in terms of in scenting -- incentive patient to keep up anything that gets a lot of eyeballs. but that is a matter for another day. emily: quick question, we've got about 30 seconds, you have covered mark zuckerberg from the earliest days and i am curious how much you think the decision

was zuckerberg himself, if he was influenced by nick clegg or public opinion in getting to this point. david: he said in 2019 he believed politicians should be able to do anything on facebook. this is a 180 for him, i think nick clegg was the player that led to these changes. his idea of setting up the oversight board and doing it effectively and i am sure he is the one who convinced zuckerberg to basically accept their recommendations. i don't think zuckerberg wanted to do this, i think he is probably nervous about the implications it will have in many countries, not just the united states, if they have to come down harder on political leaders. but he has changed. he has very much changed. emily: interesting. you know better than many people. david kirkpatrick. always good to have you with us, we have missed you. thank you for taking the time.

coming up, we will power up and find out what to watch at apple's biggest event of the year. this is bloomberg. ♪

emily: apple's worldwide developers conference kicks off on monday, and all virtual event, but unlike other years, held in the shadow of the antitrust case with epic games. we have more details. >> apple will hold its biggest event of the year on monday, the

annual worldwide developers conference. this is where apple will showcase major changes to the software that runs on the iphone, ipad, apple watch, mac and apple tv. this year i'm expecting major changes to the iphone and ipad operating systems. for the ipad, expect the biggest tweaks to the home screen since the first version in 2010. this year, apple is planning to allow users to pin widgets and snippets of information onto the home screen. for the iphone, expect significant changes to messaging, privacy, health tracking and alerts on notification center and the lock screen. for the mac, expect a more muted update after the operating system was updated last year. for the apple watch, expect more

fitness and health tracking updates. for apple tv, expect additional smart home functionality. of course, this year's conference is unique because apple has been under more scrutiny than ever lately, especially with the concerns about the cut it takes from developers. it will have to prove that its rules continue to be worth it and makes apple and developers a lot of money in exchange for the technologies and features it provides. this is power up. emily: all right. coming up, a whopping $11 billion valuation. a software company might be the biggest valued tech startup in new york and germany. the ceo joins us next. this is bloomberg. ♪

>> if you arm us with a tool, and stock is a tool, if you arm us with a tool to find value creating opportunities, we can do that. if we are not armed with this tool, you are tying our hands behind our back and you will make it that much harder for us to land some attractive opportunities. emily: welcome back to "bloomberg technology."

that was the amc entertainment president and ceo making the case for another round of capital funding. the comments came hours after amc collected 580 $7 million in thursday's share sale. we have a crazy week that was for amc. >> crazy doesn't quite begin to describe what we saw this week. even with all of the volatility, still ending up on the day by a whopping 81% -- excuse me, on the week by 81%. it tripled its value from the start of the week. we know the massive depth -- dip. but it looks like it doesn't really matter in the long term. compared to other stocks, gamestop is -- has less of a percentage increase.

amc is putting gamestop to shame. when you have a rise in the meme stocks, it takes the others with it. they are all joining in on the rally but not quite matching the like of amc. that brings me to the concept of these are the biggest small-cap stocks. you look at their market cap, 26.4 billion dollars for amc, that means to qualify to leave the russell 2000 and not be the biggest heavyweight and joint some of the large-cap stocks you see in the russell indexes, but the rebalancing could be a catalyst for small caps across the board. emily: all right, crazy. thank you. moving on to celonis, a process of mining software company with a total valuation of more than $11 billion. the german startup provides user

technology to help spot inefficiencies normally identified by high-priced human consultants. its clients include uber, citibank and pfizer. for more on what celonis, the cofounder and ceo, alex rinke. thank you for joining us. as i understand it, your company basically divides software that does what an army of consultants my to do. finding what is wrong, figuring ways to improve the business and how to make cuts -- is that a fair characterization? alex: i think you explained it pretty well. we started the balloting this technology. i like to compare it with an x-ray. you can take an x-ray of any process in your company and see what is going on and how to improve. we have moved on from that and created a platform that spots these inefficiencies, and you can go in and fix them and improve your business.

emily: the big question is, can you really do better than an army of human consultants that may cost a lot of money but our boots on the ground -- are boots on the ground? alex: we work with consultants often. our system can lay on top of any system and any process that a business uses. our customers go from uber to three of the four vaccine manufacturers in the u.s.. anyone can use celonis and it sits on top of the systems they use for their operations, it finds what is going on, what is an efficient, and how things can be improved. emily: walk me through an example of how celonis may have saved, i don't know, millions of dollars for a company by using your software to do this x-ray, if you will alex: -- if you will. alex: we have one of the largest

health care manufacturers in the u.s.. they shared how they improved $1.3 billion in free cash flow by looking at their cash process, identified inefficiencies and used celonis to remove bottlenecks so they could ship to customers faster, and they had a significant impact. emily: how has demand waxed and waned in the pandemic? we know the digital transformation has accelerated for many companies. do you see that keeping up, speeding up or slowing down as the world goes back to normal? alex: we are one of the fastest-growing tech companies out there. one of the fastest growing software companies ever. we have grown through the pandemic and we are going faster than ever today. it is really not -- if anything, it has increased the manned. -- increased demand.

emily: there's an interesting story about how you and i believe some friends founded the company by going into another company and realizing this could be something if we do it this way instead. tell us the story in a nutshell. alex: we learned about this technology at university, a little over 10 years ago. we were very fascinated by the idea. but nobody had ever built a process mining system. we started building a prototype and showed it to some businesses in germany and we found the first customer and we were able to get their customer service process down from five days to over 80% of their customer service tickets on the same day. we saw the impact was transformational. they became our first customers and they referred us to the next customers and there we went, starting slowly. emily: $11 billion is a lofty

valuation. are you close to going public? what are your plans for some sort of next stage? alex: we are focused on the long-term, building a great company. we think probably the destination at some point will be the public market. it's really not the timing of the ipo we are thinking about. we are thinking about how to deliver value to customers so we can grow as fast as we can. from backers who can back us in private and public, so we have all of the options and we are excited about the next few years. emily: you are joining us from germany, you are based sort of in new york and germany. i am curious what it has been like running a company through the pandemic across oceans? alex: it brought us together in many ways because we are a global team. i would say we are looking forward to some personal interaction again, and

celebrating some of these rituals we would like to celebrate as a team, but overall it is better than expected. we will learn a lot from this for a hybrid future that is more sustainable for our people and the environment. overall, i think it taught us a lot about how we can do things for -- do things. emily: so i guess it means that it's not just silicon valley. alex: exactly. i think it to market time is is access to talent. we just hired one of the most senior financiers in silicon valley. we have some people in new york, some in new york and some in silicon valley and we work together. we meet regularly but not all in the same place. i think it globalize is innovation. -- globalizes innovation.

emily: good to have you, alex rinke pewter we will -- alex rinke. we will keep an eye on you. coming up, ransomware attack's continue. we will talk to one business software company about how customers can better protect themselves in the cloud. that is next. this is bloomberg. ♪

further --further details --

emily: according to a cyber security expert, the pipeline attack was gained remotely. the account was no longer in use at the time of the attack but could be accessed in the password was discovered on the dark web. with cybersecurity top of mine, a cloud company that specializes on incident response reported third-quarter results and this quarter beat expectations and raised its revenue forecast, so shares have underperformed since release. analysts still bullish as the world emphasis on cybersecurity continues. joining me with more on the company numbers and how to keep the sector safe, our guest. always great to have you.

talk about the growth you've seen of the pandemic and how you saw that evolving as we came out of the pandemic. jennifer: we are proud of our growth. it was a difficult year for many of our customers but we also sell them accelerated their digital initiatives and cloud migration. those things have become long-term tailwinds for us. the macro continued to be favorable through this quarter, where we grew 28% year on year. we also sought -- comprising 25% of our revenue. midmarket and enterprise have been strong spots for us. our largest customers are growing the fastest, customers spending over $1 million, growing by 55% this quarter. as we see the pandemic start to dissipate and see recovery, we like the trends we see in spending on more strategic

process. emily: shares are way down today, almost 13%. what is your response? jennifer: we are in this for the long game and we posted -- it is hard to expand the stock market but when you look at the momentum in our business, the bullishness around our guidance, i am convinced we can accelerate the business based on the dynamic i have seen. i have confidence in our team's ability to execute and we are still early in this incident response market opportunity. emily: we have seen hack attack after hack attack, security top of mind with workers remote all over the world. what do you think is happening? why are hackers succeeding so frequently, so badly, and where is this coming from? jennifer: i think it's a couple of things.

the hackers are getting very sophisticated. they are run like professional companies. two, a lot of companies were not as prepared as they could have been for remote work. we don't trust anybody or any device, which means our transition to remote work was pretty seamless and secure, but we are somewhat early adopters in that methodology. if you look more broadly across the landscape, people are at different places in the continuum in terms of preparedness and security stance. we are now in a world where it is not a matter of if you get breached, it is win. that is where your response is so incredibly important and why we are seeing more updates and demand from security. we help you detect issues but more important, help you orchestrate the response very quickly and a security breach of any kind, whether it is phishi

ng, malware, which often happens at with simple password access or email -- time matters. you need a response platform that helps you orchestrate teams across the front functions very quickly. emily: many of these hackers are asking for bitcoin or cryptocurrency as a form of payment. you work with major crypto customers. customers on some of these exchanges are also suffering from major outages, not necessarily tied to cybersecurity, but i am curious how you help there. jennifer: we have a saying that uptime is money, and never has that been more true with some of these very innovative'companies creating the worlds newest currencies -- innovative companies creating the world's newest currencies. if they are not up, they lose

the trust of customers. we learned this from regular financial services companies, you cannot afford mistakes that put you in a position where you are violating the compliance framework, much less losing the trust of customers. by leveraging our ai and machine learning solutions, we can proactively preempt small events from becoming big business impacting issues, and that's where we've seen significant growth from large cryptocurrency companies in the u.s. and u.k. we think that is an emerging market. it shares consistency with most of our customers, which means digital operations have become business operations. consumers learned they can expect a level of convenience and ease working with the digital version of the brand, and that means the complex ecosystem of technology that helped you deliver that

experience has become more important and it is more important you manage that very effectively. emily: all right, always great to have you. certainly an eventful year, and an eventful year likely ahead. coming up u.s. shipments of vaccines arriving in south korea. we will have an update on the effort to rid the world of covid. and spacex's dragon cargo capsule is due to dock at the iss. it is the company's 22nd supply mission for nasa, and they will send another rocket into space on saturday for sirius xm. this is bloomberg. ♪

emily: a global effort to stop the spread of covid-19 continues with a shipment of donated u.s. vaccines just arriving in south korea. at home, new jersey ended its 15 month emergency period, and companies told employees they will need vaccines to return to the office in september. with more on where the u.s. stands with vaccinations, here is our guest. >> they paid attention to the basic science, the basic research done for 10, 15 years prior to the pandemic, which gave us all of the information we really needed to look at this virus sequence when it first

emerged and say you know what, there are papers out there that tell us exactly how to make this vaccine? this looks exactly like what we have done before for this variant of coronavirus, and we move forward with lightning speed with the help of government that helped cut through red tape and move past some of the things slowing things down. but it stills allows us to move forward and efficient way, maintaining vaccine safety and efficacy as well. >> i'm going to suggest you and others have failed here, like the baltimore orioles at the beginning of the season. when i look at the cdc report on him and ra -- mnra vaccines, i will quote, the vaccine does not contain any virus and it cannot give you covid-19 or change your dna in any way. we have done a lousy job of selling that idea to people who are non-science and afraid.

how do we change that? >> you know, i think the biggest issue is the communication that happens via social network. -- social network mechanisms that allows for things that are inflammatory, things that seem more challenging or dangerous but are not fact-based to spread like wildfire. that is the hardest thing to sort of do. historically, i've been looking back at some of the other years of vaccine hesitancy with polio vaccines, and going back to robert jenner and smallpox vaccinations, there were people during that period of time that were incredibly anti-vaccine, even though small talks -- smallpox was horrific in terms of the damage it was inducing in the population. the social media outlets have allowed these messages to be amplified much faster. we are always impressed or at

least there is an impression made when we send these messages of things that can potentially be problematic or harmful. it is a massive problem that moves away from the science and really into the communication fields of how to do the communication more effectively. >> we are 30 days away from a self-imposed july 4 deadline. where are we on getting 80% inoculation's and can we all get free beer from it? >> i love the idea of getting free beer for vaccination, unfortunately i got my vaccination before those incentives were out there. i think we have slowed a lot in the past month to two months. we saw a massive surge, we got to 50% of the population getting vaccinated at an incredibly fast rate. we got our kids vaccinated when that became available at a very fast rate.

but now we are settling into a level i personally find underwhelming. we really need to push past the 70% guideline that has been set by the government. i always view that as a minimum. what i mean by that is you reach the 70% and you will have a massive effect on severe disease and hospitalization because you have immunized sensitive populations. but if you want to get to the concept of herd immunity, where everybody including the unvaccinated people in the population, are benefiting from people who get the vaccine, you have to push past the 70% level. emily: our johns hopkins bloomberg school of public health professor. that does it for this edition of "bloomberg technology." by the way, johns hopkins bloomberg school of public health is supported by the founder of bloomberg. tune in monday, we will have all of the details from apple's

event, and i will be joined by the 23 and me ceo. you don't want to miss that show. next, "wall street week." the topic, mean stocks. thank you for joining us. this is bloomberg. ♪

david: cyber hackers hit beef, and retail frenzy hits our mean stocks. this week, former ibm head on the epidemic of cyberattacks and whether there is anything we can do to stop them. >> they always were a serious problem we faced in the country as far as protecting infrastructure, but they are accelerating. david: and a shawnee beschloss on investing. and the mean stock explosion. whether thea