♪ >> 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. this is bloomberg technology. a crypto cracked temp unit china bands all crypto transactions. crypto trading and mining in china now illegal. will other countries follow suit

or sees an opportunity? we will discuss. the huawei ceo on house arrest since strikes a deal with the doj to resolve criminal charges against her. could this breakthrough ease tensions between china, canada, and the u.s.? details this hour. the man of mystery who has wielded his power to influence tech, trump, and game irs to make billions in, we talked about his book "the contrarian," a look into the continuing power plays. straight to the top story. beijing's campaign against crypto taking on urgency. the people's bank of china has deemed crypto related transactions illegal. it has vowed to and mining and stop offshore exchanges from conducting business with chinese citizens. this crackdown cements a shift in the balance of power away from one of the first countries

to embrace crypto. covering the stories from all angles but i want to see how investors reacted to the news. all the details and what a rocky right -- day. ed: across all asset classes, and equity markets, we struggled on thursday but a late comeback. the s&p 500 up .1%, hardly eking out again on friday. you can see slight underperformance in the nasdaq 100 but this sensitive around cryptocurrencies and the bloomberg galaxy crypto made up of that coin and at the ramp -- they felt almost 7%. at one point, it was down 11% friday. the biggest drop since may. the other narrative in the markets was about this being the latest example of chinese authorities targeting a particular industry. you saw some of the biggest chinese companies listed in the u.s. -- the golden dragon index falling almost 3% on friday. questions raised by investors

about what comes next. it has been a wild week. if we look at the s&p, a 500, some of the drops we saw in cryptocurrencies were not the biggest drops of the week. we started with such volatility at the beginning of this week and as we moved on, the s&p 500 has normalized as investors think about the federal reserve and outlook for rates in the economy but we have seen an outsized drop in cryptocurrencies. at the beginning of the week, we started with risk-off good equities and bitcoin fell. the end of the week, equities did not follow suit. they stayed the course and there is a separation in investors trying to take everything going on in the world. emily: put the bitcoin move into context. we see a big drop on the day and markets reopened. rightly in the green. ed: at one point, down more than 8% to almost 9% but volatility in bitcoin is not rare. there have been 13 occasions when bitcoin has fallen by more

than a percent but followed on worth a weekly game after that. it is not the first time china has had an influence. thing to mate when china first expressed concerns about crypto. we saw the outsized downward move, nothing like today. much more muted. her concerns with crypto related stocks that fell on friday. this is giving investors a sense of what this means from a transactional point of view. coinbase down 2.3%. blockchain down 5%. investors clearly taking notice. emily: thank you so much. we will see you later. i want to dig into this major story and bring in the head of institutional investing at the crypto exchange, falcon x. china has been staked -- taking steps in this direction but this is dramatic. what is your take on this and what does this mean for a company like falcon x? reporter: china has been banning

cryptocurrency for a number of years. at first in 2013, 2017. this is not the first time this year. or an authoritarian regime trying to promote their digital wand and keeping in mind the china national holiday is next week, there crackdown on crypto is what i would really align with senator pat toomey, a big opportunity for the united states and a reminder of our structural advantage over china. in terms of what we have seen historically in what ed mentioned, it wasn't as large of a move as we have seen in prior times with market movements. we panic initially followed by a bad market recovery. for u.s. institutions across -- and we are seeing a much larger hit with a much lower by that -- buyback in the east. emily: who are the winners and losers?

if you can get into some coins specifically, that would help us understand the situation. aya: that is a good question. what we were seeing, it was slower last two months historically. we saw seven times more volume today then we have seen across a number of weeks where we had a lot of conferences with traditional finance and cryptocurrency. layer winds are pop-up lines. you have spoken about layer ones in the past. ethereum things like avalanche and atom and luna in addition to bitcoin. then we are looking at renewed interest in tokens like ygg or axiom infinity. emily: china is saying they will investigate anyone working for overseas cryptocurrencies exchanges. it would any falcon x employees fall under that umbrella?

what does this mean for your employees and the way you operate as a company? aya: falcon x today, we have offices in the u.s. as well as asia office in india so not a direct impact to our business but i think that is top of mind for any business that may have any employees sitting in china as you mentioned. emily: obviously this is happening in asia which used to be the center of crypto innovation. we're preparing for tougher regulations in the united states and europe. is that the case? you see a broad-based crackdown and where do you think the growth will come from? aya: that is a really good question. if we used china mining as an example, we saw china band mining and saw a number of those minors come to the united states. almost 70% of what it was prior to the ban and we almost had a

full comeback from that and a lot of the minors today are in the -- miners today are in the u.s. so we saw that innovation coming to the u.s. with an opportunity for the u.s. to show that we are at the forefront, working with this industry to spark innovation. i think across the board, everyone is trying to protect consumers. that is top of mind for any company in the space. how do we do so without cycling innovation? emily: we will continue to cover this throughout the show. falcon x head of institutional coverage. i appreciate you weighing in especially today. thank you. a major deal reached in the criminal case against huawei's cfo, on house arrest in canada for the last three years. we will bring you the latest plus how this could ease tensions between china and the united states next. ♪

♪ emily: president biden says most americans -- will be able to get a booster shot six months after their second child. that is after dr. rochelle walensky brought in -- broadened eligibility be on the recommendations of the cdc advisory panel. pres. biden: the decision of which booster shot to give, went to start the shot, and who will get them is left to the scientists and the doctors geared that is what happened here. emily: about 100 million people in the u.s. have been fully vaccinated with the pfizer shot. only 20 million are immediately eligible for a booster based on

the six month timeline. president biden asked americans who got moderna or j&j to be patient. meantime, online searches for covid tests are surging as more employers and large-scale events require testing. google says the number of americans looking up at home covid tests near me has doubled in a last month. people asking how long record test results take, up 250%. users were more interested in searches related to tests rather than vaccines in most states. huawei's cfo in the u.s. justice department have reached a deal to resolve criminal charges against her. bloomberg has learned she is getting a deferred prosecution agreement meaning she will plead not guilty. to be determined whether she will go back to china. danielle with us to discuss. danielle, what happened today and where do we stand. danielle: we have two things

going on. the first has happened. the second is happening right now. a short while ago, in the united states, meng reached an agreement with the justice department and criminal charges. the not guilty plea is misleading because she admitted to misleading and unidentified bank about business operations or dealings rather in iran, the heart of the u.s. tape against her was these allegations that she violated sanctions against iran. u.s. justice department, as part of that, agreed to the deferred prosecution, like probation, until december 1 next year as long as she is in compliance here they will dismiss the charges and they have said they will ask -- canadian authorities to release her because she has been under house arrest for two years in canada. that is what is happening at a vancouver courtroom. we are expecting any minute to

see the extradition proceedings will be dropped. at i reporter is right there as we speak. at she says there are pro-meng supporters chanting not guilty outside the courtroom and as i said, we are expecting -- the judge has signed an order of discharge. vacating the bail conditions. my interpretation of that is that she is free. there you go. she has been -- the extradition proceedings have been dropped . this is good news for her . she has faced as many as 30 years in prison in the united states had she been convicted there. u.s. government prosecutors are very pleased that she has admitted to misleading a bank about huawei's business dealings in iran and i want to stress this. it puts canada in a bad position because the country has been

squeezed between china and the united states. the hope here and i think this will be the next part of the story will be that this will set the stage for china to have a deal to release to canadians who were jailed in china literally days after her arrest in what was seen as a tit-for-tat move. emily: what do you think this means for the u.s., china, canada relationship? 30 seconds here but do you see any easing of the tension as a result? danielle: it will entirely depend on what happens with the michael's. they were detained in what was seen as a hostage type move in retaliation for meng's arrest. china has linked their cases. it has been a huge story. the conditions they have been kept in have not been good. there have been a lot of support coming from diplomats around the world. that is the next right, what

will happen to the two michael's, but certainly, it will be a huge load off. prime minister trudeau's fight if we are not caught in the middle of this issue. emily: a fascinating turn of events. the executive at one of the biggest companies in china, danielle bochove. thank you for the update. we will speak to the author of a new biography on the controversial venture capitalist . matt joins us to talk about him and his new book. let's get a take on what to expect next week. amazon announcing a slew of new devices and products at an event next tuesday. micron will report fourth-quarter results. the theme park in florida celebrates its 50th anniversary. this is bloomberg. ♪

emily: the ditto banking specter -- digital banking sector is experiencing a transformation like no other. one company that integrates data into business decisions. i spoke with the head of global commercial development and an event this week. we began talking about what talent does with that data given how sensitive it can be. >> we 100% only provide software to our partners for them to be able to utilize the software to analyze the data that they have legal access to and control over so we as an institution control no data and have no access to it. we cannot utilize data across institutions. we are only providing software to our customers for them to be able to use the data and enforce the controlled they need to enforce to be compliant with how the data is utilized. emily: i spoke to your coo and

he talked about how the pandemic was really a shock to the system for companies, governments, your clients across the board. at this moment, has a stock been absorbed? what are companies and governments going through? ted: it's a great question. one of the things we are most proud of is that we were able to help our partners during the pandemic. if you look at and asked him how many of their technology investments help them evolve and adapt to the volatility, what we found was many customers reverted to turning those systems off, putting them on the shelf, saying we will return to those in in that moment, when the future arose, you would expect your technology would matter most. we are proud to say our technology did matter most. as it has worked its way through the system and about, what we are seeing is people do not want to go back to how it was before

the pandemic and in fact, the pandemic has reviewed to them that that shock is the same stock they are undergoing every single day and so you have the macro events now like major supply chain disruptions, major geopolitical events reordering the dependencies across the value chains but to use the valid -- analogy of software systems helping them operate better in equilibrium and you have this moment in time, the fundamental stock. how can i adapt to that moment in time, leaving it where it is? they are saying that same thing exists across the entirety of my operations. how do we treat every customer as an individual customer, not as an average across a report that says this is what my customers tend to do? how do i treat every situation when i'm optimizing the allocation of my scarce goods in my supply chain for those giving customers in that given moment?

moving from --if we can respond in a specific to a nuanced event in time like the pandemic, i ought to be able to use software and data to respond to every single one of the decisions i making every single day with the same specificity and resist -- resiliency and adaptiveness to change. emily: ted speaking at the bloomberg live event. you can catch the full interview at bloomberg.com. i want to talk more about palantir with max, the author of the contrary, the new biography of peter thiel, who has played a pivotal role in a string of silicon valley's most powerful companies from paypal to facebook. there is so much to talk about here. we will have to give us a digest. we just heard from a palantir employee. talk about help peter thiel is

wielding his power from palantir to facebook to politics. max: i just wanted to speak to a moment in that interesting interview when it ted mentioned the future of arriving sooner. that is super interesting, i think, both as an explanation of why palantir has arrived, what we determined, but also a window into peter thiel. he has been arguing for a very, very long time that the apocalypse is coming and they are going to be these big disruptions coming in from that view, the pandemic was one of those disruptions and of course, as we just heard, pelletier was ready. covid is very much a data problem. if a problem of making sense of how many possible beds are available and where the fed is going and on top of that, because peter thiel in 2020 had connections with the trump administration and had been able to get palantir in a room with donald trump early, i would

argued they were able to capitalize on that very quickly, signing a bunch of new contracts with hhs and some of the organizations that were working on the pandemic response. emily: peter thiel, much too liberal leanings sup -- liberal leaning silicon valley's dismay, supported president trump and became sort of rich because that's between the tech industry in the former president. how did that play out for his relationships here? and where did those relationships stand? max: i discussed this in my book and talk to palantir executives about this and they insist up and down that his relationship with donald trump -- he was a key early supporter and a major donor and the most significant backer of trunk -- trump in silicon valley. it is true the software is getting better but peter thiel was also able to get the ceo

into a room with donald trump in december 20 16, very early with all of the other executives of much larger companies. i think that likely played a role. now we are seeing post-2020, he is trying to carve out a new role for himself as a patron to the trump movement that goes beyond trump. he is supporting far-right or very populist, nationalist candidates. jd vance, running for the senate in primaries in ohio. whether he wins, i think there is a very good argument to be made that peter thiel will play a major role in conservative politics going forward and that will have implications for silicon valley because right now, the biden administration is in power and democrats control both houses of congress but that is not forever. go ahead. emily: you know, he is also in the ear of mark zuckerberg and on the board of facebook.

that is a key bridge. so many things we could talk about here in a nutshell. we have a minute left. if we read your book, which is excellent, and i have learned about peter thiel and how you -- he mattered to silicon valley for the next 20 years. max: what i got out of it is that peter thiel has had this in norma's ideological influence. i'm not talking about political ideology although that is they are. i think his influence in terms of how companies are built and how facebook in particular and other companies in that peter thiel ecosystem are run is very important and we will see it playing out across silicon valley. facebook has been in a lot of trouble lately. controversy over issues related to how they are treating users on instagram and i think those things are reflections of developments that played out in peter thiel's career and we will continue to see playing out going forward. emily: i highly recommend it. it is an excellent read.

thank you so much. don't forget to check out his book the contrary in available wherever you get your books. bitcoin and other digital tokens tumbling as china intensifies a sweeping regulatory crackdown on crypto. we will get to that story next. this is bloomberg. ♪

♪ >> china has banned crypto eight or nine times now. >> it is certainly going to have a dampening effect on their ability to use cryptocurrencies for any sort of transactions. >> capital flight out of the country. >> we have seen this challenge, up. -- challenge come up. we have seen the resiliency and the community. >> and highlights the strength of bitcoin as a decentralized

financial system. >> ultimately for blockchain based payments, that industry will do better, regulated in a sound way rather than trying to be some kind of libertarian paradise. emily: welcome back. i'm emily chang in san francisco for more on the crypto ban in china. rating back ed ludlow, tracking the fallout here. what are you looking at? ed: these are not new themes with crypto investors. you see green on the screen behind me. we spilled over into friday's session and investors had time to digest the news out of china. volatility is the keyword. we were down 4% on friday. we are higher around .2%. come with me inside the terminal. price swings in either direction are prominent. you can see on the right side of your screen by friday, down 4%.

that is within one standard deviation for bitcoin. it is commonplace and something we are used to talking about. investors are used to dealing with it. the problem is you have to deal with the volatility in everyday use of cryptocurrencies and earlier, i pushed jared isaac men, the ceo of fintech company, and he said the reason we are not seeing this is more commonplace and one of the things china is trying to clamp on was volatility's use in transactions. imagine trying to pay for pizza in bitcoin, being worth one amount one day and a completely different amount the next. it is not practical. we saw that in the markets friday. it wasn't just the currency falling but a broad ecosystem of companies supporting it. this is the transformation date, they did -- etf that sparks everything from paypal to blockchain companies. you can see we spent four straight days of games with the drop on friday and that is what

the market was taking on board. what does this mean and the real world for companies that want to operate within cryptocurrencies on a transactional basis? emily: thank you so much. china's crackdown on crypto and companies continues in response to the increased regulatory pressure. the crypto exchange has moved its headquarters from hong kong to the bahamas. the spokesperson responded to the move saying it as jurisdictions roll out, comprehensive regimes, we are excited to take part in addition to this and prioritizing the jurisdictions without travel restrictions europe for more on the crackdown and the company moves, the ceo, sam. good to have you back. i assume as an executive this is a nightmare. what is your reaction to this and how did you make the decision to move to the bahamas out of all of the options out

there? sam: we have been looking at the bahamas for a while. they are one of the first countries to roll out a comprehensive regulation for cryptocurrencies, which we believe is extremely important for the states and a positive sign. we are regulated there by the security commission. it is also really important for us to be in a place where we can go on business trips. this has been something in the works for a while. and has been taking place for a while. it was not particularly in response to any recent news. emily: you're joining us from hong kong right now and china has said it is going after chinese nationals. anyone working for overseas cryptocurrency exchanges will be investigated according to the law. are you nervous about yourself or your employees who have been working for stx for some time? sam: i am not joining you from

hong kong today. i am no longer in hong kong. i will second say that i don't think it is as big of a change as many people are thinking it will be. that is not to say it will not have an impact. it is not the first time we have heard businesses sound like this coming out of china even this year. it is not even the second time. this is something that happens. it generally is a signal of a further crackdown on the industry. time will tell what that is. i would not be surprised if it looks at peer-to-peer crypto markets but it could look at a lot of different angles. emily: more broadly, what does this mean in your view for the industry? certainly this crackdown in china has been looming for a while. we are expecting regulatory action in the united states and europe and if that happens, what does not mean for the industry broadly and where the growth and

opportunity and promise is going to come from? sam: it is going to really depend. what i am optimistic for is there is going to be new regulations coming out for the industry that will help and short there is consumer protection and transparency. that it is an industry with oversight. it will make it a stronger industry and make it a place that can grow with institutional involvement. i am optimistic about where it will end up. there is a risk it takes a different direction. you see new regulations coming out that effectively shuts down large swaths of the sector. i think it would surprise me if that happened. it is always a possibility. emily: did you have a sense this increased pressure was coming

from china? did you get any signals or anything? from authorities? emily: i don't think we had -- sam: i don't think we had a sense anything was coming today. it is hard to know when something really specific or big will happen. we have heard that they can live before the airwaves but i think mostly this is not something the industry was waiting to happen today. emily: last time you and i spoke, it was about happier news. you had brought on steph curry, an advisor with tom brady. i got to speak to steph curry days later and he said he was excited about the possibility of crypto to open up economic opportunities for underrepresented communities. talk to us about your work with the two of them and how a

celebrity endorsement like that can make a difference. sam: we partnered on two things. we had some conversations with them. had an advertisement involved. we also have been partnering with them on the charitable side and are excited to continue doing so to support the foundations that are important to all of us. i think that when you look at under bank communities, getting access to a coherent set of financial rails is not easy and i think crypto holds a lot of promise for it. emily: certainly have to see how things play out. stx ceo is out of hong kong. appreciate you taking the time to join us. coming up, joined by sarah to find out how the silicon valley

venture capital firm is taking a different approach to seed investing and it involves a lot of money. that is next. this is bloomberg. ♪

emily: greylock is doubling down on day one investments and has announced it has raised half $1 billion. the venture capital firm says it is the largest pool of capital specifically for investing. sarah joins us now for more. this is a lot of money for seed stage deals which is typically smaller. why do you want to make seed such a priority? sarah: seed has always been a priority for us. we have been active for a long time and some of our biggest wins historically have been a cube asian's. -- incubations. this year, 70% of our investments was received before he announced and so when we saw this level of opportunity, we wanted to make sure we had enough funding to back entrepreneurs and support them

through their journey and make sure they also know they have different options for the type of partners they work with. emily: you're talking about companies in their infancy. how early are you investing? is this idea about and asking fee with a couple of entrepreneurs you believe in or is it beyond that? sarah: there definitely is a range. we do not catch every single person the day they left. abnormal was a seed in 2018. we backed another company recently on first capital that was a repeat. no product yet. just an idea and an early team and so the range of when we see it depends on when we encounter companies. we like to get to know people as early as possible and sometimes that is the right time to write the check. emily: greylock is a multistage venture capital firm. if you get me to seed funding,

we will follow on in reserves out of the same bucket and what could this mean in terms of a longer-term relationship with greylock? what is the answer? sarah: the first thing i would start with its the seeds -- many firms look at them as options to follow on. we look at seeds as investments for trying to make money. we are building a relationship for the long term. i start with that and then i say it is a big piece of our investing. there are many instances where we invest more because our conviction continues or grows but the point of us doing seed is not just a follow on. it is to make the investment. emily: how big is each deal? would you say seed is the new series at a? sarah: -- series a? sarah: the market data would tell us they have increased for

the same level of progress and i think that makes sense. the reason being the market has become a lot smarter at the attractiveness of technology opportunities and so great returns in tech venture capital over many years means there is more capital than ever and people are savvier about internet companies. i would say there is kind of the nomenclature does not matter so much. we think of it as being the first institutional partner. emily: the world is shaping quickly. we are in the middle of a pandemic and who would've known working from home would be a thing 18 months ago was to mark what are the trends you're most excited about right now that you're doubling down on at the same stage? sarah: we invest across the technology spectrum. business, consumer, the one you mentioned in terms of the seachange of the pandemic in terms of how we do our work

together is one i am excited about but we have been investing in this shortage globally because of the pandemic but even before of connection and intimacy and people look for it online and so we invest in companies like discord and common room, a promotion to help people connect more online so we will continue to invest and we are investing across all of your usual range of fast, social, data, ai, etc. and spending more time in fintech and crypto. emily: one of the potential problems --maybe they change over time or compete with another one of your core portfolio companies. how do you manage that? sarah: is a good question but something that don't only happen at the seed. greylock has been an investor in several companies that were

great but pivot. first semester in discord and after, they decided what they are today. i would start with the premise of our philosophy is the company to do what is best for the company and --our philosophy is to be behind companies and not invest in competitors because we like the sector but if that happened, we would divide the interest within the firm and make sure there is no information and address it in a simple way. emily: i talked with many of your partners over the years about investing in more women and i'm curious how you look at seed as an opportunity to potentially spread the wealth a little bit across more women entrepreneurs, people of color, people who historically have not gotten a chance in silicon valley in silicon valley has not benefited from their ideas. sarah: this is an issue near and

dear to my heart that we are working on. two of the last three founders i backed are women. one is the founder -- hispanic. one thing i want to make sure is clear, if you want great founders from great backgrounds across the spectrum, we want to do it more because seed is important. it is across the portfolio this is a priority. emily: we will keep following how you put the money to work and have you back for progress update. thank you so much. greylock partners. all right. coming up, civilian space travel. jared isaacman as the commander of the inspiration for joins us to talk about his historic flight. what the payment ceo has to say about the state of crypto. that is next. this is bloomberg. ♪

emily: one week ago, jared isaacman was orbiting the earth at 360 miles altitude as the commander of the first all civilian orbital space inspiration 4 mission. now he is back to his day job as the ceo of the fintech company shift4 payments. we caught up with him to talk about his historic flight. jared: people talk about the overview affect looking at earth from an interesting manager point in the impact it has on you and it gets back to me because we were a little bit higher. in fact we went so high there is probably less than 25 people in the world right now and seeing the world from that perspective and what i saw with space around earth and the moonrise. it made me think about, we have to get out there and go farther

and satisfy that curiosity we have and explore the universe because we know so little about it and there is probably some answers to questions we have been thinking about for some time. we just have to find it. >> the other mission was to raise $200 million. you blew past that. ultimately you paid for the mission. you are the benefactor. how do we move beyond that? how do we move beyond space just being the domain of billionaires? jared: for sure it is expensive. that is why we have to make sure every mission has a profound impact on the world until costs come down to the point where everyone can go and explore among the stars. this is no different than tesla roadster's 15 years ago versus elon announcing 25 thousand dollar test was recently were computers in the 1960's or cell phones in the 1980's. costs will come down but while they are expensive, we have an

obligation to do a lot of good with it good that is why we set out on this effort. that is why we have an inspiring crew. so that we could make a difference while in such a fortunate position to go to space. ed: spacex was talking about how supply constrained they are. there is a black -- backlog of customers. what sense do you get from spacex that this type of mission, civilian orbit will ramp up going into next year? jared: what i think will happen is with spacex pioneering reusable rocket technology and driving down costs makes it more accessible is there will be more people working in space. i think working, exploring, i don't know if you will have too many people going on sightseeing trips but you will see as it costs less and less, we will create infrastructure in space

and people will work there. during our mission, we have 14 people in orbit at one time, the most in history of spaceflight. two years from now, it could be 140 and then some. ed: you guys were having a nice time up there. you are conducting scientific experiments, other kinds of studies on the human body, human physiology. were those tests real? did they give real meaningful data to spacex or nasa or anyone else? jared: sure. nasa was living -- listening in on our communications. there was a high-altitude research plane spinning us as we reentered. this was the third time a dragon capsule entered the atmosphere since the program began. there is an awful lot to learn. we were at an altitude subjecting us to our radio profile that we haven't studied

since the apollo program. it is way higher than the space station which is shielded from our atmosphere. we have a lot to learn. we have the equivalent of a ct scan on orbit for three days. imagine going to mars over a six month duration and back. that is hundreds of ct scans that will kill you if we do not how to deal with it. we were doing all sorts of research and science experiments over those three days and the data is at the labs. i'm looking forward to the results. ed: i have to ask you about cryptocurrencies given the markets. the first digital nft track in space. they have said they are going to partner more actively in cryptocurrencies. where do you stand on cryptocurrencies? jared: we were happy to bring that to orbit to raise funds for st. jude's children's research hospital. i think the blockchain is really

interesting and i am a supporter. we are away from crypto became an mainstream. i say that as the ceo of the payments company that powers $200 billion a year. we are not there. it is too volatile. we are not ignoring it. we are may sing -- making investments to make sure consumers are able to do business with merchants the way they like and that is probably going to be an alternative payment method like crypto in the future. emily: will you go back up into space? jared: it has to be more than a word but i would say if there is a mission that can have a real meaningful impact on the world, i would be there. emily: jared isaacman on her very own ed ludlow. that does it for this edition of bloomberg technology. stay tuned for wall street week next with david westin. i'm emily chang and this is bloomberg. ♪

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>> breathing a sigh of relief overfed tapering over a chinese crisis that was contained in more muted covid numbers. this is bloomberg wall street week. i'm david westin. special contributor larry summers on whether the fed got it right. dr. summers: i wish they would taper faster. i'm not sure what they are waiting for. david: a central bank digital currency and what it would mean for the banks. >> banks will change in an immense weight and they will