>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco. coming up in the next hour, china on lockdown sparking a sell of across chinese stocks, delays and exports of just about everything to countries around the world, and comparison to the

2008 financial crisis. this on top of concerns about china's ties to russia. we will discuss. mark zuckerberg lays out his vision for the metaverse at south by southwest in austin, texas, from avatars and creators to the future of work. we critique his take on economies of the future. and my exclusive conversation with the brand-new ceo of all raise. how she plans to make much-needed change that has so far seemed impossible. first, stocks rally and with ukraine and russia on track to restart talks and president biden set to travel to europe. i want to bring in kriti gupta. oil public. what sent stocks back up? kriti: the idea that the commodity shock may not be as huge as formerly realized. we do know oil has seen quite a bit of volatility. as a result stocks have too. today for the better you have the nasdaq up almost 3%, the fir

st positive day for the s&p 500 in four tells you there is a bit of a relief rally. this may be ahead of the fomc meeting we have tomorrow. you have yields pretty stable. we are expecting a 25 basis point hike. as we go into the fed meeting tomorrow, the last time we were here in terms of financial conditions, in terms of the tightness of financial conditions, it was 2018. at the end of 2018, the fed was talking about pausing the rate hike regime, not starting with. that speaks to the amount of scrutiny that the commodity shock put on the markets broadly. that is where the concern lies. at what point does the fed to create an even bigger drop in the market? the bigger drop is not here in the states, it's abroad in china with adr's. a 76% drop in the nasdaq golden dragon index, names like

alibaba, jd, this on the back of not just the regulatory crackdown going on, but now that china is potentially aligning itself with russia, also the idea that jp morgan has downgraded 28 of these stocks yesterday to "on investable -- uninvestable." it is who is buying this and for how long? emily: i want to bring in our bloomberg executive editor, tom giles. some folks comparing the selloff to the thousand eight financial crisis. could it get that bad? tom: we are seeing the conditions for calamity in a lot of these shares. it doesn't look good. it is coming from every side. you are seeing it first and foremost geopolitically. how far will china go in supporting russia?

the u.s. is sending a signal that it is concerned about china doing so, in which case the u.s. could be in line for sanctions against chinese companies. that in itself is a major concern for investors in chinese securities. what happens if you start to see higher tariffs, other sentients that impose -- other sanctions that impose on our ability to import? in the technology sector alone we imported $133 billion in high-tech exports from china in 2020 alone. you are seeing major disruptions to chinese companies, in u.s. companies, major halt to the flow of goods along the supply chain. that is one of several factors we are looking at. emily: we are also seeing covid induced lockdowns across the country, shenzhen in particular, home to something like half of global exports. we are looking at orders of

everything via like amazon and walmart to parts of the world being delayed. tom: what we are hearing from inside shenzhen and other parts of china is the lockdown is having serious implications on the ability of these companies to get products manufactured, fulfilled, out the door, on planes, into the u.s. big implications given how important that region in particular is to the. how long is it going to last, how deep is the lockdown going to be? lots of questions about how long it will last. beyond that, you also have the possibility of the sec cracking down on chinese companies listed here over concerns about a lack of disclosure. finally, within china itself we

have seen this ongoing crackdown against big tech companies, most recently questions about tencent and allegations that it may have run afoul of anti-money laundering rules in china. altogether bad news for chinese adr's. emily: let's to continue to watch. tom giles, thank you for those updates. president biden traveling to europe next week for face-to-face talks with european leaders to address russia's invasion of ukraine. >> the president will travel to brussels, belgium later this month, where he will join in extorting nato summit on march -- join an extraordinary nato summit on march 24 in response to russia's unjustified attack on ukraine and to reaffirm our commitment to our nato allies. emily: president biden also attending a european council summit where there are efforts to impose sanctions and further humanitarian aid.

our annmarie hordern with us now from washington. tell us what we know about the president's trip and what kind of impact that could have. annmarie: jen psaki mentioned the president is a firm believer in face to face clemency. throughout this entire process, whether sharing intelligence with nato allies or making sure the u.s. was in lockstep with european leaders when it comes to harsh sanction packages they put on russia, the president always wanted to make sure he had unity amongst this group. of course they will discuss more determined factors that potentially could bring the w ar to an end, but also the support they have for ukraine. it comes, this announcement comes before congress tomorrow morning is going to hear from president zelensky. i imagine he will implore u.s.

lawmakers for more support, especially when it comes to the military. emily: meantime the other big story in washington, sara boom risk and withdrawing as president biden's nominee to be the fed's vice chair of supervision. how big a blow is this? annmarie: it is pretty big considering it does not look like they will have anything else on the republican side that can support her. senator joe manchin said he can't go ahead with his support. he is a key vote int -- vote in the 50-50 senate. some people said they could look to susan collins, a republican. that is not happening either. she has now withdrawn. she said what was going on with her became the subject of relentless attacks by special interests. she goes on to say her frank public discussion of climate change and the economic costs

associated is what brought on these attacks. what goes on now is sherrod brown, the senator says they will move ahead with the president's four other nominations. sarah bloom raskin, the republicans thwarting her step moving forward, means all of these fed nominees are held hostage. emily: we will continue to monitor that one. coming up, the future of the metaverse according to zuckerberg himself, speaking at sxsw in austin, texas, shares his vision for the intersection of real and visual -- and virtual worlds in the future. we believe it? -- do we believe it? this is bloomberg. ♪

emily: mark zuckerberg speaking at sxsw, laying out his vision for the metaverse and how he believes meta is building the fundamental technologies that will make it possible. let's dig into that cover session with kurt wagner. looking at the highlights from this interview, we were hoping for some hard news questions or commentary on what is going on in russia, facebook and its properties getting shut down. that is not so much what we heard today. kurt: no. mark zuckerberg started the conversation by acknowledging the elephant in the room, a war going on, his service is at the center of a lot of information sharing happening there. he said the things you're supposed to say, hey, i'm thinking of the people in ukraine. there is not much i can say to do justice to what is happening he did not get into the specifics.

it is yet another sign of how much he is giving that portion of meta's operation over to nick clegg, who has been forward about the company's stands in russia and ukraine. this was him acknowledging what he felt needs to acknowledge, but moving on what he wants to talk about, the metaverse. emily: not just the metaverse, but the economy of the metaverse. listen to a clip from the conversation earlier. mark: these will be creators who are basically building these different experiences. i think this will create this massive new economy around a lot of this that hopefully will support many millions of jobs and people doing the creative work they want to instead of the jobs they feel they have to today. emily: do you buy into this idea that the metaverse will create a truly new economy? how many new jobs will this create? kurt: i could not tell you, but

i think it will open up a lot of comments related initiatives -- of commerce related initiatives. he talked about the idea of even trusting your avatar. similar to how you have a wardrobe at home, you choose what you want to wear for work, for dinner, you will be presumably doing that with your avatar. your avatar will show up in different settings and you may want to act or dress differently. presumably you might spend money on those. you can mention that expand into a bunch of different things, workouts, concerts, all things he spend money on in the real world but in a digital environment. that is what he envisions as the economy surrounding the digital doors -- the metaverse. emily: i asked the former nintendo president his thoughts on facebook and zuck's view of the metaverse.

he is not optimistic. take a listen to that portion. reggie: i am not a buyer of that idea. i don't think -- don't think their current definition will be successful. i say that because, first, and i don't know if anyone from facebook is here, but you have to admit that facebook itself is not an innovative company. emily: not mincing words, facebook is not an innovative company. i'm not sure that is something mark zuckerberg would want to hear. kurt: not at all. but it's hard to dispute in some cases because a lot of the stuff facebook has done really well has been inventions created by other people. they acquired instagram, whatsapp, oculus. while they certainly helped build those services into what they are today, a lot of the stories, reels on facebook,

which is a tiktok clone, facebook has been known for a lot of things other people came up with. maybe that is the difference between inventing something and making it massively popular, which is what they are capable of doing. emily: kurt wagner, thanks for breaking it down. last week bloomberg news reported affirm delayed a asset-backed bond sale. i spoke about this with the firm founder and ceo -- with affirm founder and ceo, but started first by asking about ukraine, a country he fled as a child. >> i still have family there, classmates, colleagues. it is horrible what is going on there. the human cost is not aw -- is now at crisis proportions. you don't have to be born in

ukraine to understand how awful it is. certainly does not help to recognize histories. i have been focused on trying to channel our charitable contributions to helping charities on the polish border. that is the most concentrated thing we can do financially to upset him of the damage. emily: it is also having a macroeconomic cost. john mentioned affirm halting this asset-backed security, a big investor pulling out. why did that investor pull out? >> it is important to set the record straight. first of all, i am an engineer and think like an engineer. we built the entirety of affirm through this concept of full

redundancy and resiliency. our products have a lot of ways -- funding for our loans has a lot of redundancy. we have asset-backed securitizations. we have warehouse lines where we put these loans into a warehouse arrangement. the deal we were contemplating executing last friday was a refinancing of existing asset-backed security. one of the investors felt that market volatility overall made them pause a purchase of bonds. the deal had an opportunity of becoming economically less financially attractive to us than our other funding sources. we quickly pivoted to place the same assets to a much better economic arrangement. it is correct we decided not to do the deal, but this was an

economic choice on our part in favor of affirm. part of what we said yesterday to highlight the pointof, this is not just a choice we made specifically because that's what we wanted to do for funding, our profitability guide was raised to make the point that even as we shift between different funding sources, we are not going to see any deterioration of our margin. we expect to improve it. emily: will you launch that deal again, and if so, when? max: we are always looking to both expand our funding sources. this is not our first and certainly not our last deal. we will certainly come back to it with other products. i spoke with a handful of investors in the last 24 hours and asked, how do you feel? the answer has been, you guys are the quality and the market

is volatile. we will launch the next deal when the time is right. emily: you can catch the full interview at bloomberg.com. coming up, the future of money. we talk about the role of digital assets in the war on ukraine and more, next. ♪

emily: global stock markets -- yet bitcoin usually no strange has been locked in its narrowest trading range in more than a year, a trend likely to continue according to mike novogratz. he joined bloomberg's new crypto show. >> let's say the dollar might never be the same.

the biggest thing that has happened in the last 10 years in lots of ways, maybe longer, is when europe and the u.s. said russia, those reserves you thought were yours are not really your reserves. what does that mean? the dollar or treasuries as a risk-free asset is not risk-free, not if you are russian, and if you are chinese it may not be risk-free either. i think we are entering in a world that is unknown, where people are going to struggle to figure out what is the reserve currency? the u.s. is not going away. the dollar is not going away. i think you will see this hodgepodge of assets, gold, certainly digital assets will be part of that bucket. the whole world will not flip to bitcoin overnight, but you will see more people say i want to have some of my money outside of the sovereign. >> how do you deal with that debate?

the problem with cryptocurrency is you can use that to circumvent sanctions. on the other hand people in the community are saying that is the point, we don't want government censorship to away our property. mike: there is zero chance the russian government can use cryptocurrencies to circumvent. we are regulated by 14 different agencies -- by 25 different agencies, galaxy. i am sure the others have just as many. almost all crypto moves into exchanges. those have processes just like trade exchanges. plus bitcoin is a public blockchain. way back we hired mike morel, who ran the cia, to do a study on bitcoin. he did a 10 weeks exhaustive study with the three letter agencies, with crypto companies. he came up with a thesis that if you're going to design a trap to

catch given all, it would look a lot like -- catch criminals, it would look a lot like the bitcoin blockchain. we are looking at it the wrong way. the russian ruble depreciated over 90% in the last 10 years. the turkish lira did the same. bitcoin is a lifeline to people in countries with really poor stewardship of their economy. we should be thrilled that russians can get some of their money and bitcoin so they are not completely broke holding worthless rubles. >> that brings me to the use case. in the context we are talking about it, it is a replacement for fiat currencies. is that what you view the future of digital assets? mike: i think bitcoin has this beautiful lane of being digital gold or a store of value. everyone has a human right to have the fruits of their labor stored somewhere.

if you don't trust your government's currency, traditionally we put it in diamonds or gold. this is the first digital version of that. that is bitcoin's use case. there are other digital assets. there are digital stable coins or euros, ethereum, nft's. the revolution that is happening is not just in one line, but for bitcoin it really is a place store value. emily: galaxy digital head, crypto investor mike novogratz there. you can catch our weekly bloomberg show where they cover the people, transactions, and technology shaping the world of defi. coming up, we speak to the founder of girls who code about what businesses need to do to help get women back to work. that is next.

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emily: welcome back to "bloomberg technology." two years into this pandemic, working women and especially moms are struggling. we have seen women leave the workforce at historic levels. a new global study found last year roughly 26% of women left the jumps between -- left their

jobs between march and september 11. talk about where we are as the pandemic hopefully winds down. what is different? reshma: workplaces have never worked for women. over the pandemic women found themselves without childcare, with managers who did not get it, with partners not doing their fair share. now women are in crisis. millions have left the workforce. 51% of working moms say they are anxious and depressed. we can go back to a broken system. emily: what can business leaders do to support women and moms in the workforce? i would love to hear your thoughts on the tech industry in particular, where it is so male-dominated. reshma: we have a once-in-a-lifetime opportunity. the recent jobs report, 11 million open jobs. ceo's are desperate for talented workers to fill those jobs. it is a seller's market right now. women have an opportunity to ask for what they need.

what we need is affordable childcare, paid leave, employers who are going to support us on mental health. we can ask for what we need. we don't have to go back to the old normal. emily: there are companies like netflix, microsoft, ebay, with strong family and parental leave policies. is that enough or do we need something at a national level? if so, why has it been so hard? reshma: i don't think it is enough. many tech companies are making progress. they are offering some of these benefits, but some technology companies like facebook offer more in helping you freeze your eggs than in childcare. women are not returning to work because childcare is expensive. most families are spending more for childcare than their mortgage. paid leave, it's not good enough just to tell that you offer paid leave.

companies like apple still don't have gender-neutral paid leave policies in 2022. that is archaic. you can't just offer these policies, you have to mandate that men take them, tie it to performance review, change the corporate culture. we are in the middle of women's history month. today is pay equity day. in every single board room there is a conversation happening about how to get a mentor, how to learn how to be an investor. the conversations i want happening is how to get your partner to do more laundry, how to get the men in this corporate culture to do more laundry, how to audit our policies so they are not exacerbating gender inequality at home. until we get gender equality at home, we will never get gender equality in the workplace. corporate feminism has been taking us down the wrong path. i realize that. for the past 10 years i have been telling young women to lean

into "girlboss her way to the top." i found myself in the pandemic with two little kids trying to maintain a full-time job, and it nearly broke me. i realize that having mental is just a euphemism -- having it al l is just a euphemism for doing it all. we have to fix the system. that includes technology companies who often tout that they are trying to lift women up. now it is time to get men to do more. emily: let's talk about that. it does not help there are tech founders and investors like joe lonsdale perpetuating stereotypes about men taking parental leave. this tweet from him a few months ago saying great for fathers to spend time with kids and support moms, but any man in an important position who takes six month of leave for a newborn is

a loser. in the old days, men had babies and work harder to provide for the future. that is the correct masculine response. there are almost no words. reshma: no words. so many female founders i know get asked, are you planning to have kids? when will you have a family? it is as if being a mother is a distraction to your job. it is why we have the motherhood penalty. the reason why we have a pay gap is between mothers and fathers. the minute you become a mom, suddenly you become less committed to your job. so we have to root out that discrimination, which is at its core. often times tech companies think they are libertarian, they think they are a meritocracy, they do with the worst. in many ways routing of the motherhood penalty is just an algorithm away.

every one of the fortune 100 companies could get rid of the pay gap if they wanted to. emily: appreciate you out there trying to shatter some of these stereotypes. reshma saujani, always great to have you here. reshma: thank you for having me. emily: tesla is raising prices on all of its electric cars after elon musk said costs were going up. the cheapest model 3 in the u.s. is under $47,000. credit suisse says the price hikes were between 3% and 5% in the u.s. and china. coming up, i'm speaking with the consensus ceo and founder and ethereum co-founder about their massive new round of funding and the future of blockchain companies as they lean in to the metaverse. ♪

>> the whole year thought we would be in 30,000 range in bitcoin, risk to the downside. five years out, if bitcoin is not at 500,000, i am wrong on the adoption cycle. we have seen an adoption cycle that accelerates. bitcoin grew so much faster last year than crypto gew than -- grew than the internet did in the 1990's. emily: i want to kick off our crypto report with our crypto reporter. a bold prediction. >> to get there you would have to have bitcoin rise more than 12 times. you wonder what will it take to get there?

bitcoin is trading below where it was this time last year. if you look at the chart, we have a few days of lift, but that still leaves you only under 40,000. there is a large question about that. what does that adoption curve look like? last year there were a ton of companies that started to discuss adopting at a greater rate. what is 12 times the rate we have seen prior. emily: stick with us. i want to bring in our next guest, cofounder of if the area, -- of ethereum, joe lubin. i want to talk about how you are using this funding and putting it to work in a different way. explain that. joe: we have taken an $450 million in our latest -- in $450

million in our latest raise, talking about being a crypto native company, talking about decentralizing ourselves for years. we have built infrastructure in the form of a meta-mask institutional wallet and built institutional grade staking facilities. we are converting the vast bulk of the proceeds of the raise to ether, both because we have an infrastructure where we can generate that, but also in advance of the merge of ethereum one and ethereum two, the transition between proof of work and proof of stake. that is going to ring in an era of what we like to go ultrasound money, where the ethereum token

becomes a very important financial instrument in the global economy. emily: all eyes on that merge, and date. you surpassed 30 million monthly users with your crypto based wallet. i am curious how much awareness this is driving around web3. what number is it going to take for web3 to hit mainstream? joe: we are seeing a lot of crossing of the chasm. we are seeing cryptocurrencies, defi and nft's crossing the chasm into mainstream adoption. very recently we have seen another major crossing where nationstates are considering this technology to be of national security importance. virtually every nationstate has to start experimenting with the

technology and gaining expertise and wielding the tools of the blockchain and crypto ecosystem, because if they don't their neighbors will. monetary systems, financial systems are being wielded as weapons on the geopolitical stage right now. this technology will flip everything upside down, make it more bottom-up, build a new trust foundation and essentially nationstates are jumping in already. it is elements like that that will drive adoption. it is elements in many other platforms starting to make use of web3. >> there is a lot of conversation on how to think about bitcoin versus ethereum and how ethereum will get greater adoption on a global scale. how do you see the conversation

playing out as people make decisions on what they are going to operate on? joe: bitcoin is a very important construct. we think of it as digitally sound money, where gold is physically sound money. ultrasound money is this new concept where the ether token is burned on every transaction and a huge amount of ether is being frozen, sensually reducing supply on the market via staking in the protocol itself as we move to proof of stake, taking in decentralized organizations. i think bitcoin will have an important role going forward as a money, but ether is a fuel for the entire decentralized protocol economy, which is going to eat the world, and ultrasound money is a deflationary money. we expect a huge amount of value

to go to ether in the next few months. >> i'm curious about your take on nft's. we see volume trending downward. do you see this space being stagnant? if it grows more, what would be the catalyst to help it expand again? joe: our ecosystem moves in massive surges and consolidations. from tokenization to ipo's to defi 1.0 to nft's to dao's, so we will see major new constructs in our system. they happen on ethereum first. some are rational exuberance and months of high intensity activity and growth of the ecosystem and increase of value,

but then we see consolidations as things shake out and each of these pieces become fundamentally important. they become a foundation for the next fundamental construct to potentially be built. i don't know exactly what the next phase is, but all of us in the ecosystem essentially need more relaxing periods to curb up our teams for the next wave. emily: a group of your former employees are asking for an audit of a transfer of assets, including intellectual property you made from consensys ag to consensys software inc. what is your response to this? joe: the mothership consensus ag has invested in north of 200 projects. it has incubated many of those projects internally. we spun out 40 or so of those projects, and our protocols

teams sp together. we have transferred intellectual property in man situations into startups. e grouin question is seeing the s consensys inc. is having now and would like to apply the current valuation to an event that was priced at arm's length and done in the darkest moments of covid. it is a non-reasonable ask. emily: unreasonable ask, got it. joe lubin, ceo of consensys. thank you for taking the time. coming up, my exclusive conversation with a brand-new ceo of all raise. that is next. this isloomberg.

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emily: accelerating to success of women and people of color in technology. my next guest has spent her career trying to do that and now has a chance to shift into high gear at all raise. joining me now, mandela schumacher-hodge dixon, the new ceo of all raise, in an exclusive interview. thank you for joining us. you were named after nelson mandela, though i imagine change is something incredibly important to you. how are you going to change something, specifically the representation of women in technology that so far seems impossible to change? mandela: wow, the million dollar question. thank you for having me here. i am beyond honored to be in conversation with you. my origination is in an

inspirational marriage, two civil rights attorneys in the anti-apartheid movement. you can imagine the conversations around the dinner table that we had. empathy, inclusion, diversity, justice, valuing people is a core part of my dna. i want to bring that to the work at all raise, where we support the success of women and non-binary leaders in tech. i want to add to it my long history in community development. we support funders, founders, operators, lp's, angel investors. when you think about all the pearls of the tech ecosystem, they are in the all raise community. we are 22,000 strong. going forward, if we have a more unified approach to how we are going to create change, that

will start having different outcomes. emily: all raise was founded by women investors who come from competing firms who all want the same thing, more women writing checks, more women getting funded. what have they told you that they want you to do differently in this next phase of all raise? mandela: there is a big focus on the founders. the founders are the entrepreneurs. they are the linchpin of this ecosystem. one that i know well is this 2% number, this 2% of funding that is going to women founders. i want to clarify for everyone that it is a little bit deeper than that. it is 17% of a venture capital in 2021 went to female founders. 15% of the 17% went to mixed gender teams, whereas 2% went to female founded only teams.

we are seeing an uptick in the capital flowing to female vendors, but whether or not they have a male co-founder is something to dig deeper into. this question around why 2%, i want to ask a different question, which is who is owning this capital that is making the decision not to deploy more capital to female founders. if we continue to give the same types of people the same opportunity to take a swing, of course they will have a higher probability of hitting a home run. the issue is giving women and non-binary leaders a swing of t he bat so we can get all hands on deck, access to all that comes along with the capital, to really have it be a strong part of her business to get different outcomes. emily: spinning those

numbers differently, that means 80% nearly of venture capital is going to all male teams. you are one of the first black women to be raising money in silicon valley. i'm curious how that experience will inform the work that you do. mandela: one of our board members, the first female partner at sequoia capital, one thing she brings up often is this notion of me being an insider but having empathy and an understanding of being an outsider. this was in 2011, before jesse jackson was in silicon valley, demanding for tech companies to release diversity numbers, before this became a mainstream topic. i was a black woman at the time living in los angeles who had a background as a teacher, trying to break into this world. i had many things stacked against me, my pedigree,

identity, my lack of insider knowledge. i have a deep understanding of what it's like to break in as an outsider and what it is like the transition as a two time founder, a two time operator, an, investor an lp. these are all hats i have worn my 11 year career out here. that is what i am bringing to all raise, understanding the nuances of this ecosystem. emily: change will not happen without a healthy dose of reality, but also optimism. i appreciate hearing a little optimism in your voice. mandela schumacher-hodge dixon, the new ceo of all raise. thank you. we will be cheering you on. that does it for this edition of "bloomberg technology." tomorrow we will be joined by the ceo of box along with the corporate vice president of microsoft. he will be talking about the future of work. that is tomorrow. this is bloomberg.

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haidi: good morning, we are coding down to the major market open. shery: the top stories this hour , u.s. stocks rally and oil tumbles as a functioning at data fears about -- as manufacturing fears fed hikes. haidi: russia says kyiv