>> from the heart of where innovation, money and power collide, in silicon valley in the beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco. trying now on lock down sparking a selloff across chinese stocks. delays and exports of just about everything around the world and comparison to the 2008 financial

crisis. this on top of concerns about china's ties to russia. mark zuckerberg legs out his vision for the metaverse at south by southwest from avatars and creators to the future of work. we will critique his take on economies of the future. my exclusive conversation with the brand-new ceo of all raise working to raise up women of tech. how she plans to make much-needed change that is so far seemed impossible. stocks rallying with ukraine and russia to restart talks and president biden set to travel to europe. i went to bring in kriti gupta. what sent stocks back up yucca -- back up yucca -- backup? 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 first positive day for the s&p

500 in four tells you there is a bit of a relief rally. some of this might be ahead of the fomc meeting we have tomorrow. you 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 the tightness of financial conditions, it was the end of 2018. when we asked the same level -- member at the same levels, the fed was thinking about pausing the rate hike regime. that speaks to the amount of scrutiny the commodity shock has put on markets. at what point does the fed create an even bigger drop in the market? the bigger drop is not in the states. it is in china with the adrs. you can see is 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 "uninvestable." that putting some pressure but nevertheless it is not all right all the time. the question is who is buying this and for how long? emily: i want to stick with the selloff across chinese stocks and bring in bloomberg executive editor tom giles. some folks comparing the selloff to the 2008 financial crisis. could it get that bad? tom: we are seeing the conditions for a calamity in a lot of these shares. it does not look good. it is coming from every side. you are seeing it first and foremost geo-with eakly. how far will china go in supporting russia? the u.s. is sending a signal it

is concerned about china doing so in which case the u.s. could be in line for sanctions against chinese companies. that is a major concern for investors in chinese securities. what happens if you start to see higher tariffs, other sanctions that impose limits on our ability to import? in the technology sector, we imported $133 billion in high-tech exports from china in 2020. you started to see barriers to that. you are seeing major disruptions to 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 seeing covid induced lockdowns across the country. edition jen in particular, which is home to something like half of global exports. we're looking at orders of

everything via companies like amazon and walmart to other parts of the world being delayed. how serious is this? 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, to get them fulfilled, to get them out the door, on planes into the u.s.. they can put given how important that region is to the exports from china. how long is it going to last? how deep is the lockdown going to be? lots of questions about how long and how deep it is going to last. you also have the possibility of the sec cracking down on chinese companies that are listed here over concerns about a lack of disclosure. finally, within china itself, we have seen this crackdown against

the big tech companies. most recently questions about tencent and about allegations that it may have run afoul of anti-money laundering rules in china. altogether, bad news for chinese adrs. emily: lots to continue to watch. thank you for those of dates. president biden traveling to europe next week for talks with european leaders to address russia's invasion of ukraine. >> the president will travel to brussels, belgium eight or this month where he will join an extraordinary nato summit on march 24 to discuss defense efforts and a response to russia's unjustified attack on ukraine as well as to reaffirm our commitment to our nato allies. emily: president biden attending a european council summit where there are efforts to impose sanctions and further humanitarian aid. get it to where it needs to be

most. annmarie hordern with us from washington. tell us about what we know from the president's trip and what kind of impact that could have. >> jen psaki also mentioned the president is a firm believer in face-to-face diplomacy. whether it was before the invasion sharing intelligence with nato allies or following the invasion, making sure the united states was and a lockstep with european leaders and when it comes to harsh sanction packages that they have put on russia, the president has always wanted to make sure he was in luck tap -- lockstep and in unity among the group should they will discuss more deterrent factors that could bring the war to an end but also the support they have for ukraine. what is interesting is it comes just before congress tomorrow morning is going to hear from president zelensky. i imagine he is going to implore u.s. lawmakers from more support

especially when it comes to the military. emily: the other big story in washington, raskin withdrawing as president biden's nominee to be the fed's vice chair of supervision. how big a blow is this? dark it is ready big considering it does not look like they are going to find anyone else on the republican side that can support her. senator joe manchin said he cannot go ahead. he is a democrat. he is a key vote in the 5050 senate that was potential people talking about the conflict a susan collins but -- we sometimes come on board with democratic voters pay that is not happening either pitch she has withdrawn. if i can bring you what she has said. what was going with her became the subject ever limits attacks by special interest and she goes on to say her frank public discussion of climate change and economic costs associated is

what brought on these attacks. what goes on now is sherrod brown says they are going to move ahead with the president's four other nominations. republicans thwarting her step forward meant that all of these nominees were 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 of the intersection of real and virtual worlds in the future. do we believe it? this is bloomberg. ♪

emily: sucker speaking at south southwest out his vision for the metaverse and how he believes meda is building the fundamental technologies that will make it possible. let's take into that conversation with kurt wagner. looking at the highlights, we were hoping for some hard news questions for some commentary on what is going on in russia. facebook and properties getting shut down. that is not some which what we heard today. kurt: no. mark zuckerberg started the conversation bag knowledge and the room. were that is 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. he said i'm thinking of the people in ukraine. there is not much i can say that will do justice to what is happening. he did not get into any of the specifics and he did not take any questions.

it is another sign of how much he is giving that portion of meda's business, that portion of operations to nick clegg, the head of policy who has been forward about the company's stance in russia and ukraine. this was him acknowledging what he felt he needed to acknowledge but then moving onto what he wants to talk about, which is the metaverse. emily: the economy of the metaverse. i want to take a listen to a clip from the conversation earlier. mark: these will be creators who are basically building all of these different experiences. it 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 the metaverse will create a new economy? how many new jobs will this create? kurt: i could not tell you, but

i do think it is going to open up a lot of commerce related initiatives and opportunities we don't think about today. he talked about the idea of dressing your avatar. similar to how you have a wardrobe at home, you will be presumably doing that with your avatar. your avatar is going to show up in different settings and you might want to dress or act differently. you might actually spend money on those digital clothes. that is one example. you can imagine that expanding into a bunch of different things. the types of stuff you spend money on today but doing it in a digital environment. that is how he envisions this economy. 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 a portion of that conversation. reggie: i am not a buyer of that idea. i don't think their current definition is going to be successful. why do i say that? 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 is 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 should they acquired whatsapp. they acquired oculus. while they helped build those services into what they are today, a lot of the stories, which is reels on facebook,

which is kind of 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 something 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. after a major investor backed out last minute due to market volatility. i spoke about this with the affirm founder and ceo but started by asking about the conflict in ukraine, a country he fled as a child. >> i have people there. i have relatives, friends, former classmates, colleagues. it is horrible what is going on there. the human cost is now of crisis proportions. you don't have to be born in ukraine to understand how awful it is but certainly it does not

help to recognize. i have been very focused on trying to channel all of our charitable contributions to helping charities on the polish border. i think that is the most concentrated thing one can do financially to offset some of the damage. emily: it is also having a macroeconomic cost as we are seeing. john mentioned affirm halting this planned bond sale or asset backed securities, a big investor pulling out. it seems like this was going to go through. whether that investor pull? >> -- whether the investor pullout? >> i will cover this very carefully. 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 of accomplishing things. our funding for our loans has a lot of redundancy. we have asset backed securitized asians. we have asset-backed security -- we have warehouses. we put these loans into a warehouse arrangement. the deal we were contemplating executing west friday was a refinanced of asset-backed securities. one of those investors felt that market volatility 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 so we pivoted to place the same assets to a much better economic arrangement. it is correct we decided not to do this deal but this was an

economic choice on our part in favor of affirm. part of what we said yesterday to highlight the point of this is not just a choice we made because that is what we wanted to do for funding. our profitability died 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 approve it. emily: will you launch that deal again and if so, when especially and in the context of the volatility we are talking about? >> we are always looking to expand our funding sources. this is not our first deal and certainly not our last deal. as we watch the asset securities market, we will come back to it with other products. i have spoken with a handful of investors in the last 24 hours and asked them how you feel. the answer is you guys are the quality and the market is very volatile.

we will launch the next deal when the time is right. emily: the affirm founder and ceo. coming up, the future of money. we will hear from mike novo gratz. next. ♪

emily: global stock markets -- yet bitcoin usually no stranger to wild moves has been locked in its narrowest trading range any more than a year. a trend that is 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

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? it means the dollar or treasuries as a risk-free asset is not so risk-free. maybe if you are russian or chinese it may not be risk-free either. i think if we are entering -- 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. it is not going to be the sole place. you're going to see this hodgepodge of assets. gold, certainly digital assets are going to be part of that bucket the whole world is not going to flip to bitcoin overnight. 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? a lot of people are talking about the problem with

cryptocurrency is you can use it to sager can vent sanctions. people into the community are saying that is the point. we don't want government censorship to be able to take away our property. >> there is your chance the russian government can use cryptocurrency to circumvent. we are regulated by 25 different agencies. i am sure ft x the others have just as many. almost all crypto moves to exchanges. those processes just like trade exchanges. plus bitcoin is a public blockchain. we hired mike morel to run the cia to do a study on bitcoin. he did a 10 week exhaustive study with the security agencies , with crypto companies and he came up with a thesis that if you are going to design a trap to catch criminals, it would

look a lot like the bitcoin blockchain. it is -- elizabeth warren is wrong she says you can use bitcoin to evade sanctions. the russian ruble has depreciated over 90% in the last 10 years. the turkish lira did the same. bitcoin is a lifelong to people in countries with really poor stewardship of their economy. we should be thrilled that russians can get some of their money in bitcoin so they are not completely broke holding worthless rubles. >> that brings me to the question of what the use case is. we are talking about it as a replacement for fiat currencies. is that what you view the future of digital assets? >> 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 a bitcoins use case. there is a lot of other digital assets. there are digital stable coins or digital dollars or euros. digital networks. and so the revolution that is happening is not just in one lane. for bitcoin, it is a place you store value. emily coined 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. this is bloomberg. ♪

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 alone roughly 26% of women left their jobs between march and september alone. joining me is the founder of girls who code and the author of a new book, pay up, the future of women and work and why it is different.

tell us about where you are -- where we are as the pandemic hopefully winds down. what is different than we think? ? i think we know workplaces have never worked for women. over the pandemic women found themselves without childcare, managers who did not get it, with partners who were not doing their fair share and no women are in crisis. aliens of women have left the workforce. 51% of working moms say they are anxious and depressed. we cannot 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 where it is so male-dominated. we have a once-in-a-lifetime opportunity. the recent jobs report that came out, 11 million open jobs. ceos are desperate for talented workers to fill those jobs. it is a sellers market right now. women have an opportunity to ask for what they need. what we need is affordable

childcare. what we need is paid leave. what we need is employers who are going to support us on our mental health. we don't have to go back to the old normal. emily: there are companies like netflix, microsoft, ebay with really strong family and parental leave policies. is that enough or do we need something at a national level? why has it been so hard to make that happen? >> i don't think it is enough. any tech companies are making progress. they're offering some of these benefits but some technology companies like facebook offer more in helping you freeze your eggs then in childcare. we know the reason why women are not returning is because childcare is too expensive. most families are spending more for their childcare than they do for their mortgage to it is the largest expense for families. paid leave is not good enough just to tell that you offer paid leave. companies like apple still do not have gender-neutral paid

leave policies in 2022. that is archaic. you cannot just offer these policies. you have to mandate them and take them to hide it performance review. change the corporate culture. we are in the middle of women's history month and we just went through international women's day. today is pay equity day. in every single board room, there is a conversation happening about how to get a mentor, how to learn to be an investor. the conversations i want to be happening is how to get your partner to do more laundry, how to get the men and it is corporate culture to do more laundry. how to make sure we audit our corporate policies to they are not exacerbating gender inequality at home. until we get to gender equality at home, we will never get the gender equality under the workplace. corporate feminism has been taking us down the wrong path. i realized that for the past 10 years i've been telling young women to lean in.

to grow boss their 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 realized having it all is a euphemism for doing it all. we have to stop trying to fix the woman and fix the system. that includes technology companies who often tout that their policies and the fact 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. >> no words. so many female founders i know get asked, are you planning to have kids? when you going to 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 are less committed to your job. you unable to fill the next facebook or twitter pit we have to root out the discrimination, which is at its core. often times in tech companies that think they're libertarian, that think they are meritocracy, they do it the worst. in many ways rooting out the motherhood penalty is an algorithm away. tomorrow, every one of the fortune 100 companies could get

rid of the pay gap if they wanted to. emily: appreciate you trying to shatter some of these stereotypes. reshma saujani, always great to have you here. >> 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 consensys 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 your we thought we would be in the 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 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 have to wonder what will it take to get there and what does

the adoption curve look like? bitcoin is trading below where it was this time last year. we have seen a few days of a lift but that still leaves you only under 40,000. there is a large question about that. what is that adoption curve look like? last year there was 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 would to bring in our next guest cofounder 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 in $450 million in our latest raise.

we have been working on being a crypto native company. working on progressively decentralizing ourselves for years. we have built infrastructure any the form of a consumer wallet i the form of a meta-mask institutional wallet and bill institutional rate 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 yield but also in advance of the merge of a theory them one and a theory of two, affects the transition between proof of work and proof of stake . that is going to ring in an era of what we like to call ultrasound money where the token becomes a very important

financial instrument in the global economy. emily: all eyes on that merge indeed. you surpassed 30 million monthly active 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 get savvy. they have to start experimenting with the technology and gaining

expertise and wielding the tools of the blockchain and crypto ecosystem because if they do not, their neighbors will. monetary systems, financial systems are being wielded as weapons on the geopolitical stage right now. this technology is going to flip everything upside down, make it more bottom-up, build a new trust foundation and 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 web throughput emily: -- >> to that point, 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 some 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, reducing the supply on the market via staking in the protocol itself as we move to proof of stake and sticking in d5 and 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 move into ether in the next few months. >> i'm curious about your take on nft's. do you see the space being stagnant? if it grows more, what would be the catalyst to help it grow again? >> 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 ecosystem. they happen on ethereum first. each one drives excitement. 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 use these more relaxing periods to curb up our teams for the next wave. emily: a group of your former employees and shareholders 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? .co the mothership consensus ag has invested in north of 200 projects. it is incubated many of those projects internally. we spun out 40 or so of those projects and our protocols team spun out together.

we have transferred intellectual property in many situations into startups. the group in question is seeing the value, the success that the consensys inc. is having now and would like to apply the current valuation to an event that was priced at arms 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 is bloomberg. ♪

emily: accelerating the 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. the nonprofit with a goal to diversify the tech ecosystem. 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, so 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 so much for having me here. i am beyond honored to be in conversation with you. my origination is in an

interracial 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. the thing i am going to add to it is my long history in community development. we support funders, founders, operators, lps, angel investors. when you think about all the qualms of the tech ecosystem, they are in the all raise immunity. 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 but all one the same thing. more women writing checks. more women getting funded. what have they told you they want you to do differently in this next phase? mandela: there is a big focus on the founders. the founders are the entrepreneurs. they are the linchpin of this ecosystem. one of the stats that i know you know well and you report on a lot 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 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 founders but whether or not they have a male co-founder, that is something to dig deeper into. this question around why 2%, why does it keep saying here -- keep staying here? i went 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. part of the issue is giving women and non-binary leaders a swing at that so we can get our capital, our mentorship, all hands on deck, access to all that comes along with the capital to really have it be a strong arm in our business to get different outcomes. emily: spinning those numbers a

slightly different way, that means 80% of venture capital is going to all-male teams. >> say that again. emily: you're one of the first black women to be raising money in silicon valley them curious how that experience is going to 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 is back in 2011 before jesse jackson was in silicon valley knocking on doors of tech companies demanding for them to release their 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 is like to break in as an outsider and what it is like to transition from a founder, a two time founder, a two time operator, an investor, and lp. all of these hats i have worn in my 11 year career out here. that is part of the magic of what i am bringing, understanding the nuances of this ecosystem. emily: change is not going to happen without a healthy dose of reality but also optimism so 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. ♪ >> the following is a paid

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