coinbase's numbers, 3% of coinbase's workforce is black, which is less than half the average in the industrythose numbers again paint a pretty bleak photo. emily: coinbase took an interesting tact by trying to front run the story and put its position out there before the story was published. is it working? katie: that is a good question. some would argue that maybe it drew more people to the story than otherwise would have read it. it said, please come if you get anymore media requests from other outlets, direct them to our comms team. they are trying to control the message here. chief executive brian armstrong has come under power in the past -- under fire in the past few months, especially when it comes to activists in the workplace. emily: brian armstrong saying a few months ago that coinbase would take on activism only as it comes to crypto and other social issues that cause quite a stir. bloomberg's katie greifeld, thank you very much. more on bitcoin making headlines this year and more companies taking alternative routes to going public. i talk about it all with former national economi

coinbase said about it he said that the proposed regulation we think would include requiring financial institutions like queen bass for instance to verify the recipient owner of the self posted wallet collecting identifying information on that party before withdrawal could be sent to that self hosted wallet it's a very big deal because you have to remember that one of the manger major ito's of the of the had been cribbed occurrence e is being able to own your own wallet hold your own keys to it so that you privately hold in collect a crypto currency that's the whole point of it being called a crypto currency not just a digital currency under this set up essentially what this really comes down to is the treasury department is saying we want to know specifically who the owner of every wallet is before they can make any kind of transaction so it's a very big deal if this were to happen yeah and they if if it does if they only have a few weeks to do so and it doesn't allow them to be as free as as it has been kristie i want to turn to the libor a lever crypto currency is it renamed itself

when people see the numbers and revenue behind coinbase, that's going to get people like e*trade andes schwab to really jump in the space. i think you hit $30,000 pretty quickly. emily: what about non-bitcoin believers like gary cohn, who i just spoke to yesterday, who said for all the reasons it is successful, those are all the reasons it very well might fail? >> he is welcome to short it going. that is what makes a great. institutions believe they could hedge to the u.s. dollar because the fed is printing money now and all that, or it is a good gold trade if you believe in gold. can find another goldmine tomorrow and increase supply, where bitcoin, the supply is decreasing every year, essentially. paypal and square are buying more bitcoin, and bitcoin is being produced every day. institutions are buying more, which is obviously happening now, due to the price going up quite a bit. when institutions hit $80,000, i think that is when they might taking chips off the table. we have never had individual sales pressure before. emily: we saw visa partner with a startup to offer bitcoin re

they have coinbase on the backend or they are in a trust. is a big deal and they are talking about going larger which is great. there is so much innovation good happening in crypto beyond just bitcoin. a lot of the innovation is also level.ng on the ethereum romaine: can you distill as to why institutional investors are spaceg to wade into this in a way they were not willing to do a few years ago? seth: i think a lot of that ties into the brought me space full-time at the beginning of this year. institutional great infrastructure has really been built up from 2017 to today. ,nstitutional great custodians that is the rules engines to make sure that funds do not go places that they are not supposed to do. that is brokers. that is the derivatives infrastructure. have bitcoin futures in december of 2017. a, i think it is really having the infrastructure in place and having come in place since the last full market. secondly, this year the regulatory environment has been one of the biggest positive surprises. the office of the comptroller, the cur

. >> this ipo has been in the works for a while, rumored to be so you are right, coinbase announcing it has confidentially submitted a draft registration statement for an s1 with the sec to go public that process usually takes several months of questioning between the sec and the company before it can actually disclose its perspective, give us insight into what its financials are, more about the business model. to your point, by coin hitting record highs it makes sense they would at least be moving on that path toward an ipo to capitalize around the trends we are seeing, especially as it relates to institutional investors validating bitcoin and other krip tcryptocurrency as somethie to stay. unclear for valuation. i'm making calls as for what he can with expect. most recently, the company in a private funding round in october of 2018 -- about two years ago -- was $8 billion. i think it's safe to say if they are looking for a valuation higher than that, we could expect this ipo to come in around a billion or greater than that more to come on this front coinbase, the latest company to

it confidentially submitted a draft legislation with regulators yesterday so coinbase looking to gowhile the iron is hot for the overall crypto market. now back to the big story out of washington, d.c. and one investors are following very closely. congressional leaders are trying to finalize a deal on covid relief while also avoiding a big government shutdown. ylan mui has the latest there. >> congress is bracing for a weekend of work on capitol hill as lawmakers struggle to put the final touches on that covid relief package and a government funding bill as you know, uncle sam runs out of money at midnight and it is unclear if lawmakers will pass a stopgap funding measure that would keep the lights on more how long that would last they could also just run out the clock and let the government shutdown at least for a little while. now, one of the outstanding issues is fight over the fed gop senator pat toomey has been pushing to prevent the fed from restarting the emergency lending programs that treasury asked to shut down by the end of the year that includes the main street lending p

by visiting the website on your screen. >>> the largest cryptocurrency exchange is going public coinbasea public offering last night marking an industry milestone. the company did not say how it will structure its offering in particular coinbase has more than 35 million verified users in more than 100 countries and more than $25 billion in assets on its cryptocurrency platform. it's raised more than $500 million from backers including horowitz, raylock partners and others. the coin base ipocomes amid a record breaking run for bitcoin prices which broke through the 23,000 mark a day after hitting the 20,000 mark. skroi joining us is brian brooks, acting comptroller brian, thanks for being with us. what exactly in particular has got you the most interested about the recent price action in bitcoin? >> let me tell you something, dom, i can't speak to the specific price movement but what i'm worried about is all of this is happening in an environment where we're about to have a change in presidential administration, and there are calls for regulatory protections we put in place for this stuff

looks like it's something that certainly could happen this came about because of between put out by coinbase the c.e.o. what he essentially said is that the treasury secretary that the treasury department may be trying to put in some last minute rules for crypto currency that would be really the most damaging rules that have ever been created at least so far in terms of laws regarding crypto here's what the c.e.o. of corn base said about it he said that the proposed regulation we think would include requiring financial institutions like queen bass for instance to verify the recipient owner of the self posted wallet collecting identifying information on that party before withdrawal could be sent to that self hosted wallet it's a very big deal because you have to remember that one of the manger major ito's of of the had been cribbed occurrence e is being able to own your own wallet hold your own keys to it so that you privately hold in collect a crypto currency that's the whole point of it being called a crypto currency not just a digital currency under this set up essentially what this really

coinbase will suspend trading in it on january 19 but will continue client deficits.kong. these lines coming through at the moment, a police station in the northern territories, at the moment we have china sentencing a hong kong activist detained on the mainland, up to three years in jail. this after dozens of people tried to flee the city by speedboat. we have two of the 12 sentence to three years and the other eight people being sentenced to seven months. activists have been freed by chinese authorities. that is the position in hong kong at the moment. juliette? juliette: looking at markets, we were starting the day on a downbeat momentum but seen a pickup coming through on u.s. equity futures and that's seen a bit of a turnaround in some key markets. the kospi holding onto records. hong kong's market strong into the lunch break. the sensex a little off records. 1990 levelseached yesterday, so a little bit of a retreat coming through their today -- coming through there today, and some weakness in the australian share market. the aussie dollar at june 2018 highs. the

the secondhand retailer as filed for ipo coinbase. the cryptocurrency exchange filing to go public earlier today, so it has been a big week in tech ipos. tech companies filing for ipos. we will get to all of that later this hour. i want to get back to yet another lawsuit against google from a bipartisan coalition of 38 states. iowa, massachusetts, and more accusing the company of illegally monopolizing internet search and search advertising. this marking the third u.s. case against the giant in two months and coming a day after republican sued the company for anti-competitive actresses. of thisaly, part lawsuit, great to have you back on the show. make the case. why did you decide to bring this suit. basically our economy revolves around this concept of free competition in the marketplace. that competition breeds innovation. it helps consumers have more choices. it lowers prices, and unfortunately what we have seen from these two big tech companies, facebook and recently google, is efforts to engage in any competitive conduct, monopol

coinbase has not offered details of its plan.ed at $8 billion two years ago after a $300 million funding round. shery: japan and south korea, online at the top of the hour. let's go to sophie for what to watch. focus: carmakers are in insole. we are watching hand a motor, it is to take full control, which exports to more than 40 countries. nissan on watch after the carmaker decided against producing an electro vehicle suv in the u.k. on brexit uncertainty. choosing instead to ship the models to europe from japan. targeting ¥260 billion in cost cuts. report that it has the price of its 5g mobile plan by ¥1000 per month. the stocks to watch on the open in tokyo and seoul. this is bloomberg. ♪ bloomberg. ♪ >> welcome from bloomberg's headquarters in york i'm shery ahn. i'm haidi stroud-watts, asia's major markets have just open for trade, our top stories this hour, still nervous truly -- no relief in washington, they claim a deal is gross but sticking points tremaine and the government may shut down if funding is not agreed. vaccine

lauren: not to mention coinbase which is the largest custodian or broker of the crypto currencies in the u.s., that could ipo in 2021. look, when a company becomes public you get so much more data. we might have some data an next dote tally now. we'll get it on the record and quarterly next year. i mean that has to make digital currency for popular and more, you know, with that more regulated? >> those two points are exactly right, lauren. on the first-hand, what we really need in the space sin creased regulation. the fact that you have a large company right now in front of the sec with on going discussions means that we're going to get a lot more clarity in terms of how we should be running our companies in the space. also what i really think about is access, how easy is it to invest in crypto adjacent technologies and purchase bitcoin and more options investors have to buy bitcoin directly or invest with companies that grow with bitcoin the better for the industry as a whole. lauren: i'm trying to think if regulation would be good for bad for this industry? i guess it is how you lo

discrete tests a few moments ago but any potential ipos in the new year, whether it's poshmark or coinbaseare innovative companies, companies of the future? >> yeah. again, right now, i'm going to approach with caution as we go into january, just because i'm not quite -- i haven't pinpointed yet where i see the peak occurring time-wise and how high or low i see that peak. but as the recovery undoubtedly will start to unfold in the back half of that second quarter, i'm going to be looking at some of the things that did not participate in that march straightforward or at least didn't start participating until november/december. the breadth of the market was exceptionally narrow throughout the year with the stay-at-home and the growth stocks leading the way and really accounting for much of the gain that we've seen, but there are some sectors that have been left behind which are starting to do work on for the last few months, such as banks, such as some discrete consumer discretionaries such as gaming stocks, for example, where we know what their business model looks like next year. that will

other fintech names you mentioned, affirm, i think co coinbase could be on the list.ule stripe out for next year, though. >> i wonder about instacart because that's a huge, i imagine, pandemic beneficiary, and if they're thinking maybe we get out there while the story's still strong for us as opposesed to one everybody is talking about reopening. >> absolutely. instacart is pretty long in its process, we hear, in getting out huge pandemic tailwinds. how sustainable that is, we'll see. i think that's a big question hanging over the public markets right now in tech. look at jordach, you've seen the tailwinds but how sustainable are they instacart is one to watch. huge boost and very solid model overall so i think they could have some solid performance. >> and what about, perhaps, the most controversial one on the list, i've saved for last, robin hood every day now -- today was t the -- yesterday it was regulators and massachusetts going after them >> i think those are the questions, but then you look at the prospective of, you know, whether these companies go or not, it

i want to open my coinbase account right after the show. thank you so much, michael. >> thank you.o says he deserves to be on the santa claus nice list all because he quote, worked really hard this year on coronavirus. i bet a whole lot of new yorkers wish they were able to just work in general. does cuomo deserve to be on santa's nice list? tweet me. love to hear what you have to say. cv payne. we'll be right back. >> happy holiday and i'm going to have a great one. santa is going to be very good to me, i can tell. i worked hard this year. charles: new york governor andrew cuomo bragging about how hard he worked on the coronavirus pandemic. of course his ego knows no bounds. i think it is quite sickening at this point. he thinks he deserves a prize for being number two in covid deaths in this country. do you think maybe number two with covid related bankruptcies? how about the state unemployment rate of 9.6%? today the new york fed releasing a white paper on the looming eviction cliff facing new york city. i like to see him say how good he was in a year where 30% of new york city

coinbase has filed to go public in what is being seen as a potential breakthrough moment.-based company saying it is expecting the draft to become effective after the sec completes its review. it was valued at more than $18 billion two years ago after a $300 million funding round. a descriptionng, of its ipo as "the most ridiculous share sale of the year," adding that the stock is only worth a fraction of its current price. a lack of brand loyalty. he says the shares are worth about $40 at best, a 70% decline from wednesday's close. haslinda: time for morning calls. let's get over to sophie kamaruddin. bitcoin aside, copper topping 8000 in london, a push above 10000 and the cards, do you think? sophie: goldman seeing a climb above 10,000 for the red metal. expectations of fresh all-time highs for copper in this cycle. the supply-demand dynamic at play here. there is no surprise to blackrock that the market is as tight as it is. he is highlighting the accelerated shift towards green trends in the pandemic, putting copper at the center of that setting. looking over at j.p. m

i'm not sure if you're familiar with the coinbase controversy note the ceo said they will take on activismurrency, a number of african-american employees have left and other employees have left. at the same time, you see evidence that we are moving two steps forward. there is evidence we are moving three steps back. you know, how do you not let that -- some of these more pest to make -- pessimistic developments hold you back? carla: i am a glass half-full kind of gal. the fact that company after company has come out and made a statement around what they stand for with respect to, you know, their focus on diversity, inclusion, and equity, and then belonging, and that they are actively trying to do something about it, i think that far outweighs that one instance. here's the other thing that makes me optimistic. , which are becoming the dominant population in the workforce, they are going to turbo boost that, which boomers have tried to do for the last 20 years, because their idea of to seence is multicultural folks in positions of leadership and also people who are on board. that is their id

that seems to be propping the window open at least for now, companies such as robinho robinhood, coinbaseposhmark, affirm, petco, roblex on the docket for 2021 ipos and the slew of spacs i'm told are also in the pipeline, guys? >> yeah, there will be a lot more spacs in terms of pricing i hear it all the time, i'm sure you do as well people considering doing it in part, leslie, because of the economics we talk so often about it, potentially as much as 20% of the spac that then goes to them as a promote if in fact they do a deal that gets approved by shareholders which more likely than not is often the case little downside, bob, for the spac promoters and great deal of potential upside if you hit it back, the likes of a quantumscape quan stum scape's market value at $40 billion is more than ford's and we forget airbnb was a couple of weeks ago, bob, $88 billion market value as we head into next year, what are you looking for in terms of the next airbnb >> well, first off, i think we should pause and reflect on what leslie was saying. if in april you would have said this would be the second

be actually just propping the window open in 2021 we're looking at companies such as robin hood, coinbase as you were just talking about. posh mark, road blocks, bumbo. all on the docket for 2021 ipos, not to mention the slew of spacs in the pipeline for next year, guys. >> included in those figures, leslie, i'm just wondering now with the s.e.c. ruling that direct listings can be on the new york stock exchange if these numbers will be impacted going forward because they will be siphoned off from the ipo category into direct list something. >> right so historically, direct listings haven't raised any capital that $170 billion doesn't even include direct listings because they weren't able to raise capital in the first place now with the new s.e.c. approval of the nyse proposal to allow for direct listings to actually raise capital in the process, that could be just another avenue for companies to try and get public and to raise money in the process. so it will be interesting. i think 2021, will certainly be a year of continued experimentation, whether it's through spacs, whether it's throu