so, instead of being a blockchain that is designed for one application, ethereum is a blockchain thatbuilt-in programming language. and whatever blockchain application you want to build, you can just write the logic of that application in the programming language, upload that program to the chain, and this becomes what we call a smart contract, and anyone can then interact with your application, and the blockchain interprets the rules of your application for you. so, instead of being something that is designed to do one thing, it is designed to open up space for creativity and to basically let people do whatever thing that they want to do on top of it. emily: so, is the idea then that the next facebook or twitter would not be owned by a jack dorsey or mark zuckerberg, but be built on the blockchain and owned by everyone? vitalik: there are multiple projects already trying to do that, and lots of them are based on ethereum. so, yes. emily: so then, is ethereum a threat to established, centralized companies and social networks like facebook, like twitter, like google? vitalik: i think i

so the blockchain is a way of storing ownership records.ove that you own a bitcoin, a house or even a video clip. that proof is a unique token that is non—changeable, non—fungible — it is a non—fungible token, or nft. personally, i have always been sceptical of whether nfts are a sensible idea but there are plenty of people who've bought into them, literally. ownership rights for some digital artworks have gone for millions of dollars and collins dictionary has just made nft its word of the year. and just last week, a new development — a group of people got together and tried to crowdfund enough money to buy a printed copy of the us constitution at auction. they were outbid, despite claiming to raise $40 million. but had they been successful, each of the thousands of contributors would have had the right to vote on what happened to the historic document next. so they could vote to put it on public display. 0h! they could vote to sell it on, or anything in between. yes, and whatever they voted to do would have been handled by a decentralised

they are storing images on the blockchain.will soon converge with defi, you're going to see things like chat accounts doubling as well let's and crypto -- as wallets and what additional things like signed documents. social media blends with defi, games do the same. both socialfi and famefi will converge -- gamefi will converge in the metaverse. the internet computer provides an alternative i.t. stack that hosts advanced contractor software that is capable of processing value and code. taylor: i did a segment on the metaverse in mars. to think that this could get more complicated, and it does. talk to us about how you are thinking about the use case of bitcoin. we talked about the use case of that blockchain technology in the cases that you just made out i think makes sense for an average user and viewer. what about bitcoin? on the massive volatility we have seen, especially on days like today, how does bitcoin unfold into this? dominic: crypto markets are volatile and it is still a new industry. i would not want to criticize b

blockchain infrastructure platform. customers include bank of america, paypal, mastercard, interactive brokers, credit suisse and many others. institutions provide their clients with reliable, regulated access. each tax dollar is backed by one u.s. dollar, and as a result, it is not volatile like other types of digital assets. however, to maintain the same property, it can be transferred nearly instantly, overnight and on weekends, and it is programmable, secure and traceable. digital assets and blockchain technologies can create a more sufficient, secure or and innovative financial system and a more inclusive and equitable global economy. a person needs a bank account to safely store money, establish credit, earn interest and borrow. and according to the federal reserve, 18ing % of all americans and 40% of black adults are unbanked or underbanked. the current system's expensive and flawed. international and even domestic money transfers can take days. digital assets are vastly more accessible. anyone with a smartphone

crypto is on blockchain, but blockchain is underlying technology i think that will happen, and i thinks okay, but there needs to be a want on both sides the industry needs to want to share and the policymakers really need to want to listen. i felt awesome coming out of it we'll see more of this i think we historically have not been able to get there, and today we did. >> denelle dixon, thank you for joining us and good luck with the rest of the education. thank you. let's trade it blockchain versus the coins, tokens themselves. guy, we'll go to you first let's talk about whether or not it's just bitcoin and if there are other place to say go to to find that outperformance? go downstream a bit, and over the last month you've had a lot of analysts downgrade the stock. they're just starting to see news there i don't think the market fully comprehends. they'll be at the forefront of that if that is the case, which i think it will by, this stock should be significantly higher i get the crypto plays if you want to look downstream, look at palantir >> tim anything on your radar? crypto and bl

emily: so, talk about transaction costs on the blockchain.e the upgrades we have been seeing with ethereum changed things? is there more that you would like to see? >> we are seeing an explosion of innovation in the underlying layers for nft in the blockchain layers that power the technology. upgrades to ethereum have been great and have provided more stability. but there is a lot more room to grow. for example, we've launched our cross blockchain support, so we now support ethereum but we also support others like polygon to allow for a lower cost environment for trading. this is supercritical because if you're paying a high transaction cost to buy something, it limits the types of things you can purchase. it's hard to buy something for only $10 if you are paying a $30 or $40 fee on top of that. adding these scalable solutions, moving to new technologies are really vital for getting this technology to be adopted by a more mainstream customer. and at openseas, we're excited about the polygon launch we did recently, which is a solid step in tha

-- the blockchain it is not all currency. >> no, it is not, that is a misnomer because it is a blockchainrketplace we do on blockchain a clear path to zam what is happening with stocks, and what is going on transactionally in the marketplace that is just one area. another area i like to talk about, is when you talk about title insurance, transfer of title something simple as a car can take up to three to four months in state government, when it should be done on smart contract done immediately isn't about cryptocurrency it is all about the infrastructure we are building to make it a more efficient economy for consumers. maria: exactly right, thank you, is to that is the whole point here it is not currency, it is an infrastructure that is enabling faster quicker better the blockchain so these launching a new crypto consulting service for clients in growing demand shouldn't cost blockchain consulting includes education about cryptocurrencies managing back end operations related to it steve tell me what business might look like and your thoughts on the indirect businesses that will be create

. >> but the underlying technology is known as blockchain developers are applying that technology to digital art, social networks, video games and even voting rights and corporations some see it as the next wave of the internet and call it web 3 the term was even thrown around in a recent congressional hearing with industry ceos >> what we're hearing now is web 3. >> that set the stage for some crypto specific legislation next year. >> the lawmakers have really started paying attention to this space and i think people are really starting to see the long-term benefits that this industry can provide i think there is a real window for there to be a policy framework done on a bipartisan basis and i think we're going to see something that advances the industry as a whole but also provides those guardrails for market integrity and consumer protection that a lot of people have been looking for. >> reporter: insiders expect the treasury department to pay more attention to crypto currencies tied to the value of a dollar known as stable coins. the u.s. may mint its own digital currency on bitc

as you think about defis and blockchain, think about some of the broader capabilities of some of these're in the midst of the largest wealth transfer in modern human history as we replace monetary systems, financial systems, online web marketplaces and other web platforms, all with kind of a pure software system that's embedded inside these blockchains. what that means is, it makes everything open source, open access and online 24/7, 365. sort of tamper-proof from any central party. whether that be a specific country or a specific company or a specific person. so the disruption we're going to see here is not just the financial marketplaces, already well under way over 250 billion dollars already is held in this decentralized financial system embedded inside blockchains. in addition we'll see disruption of many of these classic kind of web-two companies with a choke hold on their relationship between content creators and content consumers. so the disruption of these big platforms whether they be a marketplace like ebay or uber or social media networks like instagram, facebook and twitte

is a digital good that lives on the ethereum blockchain.mentioning the ethereum blockchain. i think you get there through the narnia blood gate. so, here's my try at explaining it: you know how in the real world you like a work of art, you can buy it and it's yours? an n.f.t. is the way to do with something digital. you see something you like online but rather than buy it physically, you go to an online marketplace and buy the digital original from the owner. it's stamped with a unique digital code and the object or token is stored on something called a blockchain, a secure, permanent, decentralized ledger that keeps track of who owns what and where transactions can be added but data can never be erased. you can do this with pictures, songs, videos, anything with a digital footprint can technically be sold as an n.f.t. whew! is this what it feels like to be john oliver? ( laughter ) blimey. now i get why he only does one show a week. now, there's real money being spent on this fake stuff. some notable n.f.t. sales include gucci ghost, which

when it comes to blockchain, earlier this year, they launched nft.gamestop.com, giving us a little bit about how -- about what this would be, power to the gamers, collectors, so some sort of nft oriented platform. the former head of business, now the former -- now the head of that at gamestop, so pretty hazy. taylor: it is not just old wall street. new wall street wants them to also be changing into that digital strategy faster. do you have faith they could do that in a faster tim frame -- timeframe? rod: we all want it to happen. with the company, as you alluded to, they were able to raise significant capital earlier this year. the balance sheets looked night and day from a year ago terms of one point billion dollars in cash on the books, no net debt, and they have continued to reduce their operating lease liability, so from a -- does this need to happen overnight? it does not. they have leeway, a balance sheet, liquidity. i think people on wall street and three till investors in general, memers, one these things to happen overnight, and i don't think you can re-create a company that

i don't think it is unfair to assume a huge motivation is this is a blockchain interested ceo. think there has to be a connection there. emily: dorsey leaving twitter and saying it is time to move on from its founder seems to be a rebuke of mark zuckerberg digging in at meta. we see dorsey taking a page out of mark zuckerberg's playbook. what do you think the relevant comparisons are here? kurt: i think if you look at square, you can see the overlap between meta and square, block holding a bunch of different businesses inside. when you compare it to twitter, there is not much comparison anymore. we love to loop facebook and twitter together, but those companies are on different planets in terms of business. that is ultimately why jack dorsey is leaving. he was not able to bring twitter to the level of business success that i think people expected. in some ways, he's making a dig at mark zuckerberg, but he has not been able to turn twitter into the business it needs to be. that is probably a big reason why he's not there anymore. emily: we will be watching to see what he does at

with nfts, all of that changes you have infallible proof of ownership tracked on the blockchain whenal asset is sold or distributed it has a variety of implications, very exciting implications for many different markets. when it comes to board afiot club like many other nft projects these days, it is less about buying the asset itself. it is more about what it represents, membership into an exclusive community. it counts steph curry, jimmy fallon, snoop dogg among others as members if you want access to that exclusive community for networking or access to the digital or physical benefits that come from it, you need to be holding one >> i think about it like the soho club or the popular london clubs. how much would digital cost for me to buy in right now >> the least expensive board april is about $250,000. >> wow how am i supposed to believe it represents a wonderful vision of the future or not a frat or social club i wasn't cool or wealthy enough to join >> first of all, it is one of the most well-known, one of the most popular nft projects but there are thousands. you can get invol

, and tell us where you see the biggest game-changer as a result of blockchain. >> sure, i think theockchain i feel congress doesn't understood crypto or blockchain at all we don't know where this is going but they certainly are trying to come up with rules, around it, even though they may not understand it fully. >> the i mean look at regulators gary gensler understands what blockchain is i hope what they did in 90s, killed internet in tracks at the very beguning decided firsts do no harm let's see, i and what i lag yesterday conversations are ongoing not just oh, bend our way, actual made, be smart, of course, the conversation, or we are going to have smart regulation around it, bring people that may be on fringe wary of cognition into it for fear of taken advantage have to crypto and main stream i suspect in the u.s. regulated entities will ultimately be winners do better than nonregularated. >> you own 2 -- companies incredible growth stories seed money investing in areas that you think are going to be growth stories talk to us about psychedelics, i agree i think mental health di

the tokens associated with the newer blockchains have seen somewhat of a gold rush this year solana up 11,000 percent terra up 15,000 percent. >> thank you thank you for watching "power lunch. "closing bell" starts right now. >> we'll see you have a good holiday. >>> welcome to "closing bell," i'm sara eisen wilfred frost is out today a third day of gains for stocks as we gear up for the final hour of trading this week let's look at what is driving the action durable goods rising more than expected personal income and spending both increasing in november. another covid antiviral pill approved for use this one from merck. and electric vehicle stocks surging. the whole space getting a boost after nikola said there are more to come. coming up on the show, john rogers outlining the big market themes he's watching the three stacks on his radar for 2022 and jeremy siegel weighing in on market volatility and why stocks could see returns of less than 10% next year. let's look at the stories we're watching this hour steve liesman wrapping up the economic data, what it means for the markets. meg

the shift online, but also the use of blockchain. this intriguing, the move to use blockchain to kind of superpower some of these connections with supply chain issues. anita: absolutely. the blockchain opportunity really comes in around the supply chain, also around traceability and enabling bloomberg to solve this big challenge as it tries to get more sustainable. probably the biggest element around technology here is how can technology now operate in a way that the boundary between online and off-line are dissolved? the players that we have found have been much more resilient have been those that have actually been able to use their entire portfolio of physical assets, be at their distribution centers and stores, to serve customers regardless of whether they are shopping online or off-line. we have seen huge amounts of volatility around foot traffic versus people trying to figure out whether they should be shopping online from the comfort of their home or whether they should be in the store. we think the opportunity around industry

forever we worked off what the meta integrated in terms of accounting, now we have blockchain which is the first innovation in accounting in hundreds of years. so with blockchain as we know, xi jinping and the ccp, the communist party, can track down every single transaction and use it to allocate credit or to penalize people where you don't want to have credit. it may not be as ubiquitously used, although they're way ahead of us on this front. that raises an issue actually as to the juan because they got 4% of the sdr basket big deal, but they haven't opened their capital account, and i think it would be helpful if you explain to our listeners the importance of having an open capital account which the europeans have. the euro is the only really deep liquid pool that's an alternative to the dollar. and their central bank has been even more accommodative than ours. so i'm just curious what your views on that are in terms of the need to have an open capital account in china and whether that limits or maybe gives them an advantage. i'm not sure. your views on that? >> well, let me say, my

a genuine excitement around the innovation that blockchain brings.ome of the most high-profile, important companies in the u.s. that are public companies, that are crypto. you are not seeing that in other exchanges globally. i am seeing the u.s. continuing to be a leader. they will make sure consumer protections are in place. there is a lot of interest around the etf. in one to two years, spot etf will be approved. i think that is a better solution for customers. right now, you're certainly going to get a lot better deal as an investor buying bitcoin on an exchange rather than futures etf. the structure's set up. i expect to see positive development in the u.s.. >> talk to me about binance becoming the first --does that -- given the concerns around the -- when it comes the mining on the usage of cryptocurrency. >> definitely. that is one of the big misconceptions around crypto in terms of it being a force for good, particularly around carbon concerns. it absolutely uses far less carbon than the traditional financial institutions, or even going back t

dollar you wrote a paper how blockchain may pose a threat to the dollar's reign as reserve world currency us more about that? >> well, first of all the idea that china is you know basically just it waiting to become the world's next reserve currency i have big questions about due to many of the institutional problems or strengths that china doesn't have. one the rule of law, if we can't really be sure you're going to get a fair shake if you're an institutional investor or for ininvestor. we're not sure how defaults work out and three, capital account is closed. money coming in and money going out is highly regulated especially for domestic. this is where blockchain comes in and digital currency and what i think is likely to happen going forward as digital currency and block chains allow settlement of international payment we'll start to see countries favoring bilateral set meant instead of settlement in the u.s. dollar. what i mean by that, why does australia and singapore need to settle trade in the u.s. dollar? why can't they settle it between bilaterally between their two currencies? t

a blockchain allocation, limits for community and individuals as insiders and foundations own so muchy would have the sort of defacto control? would investors swapping government overseers for filthy rich silicon valley overseers? >> i definitely don't think public regulators are the same as silicon valley. one has a choice. if you don't like a token you can dump it buy into something else. i definitely don't see those as interchangeable. they're not definitely not substitutable. there is sort of this trend at the moment to vilify vcs. this is part of this anthony wealth, anti-business narrative taking over to try to infuse itself in the blockchain world. there is nothing wrong with investing money with the opens of profiting for it. it is not just valid but i think it should be celebrated actually, taking risks to profit something how things get built. people investing in projects with sweat equity or with actual capital. strange to think one of those vested interests as valid and the other invalid as far as i'm concerned. charles: when an dreesen horowitz takes out a bunch of senato

then, did that become a non-- compliant, worked on the bitcoin blockchain.d it does, listen. i don't know if they are going to go back and look for mr. nak amora, whatever his name is, whether he or she exists because you don't know who it is right now. liz: it might be a bunch of people. charlie: i don't think they go that far back but clearly, ethererum could be in the cross- hairs liz. gary gensler, when he was an m. i.t. professor he said it, point blank. he didn't think ethererum, he didn't believe that ethererum, there was a case to be made that ethererum was not compliant. he said that on the record. he does not comment on that now, we've asked him to comment on that and this whole subject, the sec declined comment on this story, liz, but clearly, this is a story that's definitely being talked about inside the crypto industry, as his core testimony gets passed around. by the way the court testimony occurred a couple months ago but it's now, you see it on social media and that's kind of how i got my hands-on it, and the sec lawyer says point blank. sec

you're in this whole thing, you like it all, bitcoin, the blockchain, where you tweeted, if you lovedeedom buy bitcoin essentially what that means, with bitcoin now we have the opportunity to control our value and control our fun. so you basically are in control of your money. you're being your own bank which is something really empowering. >> you're an evangelist for teens getting into the blockchain revolution. what do you say to them that resonates the most? >> i say go out there, have fun which isn't something people don't normally say whether it comes to cryptocurrency and nfts because we're focused on a lot of the financial aspects. people need to go out there and have fun. we could be our own store and put out a lot of creative content which a lot of people have been doing, like beeple and artists, music,. charles: i'm really proud of you. glad you came on the show. i hope we touch base again. this thing looks like it is getting started. >> yes, for sure. thanks so much for having me. nft and crypto is the future. i'm so excited to be part of it. charles: thanks so much, randi.

are very different but i think people get very confused. >> i mean, they are both traded on the blockchain a -- an object that is unique and traded and -- and that you can buy. the non-fungible token is the nft, the artwork. and the fungible token is the cryptocurrency. but basically, they are both ways to electronically transfer things of value. and also, the thing about it is you can do it directly. there is no art broker involved that takes a commission and that's one of the reasons this is attractive to celebrities and others is no one's taking commission of their profits. it directly is going into their pockets. >> in a sense, if it all works out and if the right safety measures are in place, it is democratizing access. >> it's true. i mean, some people are talking about nfts being available for musicians who write music and then can sell their music directly to consumers and bypassing, you know, record labels or other venues that take a cut of their profits. the nfts have gone from a $65 million business in 2020 to a $14 billion business in 2021. it's an incredible growth. it's refle

dixon replying thatcted jack and hoped he could bring him around on bitcoin and other blockchain.ow did this message about web3 that he's trying to take on tie into what he has planned at square and his vision for the blockchain? >> both twitter and square, jack has set up groups that are looking into the technology, but i feel the groups are operating independently. in twitter's case it is called loose geithner is supposed to be network protocol that is totally operating on its own. twitter built it up and gives it funding but otherwise keeps its hands away. that is ultimately what jack envisions, not letting the technologies be owned by one particular company, but getting them started with money and then letting it be completely on its own. that is a pretty idealistic thing, but my guess is that he feels like he's doing it differently than a firm like andreessen horowitz. i'm sure there are many that might poke some holes in that argument. emily: then there's a classic exchange between elon musk and jack, elon musk saying i can't find it, and then jack saying it somewhere betwee

we look at blockchain analytics to determine which transactions come from where.y are fairly mature third-party tools being used for that. many regulations only focus on centralized exchanges. they don't look at and fts and many other things. we often talk with regulators on how do we relate this other part? crypto industries is not just supply chain. even in the centralized space, we have to about how do you choose which one to list and what is the criteria there? in what situations do we use it or not? there is a lot current regulations don't look at and we want to look at a more broader scope. matt: that was the ceo of binance. earlier today, myself and my colleague, anna edwards spoke to him along with caroline hyde. coming up, we will push ahead to the fed. this is bloomberg. ♪ mark: officials are struggling to count the dead because the overwhelming amount of destruction and rubble. >> thousands of homes are damaged, if not entirely destroyed. it may be weeks before we have final counts on both deaths and levels of destruction. mark: the ages of the dead ran

i rarely mention this on -- which is xi jinping is using it for control because it's driven by blockchain which is a remarkable thing when you think about it. forever we work on double entry accounting and now we have blocked chain which is the first innovation in accounting in hundreds of years. with the blockchain as we know xi jinping and the communist party can track down every single transaction and use it to allocate credit or to penalize people. it may not be as you've pick what is lee used although they are way ahead of us on this and that raises an issue because they got 4% of the fda basket that i have an open their capital counts and i think it would be helpful if you explain to her listeners the importance of having an open capital account which the europeans have per the euro is the only liquid pool that is the alternative to the dollar in their central bank is more accommodative than ours. so i'm just curious what your views are on that in terms of the need of a capital account in china and whether that limits or maybe gives them an advantage. i'm not sure. your views on tha

we look at blockchain analytics to determine which transactions come from where.e very much or third-party tools being used for that. that is the easy part. many of the regulations today only focus on centralized exchanges, they don't look at nft's and many other things. we are often talking with regulators saying how do we regulate this other part? we are wanting to help regulators to have a broader view of the crypto industry. the crypto industry is not just kycl. we have to think about listing framework, how do you choose at which point to list, what is the criteria? how do we handle customer disputes? in what situations do we compensate users or not? there is a lot regulators don't look at and we want to educate regulars to look at a broader scope. manus: the binance ceo speaking to the bloomberg team. coming up, the latest on the omicron variant. risks are rising, markets are reacting. this is bloomberg. ♪ manus: this is "daybreak: europe ." let's get the latest on omicron, new research showing that omicron variant dents protection from a double dose of mrna

tom: and decentralized finance, the use of blockchain.en a bitcoin, evangelist wanted to keep it simple, others want to easier to use. ether has a lot of utility, and that is supportive of cryptocurrency. $4735 for ether. dani: let's get to the bloomberg busines. brazilian digital bank nu holdings has trimmed the valuation of its ipo while also attracting the interest of softbank. its proposed price range of $8 to $9 per share values the warren buffett backed start up at almost $42 billion. nubank plans to list class a shares on the new york stock exchange, while also offering brazilian depository receipts on the sao paulo exchange. the u.k. antitrust watchdog has ordered meta platforms to sell giphy, marking the first time a global regulator has forced big tech to unwind a completed deal. facebook's parent paid $350 million for the gif search engine last year, raising concerns from regulators. they say the deal reduces competition between social media platforms, and are forcing a divestment. meta says it is contemplating all actions. tel

mining company, all up as cryptocurrency goes up higher as well check out riot blockchain up betterup 43 nasdaq up 176 major indices lower yesterday dow down better than 400 points, as investors are on edge over he the number of spiking cases, of the omicron variant ahead of president biden addressing the nation later today with what he is calling new tools,to fight this new variant, joining me right now richard bernstein adviser ceo richard bernstein himself thank you so much for being here. >> hi maria, great to be with kwu. >> also joining the conferring all morning is dagen mcdowell, and ryan payne, so richard good to catch up i want your take on year ahead where are expectations, for the macro story let's start there. >> so maria, i think, our baseline obviously, you know, covid omicron everything is forcing to talk about baseline projections our baseline projections right now as we go through 2022, into 2023, that we will see, faster nominal growth in the economy than people expect, nominal growth maintaining real growth plus inflation, that could be a lot of real growth a lit

it is in things like blockchain technology, which is becoming essentially the new early adoption of what revolution in application software. that is something to consider as we go into the longer-term bitcoin and cryptocurrency trade. jonathan: thank you, as always. kriti of bloomberg on her chart of the day. i have to give you massive credit for the work you did about a decade ago because you were far more open-minded about it at a time, i remember you were covering the story in new york, i was very shut off about the story. you were very open minded it was humbling to see it explode in the way you anticipated, and i didn't. what did you see in that time that made you think it was more than a gimmick, that it could be bigger? matt: to me it was really about the community around it. as i saw not really big institutional interests, but big money interests coming from the winklevoss twins, coming from old-school bank names like matthew mellon, getting more involved in it, and then as i saw contracts starting to be built on the blockchain, i knew the technology was going to be successful. i

i'm sure he will talk extensively about blockchain disruptions.berg. ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. jonathan: countdown to the open starts now. >> everything need to get set for the start of u.s. trading. this is bloomberg, the open with jonathan ferro. we begin with the big issue. >> they do need to act. >> they need to tighten. >> we're likely to see the fed accelerate their tapering. double the pace of tapering. >> i think they have to do it. >> it is more aggressive than expected. >> they're trying to buy some optionality. >> there wanting to move faster in 20 22. >> they can do

some of them work out fantastically like blockchain. others don't work that well.we provide startup money, very high risk money, where no other money is available. and i think that's a great service. >> eric, i think as a vc, you're looking for businesses that have some claim or participation in the new realms, as opposed to trying to promote the development of whatever the next phase of social connection in the internet is going to be, i would imagine. talk a little bit about some of your more targeted nft-related investments, business for art and things like that. >> yeah, so nfts for us is -- we're moving a little slower the way it works is that when you get these new markets, take crypto, blockchain, which is now arguably worth the market is worth $3 trillion. at the very beginning, about ten years ago, it was more speculators, more speculative buyers today, it is core buyers because the blockchain has become essential to some transacts. we believe in nfts, the same phenomenon is happening right now, while there was one piece of art that was sold by christie's

i also believe blockchain and the economy is the last big chance for caribbean islands. >> why did youff bezos over elon musk given that he is your fellow tripped out -- crypto bro? >> definitely i want to partner with elon musk space exploration as well. i am also extremely happy to collaborate with jeff bezos and his company the origin. we note jeff compared to elon musk, jeff bezos is not like very active in the crypto industry. it might be a good opportunity because we have way more collaboration chance with jeff bezos than with elon musk. >> our conversation with a blockchain platform founder. you can absolutely understand how wall street or's who might be getting more than ever in their lives this year might still be tough -- to see someone that young be able to go to space and bring five friends with them. >> it's interesting because he sort of got into hot water when it comes to how he spends his money and promotes. back in 2019, someone one and auction to have lunch with warren buffett. in that lunch, we told him to buy tesla stock. he had to apologize to chinese social media

i think like in other emerging sectors, it is important as crypto and blockchain technology start toit mainstream that the government does understand, and i think the crypto industry agrees, that regulation is important. there needs to be safeguards for consumers, but the regulatory framework is going to need to be different because crypto technologies and crypto tokens are not exactly the same as traditional financial instruments. so there needs to be a delivered approach. i think another important point that came up in this discussion at the hearings was the fact that overregulation is probably as dangerous as under regulation. under regulation could create risk for investors and consumers but overregulation could stifle innovation. i think there is a lot of commentary about moving the innovation overseas. right now, in the u.s., you have some of the brightest minds working on lots of new ideas. but has always been advantage for america, the ability to come up with new ideas that then spreads to the rest of the world. emily: right now, we are looking at no regulation. how concerned

i think the blockchain is interesting.nk we are a ways away from crypto being a mainstream form of currency. i do not think we are there yet, it is too volatile. we are not ignoring it either. we are making investments to make sure consumers are able to do business with our merchants the way they like. that is probably going to be alternative payment methods like crypto in the future. ed: in one word, will you go back up into space? >> if there is a mission that has a meaningful impact on the world, then i would be there. emily: coming up. a special edition of studio 1.0 with the robinhood ceo. you won't want to miss it. this is bloomberg. ♪ vonnie: it's 5:30 p.m. in new york. goldman sachs is running to make covid vaccination booster shots compulsory as the firm stands by. anyone entering offices must get a booster shot if they are eligible. meanwhile, apple has closed 16 stores across near city because of rising cases. online orders are still allowed. deliberations continue in delayed maxwell sex trafficking trial as jur

singapore is one of the leading countries in the world for crypto and blockchain. told me something similar when you were winding down the binanc3e u.k.. you said you are building the u.k. arm up again. what are your plans in great britain? ask for the u.k., we are in the process of reapplying for a license. in the u.k., we try to do different things and we are in the process of applying for applications again. u.k., everything is on track things sometimes go through what you call volatility or changes in plans. but we are proceeding full speed ahead in the u.k. and we have a large u.k. team now. not large, but we have a u.k. team based in the u.k., we have an office there, we established a fiscal presence, all the requirements for getting a license. >> talking about your plans in london, what is it that is more difficult to comply with when it comes to u.k. regulations? money laundering regulations? is that why this takes time? lax honestly -- >> honestly, that is the easy part. in the banking district, in the crypto industry, at least on par with the banks so tha

blockchain is different than crypto. . >> that is right, maria. .d on top for adoption for clients, in need of disaster recovery, i am thinking kentucky, not sure use for that an example where we can go in future. mastercard in start pack program he chosen avalanche underlying substrate fast line to build use cases whether in payments or whether in on ramps, or other great use cases loyalty, adoption programs, a very big step in high performances chains here to stay no different than ios android. >> how do you see financial services changing with blockchain? >> well, if you look at decentralized ecoism everything happening pto p, lending and borrowing extremely low rates you have high rates decentralized finance part of the reason cutting out middle man two products traditional financial system a lower return but safer because you have people protecting capital, regular lated more people who are, that are securing. a p to p, more one to one high regards people need be aware higher riv so i think two parts developing right now. >> for sure, and that

. >>> plus the battle of the blockchains, as ethereum's price skyrockets competitors are taking aim atwer lunch" returns >>> welcome back to "power lunch. i'm leslie picker. here's your cnbc news update at this hour. near minneapolis, the trial of former police officer kim potter is coming to a conclusion. the outcome of the jury's four days of deliberations will be read in court late they are hour potter is accused of manslaughter for fatally shooting daunte wright at a traffic stop. >>> lawyers for donald trump are taking their fight over white house records to the supreme court. they are appealing a lower court's ruling that a house panel is entitled to get documents related to what trump and his team were doing during the january 6th attack on the capitol. >>> ukrainian troops are conducting military exercises with u.s.-supplied javelin anti-tank missiles as russia continues to deploy thousands of troops along its border. today the white house says there is still no agreement on a time and place for new talks to begin between president biden and russia's president vladimir putin. >

they are the first banks to get blockchain into the banking system. they're using it to go get customers and corporate customers from accounts for non-interest bearing accounts. think about being able to borrow money without paying an interest rate. those are the first two banks to do that. there are numerous banks look at this. it gives the regional banks and smaller banks extreme competitive advantage when they're going head-to-head against say fintech trying to get into banking or money centers which are trying to dominate. [closing bell rings] liz: we got to run. please come back. dory wiley, always good to have you. that will do it for "the claman countdown." we're closing at session highs. "kudlow" is next. note ♪. larry: hello, everyone, welcome "kudlow," i'm larry kudlow. save america, and kill the bill and tonight i'm launching a slightly new mantra, kill any new bills that may come next year. our supporters want unconditional surrender. no new bills that raise taxes spending overregulate, destroy fossil fuels and so forth, so on. we're girdi

lightspeed venture partners, which is accelerating its investing in crypto infrastructure and the blockchainto talk more about that latest crypto hearing on capitol hill and trends in the coming year. that is next. this is bloomberg. ♪ >> cryptocurrencies do provide a potential way to address a number of these issues, making it easier, cheaper, faster, and more equitable for people to do what they need to do to manage their financial lives. >> shouldn't we take seriously the possibility that algorithms that open software and take a measure of human error, read read negligence, fraud, and bias, might make the system better on net, even if there is some new risks being presented that need to be understood and regulated? emily: lawmakers seem to agree that crypto has a promising a day after crypto executives testified in washington, it is clear congressional leaders are wrestling with how to bring the more than $2 trillion market under government oversight, and new legislation may not pass anytime soon. for more, i want to bring in lightspeed partners' ravi mhatre. great to have you back with u

. >> we have been hearing information about blockchain and web 3 from elisten mosque. >> we are seeingtention on that topic. elon musk and jack dorsey bringing attention to web 3. social media apps, stock exchanges without a middle man, built on blockchain, anything that's decentralized people i am talking to expect tension between some of the big tech companies like metathat are work on this and the smaller crypto native start-ups which are trying to disrupt the big tech companies with the projects they are building. expect more money flooding into the space. this was a record-breaking year so far you will see more of that funding spilling into next year. you might see the less traditional forces, crowd funding, tokens, sources suggest some of the big silicon valley investors we are used to seeing. >> thank you tyler? >> thank you guys. while bitcoin has jumped about 50% over the past six months, the crypto he can change platform coinbase has lagged behind but oppenheimer sees a number of catalysts naming coinbase a top pick for 2022. owen lao is the analyst behind that call, the exec

have the lowest multiple to ev to sales basis in the group and square that embraces bitcoin and blockchain hasn't done the stock any favors since that change the company is on fact for its first yearly decline since it went public back in 2015 the question here is that a lot of these retail investor and buy now, pay later i don't think anyone thinks they're going to go anywhere next year. can these incumbents kind of hold on and move quick enough or is this just a pause >> i think it's a pause. i think this is a pretty classic trow of disillusionment and a lot of energy in the space and reinvent everything and the reality of execution sets in and that's right next to the reality of having to change an enormous amount of consumer behavior, especially around the holidays as people shift the way they spend money, which is really the fundamental all of these companies. you're trying to get a lot of people to change how they spend money. that's going to take a lot of time >> yeah. it is interesting when you think about the, i mean, if this, if the legacy payment companies are able to start to t

there is a new crypto crowd, too, in touchblt there is also nearly 200 blockchain events going on nearby. >> there is two big nft fares going on right now basel, the central end as well there is a ton of even happening as well there are definitely acrobat whales as they call them and crypto natives coming through the fares. they were a bit holed up yesterday as the main events for those fairs were yesterday but they are starting to come through today. >> a lot of action is ten miles from here. it is taking 45 minutes to an hour to get there. that side of town is more about digital art, cryptocurrency, blockchain, a lot more about kroip and less so about art. also a lot of big name investors in town. >> fascinating stuff, kate. >> i think i saw a kardashian there. >> must be hot. >> must be hot. >>> we are tracking the markets. kroger, carnival, delta, and wynn the biggest gainers in the s&p. carnival and wynn haven't been doing well lately. delta as well. today, higher by big numbers ahead on "power lunch," clean tech getting messy those stocks are under pressure this year. according to