but nothing like crypto.tainly nothing like their traditional business, which is day-to-day trading and equities decreased from a year ago. emily: thank you. speaking with -- speaking of crypto, bitcoin's popularity hasn't changed one of its original attributes. the ownership is concentrated in a few hands. according to the national bureau of economic research, the top 10,000 investors in bitcoin control about one third of the crypto in circulation. that makes bitcoin susceptible to systemic risk. spencer, what is your reaction to these robinhood results and the drop-off in crypto users? what does that signify? is that a robinhood problem or a broader crypto bent? >> reading between the lines, the regulatory situation has been very frustrating. historically, the u.s. has been so unfriendly to innovation in the crypto space that most platforms are forced to ban americans alongside opec sanctioned countries, which to me is a disgrace. for a company founded on principles of freedom and innovation, to see the u.s

crypto world.id reasonings for demanding this etf. for a lot of crypto institutions like ourselves, we understand the fragmented market place in crypto and i am comfortable of touching it directly through exchanges or other protocols. for a lot of old-school people who have been in the traditional market for a long time, when they ask questions like where do bitcoin trade? how do i transfer it crypto? they have a hard time understanding and getting comfortable with the answers they are getting. there is no nasdaq or other things for crypto p or how it it is treated is different from traditional assets. luckily, there a number of players that can help these new institutions in crypto. the same phenomenon can be set about the young crypto native traders who have never touch the traditional financial market. they don't want to touch u.s. dollars directly. they want to use stable points. they ask oceans about brokers, what do i these stocks? what is the parallel between crypto and equity wall? because

to the crypto market, those trend following models.t we found is because of the asymmetric nature of the growth of these cryptocurrencies, these trend following models are just incredibly useful in this market. and so at star killer, we are leveraging those very classic cta-style trend following momentum models. and they work very well. caroline: people are going to be based about this. they would say trend following matters because there are no fundamentals. do you have to look at the technical of trading these assets? how much harder will perhaps the institutional money flooding in make it for you? are others coming? leigh: i would completely agree. my original thesis around crypto in 2015 was it was utilityless, basically financial asset as religious proselytization. for me, only in 2019 did we really see some fundamental value to any of this. yes, it is definitely coming. there will be more trading that will cut down on some of the momentum in the market. but it still stands that because of the global nature of the asset class and

it wasn't really about crypto revenue only entreating there. it was about those coin revenue and creating phone, which was really the bulk of a pretty much everything. i just put a tweet on leave lag report, you know, you live by the do you, you die by the right thing. thing, right? because if, if robin hood growth is predicated on these momentary fat and blips in crypto currencies, then their revenue stream is going to be as involved as the underlying currencies that people are treating through their platform. and i do wonder if that's something that is suitable investors necessarily want to have exposure to, especially given what i would argue or frothy levels or markets or role given where we are here in 2021. and now i just want to follow up on that because obviously we focused on the crypto angle there, michael, but there is also, you know, the big retail trading boom with a lot of main stocks which we've seen, obviously kind of seems to be winding down. you think that's also taking a toll on robin hood as well? you know, there's an argume

so just how significant is this for the crypto space? well, joining us now to discuss it, boom by house and crypto analyst ban. want now, ben, why is it such a big deal for bitcoin? it's a big deal for a couple of reasons. the biggest reason of all and by the way, guys, as you know, we talked about this a lot of law 3. great will it happen won't happen. it's like one of those wrong comm movie. really se, stephane at the last 2nd. and mess this up again. they did it, and so we, now we have a big going e t, f. but essentially what it is, it's a diversification, right? so if, if you're going to get involved crypto and you say, well, i don't know if i really want to put a bunch of money into crypto and how do i protect my assets using atf it's, it's essentially pooling assets together from a bunch of different investors and then you're purchasing together, so you know, it's a safer way to get involved. it's much more of a mainstream model. it's much more like buying stock, for instance, where you wouldn't, you know, you would participate in

busy crypto and you say, well, i don't know if i really want to put a bunch of money into crypto and how do i protect my assets using f it's, it's essentially pooling assets together from a bunch of different investors and then you're purchasing together. so, you know, it's a safer way to get involved. it's much more of a mainstream model. it's much more like buying stock, for instance, where you wouldn't, you know, you would participate in a fund. you would be buying portions along with other people in your money pulled together. so in theory, it's safer, but it's certainly a more mainstream tool that's used to allow people to get into the crypto market. they know about it. they say i want to be involved in and i want to buy into bitcoin. and what you also see is, is going to allow financial institutions to become much more involved in offering kind of these, these asset pools to buy up crypto currencies, like they're going to be able to do that. so i think you're gonna see a lot more people, you know, retirement funds and other entities who are now getting involved in crypto becaus

now robin hood is placing the blame on crypto currency. that's right. the platform noted in a statement that revenue from crypto trading dropped from $233000000.00 in the 2nd quarter to just $51000000.00 and the 3rd. as a result, robin hood says fewer new accounts were created and funded. so what does it all mean for the future of both retail trading and the crypto industry? well, joining us now, gosh, i assume that's co host an crypto analyst, christy i, and michael guy at portfolio manager toro, so investments and publisher of the lead lab report. it's great to have you both on the show today, michael. let's start with you here. i know robin hood is now warning that the seasonal headwinds as they call it and decrease retail trading are expected to continue for the rest of the year. so what does that say to investors and where does that put robin hood after the company lost more than $1000000000.00 just in the last quarter? i mean, 1st of all, we gotta define what seasonal patterns means. that's kind of a strange, amorphous statement. churchill, let's

we started to see finance, crypto crypto training. 2019 until today, crypto mining is all band. -- is all banned. the biggest difference is, when the first crackdown happen, it really impacted prices. today, it's about $55,000 equivalent for bitcoin. the crackdown in china in some sense is rebalancing the cryptosystem and longer, that's a good thing for the blockchain ecosystem. now china's influence is getting less and less. emily: edith yeung grace capital general partner. thank you so much. reducing your carbon footprint while using it service. it's all about fighting carbon chain. our tech reporter is with us next. that's coming up. this is bloomberg. ♪ emily: a new push by google to help you reduce your carbon footprint while using its services. of fighting climate change. i want to bring in our bloomberg tech reporter now. what does this mean in practice? can we search on google and be green? nico: google announced last week ways for consumers to be green by taking more environmentally friendly routes and flights. today at a con

it is bringing millions of people into crypto and crypto games.owerful about what is happening is the game is allowing people to earn. it is disrupting what we have seen in traditional games where players are producing value, allowing platforms to grow and generate revenue, but they are not actually participating in the upside. axie infinity has turned that on its head. emily: talk to us about this company in particular and why you're so excited about it? >> axie infinity is an incredible testament to the power of entrepreneurs running through -- working through different cycles and having a strong vision of what they want to bring to market. what is happening here is historically crypto has been a tough thing to get into. it has a fairly high barrier to entry. often it appeals to mainly technical audiences. what is happening with axie is you have these -- this fun game with these little things that look like pokemon, and people can come in and play. there are different battle games and things you can do in the universe. but, there is a whole grou

does crypto currency fall under? because sometimes it's a question whether it's an asset class, a currency or whatever it might be. so where do you see that you know, absolutely brent and it's complicated, right? there's, i could, i could give it to you in 20 minutes, but certainly not in a 2nd. or 2, what i would say to you is the statutes in which we're trying to put this round paid, or a square hole written for a different world that existed in the 1900 thirty's. whether it's the $33.00 act and 30 fat for act for the fcc, or whether it's 1936 commodities exchange act for the c f t c. the statutes were written at a different time and a different place in an analog world. and so we've got this new emerging digital technology and regulators, myself included our scrambling to find how does it fit into a regulatory landscape? so the short answer your question is, it's not a perfect fit. some of it falls under the fcc side of the ledger, and then you have an investor protection mandate. some of it pulls on the c f t c s

i also say in the crypto space.hen i said publicly that these platforms come in, talk to us, get registered. these trading and lending platforms it's highly unlikely with 50 100 or sometimes thousands of tokens that don't have securities that they come in and say you know that transfer agent rule doesn't quite fit for these custody rules doesn't quite fit. for these new forms of capital formation we should get into those discussions talk about how we stay true to the mission that congress wants us to do but if we need to adjust some of these sometimes very technical roles we are written in a differentenvironment we should see what we can adjust . >> the gentleman's time has expired. the gentleman fromgeorgia mister scott was also the chair of the house agricultural committee is recognized for five minutes . >> chairman gensler, how are you? first thing i want to say german is congratulations. as both you and i are graduates of the school of finance at the university of pennsylvania in philadelphia where we received

i see a potential for a development in local crypto currency. so in other words, you can have global currencies like if they're in that bitcoin. but locally, i'd like to see a country like el salvador, pursue a labor back crypto currency. in other words, a local crypto currency that's issued for people actually doing useful work. and of course, that, that system, it idea here would be there's, there's still developmental opportunities in the crypto currency space, you know, and i think that what i'm looking for is a country like el salvador to say we can use crypto currencies across the entire spectrum. and where we need a local crypto currency to encourage local development and local wages, we're going to just generate that ourselves or perhaps in or in a regional context. right? well, if i can plug bitcoin 1st, 2nd, you know, it does give access to a global currency. and the productivity and el salvador is now set to go higher. judy pay to go higher, and there is no lack of incentive now for the entrepreneurs about it or to start working hard

bid in crypto but it doesn't mean they won't make life miserable for the crypto currency arena.t are you asking from regulators to make it easier for investors? >> thanks, charles. really appreciate your attention to this issue. and look, when gary gensler said that they weren't going to ban it earlier chairman jay powell said that they weren't going to ban crypto in america, i thought a little bit about when obama said we're not going to ban coal in america. we're joust just -- we're just going to make it possible to make enough money. you put a big enough regulatory burden on it, it will not flourish. it will diminish. [inaudible]. but it is going to be harder and harder to launch companies in the u.s. gensler evaded giving a bright line standard and instead said if you want to work in this space, come talk to us. basically cut your own deal like a third world country. instead of having a clear set of rules. that's what i have been working on in a bipartisan way really since 2018 to have [inaudible] when something is a security and when it is not. >> charles: by the way, i thi

he labeled them as a per version of crypto currency and a crypto fashion currency, as they can grant a lot of power to the governments. and of course we have less freedom to the people . what do you make of those comments? i completely agree with that statement and i could afraid of the better myself. it is a perversion of crypto and i think venue and i have talked a lot about this, where c, b c's is literally the government taking more financial freedom and power away from the people. crypto currency was meant to empower that people allow them to bank themselves, pay peer to peer, and confiscated bold censorship proof with the centralized nature a, c, b, d. c. on the other hand, has none of these characteristics and literally goes against the founding principles and protocols of crypto currency. so rather than the centralization, it's going to be a government centralized currency, rather than banking yourself. you're going to be relying on the banks who can then control the withdrawal service or access at any time, not to mention trace and monitor your spending, habits, location, et

for a version of crypto currency and a crypto, fascist currency. it sounds to me like edward snowden been watching christie. i am been one on boone boss because i feel like we've been saying that for a long time about christie. i think so much and get the global markets are almost all in the green this week as investors reacted to be ongoing. raleigh and energy prices as supplies run low, we start in russia where the mo, x is up the next to a new record hi, this week as the rubel saw its best performance against the dollar since july 2020 games were led by the oil sector as prices hit $85.00 per barrel on friday, with brent crude futures hitting their highest point in 3 years. over in china, the shanghai composite is in the red following a rocky week. that's all the index changing direction more than 10 times on thursday alone. in addition to credit growth falling below expectations, the latest data shows annual producer prices jump 10.7 percent last month, marking the fastest increase in 26 years in hong kong. the hong saying is in the green despi

the i, a map has warned a further crypto adoption in developing nation straight ahead. we discussed the latest concern coming from the institution. that's going to break those numbers at the clothes with the most basic but i feel that vehicle we did who bought? i bought a dial tomorrow. either way, but i know from politicians to athletes and movies. denise, the musical stuff, it seems, every big name in the world has been here with ms. you can look up this, but i see a booklet doesn't give me a glove you spoke with said paddles makes dreams come true. every one who falls in love with people like a c on the internet that allows all of the problems and what was ok to invite everybody's lloyd. that wasn't good. that was good. so you just let the people who designs the internet does always got in. oh, and the way of life of reindeer leading a traditionally nomadic lifestyle. and the tundra is similar to a parallel reality. while the men join women carry the weight of the household work on their shoulders. mother, i'm with, however, in the vast expanse of russia, there is a

f, has warned a further crypto adoption in developing nation straight ahead. we discussed the latest concern coming from the institution as we get a break for those numbers at the close. i'm a new key on the internet. the allows all the problems and much was about to invite everybody's lloyd. that wasn't good. that was the feature that the people who designed the internet is all in. as a feature divide administration's decision to leave afghanistan was correct and long overdue. however, the way america longest war ended is a different question. it was a bond to fair. the generals will most likely never be held to account, put alone marine, lieutenant colonel does face court martial. is this justice with the welcome back. in the wake of a wave of perceived crypto currency, scams and illegal activities, the department of justice has launched a new bureau to tackle crimes in the space. the office named the national crypto currency enforcement team will use its experience in the field of money laundering and asset recovery. according to the d o j. the announcement

it nam has the highest level of crypto adoption. many countries are thinking about rolling out digital currencies for the caribbean is leaving the world with the deployment of digital currencies. the bahamas has the sand dollar and the eastern caribbean central bank launched. d cash . let's bring in august now. kimberly growl a director of research a chain alesis inc. good to have you with us. so kimberly, there are full team countries which are currently piloting central bank digital currencies including china. but why have caribbean nations been the 1st to actually launch theirs? we are seeing that central bank, digital currencies are seeing increased interests throughout the world. and i think that's because there is a lot of benefits that they can pose, that they can offer. they cut down on fraud and corruption and they can reduce theft didn't, especially in places that rely heavily on cash. and there's also opportunities where they can kind of make banking a little bit easier across the board for this on banked population. and

busy busy are really taking part in, in the crypto currency ecosystem. and then when you go to vietnam, we're seeing more peer to peer market activity. we're seeing and we know about a, a strong remittance hub in, in vietnam. so we think that we think that gross has actually been consistent for them throughout the year and relative to all of their social circumstances, they're doing well, but they're actually thriving for different reasons. what impact do you think though china's band might have on crypto currencies? we've been a little bit surprised to see them so far. my guess you could say the tokens of taking them in their stride so far bands are nothing now, especially in china and our previous bands have been somewhat sporadically enforced . resulting in the fax on deck, going to be somewhat short lived as we've probably seen in the past few weeks. and just to know it though, i think countries around the world are taking up these discussions on how they want to interact with digital currencies. and what's interesting and how they want to go about d

in the wake of a wave of perceived crypto currency, scams and illegal activities. the department of justice has launched a new bureau to tackle crimes in the space. the office named the national crypto currency enforcement team will use its experience in the field of money laundering and asset recovery. according to the d o. j. b announcement comes as crypto payments are becoming the norm for ransomware tax and have rocked the u. s. in recent months, although the agency has been officially launched as of this week, still searching for someone to had the task force. meanwhile, the international monetary fund recently took issue with what they call a crypto with zation of local economies. they say the implementation of crypto currencies in emerging markets could eventually affect financial stability in the already teetering economies. crypto has grown in popularity and emerging and developing countries over the last year, with the biggest story being of course, el salvador is adoption of bitcoin as legal, tender the i m. f, likens the so called crypto ization to thos

. >> why don't i see any crypto picks here >> you know, i actually don't mind crypto. don't have a lot of clients that would ever even consider it, frankly. but i believe that growth in digital everything is just going to increase. a more traditional strategy there, digital transactions would be ipay as an etf. but straight crypto is something i think everyone should just have a little bit of just so they pay attention to what's going on it's not going away. it's just going to evolve over time to a point where some of the flaws that are embedded in bitcoin will go away there will be other types of cryptocurrencies and digital currencies that will improve upon the process tether is one step in that direction. but there's going to be multiple generations of improvement on that front and you need to pay attention and you need to be there so, i definitely am a fan of that i just don't have any customers that are really considering it at this point. >> your other picks of people who say, okay, well, give me something outside of commodities or outside of crypto, you like hac

crypto goes main street with an in-person exchange. canada-based coin [inaudible] the ceo talks about plans for expansion including right here in the u.s. from bitcoin to bond, james bond, the release of the 007 franchise, no time to die, hitting u.s. screens. we will tack to a hollywood insider -- we will talk to a hollywood insider about money in the movie biz post pandemic. superfans of comic books superheroes frolicking in new york city this weekend. we take you live to comic-con, the biggest convention to hit the big apple since the start of the pandemic. the september jobs report, a little something for everyone. let's do the positives first. the unemployment rate ticked down to 4.8%, but the headline number, that was a major letdown as the economy added just 194,000 jobs last month. labor secretary marty walsh says the delta variant is holding the economy back. >> the hospitality number 74,000 job gained in that area. that was expected to be much higher. because of the delta variant, people saw less people going to restaurants.

if they take too hard of a stand against the crypto industry. and that would just lead to a block chain brain drain. and i mean block chain is essentially internet 2.0. and the only reason that the internet is what it is today is that the friendly regulatory climate that it was born in to back them. but today, greed and political agenda is a big banking, have made the entire landscape completely unfriendly for the future of us innovation and disruptive technology. right. and there was one's a time when people were for the internet as a scam saying when last it was just divided. it's interesting that kind of see that same writer use towards crypto. now i want to go back to a point that you made earlier, which is that one of the biggest targets here with these new guidelines was defy with the s a t s even saying it doesn't by the claim that these platforms are controlled by do centralized communities of users, and that there isn't at least one person with significant influence making decisions who should face regulations accordingly. what is your

words, local crypto currency. this issued for people actually doing useful work. and of course, that, that system, it idea here would be there's, there's still developmental opportunities in the crypto currency space, you know, and i think that what i'm looking for is a country like el salvador to say we can use crypto currencies across the entire spectrum. and where we need a local crypto currency to encourage local development and local wages, we're going to just generate that ourselves or perhaps in or in a regional context. right? well, if i can plug bitcoin 1st, 2nd, you know, it does give access to a global currency. and the productivity and el salvador is now set to go higher g d p set to go higher. and there is no lack of incentive now for the entrepreneurs about 5 it or to start working hard for bitcoin because they recognize bitcoin has the decentralization necessary to maintain as purchasing power or to increase the purchasing power going forward. anytime you step away from bitcoin, you're entering into

bit coin the possibility of a bit coin etf and how to play the crypto comeback. >>> later a "techcheck" exclusive with ceo of roblox >>> john, we're coming up on earnings starting next week we'll get some big ones and skepticism from the street on technology rbc warns of a controversial q4. bullish on names like alphabet and amazon and unsure on stocks like snap and pinterest. predicting deceleration and citi blames that on inflation and meantime the strongest call comes out of evercore. they add facebook to technical underperform after a 13% drop in the last month big tech beats ahead or serious headwinds. interesting mix of dynamics that work in the evercore call on facebook, julia. they talk about advertising weakness potentially if some of these big advertisers have to deal with inflation in their core business and then they say the risk on the apple engagement issue is being underappreciated by the street. >> yes, i mean, i think carl it's worth noting that facebook has been talking about the apple risk for some time, but this is the first quarter when we're going to see the full

mackenzie, it is the first in the industry to accept crypto. what happened?e ceo of united wholes wholesale mortgage and he said six homeowners took part in the experiment they paid in bitcoin, ether and dogecoin and they said it was cool and liked the option but uwm didn't think there's enough demand to pursue given the costs of dealing in crypto and the uncertainty in the space kelly? >> yeah. again, look. if bitcoin were down and could pay in bitcoin and then take it as a tax loss, write-off, but you have to pay taxes when you transfer property and that's what bitcoin is. it cracks me up they gave you the number six people dogecoin -- none of it makes sense to me. >> it is not an ideal tax situation. for the six homeowners that took part some face a tax bill for the payments made in crypto because the irs classified it as property and it is a taxable event with that difference between how much you paid for the cryptocurrency which is the cost basis and the market value at the time you spend it and that difference can trigger income capital gains taxes and

from crypto to a company that is familiar with crypto itself, we hear from amc's ceo on how the companys recovering from the pandemic. that is next. this is bloomberg. ♪ caroline: more from milken. the amc ceo spoke to carol massar earlier. >> this is something much bigger. if all we do is innovate at our theaters, we will bring back post-pandemic the company that existed in 2019. as you said in your build up in the last segment, the market cap of the company was not $20 billion. our next challenge is to transform the entire company, not just the theatrical experience. we ended the second quarter with more than two bullion dollars in cash. we will do something with that war chest. not necessarily a pure movie theater play. caroline: the amc ceo adam aron speaking from milken. he came over, he was giving a ride home to someone at the dinner. we are not just talking entertainment today. we are talking the future of entertainment on friday. thursday, a special edition of bloomberg markets focusing on supply chain pain. myself and romaine will be live at the second largest port in the unite

lending, crypto trading.t, yes, i do think that if this continues to grow, and it's grown about tenfold in the last year, it can present those systemic, wide risks. is now recognized for five minutes. >> thank you for your time today and i want to thank you for our time last week, it was a good conversation. i am extremely excited about opportunities for our economy opening up opportunity. when i look at those in the crypto space, it seems to be more diverse, it's completely unlike traditional dominated by those in the best schools have the right pedigrees. crypto is enabling opportunities in a traditional way, recently products individuals have for the platform, it far exceeds 0%. i've been speaking with multiple companies, a common theme in these discussions as they want to come in and respect their privacy. however, they are concerned for potential enforcement action and they see comments about these products stable coins at the casino suggesting a certain presumption of guilt so it's an open door conversa