in fact breached a bit but ethereum did not ethereum is trading a bit better. >> we're going to geta tweet but i have a question for you, first. the high in bitcoin coincided with the launch of futures for bitcoin. is there concern that the launch of e thorough yum futures will be catalyst? >> it's a concern. it's unclear to me, i think it might have been coincidence we had futures and then all of a sudden we had a sell-off from perhaps tax selling for perhaps a lot of different things. >> how concerned should we be production of bitcoin getting to around 6,000. >> that's a great question, crypto adam. roughly around 2800 is the highest estimate and so here is what is interesting. if we get below that level miners will turn off their rates. it doesn't mean that supply decreases. bitcoin supply every 10 minutes you get 12.5 bitcoin we'll see what happens there could be incentives with the bigger miners say i'm not going to sell every ten minutes. i'm going to hold on to it so it's something that i'm watching very, very closely. because we haven't seen it in this market, at least to t

the most important thing is if you look at platform like ethereum and bitcoin and others, they have plansling, but what is more challenging is figuring out the business process application and business value creation. that was the big driver for microsoft. we are able to take out two thirds of their cost of managing a rights and royalties system. and we are able to drop the time required to process transactions and tell partners how much they have coming. we dropped it by more than 99%. this is the biggest cycle time compression we have had in my career. emily: are you looking for a job? one that lets you gunned down the competition, fight off hordes of alien invaders, be part of a team of top athletes? and one that pays up to $4000 a month with five digit signing bonuses? maybe de-sports is for you. now asional gaming is billion-dollar industry, giving a new wave of teens and twentysomethings a shot at celebrity. >> just imagine living in this $15 million home. you are paid a steady salary, supported by a team of staff, whose sole purpose is to get you to play at your best. >> fellas, le

in the long run, things like ethereum or quorum, a token can be a payment token or have dollar or euroll certainly be out there, but we believe the long-term future of blockchain technology is inter-: company intercompany collaboration forpayment in exchange products and services based on classical the currency tokens like dollars, euros, yen and other types of tokens we are used to using. caroline: there arises the private watching. paul brody, it has been great having your expertise. emily: thank you so much. coming up, from being denied a visa to being voted one of the top ceos here at our -- top ceos. this is bloomberg. ♪ emily: social media giant instagram has announced it has reached a billion active users. facebook has about 2.2 billion monthly sers. snapchat has felt 100 million. it will start a new chapter of mobile video. so that users can watch longform vertical video. the video could be up to an hour long. as we mentioned earlier in the show, silicon valley has a long complicated history with immigration reform. my next guest is somewhat intimately in earlier with the highs

i owned a lot of ethereum. it started rallying a lot.ed selling, maybe too early, but, broadly, it has benefited me and our organization. to do work on which companies -- they are not even companies, they are ecosystems. which ecosystems do we believe have a shot of really growing and sucking people into them? emily: mike novogratz also made mention that, like uber, there will be regulation. he just doesn't see it coming for another two years to three years. coming up, alphabet's annual meeting was turned on its head when google employees took to the stage to criticize their boss' pay. we will have the details on how shareholders voted down a proposal on diversity pay next. this is bloomberg. ♪ emily: alphabet shareholders have voted down a proposal to tie executive pay to progress on workplace diversity. employees of alphabet's google teamed up with investors in a push to close the current gender pay gap. google employees have criticized the company for not doing enough to address workplace harassment and backed a petition to create bet

20,000 and has been in a correction for 190 days if you thought things were bad for bitcoin, look at ethereum 67% from its all-time high in january litcoin plunged 78%, along with boyne ca bitcoin cash and ripple. our next guest says things are about to get even worse for crypto and he considers himself a bull spencer bogart from blockchain capital, thank you for being here. >> thank you for having me. >> so this has to do withry depositions? >> i'm super pullish on crypto but does that mean i think things can't go lower? the prices are good right now if i was looking to buy bitcoin but specifically why prices might go lower, if we go back to the summer of '17 when crypto prices were booming, there were about 200 new crypto hedge funds formed so in the summer of 2017 we had the to mission of these funds. now here in the summer of 2018 a lot are hitting the lockup that means the lps are looking at a down 50% year and saying hey, i want to redeem out of that fund. that means forced selling on behalf of these new crypto funds that popped up. >> when you say artificially lower that implies here i

this brings losses to more than 50%, four times bigger than ethereum and ripple. they are reviewing their systems, and cryptocurrencies are being stored in a cold wallet. a statement is the only content available on the exchange's homepage. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ramy inocencio. this is bloomberg. ♪ yvonne: later on this hour, more from the singapore summit. we will talk to the former australian prime minister about what he is a acting from this historic event. -- he is expecting from this historic event. haidi: gordon chang said the summit could entrench crim -- the grip on power. this is bloomberg. ♪ ♪ haidi: just waking up to what is potentially a historic week ahead. this trump-kim leadership summit on tuesday in singapore. calm ahead of super tight security in the historic talks taking place. the top three central banks in the world out with their decisions as well. most important year -- week of the year for investors. i am haidi lun. yvo

so what i think what we're looking at and chairman ji giancarlo said, and that's the dill amma ethereum has and now it's its own network functioning and it'sore like xhcommodities. >> and it's called gas when you have have some standard station and what does it mean to be a decentralized people, and some definitions around that. it wouldn't surprise mis if it might have been a security at one point. i am so gad that he about -- and owners holding the mgityf assets and bitcoin held around -- who is to sigh it, and we've seen it in currencies and we see it everywhere. it wouldn't surprise me to see it happening here. of the bitcoin, a lot of those are hurdlers they've haorever and they're never sell it >> is the sec slow to regulate and other countries take up that charge and we see a lot of the ecosystem go offshore. >> you're seeing it with ipos.e. as ihuge i can't understate that enough how big the adoption level in asia is, and what's happening is the icos that we've looked at this year said you know what we're not going to touch u.s. investors and they raised $6 billion this year and

we're seeing that -- if you look at ethereum, bitcoin cash, all of those are coming down to april lowsat's still -- bitcoin's broken that level but the others are still holding at that key support index. >> where are we now? what's the reading on that now. >> pretty ugly. pretty ugly. i think if you think about the sentiment that you hear either on twitter, it's pretty nasty. people are pretty unhappy. >> we play this game on the desk. >> which one >> we say if we showed you this chart and you didn't know what it was -- >> i was thinking of the same game. >> we're so inside each other's head sometimes. i don't want to know what he thinks, i want to know what robert thinks. >> sorry. >> are you at all -- i don't want to say biased because that's not quite the right word, but are you influenced by knowing that this chart is bitcoin versus it being a stock? if you saw the same -- if you saw it go up to 20,000 six months ago and then now languishing here at 6,000? >> as a technician i like -- >> you're agnostic. >> i'm agnostic. price is price and again when we talked about bitcoin a coupl

so, in the pure cryptocurrency space, the examples that people cite are bitcoin or ethereum. that's not in our direct jurisdiction, although i have -- there are issues with those crypto assets, including in the trading and what people use, you know. i want to be clear, to the extent that somebody is bringing those assets to a regulated entity of ours, that regulated entity needs to go through the same kycayl procedures. in the same sort of token space, we're raising -- i mean, i think we've raised the consciousness for people to understand that these are securities and they need to follow our rules. i do think this technology has a lot of promise and it can eliminate costs. i would focus on that. i'm sorry. >> thank you. i'm sorry, my time's expired. >> the time is expired. recognize the chairman from minnesota, mr. ellison. >> thank you for joining us today, mr. chairman. appreciate it. last year, we passed a -- congress passed a multitrillion dollar tax cut for, as you're well aware, and i think the theory behind it is as reported in the press and by some of my colleagues w

the us.r big thing was -- the ethereum, the blockchain has been used for ico's that have lost peoplescabby coins out there. the government could have taken a hard stance here to end a lot of that. but they decided let's look ahead. let's see what can really evolve security, a new instrument that has never existed. as we see a willingness from the government at a high level to give these things a chance, and so this kind of paves the way for a much easier adoption, especially among institutional investors. a lot of changes needed to register with the sec no longer have to do that. it clarifies things for tokens as well. the other thing, the third thing he clarified was if something is decentralized, as long as there is no central party that dictates whether their project succeeds, it is not a security. this gives a door opening for projects that want to raise money. as long as they are decentralized, they will be able without that sec overlooking their shoulder. ramy: looking at through the rent -- the lens of investors, ether was up 14%, and is maintaining most of those gains. i am c

it will offer trading in virtual coins including bitcoin and ethereum.our bloomberg business flash. alix: we turn now to wall street beat where we cover three things wall street is buzzing about. goldman's expensive malaysian lunch. investigators turn their attention to a 2012 lunch meeting involving two goldman sachs bankers that set the scene for the money probe. bares,nts goldman pushing back against a prediction made by goldman. drilling into corporate dentistry. dental companies gaining attention. -- the dental industry did not know it was $73 billion. david: dental change. joining us is jason kelly. i have to say i have a soft spot for this 1mdb story. alix: it is because he understands it. jason: you are a small category. david: they raised money for a sovereign wealth fund and it went into a lot of people's pockets. to trips a continues and drop, you have to go back to the idea for an half ill you dollars is the money we are talking about -- four and a half million dollars is the money we are talking about in the fund. it touches the u.s. and ban

principles will adjust >> is there one that -- by the way, everyone in the valley is building on top of ethereumw the answer to that, they're lying to you it begs the question bloc kahne goes down and there's no support for for it and the regulators are going to ask those questions. it's not clear who will be the long-term winner but clearly dollars are going into it for now. >>> when we come back results from the cnbc all america economic survey. am i calling it all america? >> that's a good question. all america survey >> all american? >> all america. >> that's what joe would have done, right? >> yes >> exactly check out the futures right now. we are in the red. "squawk" returns in a moment racing isn't the only and with godaddy, i'm making my ideas real. with godaddy you can get a website to sell online. and it will look good. i made my own way. now it's time to make yours. ♪ everything is working just like it should ♪ you're gonna do great! thanks, dad! break a leg! aflac?! not that kind of break. oooh! that had to hurt. aflac?! not that kind of hurt. yeah, aflac paid us cash in just one day