liz: [laughter] classic munger.w, we do have crude up about half a percent to $105 and change and the two energy stocks berkshire loaded up on last quarter, chevron and occidental, are both popping right now with occidental up 5.25%. one thing the two stressed during the meeting, berkshire " is forever" their succession plan is in place with berkshire energy greg able in charge of all non-insurance operations and ajet jane heading up insurance on the right but i noticed a big change, for the very first time, buffett didn't do this and venture into the crowd as he's always done in the past. no eating his traditional dq ice cream bar. he really limited his duties with zero indication he will retire soon, shareholders did tell me they wonder, what happens to berkshire stock when the oracle of omaha finally passes the baton, but one thing he made crystal clear this weekend? he will never buy bitcoin. coming up, you will hear what he and charlie munger said and how they are not doubling but tripl ing down on their doubts

munger, joe, what is your view on what they had to say?s from now, during a pandemic where this cohort came into the market, there's not much else going on, sporting events were dark, found a place to maybe have some of the same sort of enjoyment, i don't know. but how do you assess what charlie munger had to say in this whole robinhood affair if you look at the most recent earnings where that stock was, and it's a single-digit stock now. >> yeah, i think the perspective from both charlie munger and the response from robinhood are probably to a certain extent extreme. i think somewhere in the middle is probably the reality of what robinhood is all about i keep using the word normalization. normalization also has to occur as it relates to a lot of the speculative behavior in financial markets. i think that's the process that's unfolding i think robinhood through quote, unquote, innovation is going to have to be more traditionalized as markets move forward and markets look a little bit more structured, markets look a little bit more respectf

this is something munger has been clear on for a long time.bout it is like a casino out there how people are willing to sell shares on an instant notice and not long-term investors. it has been a pendulum swing they fear it has been gone too far in one direction charlie doesn't like the video game-ization of the trade. he is not a big fan of stuff like that. >> hold on they say they don't have day trading going on on robinhood? what did i miss something did i miss a statement what happened here >> i don't know. we don't allow day trading or short selling? >> short selling >> they tondon't technically al. if you go online and google how to short on robinhood, it is possible to do it. not in the traditional short selling way. having said that, the idea they don't allow day trading. >> they are day trading. >> i like watching those two guys the muppets. they remind me of the guys in the balcony. they don't care at all god bless them they are so with it. you know, late middle age at had this point -- >> these guys? >> yes >> this is middle. >> i f

, it is tiresome seeing munger mischaracterize something he knows nothing about. unless you look, think and act like him, you should not be an investor >>> finally, it was the labor department and now charlie munger is calling out fidelity over allowing investors to add bitcoin to 401(k). >> when you have your own retirement account and your friendly adviser suggests you put all of your money into bitcoin, just say no >> all right frank, lots to digest. back to you. >> a crowd pleasing line there thanks, silvana. >>> turning attention to the crisis in ukraine and nancy pelosi and other members making a surprise visit over the weekend. this as president biden is asking congress for more help to aid ukraine and its people bree jackson has more from washington >> reporter: good morning, frank. house speaker nancy pelosi is now the highest ranking u.s. official to visit the ukrainian capital since the war started. she wanted on to show america's unflinching support for ukraine. house speaker nancy pelosi and u.s. delegation walking in the streets of kyiv with presiden

what would you say to people like buffett and munger?known for their foresight or vision around innovation and the world changing. you know, obviously, the sage of omaha is, you know, one of the best -- the greatest value investor at scale that we're aware of. but how does that that qualify him to have an opinion about what's happening in this space? i wouldn't go to him for that type of -- it's not what he's qualify for. if you have a heart problem, you go to the cardiologies, something with your brain, you go to a neurologist. and i love spending time with people who disagree with me. i think those are where the best conversations occur, which is why i love spending time with my neighbor. it could go to zero. it's a by mare outcome -- binary outcome. it's going to be one or the other which is why you shouldn't put everything there. this reminds me a lot of 1999, right? we're many that phase, and what came out of that? ebay and amazon and all sorts of interesting businesses came out of the dot.com sort of 1.0 era, and a bunch of out wen

munger and buffett still vehemently against cryptocurrencies.y say they prefer productive assets such as farmland or property. bloomberg intelligence believe that because of its diverse a variety of businesses and earnings potential has been able to transcend inflation risks. tom: they battled through a lot of questions on this, everything from inflation to the war in ukraine. laura: they have increased the stakes in occidental petroleum and hp, most interesting where the increase in stakes in chevron. that now just stands shy of $26 billion. activision blizzard the gaming company has gone over to microsoft for $69 million, and warren buffett enacted an arbitrage play by increasing their state to 9.5% which signals conviction in his view that deal will go through. but no extra news from 91-year-old warren buffett and 98-year-old munger, greg abel is the lightweight heir apparent. -- likely heir apparent. tom: we discussed that next. this is bloomberg. ♪ tom: welcome back to the open. we are 30 minutes into the trading day. top stories. economic

. >>> coming up, stupid and evil warren buffett and charlie munger continue to bash crypto we'll havestory next >>> welcome back to "street signs. i'm rosanna lockwood alongside julianna tatelbaum these are the headlines. european stocks start may in the red echoing losses in asian equities. >>> u.s. equities look to make a fresh start after april losses warren buffett warning no one can escape the bond pressure >> inflation swindles the bond investor, too, and it swindles the person who keeps cash under the mattress >>> shares of credit suisse fall in europe after the lawsuit over the connection with russian oligarchs. >>> and eu warnings against triggering against catastrophe as berlin phasing out the time for russian energy imports >>> on this bank holiday for many of you, but not for us on cnbc dax in germany with red and feeding into the index you see it down 1.3% we had pretty weak economic data out of germany suggesting there may be a slowdown manufacturing index and the energy situation there of course, we had latest lines this morning we are not at resolution with the import

critics say it is inexperienced to investigate the market, berkshire hathaway price chairman charlie mungert critic who says the plunge amounts to divine retribution for his activities but the stock around $10 looks cheap, $7 a share in cash on the balance sheet, not paying much for the franchise at all, company seeking to move the prophet, could be an acquisition candidate. ben: what you like about that company? andrew: it is stylish, it lifted $95 a pair a pair and basically taking on the optician business which sells glasses for double the price so essentially a disruptor with very good growth prospects ahead of it, the stock is half of its ipo price. all birds is known for will be sneakers that were popular in silicon valley. the knock against it is it is a fad company but it has a strong following among eco-conscious consumers and is down 90% with $2 a share in cash on the balance sheet. carleton: if people are nervous about picking and choosing ipos is there a way to get into this space and how long do holdings last? do you see a company mature past its ipo time? andrew: a broadway to

buffett and charlie munger had no kind words for cryptocurrency.produce anything. munger calling bitcoin stupid, john, evil, he said it makes people look foolish snoond at bitcoin people look at those guys -- >> the crypto bros are like you are in a different generation, a different planet than they are on in crypto world. >> go back to the parlours they say. >> the gambling parlor. >> romance, thank you very much. >>> so oprah wintry reveals she spent 322 days straight inside her own home during the pandemic and now she's upset over what she calls america's covid amnesia. the new interview next. >>> and what did bill murray do that brought filming of his new movie to a sudden halt? he is now talk being it. and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy t

said robin hood is unraveling what's your response to that >> so if warren buffett and charlie mungerre getting started today, i have no doubt they'd be robinhood customers. >> you think they'd be using the platform. >> i have no doubt if they were getting started today, for sure. >> what's the investing behavior we talked a little bit about the slowdown in trading behavior how are investors handling what may be their first good market >> we're seeing -- we have lots of different types of investors on the platform. so first timers, obviously is what we've been talking about, but we have lots of advanced investors as well, so customers coming to robinhood for our competitive crypto offerings, customers that actively trade options, and you know, during this time, i think it's a great opportunity for us to get closer to their needs, understand them, and build great products for them them so a couple of things i've announced in the recent past, hyper extended hours trading which allows customers to take advantage of a longer trading day as well as the eventual goal of making equities mark

but most of us don't, i make course among, according to cisco munger, buggy, please give us nickel. secede, use mccormick, chin to william. i teach. luke got the order for gilbert, o, grade children. dorothy pazzano the gotta checked out. those are the crate on, on you with arthur crenan. the district was forwarded to storm. where regency? just so press one to credit my almost a should, julia, can you moved with newkirk? smart, rich with the sort of look i had that regard that boys yet, there was they were a need daily rather as yes, a little gray luca had that it's impossible just because of the war crimes dawning, dauntless law kentucky, look, look in a start dental look around yes, but the look janet is still nothing can compet indebtedness. i wondered what's a good bit to please that grass darcy, hobby of the little boys got that he started not at school nifty. some both wanted stores and wonder do creases. medical physician d t o bit cochran was not so good as it ah, it will be done. you meant to feel for she's going you just got the order which in alaska 0. when you know this him, he

i make course among kronos cisco munger, buggy, please give us nickel cds, mccormick, children, i teach with gilbert o was o. grade children. dorothy pazzano the gotta checked out. those are the credit on you with a rental car. you know, we'll do the stitched animals for wooden to storm. we read them such us shall press once to cray. my almost should, julia, can you move with newkirk smart, rich with the sort of look i had that look are that boys yet? there was they were in nearly daily as you have a great look. i have that. it's impossible just because of the war crimes dawning. don't push. la kentucky. look, look in a start dental. look around. yes, but the look janet is still nothing and can compet indebtedness. i wanted. what's a good picture please? this grass dumpster hobby of the proposals. but got that he started not that school in nifty. some both wanted stores and wonder look please, it's vertical position ditty. cochran was not so good as it ah, it will be done. you meant to feel fascist going. you just got the order which in alaska 0. when you know this, him, he said that th

would pittsburgh santa rosa munger more mild spots? well, oakland and berkeley as well. san mateo down at fifty-two degrees on the cooler side of things this morning, winds will again be a factor out towards the delta central valley and out towards the coast today. these winds combined with the hot weather. we're expecting this afternoon does up fire danger. of course, as we've been noting, upper 80's, even low 90's for some of our inland areas this afternoon, 60's to 70's for be cited. coastal areas breaking down all the details of the rest of your forecast. still to come, tom, thank you for that, right. let's get a look at the traffic this morning. a 10 minute drive. >> heading into the city this morning to make it to that fremont street exit san mateo bridge heading across towards the peninsula year about about 13 minutes for your morning commute. there. a lot of richmond heading across the word. sandra fell got about a nine-minute drive and the golden gate bridge. 37 to the tolls. it will take you all about 20 minutes. and the north bay santa rosa. police are asking

ah, that was also in part a tribute to his father, who had been a keen amator runner, munger. liz had no formal musical training, but began his career forming bands with friends, as well as writing and producing for greek artists during the turmoil of a military coup in 1967, he left greece and moved to paris and then london, and focused on writing musical scores, which suited his diverse styles. i don't like to repeat myself, traverse to repeat something ish only. how that if you can't do anything else or because after repeated beggars, you find the recipe in order to shot records. sure, um, i was trying also avoid that. ah, space was also a subject of infinite fascination for van gallus. his last studio album, juno, to jupiter, was a score to the nasa exploration of the juno space probe, to jupiter. his own should be to the mission. one of many that came to find the artist in his own right. ah to quite look at that line stories now rushes.

ah, that was also in part a tribute to his father, who had been a keen amator runner munger las had no formal musical training, but began his career forming bands with friends, as well as writing and producing for greek artists during the turmoil of a military coup in 1967, he left greece and moved to paris and then london, and focused on writing musical scores, which suited his diverse styles. at dawn. like to repeat myself because to repeat something is only that if you can do anything else, or because after repeated because you find the recipe in order to sell records. so i was trying to avoid that. ah, space was also a subject of infinite fascination for van gillis. his last studio album, juno, jupiter, was a school to the nasa exploration of the junior space probe to jupiter. his own tribute to the mission. one of many that came to define the artist in his own right . ah. type a quick check of the headlines here on out to 0. russia says it now controls all of matthew poles after the final ukrainian soldiers hold up. but the as of styles do work on surrendered, ending a weeks long

also, munger windiest areas, too personal moral condition.d 70's in the spots. so that is going to be absolutely beautiful. if you're hanging out right along those areas, windy at the coast as a and also windy further inland to and that is upping fire danger. a red flag warning taking effect in about an hour at 11:00am lasting through 08:00pm on tuesday due to those strong winds and of course, the dry weather. we're in the midst of temperatures today. still comfortable tomorrow. temperatures start to rise will be back into the 80's for more and more cities. and by wednesday, some of us will be approaching the 90's. so starting to see some warmer step just around the corner. temperatures today, though, nice and comfortable 50's and 60's at the coastline. and then as i mentioned, some of nicest of stuff is right alongside the shore of the bay palo alto and mountain view at 74 south bay. looks great too with san jose. at 75 and the tri valley. no 80's for you. it's just the mid 70's. great day in livermore at 76 oakland at 71. little warmer for

one thing that reminds me of that charlie munger, quote, he says something like any great company caninto a terrible investment by running the share price up too much. i think that's what's happening or happened. >> sounds like valuation is the problem with stocks, not the business model, the revenue growth a lot of them said standards and expectations from the pandemic that are probably unsustainable. people are trying to figure out where the bottom is? do you believe there's one bottom or do different stocks have different bottoms. >> i love that question. different stocks have different bottoms. there's danger to the investor to wait for the bottom and keep the cash on the sideline what we know is that not everything bottoms at the same time and you need to be more nimble than that rather than to say i'll buy the market when it's down another 5 or 10% because i may not be or it may be more down than that but there are companies along the way that are bottoming two weeks ago, i added american eagle and i added easterly properties, easterly properties owns government properties like

comparison with somebody else, and bitcoin does all three >> that's buffett's number two charlie mungeror bitcoin the buffett previously referred to it as rat poison and a m mirage he was called a sociopathic grandpa for those comments. >> he doesn't invest in tech that he doesn't understand, and so the key question here is do you need to understand the technology behind bitcoin and other cryptocurrencies to invest in it. many mt. space would say no, and draw parallels to the internet saying people didn't understand the internet at the beginning. we'll see what happens, but don't forget to follow, subscribe to our podcast, "tech check" is back in just a moment. (vo) verizon is going ultra! with 5g ultra wideband in many more cities, you get up to 10x the speed at no extra cost. plus six premium entertainment subscriptions, included! like disney+, music, gaming, and more! (mom) delightful. (vo) saving you over $350 dollars a year. and for a limited time get a 5g phone on us! no trade-in required. (mom) amazing. (vo) this is the offer you just can't miss! verizon is going ultra, so you ca

of warren buffett and charlie munger's views on gold is now siding with omaha's dynamic duo when it comesd bug on planet earth joins me on this week's edition of everyone talks to lized podcast. liz podcast. peter's warning about where he believes bitcoin is going next. it's available on apple, google, spotify, wherever you get your podcasts. well, look at this, the s&p is now down just 24 points after having been lower by 78. we do have a tiny bit of a comeback. dow is still lower but now just by 119. you've got to watch the end of this one. stay tuned, we're coming right back. ♪ every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. o

brentwood, pittsburgh fairfield conquered munger spots in the 60's. some of our warmer spots right now will be a windier spots, though, fairfield down to danville on up towards the napa. some of our windier areas today in critical fire danger because of this pairing. we'll be breaking down. all you need to know not just for today, but for the weekend, too. all still to come. >> reyna, john, thank you for that, right. a couple issues along the peninsula down here. redwood city, southbound one, 0, ripple avenue. we've got an accident. so you're seeing a delay along one? 0, one and right here, 92 westbound east of south delaware street in san mateo traffic has are also causing some delays a little under 14 minutes to make you from the maze into the city to that fremont street exit. let's check on the san mateo bridge. remember, we have the traffic hazard. so it's about 15 minutes or so to make it from a 80 across towards the peninsula of in pittsburgh. another accident westbound for east of bailey road slight delay as you're traveling along highway 4 and

comment on if sam reached out to him or how that whole thing went down also asked him about charlie mungergest critics he did say if they were starting their investing journey right now, they'd be using robinhood anyway, back to you guys. >> i think they'd beg to differ, kate how many of your companies that you cover in this sort of new, hot fintech area are cutting costs, pausing hiring, cutting staff. it feels like there have been a lot of announcements right now. >> there's been a ton and i'm told likely more on the private side when it comes to venture capital. coinbase announced this morning they are slowing hiring, so no layoffs but they had huge plans to triple the workforce. they have called that off saying we're slowing down the hiring process. again, it's about cost discipline and needing to show profitability at this point. like you mentioned, the stocks are all down significantly from the highs last year. the pictures really change when it comes to fintech and growth at all costs it's now about things like cost discipline, like vlad tenev mentioned. >> and these companies have

munger more comfortable areas at 76.ht around 90 for antioch, fairfield and vacaville as well as over to napa. 88 degrees for your high santa rosa. 85 today. tomorrow's temperatures are going to be the coolest of the forecast. low 80's for inland areas. but we still have our high fire danger because of the strong winds that will remain through tomorrow saturday and sunday. we're going to continue to stay out of the 90's for a couple of days before we rise back into them into early next week. john, thank you for that. if you are hopping on 8.80, right now, maybe you're traveling from stanley and rose to 38. >> down to milpitas. it's going to take you around 30 minutes to make that drive. so traffic on the southbound side definitely moving a little slower than on the northbound side. once you reach the maze, if you're traveling into the city right now, 20 minutes for you to make it to that fremont street exit. let's check on the richmond. sandra fell bridge 13 minute drive heading from the tolls across towards one o one cr

and his partner, charlie munger, he's 98 years old, looked like a cranky old man this weekend when he basically said robin hood's getting what god god is giving robin what they stocks down 88%. grant grandpa spoken upper great grandpa. i guess so. >> all right. and then lastly, talk a bit about netflix. i saw that they had canceled. wasn't megan markle shared an animated series that they kind of dropped is it's still kind of like the side of what they're going to be starting to do now that they're hitting rough patches. >> it's just a sign that everything is maturing and they have to look at their spending this point in time because we can't draw more americans to sign up. they're going to police the business with a password sharing. going to stop celebrities like meghan markle, who let's face it. not exactly looking to for her production we're looking she's made the initial dude who might be king or 6 in line or whatever. is this point in time. so it makes stranger things is coming back this month and it's going to have 30 million dollars per episode budget. wow. this is out of contr

it's sort of the moment that the buffett and the munger of the world predicted something resembling a run on the bank investors in a mass-simultaneous retreat appears to be occurring in one crucial segment of the cryptocurrency world, which in turn is causing systemic damage throughout that sector. at this hour, stablecoins, which are named as such because they're supposed to be pegged to the u.s. dollar, are now de coupling from the green back and plunging well-below the one for one equivalent. terra u.s. dollar crashing to as low as $0.23 yesterday, has pretty much yet to recover any stability, right now it's at around $0.38 but the earthquake in stable coins is shaking the foundation of bitcoin and et her. overnight bitcoin plunged below 26,000 to 25, 400 we're at 25, 254 at the moment, so we've seen a bit of recovery but right now, we are still down about 2.3% for the token of record. the meltdown hitting crypto exchange coinbase while shares reversed from a session low of about $41.80 they are still slightly lower at 53.68 and shares have gotten smashed 48% week-to-date. the vola

charlie munger, 98. these people have made a few bucks over the years.ey do it by going in and out? no, stay steady. you stay calm. stay away from cocktail parties so you don't hear stories from neighbors or idiots that you know are dumb but they seem to do better than you, stay away from that. >> reporter: think about the people that graduated just before 2008, so they've lived through a global financial crisis, covid for the last three years and now this unforeseen inflationary -- >> graduated in 2008. market, 7,000. what's the market after today? neil: that's a very good point. a very good point. here we are at 33. >> reporter: is inflation-adjusted? [laughter] mortgage rates at the highest since 2009? i think that's going to be toug- neil: you're a young person, you have young friends. what do you tell you in. >> well, we talk about crypto a lot. [laughter] so i would love to hear what steve forbes has to say about that. but, you know, crypto is coming down along with other risk assets as well. neil: way down. convinced the easy money's already been

stuart: i'm sure what you saw charlie munger had to say he calls bitcoin stupid and evil but i thinkh and we're pleased to have you on the show to talk about it >> appreciate you having me on. stuart: thank you. amazon says they will get a hear ing that could overturn the union vote in new york city. on what grounds, ashley, are they looking for new hearing? ashley: well, amazon is accusing the brooklyn office of the national labor relations board of some 25 violations, including the appearance of supporting the union drive, and claims that labor organizers intimidated workers to vote in their favor. the union dismissing those claims, but the accusation s could justify a hearing that may overturn the result that hearing by the way slated to begin later this month. 55% of the employees who voted from amazon's jfk 8 warehouse in staten island opted to join the amazon labor union which has argued for higher pay and job security, voter turn out was about 5 l 8% and it marked the first time that the u.s. staff at amazon decided to unionize in the company's nearly 28-year history, but mayb

. >> yeah, well, listen, munger is 98 and buffett's 91.t can be generational to a certain extent but you have to listen to everything they say for obvious reasons. i'm looking at my screen here, obviously so many of the great growth stocks we've been talking about are down and down sharply. at&t is up this year and t-m t-mobile again, back to names that you want to own in this environment, do they continue to be sort of something that you'd want to be looking at >> t-mobile had an amazing sign up broadband's in their cross hairs. we're going after broadband. the fact that at&t had good numbers up was very good david verizon's quarter was a big disappointment, and quite frankly, a surprise. i thought that they had more growth they didn't, david they are losing share, and it's kind of shocking >> yeah. it is interesting. it's something that obviously we'll continue to watch closely in addition to what has been significant efforts by the cable companies to develop wireless businesses, certainly charter and comcast. but again, those stocks hav

brought to his attention and turned into the huge play he put into the three of them and charlie munger talk about what they see and think. it is a lot of brain power. >> not to dunk on our coverage because i love our coverage. some of the 13fs, you don't know if they hold them or, b, with the synthetic instruments built on the street, i her ar from my guys this could be an artificial long position. >> not in berkshire. >> 100% not berkshire. >> and david tepper, that is laughable. >> not for berkberkshire >> berkshire doesn't use those instruments. >> they believe in it? >> it is the old filing. you don't know where they are right now. that's valid some of the changes they made to the portfolio and buffett did rapidly. when he likes something, he gets in quickly. >> we call it whale watching >> maybe this is a situation of star gazing. the light that left that star left a long time ago. >> i feel star gazing with you guys >> and all we see behind us in beautiful times square >> yeah. that's not good. >>> the fda reached agreement with abbott labs to reopen the shuttered baby formula pl

while ago right abby johnson at fidelity there are people that all buy into bitcoin so yes, charlie mungerting career hasn't gotten it yet but i think the preponderance of the evidence is on people that do get it, and as you go younger and younger, it's not even a debate >> how much of this market, of the crypto market this is do you believe is leveraged and that that leverage was used to buy other, either other crypto or nasdaq stocks effect effectively? >> yeah, listen, there was plenty of leverage most of the asian exchanges were built on that leverage a lot of that leverage was retail so it's a little bit different than what we're seeing in the equity world where a lot of money has been institutional crypto institutional money is really only of the last, you know, 18 months. but there is leverage in the system and what you're seeing is bitcoin and ethereum outperforming all the other coins right now. people go to the safety. so some of those other ecosystems really not blown up on leverage, and those are down 60, 70, 80% already. >> mike, we want to thank you. we've got the jobs number

charlie munger brought it up what's in the bill that would keep democrats from wanting to sign off onve the vote back to the person who actually owns the shares. >> yeah, becky, you mentioned my co-sponsors. take a look at some of the smartsm smartest, in my view, senators in terms of investing. pat toomey among others. but i will tell you this i've been in discussions with a lot of senate democrats, and many are very interested in this issue. from some of the more moderate democrats to some of the most liberal democrats. and they're all concerned about what i am concerned about, this huge market power and market distortion that really isn't meant to be. again, think about those numbers i just put out there in terms of their dominance. that is something that usually concerns members of congress on both sides of the isle, and i will tell you this i was very close to getting a couple of very prominent democrats to co-sponsor this so there's a lot of bipartisan interest in my bill, i can tell you that >> senator, here's the complicated part, and i'm curious where you land on this the tru

but i really wanted to talk about buffett and munger, vis-a-vis bitcoin.lar age of those guys >> i'm 30 years younger. >> no, but what do you think >> i think people misunderstand what cryptocurrencies are. first of all, currency a failed analogy. it's a new mode of commerce and a new paradigm of computing that transformational >> why don't they know this? >> i don't think they studied it >> i don't either. >> look, i think they've got a reflec reflexive reaction it's not about money it's not about the money supply. >> right >> it's even not necessarily about the assets it's about companies using technology to get together and to commerce >> now it's been done. through math and energy and the internet, and it's powerful. >> that's not just it. it's important but it's exactly right. the de-centralization of the community. it creates the capacity for people to organize themselves to to commerce that is transformational in the cost of the commerce by taking out the hierarchical middleman, and which is a new paradigm of computing because using your own individ