March 14, 2023 • 16 mins
The last 12 months or so have been a particularly grueling season for crypto. And as we head into the spring months of 2023, we’re getting a better sense of what the slump in crypto prices has meant for the companies that shape the fledgling industry.
One of the biggest consequences digital asset firms are now finding is the need to make job cuts. Since the start of 2023, more than 15 crypto companies have posted labor force cuts including big names like Galaxy Digital, Genesis Global, and Chainanalysis. Some - like Silvergate Capital and crypto lender Amber Group - have cut as much as 40% of their workforce.
While that trend is not universal – Circle CEO Jeremy Allaire spoke with Bloomberg a few weeks ago, and said Circle is actually hiring people –what do these cuts say about the general health of crypto?
Bloomberg reporter Hannah Miller joins to discuss the latest in the crypto workforce.
Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
I'm Stacy Marie Ishmel, Managing editor of Crypto for Bloomberg News.
And this is Bloomberg Crypto, a daily Bloomberg IHOT podcast.
It's Tuesday, March fourteenth. Here's a fact for you. We're
(00:29):
barely three months into twenty twenty three, and already crypto
companies have cut thousands of jobs this year. This is
consistent with what's been happening in tech and finance across
the board. There have been multiple rounds of layoffs at
places like Twitter, job cuts at Meta and Google, and
even at big investment banks like Goldman Sachs. In crypto,
(00:49):
the cuts are across the board, including a big names
like Galaxy, Digital, Genesis and Chainalysis. Some like the beleaguered
crypto friendly bank Silvergate, Capitol and lender Amber Group, have
cut as much as forty percent of their workforces. It's
also true that some companies, even in this environment, are hiring.
(01:10):
Among the crypto firms planning to add staff this year
is Circle Internet Financial, the company behind one of the
largest stable coins. When I spoke to their CEO, Jeremy Laire,
he said, a big hiring focus this year. We'll be
on software developers and on expanding globally. We are primarily
hiring engineers and product leaders, and then we are continuing
(01:31):
to expand around the world, and so we're opening up
more outposts because we see there's a lot of global
demand for what we do, and so we want to
do that. And but principally, yeah, this is all about
the incredible opportunity to develop intellectual property. So what does
the state of hiring and firing and crypto suggest about
the general health of the digital asset industry, Bloomberg reports
(01:53):
to Hannah. Miller joins me now to discuss the latest Hannah,
welcome back to the show. Thank you for having me.
I'm always have two minds when you know, talking about
things like layoffs and tech and finance and crypto, because
(02:15):
the inasmuch as you could talk about the macroeconomic environments
and interest rates, fundamentally, what we're talking about is people
who had jobs no longer having jobs. But what we've
certainly been seeing is in crypto, in tech, in finance,
there have been what feels like so many waves of layoffs.
You know, we're getting into the thousands, and in the
(02:37):
case of the tech industry more broadly, tens of thousands.
Of people. What are the prospects looking like in twenty
twenty three. If you're a graduate coming out of Stanford
or somewhere, are you still thinking I definitely want to
work in the crypto industry. Yeah, I think for the
crypto industry, it's a big wake up, Carl. I mean
these layoffs have been happening for a long time now.
(03:01):
I mean they started before we saw layoffs and you know,
the mainstream tech industry as well as in finance. But
it's been really interesting to see just company after company
within the crypto space cut further and further, and there
is this question of how much more can they cut?
You know, like, how how are they our? Is there
(03:22):
any more fat to trim? So it's it's pretty I
think it's it's been a it's a very stark contrast
when when you saw that crypto was a really hot
sector for people to go into, you saw people leaving
very cushy jobs at you know, Google Meta to jump
over to a crypto company to get you know, a
(03:44):
token bonus, a equity and a startup that they thought
really had promise. It's definitely a different story, now's your point.
It's not just a different story. It's kind of a
mixed story, right, Like we heard from Jeremy Laircu of
Circle saying that they're really excited about being able to
hire more developers and they're looking at global expansion. Where
(04:07):
are these pockets of optimism coming from despite the broader
environments you've just described. Yeah, well, I think for some companies,
you know, they were able to raise a lot of
money during the crypto boom, they have a lot of
runway that they can use to last through this crypto winter.
So there are companies that still have cash to play with,
(04:28):
and you know, they can draw in, you know, new hires.
They can you know, snap up developers and maybe just
got laid off of that Google job and are really
looking for a new opportunity. So some companies are definitely
still hiring. And yeah, hot hot areas are definitely developers
people who specialize in security. That's always a concern in crypto.
(04:50):
So you know, I think for some startups that are
just starting out, like that's like having someone who who
knows cybersecurity, who can help you know, FIFA protection on
a platform. That's a good person to have. But yeah,
there there still is a need for engineers among certain
companies who definitely raised that big valuations and had big
(05:14):
funding rounds during you know, twenty twenty one or twenty
twenty two. So what I'm hearing is, if you're graduating
or if you're one of those folks, it's like, I
don't need to go to college because life works in
your favor that way, and you have technical skills, then
you as a person have a reason to be optimistic
because that's the sort of the profile the skill sets
(05:36):
that these companies are looking for. Yeah, I mean, you
might not get the cushy benefits that you would have
at at Google or Meta. I mean even those companies
are sort of slashing you know, things like laundry at
the office or you know what time, what time you
have to stay at the you know, at the office
to get a meal. You know, it's just things like that.
(05:58):
You know, you might not you might have to set
aside even if you are going for a mainstream tech job.
But within crypto, yeah, there are still people who are
very passionate about the space we're going in. You know,
they're looking at programming languages that they would need to
learn to work at a at a blockchain platform. So
whether it's rest or solidity. You know, those are those
(06:19):
those types of skills are in demand. So yeah, I mean,
I think even though the broader picture is pretty bleak,
like you said, there are these pockets of hope where
you know, there are companies that are still hiring, still
looking for people. Let's talk about some of the companies
that have laid a lot of folks off. So you know,
we've we have this running tally of job cuts, not
(06:41):
just in crypto or colleagues in tech have one for
you know, tech layoffs, our colleagues on on finance, like
these are the biggest banks that have had layoffs. But
the names for crypto, you know, it's like blockchain dot
Com twenty percent at one point, coin Base twenty percent
at one place, Crypto dot Com twenty percent, Silver Gates
Crypto Friendly bank that's very much in the news at
the moment, forty percent, Genesis thirty percent. One of my
(07:04):
questions for you is, you know, we talked up several
months ago at this point that these companies started with
departures at the top. It was like the summer of
executive departures at crypto CEOs. We're leaving CEOs, We're leaving
managing directors, we're leaving or being asked to leave, or
seizing the opportunity to spend time with their families. Have
(07:26):
these layoffs filtered down into the ranks or are they
still kind of concentrated in more senior people. From what
you can tell, I think it's been a trickle down.
You know that this this is affecting just your regular
employee who is checking their email in the morning and
might not know whether there's a letter there about them leaving.
(07:46):
So it's it's something that's affecting all ranks within companies,
and it's also affecting people with technical talent too. It's
not just you know, your marketing folks or you know,
the comms team or whatever. It's something that's that's hitting
people at all levels, at all different types of backgrounds.
So it's it's it'll be interesting to see going forward,
(08:10):
you know, how crypto exacts are gonna handle this. You know,
in some cases some of these companies have brand new leadership.
Who are you know, figuring out the ropes, you know,
trying to leave these companies forward. But yeah, it's definitely
something that we're keeping a close eye on as we
report on the industry. In addition to companies that have
(08:32):
big operations in the United States, you've also been reporting
on folks based in Asia, for example, one of them
being Amber Group, who were in that category of having
you know, laid off forty percent of its workforce, scrapped bonuses,
had managers take salary cuts. I think they canceled a
sponsorship deal they had with CHELSEAFC. Is it that this
(08:56):
is a kind of a global problem. Are there any
geographies that have been hit harder and others? Yeah, it's
been interesting to see in Asia what's been happening there,
because the crypto regulatory environment in some ways is advancing
further there. You know, we've actually seen a reversal in
Hong Kong, you know, in terms of their crypto policies,
(09:16):
they're actually becoming a little bit more friendly digital assets. Um.
You know, Singapore is still a hotbed for for crypto activity.
But yeah, I mean geographies that have been hit hard. Um,
you know, Asia has definitely seen some layoffs. I mean
coin Base, for example, is winding down operations in its
Japan office. Europe has also been hit hard. I remember
(09:40):
with Amber the layoffs that were happening there. They were
hitting Europe first before going to you know, the their
offices in Asia, and with Amber specifically, it's been very interesting.
I mean, this is a company that's raised a lot
of money over the years. For them, they grew very
very quickly, and kind of where they're at now a
sort of is reversal. They're back to their roots in
(10:03):
a way because it's a much smaller workforce that they're
dealing with. It's like two to three hundred people versus
more than a thousand when they were at their height.
So I think for some of these companies, they grew
super quickly, built out their teams, you know, hired everyone
when you know there was a bolt when there was
a bowl market, and now they're sort of reconsidering things
and saying, hey, maybe I did grow a little too
(10:25):
fast and going back to basics. We'll be right back
with more from Bloomberg report. To Hannah Miller, one of
the Capital d discourse things that are happening right now,
(10:46):
as it relates to layoffs at places like Meta and Twitter,
is this idea of tech companies and so so it's
an extent crypto company is trying to get rid of
middle managers, right and there's this narrative about middle managers.
They just like send emails all day. They're not really
doing the real work of so calls like engineers. And
(11:06):
they're also not the senior executives making the decisions about things.
The folks who are say middle managers, will often point
to the fact of like, Okay, well, we are the
primary coordinators of the big ideas that are coming down
from the C suite and the people who have to
make them happen. Like we're helping people prioritize, we're helping
people ship. Have you seen other cycles where layoffs look
(11:29):
like they're being used to like flatten the hierarchy of
companies And do these companies tend to reintroduce hierarchy in
boom times or are we seeing something really different now? Yeah,
I mean I think in the past there was you know,
companies that gravitated towards flat structure. I remember there's some
cryptoc companies say they didn't even have like formal titles.
(11:50):
You know, they wanted to have this sense of camaraderie,
you know that everybody's equal. It's just about building, it's
not about where you rank. But I think the fact
of the matter is that you know, companies like Twitter
are now dealing with these changing structures that they want
to just streamline everything and you know, cut out who
(12:15):
they can and yeah, the middle manager is going to
be a good target for that. So looking ahead, it'll
be interesting to see whether in the crypto space that
they kind of go back to tradition and having a
more structured environment just to to maybe put things in
perspective as they sort of write a ship here. But
(12:37):
I think corporate structure is very interesting and right now
in tech and crypto, there are a lot of models
for it, so it'll be interesting to see which ones
survive and thrive. And to that point about there being
a lot of models, you know, it seems like the
most consistent narrative we're hearing from a lot of crypto
companies is one we're excited about hiring is eineers. Two,
(13:01):
we're looking for growth opportunities outside of the United States,
And in those conversations various folks have mentioned opportunities in
the UE and buy for example. And three this idea
to your point of like focus right like really picking
an area of expertise, perhaps not launching an NFT marketplace
(13:22):
that no one is asking for and really trying to
identify what those core strengths are. You also report a
lot on the VC side of this question. Are you
seeing kind of a similar narrowing of focus on the
VC side? You know, you mentioned security earlier in terms
of themes that they might be excited about. Is anything
changing about their approach? Yeah, well, the pace of deals
(13:45):
is just slowed in general. You know, vcs are taking
their time more when they're looking at companies, you know,
whether they want to invest in them. And the other
thing too, is that they're looking for more traditional things
on a board seat, you know, they they want their
you know, they want some sort of oversight to be
(14:06):
in place, you know. So so those things you're seeing
a return to traditional values um in in venture capital
when it comes to investing in crypto And yes, I
would say there's you know, some increased specialization. You know
that they're looking for companies that maybe just want to
narrow the focus to in you know, infrastructure or you know, security,
(14:30):
or maybe they're you know, specifically into gaming, NFTSUM. But
at the same time, I have seen some vcs gravitate
towards other industries, including artificial intelligence, because that's obviously really
hot right now. So, like I remember, I was talking
to a VCS like, yeah, like we want to hire
someone who can do AI, you know, and just the
whole planning by themselves, yes, you know. So it's I
(14:54):
think they're also sort of spreading their bets as as well,
even though they want the companies they invest in to
be more specialized. Yeah, what was the thing that folks
at Andrews and Harrowitz used to say before they blocked
all the journalists on Twitter? Software will eat the world.
Maybe it'll be AI will eat the world, and we'll
see how well that turns out. So more to come
on that topic, I'm sure. Thank you so much, Hanna,
(15:15):
Thank you. That was Bloomberg Report Hannah Miller. You can
find more of her reporting on the Bloomberg Terminal and
on Bloomberg dot com, and be sure to check out
our twice weekly crypto news leto Bloomberg Crypto. This is
Bloomberg Crypto, a daily podcast from Bloomberg and iHeartRadio. For
(15:36):
more shows from iHeartRadio, visit the iHeartRadio app, Apple Podcasts,
or wherever you get your podcasts. Send us your comments, questions,
or suggestions. For the show to Crypto at Bloomberg dot Net.
The supervising producer of Bloomberg Crypto is Vicky Vergalina. Our
senior producer is Janet Babin. Our producers are Mohammed Farouk
(15:58):
and Sharon Barrero. Our associate producers are Ty Butler and
Moses on um Desta wonder At is our engineer. Original
music by Leo Sidron. I'm Stacy Mariaschmael. We'll be back tomorrow.
I'm Stacy Marie Ishmel, Managing editor of Crypto for Bloomberg News.
And this is Bloomberg Crypto, a daily Bloomberg IHOT podcast.
It's Tuesday, March fourteenth. Here's a fact for you. We're
(00:29):
barely three months into twenty twenty three, and already crypto
companies have cut thousands of jobs this year. This is
consistent with what's been happening in tech and finance across
the board. There have been multiple rounds of layoffs at
places like Twitter, job cuts at Meta and Google, and
even at big investment banks like Goldman Sachs. In crypto,
(00:49):
the cuts are across the board, including a big names
like Galaxy, Digital, Genesis and Chainalysis. Some like the beleaguered
crypto friendly bank Silvergate, Capitol and lender Amber Group, have
cut as much as forty percent of their workforces. It's
also true that some companies, even in this environment, are hiring.
(01:10):
Among the crypto firms planning to add staff this year
is Circle Internet Financial, the company behind one of the
largest stable coins. When I spoke to their CEO, Jeremy Laire,
he said, a big hiring focus this year. We'll be
on software developers and on expanding globally. We are primarily
hiring engineers and product leaders, and then we are continuing
(01:31):
to expand around the world, and so we're opening up
more outposts because we see there's a lot of global
demand for what we do, and so we want to
do that. And but principally, yeah, this is all about
the incredible opportunity to develop intellectual property. So what does
the state of hiring and firing and crypto suggest about
the general health of the digital asset industry, Bloomberg reports
(01:53):
to Hannah. Miller joins me now to discuss the latest Hannah,
welcome back to the show. Thank you for having me.
I'm always have two minds when you know, talking about
things like layoffs and tech and finance and crypto, because
(02:15):
the inasmuch as you could talk about the macroeconomic environments
and interest rates, fundamentally, what we're talking about is people
who had jobs no longer having jobs. But what we've
certainly been seeing is in crypto, in tech, in finance,
there have been what feels like so many waves of layoffs.
You know, we're getting into the thousands, and in the
(02:37):
case of the tech industry more broadly, tens of thousands.
Of people. What are the prospects looking like in twenty
twenty three. If you're a graduate coming out of Stanford
or somewhere, are you still thinking I definitely want to
work in the crypto industry. Yeah, I think for the
crypto industry, it's a big wake up, Carl. I mean
these layoffs have been happening for a long time now.
(03:01):
I mean they started before we saw layoffs and you know,
the mainstream tech industry as well as in finance. But
it's been really interesting to see just company after company
within the crypto space cut further and further, and there
is this question of how much more can they cut?
You know, like, how how are they our? Is there
(03:22):
any more fat to trim? So it's it's pretty I
think it's it's been a it's a very stark contrast
when when you saw that crypto was a really hot
sector for people to go into, you saw people leaving
very cushy jobs at you know, Google Meta to jump
over to a crypto company to get you know, a
(03:44):
token bonus, a equity and a startup that they thought
really had promise. It's definitely a different story, now's your point.
It's not just a different story. It's kind of a
mixed story, right, Like we heard from Jeremy Laircu of
Circle saying that they're really excited about being able to
hire more developers and they're looking at global expansion. Where
(04:07):
are these pockets of optimism coming from despite the broader
environments you've just described. Yeah, well, I think for some companies,
you know, they were able to raise a lot of
money during the crypto boom, they have a lot of
runway that they can use to last through this crypto winter.
So there are companies that still have cash to play with,
(04:28):
and you know, they can draw in, you know, new hires.
They can you know, snap up developers and maybe just
got laid off of that Google job and are really
looking for a new opportunity. So some companies are definitely
still hiring. And yeah, hot hot areas are definitely developers
people who specialize in security. That's always a concern in crypto.
(04:50):
So you know, I think for some startups that are
just starting out, like that's like having someone who who
knows cybersecurity, who can help you know, FIFA protection on
a platform. That's a good person to have. But yeah,
there there still is a need for engineers among certain
companies who definitely raised that big valuations and had big
(05:14):
funding rounds during you know, twenty twenty one or twenty
twenty two. So what I'm hearing is, if you're graduating
or if you're one of those folks, it's like, I
don't need to go to college because life works in
your favor that way, and you have technical skills, then
you as a person have a reason to be optimistic
because that's the sort of the profile the skill sets
(05:36):
that these companies are looking for. Yeah, I mean, you
might not get the cushy benefits that you would have
at at Google or Meta. I mean even those companies
are sort of slashing you know, things like laundry at
the office or you know what time, what time you
have to stay at the you know, at the office
to get a meal. You know, it's just things like that.
(05:58):
You know, you might not you might have to set
aside even if you are going for a mainstream tech job.
But within crypto, yeah, there are still people who are
very passionate about the space we're going in. You know,
they're looking at programming languages that they would need to
learn to work at a at a blockchain platform. So
whether it's rest or solidity. You know, those are those
(06:19):
those types of skills are in demand. So yeah, I mean,
I think even though the broader picture is pretty bleak,
like you said, there are these pockets of hope where
you know, there are companies that are still hiring, still
looking for people. Let's talk about some of the companies
that have laid a lot of folks off. So you know,
we've we have this running tally of job cuts, not
(06:41):
just in crypto or colleagues in tech have one for
you know, tech layoffs, our colleagues on on finance, like
these are the biggest banks that have had layoffs. But
the names for crypto, you know, it's like blockchain dot
Com twenty percent at one point, coin Base twenty percent
at one place, Crypto dot Com twenty percent, Silver Gates
Crypto Friendly bank that's very much in the news at
the moment, forty percent, Genesis thirty percent. One of my
(07:04):
questions for you is, you know, we talked up several
months ago at this point that these companies started with
departures at the top. It was like the summer of
executive departures at crypto CEOs. We're leaving CEOs, We're leaving
managing directors, we're leaving or being asked to leave, or
seizing the opportunity to spend time with their families. Have
(07:26):
these layoffs filtered down into the ranks or are they
still kind of concentrated in more senior people. From what
you can tell, I think it's been a trickle down.
You know that this this is affecting just your regular
employee who is checking their email in the morning and
might not know whether there's a letter there about them leaving.
(07:46):
So it's it's something that's affecting all ranks within companies,
and it's also affecting people with technical talent too. It's
not just you know, your marketing folks or you know,
the comms team or whatever. It's something that's that's hitting
people at all levels, at all different types of backgrounds.
So it's it's it'll be interesting to see going forward,
(08:10):
you know, how crypto exacts are gonna handle this. You know,
in some cases some of these companies have brand new leadership.
Who are you know, figuring out the ropes, you know,
trying to leave these companies forward. But yeah, it's definitely
something that we're keeping a close eye on as we
report on the industry. In addition to companies that have
(08:32):
big operations in the United States, you've also been reporting
on folks based in Asia, for example, one of them
being Amber Group, who were in that category of having
you know, laid off forty percent of its workforce, scrapped bonuses,
had managers take salary cuts. I think they canceled a
sponsorship deal they had with CHELSEAFC. Is it that this
(08:56):
is a kind of a global problem. Are there any
geographies that have been hit harder and others? Yeah, it's
been interesting to see in Asia what's been happening there,
because the crypto regulatory environment in some ways is advancing
further there. You know, we've actually seen a reversal in
Hong Kong, you know, in terms of their crypto policies,
(09:16):
they're actually becoming a little bit more friendly digital assets. Um.
You know, Singapore is still a hotbed for for crypto activity.
But yeah, I mean geographies that have been hit hard. Um,
you know, Asia has definitely seen some layoffs. I mean
coin Base, for example, is winding down operations in its
Japan office. Europe has also been hit hard. I remember
(09:40):
with Amber the layoffs that were happening there. They were
hitting Europe first before going to you know, the their
offices in Asia, and with Amber specifically, it's been very interesting.
I mean, this is a company that's raised a lot
of money over the years. For them, they grew very
very quickly, and kind of where they're at now a
sort of is reversal. They're back to their roots in
(10:03):
a way because it's a much smaller workforce that they're
dealing with. It's like two to three hundred people versus
more than a thousand when they were at their height.
So I think for some of these companies, they grew
super quickly, built out their teams, you know, hired everyone
when you know there was a bolt when there was
a bowl market, and now they're sort of reconsidering things
and saying, hey, maybe I did grow a little too
(10:25):
fast and going back to basics. We'll be right back
with more from Bloomberg report. To Hannah Miller, one of
the Capital d discourse things that are happening right now,
(10:46):
as it relates to layoffs at places like Meta and Twitter,
is this idea of tech companies and so so it's
an extent crypto company is trying to get rid of
middle managers, right and there's this narrative about middle managers.
They just like send emails all day. They're not really
doing the real work of so calls like engineers. And
(11:06):
they're also not the senior executives making the decisions about things.
The folks who are say middle managers, will often point
to the fact of like, Okay, well, we are the
primary coordinators of the big ideas that are coming down
from the C suite and the people who have to
make them happen. Like we're helping people prioritize, we're helping
people ship. Have you seen other cycles where layoffs look
(11:29):
like they're being used to like flatten the hierarchy of
companies And do these companies tend to reintroduce hierarchy in
boom times or are we seeing something really different now? Yeah,
I mean I think in the past there was you know,
companies that gravitated towards flat structure. I remember there's some
cryptoc companies say they didn't even have like formal titles.
(11:50):
You know, they wanted to have this sense of camaraderie,
you know that everybody's equal. It's just about building, it's
not about where you rank. But I think the fact
of the matter is that you know, companies like Twitter
are now dealing with these changing structures that they want
to just streamline everything and you know, cut out who
(12:15):
they can and yeah, the middle manager is going to
be a good target for that. So looking ahead, it'll
be interesting to see whether in the crypto space that
they kind of go back to tradition and having a
more structured environment just to to maybe put things in
perspective as they sort of write a ship here. But
(12:37):
I think corporate structure is very interesting and right now
in tech and crypto, there are a lot of models
for it, so it'll be interesting to see which ones
survive and thrive. And to that point about there being
a lot of models, you know, it seems like the
most consistent narrative we're hearing from a lot of crypto
companies is one we're excited about hiring is eineers. Two,
(13:01):
we're looking for growth opportunities outside of the United States,
And in those conversations various folks have mentioned opportunities in
the UE and buy for example. And three this idea
to your point of like focus right like really picking
an area of expertise, perhaps not launching an NFT marketplace
(13:22):
that no one is asking for and really trying to
identify what those core strengths are. You also report a
lot on the VC side of this question. Are you
seeing kind of a similar narrowing of focus on the
VC side? You know, you mentioned security earlier in terms
of themes that they might be excited about. Is anything
changing about their approach? Yeah, well, the pace of deals
(13:45):
is just slowed in general. You know, vcs are taking
their time more when they're looking at companies, you know,
whether they want to invest in them. And the other
thing too, is that they're looking for more traditional things
on a board seat, you know, they they want their
you know, they want some sort of oversight to be
(14:06):
in place, you know. So so those things you're seeing
a return to traditional values um in in venture capital
when it comes to investing in crypto And yes, I
would say there's you know, some increased specialization. You know
that they're looking for companies that maybe just want to
narrow the focus to in you know, infrastructure or you know, security,
(14:30):
or maybe they're you know, specifically into gaming, NFTSUM. But
at the same time, I have seen some vcs gravitate
towards other industries, including artificial intelligence, because that's obviously really
hot right now. So, like I remember, I was talking
to a VCS like, yeah, like we want to hire
someone who can do AI, you know, and just the
whole planning by themselves, yes, you know. So it's I
(14:54):
think they're also sort of spreading their bets as as well,
even though they want the companies they invest in to
be more specialized. Yeah, what was the thing that folks
at Andrews and Harrowitz used to say before they blocked
all the journalists on Twitter? Software will eat the world.
Maybe it'll be AI will eat the world, and we'll
see how well that turns out. So more to come
on that topic, I'm sure. Thank you so much, Hanna,
(15:15):
Thank you. That was Bloomberg Report Hannah Miller. You can
find more of her reporting on the Bloomberg Terminal and
on Bloomberg dot com, and be sure to check out
our twice weekly crypto news leto Bloomberg Crypto. This is
Bloomberg Crypto, a daily podcast from Bloomberg and iHeartRadio. For
(15:36):
more shows from iHeartRadio, visit the iHeartRadio app, Apple Podcasts,
or wherever you get your podcasts. Send us your comments, questions,
or suggestions. For the show to Crypto at Bloomberg dot Net.
The supervising producer of Bloomberg Crypto is Vicky Vergalina. Our
senior producer is Janet Babin. Our producers are Mohammed Farouk
(15:58):
and Sharon Barrero. Our associate producers are Ty Butler and
Moses on um Desta wonder At is our engineer. Original
music by Leo Sidron. I'm Stacy Mariaschmael. We'll be back tomorrow.
Popular Podcasts
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.