Of troops or say what their roles will be. Global news, 24 hours a day powered by 2700 journalists and analyst, this is bloomberg. Bloomberg technology is next. This is Bloomberg Technology. Well do a deep dive into the currency market. Hit new high. Whats driving this current crypto mania. Plus, its a date. Apple officially gives a time and place for most significant Product Launch in years. Applediscuss what watchers are looking for. Cfo stepped up to the plate my conversation with Mark Okerstrom on his first order of business. To our lead it has a banner year in the realm currencies. Bitcoin, bitcoin cash. Those are some of the digital arrencies that have been on tear this year seen value skyrocket. Currency is crypto 170 billion and rising. Interest is at fever pitch. More bets being placed on currencies from high profile like mark cuban to some of the biggest banks across the globe will cover some of the issues aroundand the currency market over the next hour. Smootht just been sailing. In the crypto world. Caroline hyde took a look what makes this mark so volatile. Are in theurrencies midst of a record setting run. Bitcoin have seen values skyrocket. Bitcoin, which is close to a household name you can get in crypto currency, has shot up over 350 so far. Fact, jumped from just over a thousand dollars at the start of over 4,500,000. And theorem its on move as well. We see Companies Across all usestries looking at how to this technology. Its not been smooth sailing for the currencies. At recent 30 day snapshot in the price. Rollercoaster ride. August of last year, bitcoin hackersd 13 after stole 65 million. This year have to remember this Technology Still pretty new. Plenty ofre still promising opportunities. Big investors mark cuban are their weight behind crypto currency. Starting to see more Financial Institutions and retail currency. Embrace such sec approve the traded fund, it make it easier for the in. Yday investor to jump bitcoin soared pasted price of gold. Years removed from the crash of 2013. Buckle up. Emily Caroline Hyde join us from london. And media and entertainment companies. Roger great to have you back on the show. Bitcoin. Ws, are we in a bubble. Important to distinguish between christo currencies ate therypto currencies and blockchain. The thing about crypto really arentey currencies. Commodities like soy beans. They are things that people trade to create a return. Mean about does that the value . It will be volatile. By design. S volatile it was designed to be volatile. Definition need to have stability. You think. Trading oilre like futures. Those are going to be volatile. Theres some very valuable underneath them. To wouldnt use gold futures pay your mortgage or pay your childs college tuition. That have long term value . Its too early to know. I look at this and go structure railly those thank dont look like they can make the transition. Im not sure that matters to the in them. Who are i think theyre in it for volatility and return. That may work out i do think done with the sharp drops. Issues. Nk theres there are thefts of the various cryptos here, there and everywhere. That i think its going to continue. Of whole concept of the role miners. The fact that these are things adopted primarily by black and gray markets. Suggests at least confirms my notion here which is that i think these are far from mainstream currency options. Emily you mentioned people getting robbed. Of complaints about coin base. Biggest Crypto Currency Exchange gone from six to almost 300 this year. Caroline were seeing so much more mainstream acceptance. Give us examples how were Mainstream Investors embrace it gunman . They are mining bitcoin themselves. They made themselves looking to be getting boo this. Banks, clearly distinguishing between the actual crypto currency. The black Chain Technology shared recordkeeping. The actual technology, six banks today joining uvs project. Is the utility coin. Theyre building their own coin. Its available by end of next year. To make Financial Transactions easier. H this is why they want to introduce sort of technology. Stored values a were seeing bitcoin suddenly become. Split iny we saw the bitcoin. Bitcoin cash. Is bitcoin . Does it remain a stored value. Become haze when you see concerns about north korea for example. Of aes it become more payment mechanism. Therefore do we need to start to see improvements in the size of the transaction. Iss is how much bitcoin gold. G whether you hole the actual crypto currency or whether you gain exposure. Check out my bloomberg at the moment. Going into g g tv. In 3994. Ime you get a crypto rollercoaster. You see Bitcoin Investment trust. This is where Money Managers pouring their money. Exposure. To fast where we see 90 day investmentof that trust is more than three times bitcoin. Ility in whether you want to be overall, rough ride. R a emily if you look at the run up is dwarfing the run up we saw before the tech bubble and housing bubble. Is that a concern . Only if youre one bitcoin. Profits,ken your youre sitting there going not a problem at all. I look at this. About 170 billion in interest in this category. Why you see banks and others coming in. Segment now. This theres a lot of interest in it. Thetrick here, at least for viewers watching this, to commodity of bitcoins from the notion of a crypto currency. Currency needs to have stable value. I just dont youre going to get there from this. Third piece, is the underlying blockChain Technology. A lot of reasons people would like to be able to volume financial and information transactions very andcost with privacy security. BlockChain Technology offers that promise. By that. Is excited one of these banks or Financial Institutions try to create a currency. Try to create a stable store woulda would be that rival a national currency. That is the promise land i think are hoping to go to. Emily when it comes to the blockchain, real estate, giant Technology Companies. Sale of information emily where do you think the blockchain could be the most revolutionized. That an exaggeration . To me whats exciting about a it is like the internet system where scalability is not a problem. The scale of market you have today, if you can take that off the table an issue, you can almost anything. What remains to be seen is can will find this most appealing. Haves current state, we only experiments. Consumers are not interacting this regularly. Were going to run that experiment and see. Me that parts, to is really exciting. It makes it worth going through what i think is going to be further issues around the so called currency part of this discussion. Emily were going to continue to this conversation throughout show. Roger mcnamee elevation partner. The hour. Th me for Caroline Hyde well see you. Well have more on special look crypto currency. We have a date from apple on its launch. Duct the company set out an september 12th. Listed it will be held at the new apple cupertino, california and take place in a theater named after steve jobs. Applebeen reporting, plans to introduce three new iphones and new versions of the apple watch. To close, overdrive the goop with uber. Well have the latest numbers sharing company. This is Bloomberg Emily shopliftelyft is expandig services to states. Take market share from uber who control about 70 u. S. Market. It means 94 of the u. S. Have access tod lyft. Uberng with ride hailing, ceo has outlined some of his Top Priorities for the job. Whending a time line for the company should go public. She said in 18 to 36 months. He walks in that ubers tuesday, first dish official day what will be his top priority. Ronald Roger Mcnamee. What do you think . To me, anyone mom into this job has Serious Problems that requires immediate attention. The company bleeds cash today. They probably got on their speed, two and a three and half years worth of cash. That is assuming no negative settlement on lawsuit litigation with google. Emily you think this google problem . He biggest inners of dollars. Its biggest unknown for investors. If google lets put it this way. Ceo, First Priority is making that suit go away. One of the best arguments for new ceo is they can ofe in, and negotiate out it. Worst cases scenario. He open more money to google than they can pay. That would be a very ugly scenario. Hopefully theres some solution where uber exits as selfdriving car business. Stop trying to develop their own. They make a deal to use and theyy everywhere pay some penalty. I dont know. Whatever it is. Trying to settle for something less than cash you have on Balance Sheet. The ceo got to go in and fix the operation. Understanding, they are cash markets. In some emily they are negotiating new investment. I dont know. Would trythe ceo, i to get two break even off the cash you have on the Balance Sheet now. Its far less important to be investing aggressively. Theyre at a scale today, they can get to break even here, cost to capital will be much lower and their ability to choke off place. Tors will be in they dont need try to do it as privateer company. The culture issues and personnel issues. Here, most ofws the Management Team is departed. Opportunitygot the to bring in his own team into the place. Is that, Travis Kalanicks personality and ubers culture were one in the same. The strategy im recommending, which is get the company to even. Completelyuire different personality. Im recommending that if im the trying not to have too much interference of the old into the new. Comes to thet business, and working out through all these issues, do you see uber delivering on 70 billion evaluation . Not any time soon. Emily or anywhere close . No. I think getting to break even is challenge. A i look at this and say they gotten where they are now because the Consumer Value fantastic. Is the problem is to get there. You had abuse the companies there in and the drivers of cars and you dont own an asset. Which means its relatively low entry and large markets. They have to solve all those simultaneously. Theyve got to find a way to pay the drivers there to make the driversr for the without making offering unattractive to consumers. I believe thats doable. Consumers would pay more. Lets face it, ride sharing is haveazing thing to available. Getting that right is not going shot. Right on the first if the Company Needs to raise more capital before it can demonstrate profitability, i the cost will be wildly higher. Want to be worth 70 billion any point in the future, i think getting to be anability soon will important step. Mcnamee. Ger expedia newion with ceo Mark Okerstrom. What it means for uber and expedia future. This is Bloomberg Emily expedia stocks sored. The Company Named ceo Mark Okerstrom as new ceo. Earlier i spoke with okerstrom about his new role. These things you talk about them for years. Do you prepare the team for the game. You get a call on sunday night and suddenly game isnt two weeks from now. Tomorrow. Kind of unfolded a little bit like that. Ready for this. Were all pretty excited around expedia. For dora imppy happy for people at uber. It comes to your job, no one was considered. Been workinghave together. What is your vision . What are some things you might differently . Ive been very involved in the Strategic Direction of this company for very long time. Been lock step in really all of the major Strategic Decisions along with barry diller. I dont have a long list of things that im dying to change. Priorities number of across the company certainly becoming more International One priorities. Ill be focused on making sure we continue to expand globally. The big transition were doing home away is huge priority. I think youre going it see a lot more of the same for us. I do my job well, maybe go faster. Emily lets talk about that. Have some deep ties to ubers new ceo. What are new ways you can Work Together . Like perhaps, free uber ride for expedia customers. Talked a long time about possible ways that we could work with uber. Integrating their service into hotels. Com app or app or home away app. Directeful we got a connection. Emily dora is walking into situation by all accounts. Lawsuits and difficult dynamics. Weve heard about you can deal with big personalities. Us more about why you think to take on it takes these personnel exactlies . Highesthas one of the levels of Emotional Intelligence that ive ever seen. Knows people. He is humble. He listens. Think above all, dara makes the people around him better. People want to be around him. Think like he does. Hes a great role model. Integrity. Of high he values diversity. He values gender balance. Ofreally stands for a lot lackingt things maybe at uberer. I have 100 confidence a uber be a much better company. Emily the information retracted a report that you were going uber. Ara to they were wrong. Theres a point there that dara of executive positions to fill. Of you concerned a number executives expedia will follow him there . Very good about our executive team. Weve got one of the most outnted executive teams there. Weve been together for a very long time. Really excited about the prospects around expedia inc. Theyre highly engaged. Theyre highly committed. Weve been working together on a strategy that were not yet done. Theres lots of work yet to do ahead of us. Pretty good. El emily my conversation earlier expedias new ceo Mark Okerstrom. On digital our focus currency. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Mark i am Mark Crumpton in new york. You are watching Bloomberg Technology. Lets begin with a check of first word news. Acting Homeland Security saidtary elaine duke nearly 2 million texans have been if actuated due to hurricane 32,000 are in shelters, have been evacuated due to hurricane harvey. 32,000 are in shelters. House republican aide says lawmakers will most likely vote on the first phase of emergency relief money for harvey in midseptember, approving an initial down payment that would used in thema funds immediate aftermath of the storm. Congress returns september 5. The u. N. Is monitoring irans compliance with nuclear power. The report does not explicitly is violating the deal. Raqqaans are trapped in as Coalition Forces fight islam x a. There needs to be a way of getting them out. Fight Islamic State. There needs to be a way of getting them out. Everything has to be done in accordance with International Law to protect civilians. Going on,ghting is civilians have a protected status. Mark the u. N. High commissioner for refugees released a on coalitionling forces and others fighting Islamic State to protect civilians. Companies have been awarded contracts to build prototypes of donald trump possible order wall. Global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Border wall. Global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Mark it is just after 5 30 p. M. In new york, 7 30 a. M. In sydney. Im joined by paul allen with a look at the markets. Good morning. Asx modest gains on the future, just five points higher at the moment. Some action could come from the resources sector, bhp and rio tintos adrs were higher, particularly aluminum and copper were up. Also higher in chicago as we wait on manufacturing for august out of japan. Waiting ona, we are a read following thursdays official read. In south korea today, secondquarter gdp is expected to stay steady. Allen. Ul more Bloomberg Technology next. This is Bloomberg Technology. I am emily chang. Back to our deep dive of the Digital Currency market. The entire industry is now valued at 170 billion. I want to send it back to Caroline Hyde in london who is with a leader in the cryptocurrency space. Carolyn he is known for his continued success in calling the price of it . Of bitcoin. He has a decentralized method of confirming your identity. Joining us from boston is civic Vinny Lingham. Why do you buy this rally . There were a lot of risks on the horizon. Bitcoin was sitting around 400 when i made the call to buy. This is something thats going to go up. We got to a point where it looks like there were a couple of technical risks. I decided there was a risk scenario i did not like and to reduce my holdings in bitcoin. I still hold bitcoin. I am very happy with it. Caroline there is still ongoing concern about another opportunity for a hard fall as soon as november. Do you expect that risk to become a reality . I do. Power is behind a proposal to upgrade bitcoin in a sense. There is some debate about w