Nate DiCamillo
@Nate_DiCamillo
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Senior reporter covering wealth management for the @FT 's @FundFire . Words in @nytimes , @Newsweek , @qz , @CoinDesk , and @AmerBanker . He/him. 🏳️🌈
Manhattan, NY
Joined June 2013
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Pinned Tweet
The Battle of Kyiv, the Battle of Kharkiv, the Battle of Kherson. Half the territory that Russia invaded in February 2022 has been won back with a meager 3% of the US defense budget.
.
@SpeakerMcCarthy
on providing aid to Ukraine: “Where is the accountability on the money we’ve already spent? What is the plan for victory? I think that’s what the American public wants to know.”
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The Biden administration scored a $66 million profit in its first oil trade after releasing millions of barrels from the Strategic Petroleum Reserve (SPR) in 2022 at peak prices, and then restocking when oil dipped. Story in
@qz
:
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Senator Fetterman: "The Republicans want to give a work requirement for SNAP. For a hungry family to have these this kind of penalties. Shouldn't you have a working requirement after we [bail out] your bank?"
No response from the panel.
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Senator Fetterman (D-PA): Is it an inside joke that the government will always bail you out when your bank crashes?
Becker: I don't believe that's the case.
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Listening to
@coinbase
's Q1 earnings call where Brian Armstrong just said the exchange plans to add DOGE in the next 6 to 8 weeks.
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In PR nonsense news: I had a rep recently request that I misattribute all of a VP's quotes to the CEO, and I have to wonder what comms people think we do here
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Senator Elizabeth Warren (D-Mass) asks if gas prices and food prices will go down in response to rising interest rates.
Powell answers no. Instead, interest rates affect interest rate sensitive durable goods and lowers asset prices.
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@kenklippenstein
The FOMC has 12 voting members so Powell doesn't decide what interest rates are.
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The sale trimmed
@Tesla
's bitcoin position by 10%, Tesla CFO Zachary J. Kirkhorn said on the company's earnings call today.
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U.S. Fed Chair Jerome Powell is set to testify before the House Committee on Financial Services in a minute. For notes on comments that matter to
#BTC
investors, follow thread here --->
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Warren hits at how blunt interest rate hikes are: "Rate increases make it more likely that companies will fire people and slash hours to shrink wage costs. Rate increases also make it more expensive for families to borrow money for a house."
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"One of these pay for provisions seeks to bring in more revenue to the federal government with the promise of requiring those who buy and sell cryptocurrency to treat it the same way as they would the exchange of securities," Sen. Mike Lee (R-Utah) said.
#InfrastructureBill
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.
@silvergatebank
's crypto deposits grew by $4.3 billion this past quarter. The bank's interest earning assets increased as it began deploying deposits from digital currency customers into securities. Follow here for a thread on the company's conference call -->
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@kenklippenstein
I do agree that the Fed manufacturing a recession is a story. We can't keep managing inflation with blunt tools. Especially supply-side inflation.
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Crypto-friendly
@silvergatebank
's first quarter earnings conference call is happening now. Their SEN had more than $160 billion in transaction volume in Q1. Follow thread for more details here -->
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@kenklippenstein
It's just that the chair doesn't have that much power. The central bank's governance is decentralized.
That's why Trump's ire didn't stop them from raising rates in 2018.
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My thoughts are with my former colleagues at
@CoinDesk
today. Changing ownership is always difficult.
To the hiring managers looking for smart crypto, business, finance reporters: If you see CoinDesk on a resume, hire them! They're great!
Scoop w
@BradyDale
: Layoffs expected at
@CoinDesk
— The expected cuts are part of a broader effort meant to help the company curb costs to facilitate a sale.
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In personal news: This week, I'm joining
@coindesk
's institutional crypto and enterprise blockchain team. I've had a blast covering financial technology for
@AmerBanker
, and I'm excited to begin this new adventure!
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@NateSilver538
Real wages and real disposable income aren't a great way of summing up what the purchasing power is of consumers. If you back that chart up to the great financial crisis:
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This morning
@silvergatebank
saw it's largest deposit increase from crypto clients since Q4 2017 when deposits increased by $835 million during the bull market. Most of it's new clients are institutional investors. The bank's earnings call starts at 11 am ET. Thread here --->
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At the beginning of the twentieth century, JP Morgan stopped a run on US banks. Eventually, Congress formed the Federal Reserve to take over JPM's role.
Today,
@FTX_Official
is acting as the lender of last resort for the crypto markets:
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I agonize over the accuracy of every indirect quote and double-check the audio for direct quotes. And you think I'll just attribute your VP's words to the CEO because its part of your PR strategy? Do you even know how news works??
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Sen. Cynthia Lummis (R - WY;
@CynthiaMLummis
) asks a
#DigitalDollar
question: FedNow and other instruments like stablecoins have the potential for much higher monetary velocity, how will it effect monetary transmission and collateral availability?
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Taxes can do many great things for society—including improve your Netflix queue! New research out of Louisiana State University in
@qz
:
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"We are looking very carefully at the question of whether we should issue a digital dollar," Powell said in response to a question from Sen. Bill Hagerty (R-TN). "We are the world's reserve currency and we have a responsibility to get this right."
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Warren: "How much of the $40 million dollars that you earned from loading up SVB bank with risk are you planning to return to the FDIC?"
Becker: I promised to cooperate with the regulators. There's going to be a process review of compensation—
Warren: I'll take that as a no.
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Today
@krakenfx
became the first exchange to get a banking charter and the first de novo bank Wyoming has had since 2006. Banking matters because access to fed payments and regulatory clarity matters. 1/
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Powell said: There's not much effect on monetary transmission ... We don't think there will be a tight connection between FedNew and stablecoins.
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"You want to avoid things that could be destabilizing or take funds away from the banking system," Powell added. It remains a "high priority" for the Fed.
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.
@silvergatebank
reported a whopping $2.9 billion in new deposits from digital currency customer in Q4 2020. At 8 am ET, the bank is holding a conference call for its Q4 results. Thread here -->
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"SVB executives ... dumped millions of dollars in company stock in the days leading up to the crash," said Senator Sherrod Brown (D-OH). "Only in corporate boardrooms, can you run your business into the ground, take the old economy along with you, and come out ahead."
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@PatrickMcHenry
asks the first questioin about CBDCs: What is the status of the white paper on CBDCs?
Powell says it could be early September. We're going to address digital payments broadly. That means stablecoins, it means crypto assets, it means CBDCs.
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Becker: "I think the ripple effect that could have happened in the banking industry would have been greater than it was already. I think small businesses would have been significantly impacted. So I believe that that was appropriate."
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I'm covering
@silvergatebank
's first fourth-quarter earnings call as a public company, which starts at 11 am ET. If you're interested in learning more about how this bank makes money through offering various banking services to crypto firms and investors, follow this thread -->
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@mattyglesias
Seems to me that interest rate hikes are a pretty blunt tool to respond to supply-side inflation, and experts were forecasting supply chain snags would work themselves out by mid-2022.
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First time I've seen an AI disclaimer in a PR pitch.
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The Capital Gazette was where I got my start in journalism as a freelancer. Those reporters are some of the best people in Annapolis.
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Lane also explains how Silvergate will monetize Diem: "First, we will seek to earn transaction fees on the minting and burning of the stablecoins. Second, we will earn a yield on reserve deposits, while managing them in a capital efficient manner..."
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Both Silvergate and SVB built their banking businesses for a low interest rate environment. When that went away, both sides of their balance sheet caught fire. Story from me and
@ScottNover
in
@qz
:
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The senate banking committee is about to grill executives from SVB and Signature Bank. Thread here 🧵
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@La__Cuen
@nlw
@TheStalwart
@DoveyWan
.
@TheStalwart
: Mainstream reporters can more easily wrap their heads around ethereum. It's like Uber but decentralized. Bitcoin is more difficult for them to digest--doesn't work for payments.
#InvestNYC
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Powell notes that recession risks are rising: "It's certainly a possibility, and the events of the last few months around the world have have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market."
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Powell gives a familiar overview:
- Economic downturn hasn't fallen equally on all Americans
- Lower wage workers and minorities have been hardest hit
- Consumer prices rebounded in spring, but for hardest hit sectors prices are still soft. Inflation remains below the 2% target.
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The words and actions of American consumers don't line up.
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@La__Cuen
@nlw
@TheStalwart
@DoveyWan
.
@DoveyWan
says that the average US citizen doesn't understand what money is. The next crisis will be a currency crisis, and bitcoin education is essential.
#InvestNYC
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JUST IN: The US economy added 199,000 jobs in December, a big miss from economists' expectations of 447,000 jobs. (Jobs report data is collected in the first two weeks of the month so this report does NOT yet reflect the impact of omicron).
Thread:
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A number of Quartz journalists outside of the US were laid off today. They're fantastic business/finance/econ reporters. If you see
@qz
on a resume, hire them!
Just a reminder to
@JimSpanfeller
@merrillbro
@lea
that executive pay cuts, retraining, and buyouts are all more humane options than blindsiding staff with random layoffs.
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.
@PatrickMcHenry
are there concerns you have with stablecoins?
Powell: Stablecoins are like money market funds, bank deposits or a narrow bank ... If they're going to be a significant part of the payments universe ... then we need an appropriate regulatory framework.
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@La__Cuen
@nlw
@TheStalwart
@DoveyWan
.
@La__Cuen
: How do we distinguish propaganda versus factual reporting?
@nlw
: The only sane answer is you have to assume everything is propaganda until convinced otherwise.
#InvestNYC
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"If in fact we pass this bill, it's going to have a chilling effect on innovation within this sector. And what you'll see is the flight of innovation and investment related to innovation to offshore locations around the globe"
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Powell continued: "I'm confident we'll get there ... the three year time frame is an arbitrary time frame chosen by us. We're being honest about the challenge. We live in a time where there are deflationary pressures around the world. It may take more than three years."
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@hjelle_brian
I don't think that's what this says? It seems to be saying reinfection was higher during the omicron dominant wave. Not that omicron recovered people were getting omicron again.
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Wfh gave US workers three hours more free time and three hours more work time each week. A big chunk of those time savings are from not commuting. Some of it comes from not having to shave or apply makeup. Story in
@qz
:
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Powell has consistently stressed caution on the digital dollar. Today, he gave some insight into how the Fed will measure the risks and benefits of the digital dollar by engaging Americans through public events. 1/
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"Mr President, this is very different than securities, these aren't just stocks, it's something very different, it's a medium of exchange. If adopted more widely could facilitate a lot of economic activity and a lot of innovation within the United States of America.
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Federal Reserve chair Jerome Powell is testifying before the Senate. Thread🧵
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@EricTopol
@CellCellPress
Since the article is locked, do the researchers say anything about how participants with high levels of carboxylic acid were able to ward off mosquitoes? Seems like odor blockers don't work for those participants?
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"We learned that we could have unemployment at historically low levels without seeing inflation rise ... That means we won't tighten monetary policy because of a strong labor market. We'd want to see inflation moving up in a troubling way," Powell said.
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@La__Cuen
@nlw
@TheStalwart
@DoveyWan
.
@DoveyWan
: Crypto is the first asset where the US doesn’t have a first mover advantage.
#InvestNYC
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Senator Mark Warner (D-VA) notes that inflation is a global issue: "Finland gas prices were $9 a gallon." (!)
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For years, crypto has had a strained relationship with auditors. The shenanigans during this latest crash is causing some of them to walk away. Here's why in
@qz
:
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Warren: From 2019 to 2023. while the FDIC identified an additional 45 liquidity risk issues you racked up more than $20 million in pay. How much are you planning to return to the FDIC?
Shay: I believe that Signature Bank was a responsibly managed bank.
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"How close it the economy to meeting the Fed's goals?" asks Rep. Patrick McHenry (R-NC)
Powell: "We'll be purchasing assets at the current pace until we see substantial progress towards our goals, that's actual progress not forecast progress."
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Sen. Elizabeth Warren: "In the same year (2019) you got a $10 million paycheck, the Fed had warned SVB of 17 unresolved supervisory issues."
Becker had guessed the Fed had sent between 10 to 15 warnings in that year.
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The unemployment rate for black Americans went up instead of down. From 6.5% to now 7.1%.
The unemployment rate for White Americans is 3.2%. This is a privilege because maximum employment overall would be anything 3.5% or below.
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Something I regrettably missed in this tweet thread. Powell said the Fed will hold public events to engage the public on the digital dollar this year. Story:
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Covering
@silvergatebank
's first quarter earnings call which starts at 11 am ET. If you're interested in learning more about this bank's crypto business, follow this thread --->
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Rep. Emanuel Cleaver (D-MO) asks about African Americans not being represented in economics per this NYT article.
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Brown adds that there's "blame to go around" with former Federal Reserve vice chair for supervision Randal Quarles rolling back regulations from 2018 to 2020.
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With SPDI applicants like
@AvantiBT
announcing new digital assets like the bank-issued Avit, Wyoming is going to have more opportunities to get compete with states like New York on regulatory clarity for digital assets. 4/
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@silvergatebank
The bank's financial results came out before market open today. You can catch up on the most important details
@coindesk
:
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Rather, Powell emphasized that the Fed will talk about the tradeoffs of a digital dollar and discuss technical and policy questions with the public. fin/
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Powell responds: "We're not where we want to be on this ... We are aggressively recruiting, encouraging young minority kids to get interested in economics ... I'd be happy to come up and share it with you in detail. We're wide open to ideas and suggestions as well."
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"The economy has proven able to deal with [waves of COVID]. We're not living the downside cases we were concerned about in the first half of last year," Powell tells Rep. David Kustoff (R-TN).
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Steve Stivers (R-OH) asks if the Fed will be committed to working with private institutions on the digital dollar.
Powell is curt: "Yes, we will."
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"We need to have a functioning financial system that intermediates between savers and borrowers ... We need to be careful with our design of the digital dollar that doesn't undermine that healthy market based function," Powell said in answer to another McHenry q.
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How useful is ChatGPT for speeding up economics research?
@akorinek
and his students use it regularly for small tasks they wouldn't give to a human. Story in
@qz
:
#EconTwitter
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JUST IN: The US economy added 531,000 jobs in October, beating economists' expectations of 450,000 jobs.
Thread:
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Monkeypox is not an STD or STI. It's important that anyone be able to lookout for the signs of monkeypox and understand how not to spread it to vulnerable people. Story in
@qz
:
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"We need to be cautious not to design the systems of tomorrow with today’s limitation."
@jpmorgan
@AmberBaldet
@AmerBanker
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Powell said: "No I don't. We are the reserve currency of the world because of our democratic institutions and vibrant economy ... It's a very important decision we make.
There are potential pitfalls and issues around privacy in how you structure it."
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Powell answers Wagner: "We don't have a formula and won't have a formula. We want inflation to average 2% over time, we want expectation to be anchored at 2% and not below which is what we have now."
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Business schools are creating CEOs that lower wages, according to a new study.
This kind of cost cutting is good for share prices, but bad for employee retention and our society's welfare. Story in
@qz
:
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@zackseward
@RaoulGMI
@Travis_Kling
.
@zackseward
asks if bitcoin is a safe haven asset like gold?
@Travis_Kling
: One word answer is no, BTC is a risk asset. Investors are speculating that it may become a store of value or safe haven asset based on its characteristics.
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Another piece of what could be part of the stablecoin regulatory puzzle in the future: The
@FDICgov
is studying whether certain stablecoins might be eligible for deposit insurance.
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There’s a contractionary spiral that’s killing nursing homes at a faster pace than before the pandemic. Story from
@missanabeem
and me in
@qz
:
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JUST IN: The US economy added 431,000 jobs in March, slightly below economists' expectations of 493,000 jobs. 🧵
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The US could actually send rapid at-home tests and N95s to each household!
I feel for the WH in that the FDA's slow approval process is what's making rapid at-home tests more expensive here, but the mocking question here is actually a pretty reasonable policy idea.
Jen Psaki somewhat mockingly asks reporter at the White House Daily Press Briefing if the US should be sending out rapid
#COVID19
tests to every household.
In the UK you can order 1 pack (containing 7 tests) everyday.
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@La__Cuen
@nlw
@TheStalwart
@DoveyWan
.
@nlw
says that media isn't sure who should cover bitcoin--it's economics, a social movement and technology. It's developing globally instead of being exported tech from the US.
#InvestNYC
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Ben is a fantastic reporter. Hire him!
I've been impacted as part of the layoffs at The Messenger. It was a pleasure working with
@abebrown716
,
@dewalt
and the tech team there.
I look forward to continuing to cover AI and tech policy, but since I'm back on the market it's worth noting I've also covered everything
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Here at
#InvestNYC
, live tweeting a panel where
@zackseward
is talking to
@RaoulGMI
and
@Travis_Kling
about bitcoin's role in an uncertain environment. Thread to follow -->
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