WEBVTT - Crypto Winter Meets Banking Crisis: A Tale of Three Banks

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<v Speaker 1>I'm Stacy Murray Ishmael, Managing editor of Crypto for Bloomberg News.

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<v Speaker 1>And this is Bloomberg Crypto, a daily Bloomberg I Hood podcast.

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<v Speaker 1>It's Friday, March seventeenth. Well, it has been another wild

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<v Speaker 1>week of financial mayhem, some of it connected to crypto,

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<v Speaker 1>some of it very trad fi because this time a

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<v Speaker 1>lot of that crisis has focused on banks. Stocks tumbled

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<v Speaker 1>today as fears grow over the stability of the banking industry,

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<v Speaker 1>now that two US banks have failed this morning. The

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<v Speaker 1>failure of two regional banks has revealed the delayed effect

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<v Speaker 1>of the federal reserves approach to fighting inflation, the biggest

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<v Speaker 1>bank collapse since the two thousand and eight financial crisis.

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<v Speaker 1>It all started earlier this year when Silvergate Cappit shut

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<v Speaker 1>down operations. The California based bank was known for being

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<v Speaker 1>one of the last remaining crypto friendly banks and counted

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<v Speaker 1>among its clients vega crypto companies like coin Base and Gemini.

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<v Speaker 1>But its most famous or infamous client, depending on your perspective,

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<v Speaker 1>was the now bankrupt crypto exchange FTX and its sister firm,

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<v Speaker 1>Alimeter Research. As these two former crypto giants faultered so

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<v Speaker 1>did Silvergate. In addition, Silvergate fell under increasingly intense regulatory scrutiny.

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<v Speaker 1>Then last Friday, just a week ago, the tech and

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<v Speaker 1>startup focused Silicon Valley Bank collapsed. Crypto didn't cause Silicon

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<v Speaker 1>Valley Bank to collapse. It actually had relatively low exposure

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<v Speaker 1>to digital assets at all. But what did happen is

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<v Speaker 1>that Circle, the issuer of the token known as USDC

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<v Speaker 1>the stable coin, revealed that it had a three billion

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<v Speaker 1>in dollar exposure to SVB. That led to some slightly

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<v Speaker 1>panicky investor response in the crypto markets and circles. Stable

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<v Speaker 1>Coin was markedly less stable over the weekend. By Sunday,

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<v Speaker 1>regulators had made it clay that they would make all

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<v Speaker 1>depositors whole. But at the same time, yet another bank

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<v Speaker 1>was getting seized. New York State regulators said they were

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<v Speaker 1>taking possession of Signature Bank. Now, Signature did have pretty

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<v Speaker 1>significant ties to the digital acid industry, both because it

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<v Speaker 1>had crypto companies who deposited money there, but also because,

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<v Speaker 1>like Silvergate, it ran a crypto FUCUS payments platform. Signature

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<v Speaker 1>Bank represented again one of the largest bank failures in

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<v Speaker 1>US history. So you've got these trio of bank closures,

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<v Speaker 1>two of which were actually crypto banks, one of which

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<v Speaker 1>did have exposure to crypto in the form of having

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<v Speaker 1>been one of the banks of choice for Circle. Confusingly enough,

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<v Speaker 1>there was a major bitcoin rally happening while all of

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<v Speaker 1>this was going down. What does this even mean in

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<v Speaker 1>the aftermath of one of what's been one of the

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<v Speaker 1>biggest weeks in finance so far this year, how has

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<v Speaker 1>the crypto industry faded and how does it move forward? Fortunately,

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<v Speaker 1>we're joined today by Chris Nigi, a senior executive editor

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<v Speaker 1>here at Boomberg and my boss. He joins us now

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<v Speaker 1>to talk more about the state of markets, crypto and otherwise. Chris,

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<v Speaker 1>Welcome back to the podcast. Hi, thank you for having

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<v Speaker 1>me Stacey. I feel like it's been an interesting time

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<v Speaker 1>in markets. Is that a fair assessment of the world

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<v Speaker 1>depending on what If your baseline is two thousand and eight,

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<v Speaker 1>maybe it's for a little sleepy but versus practically any

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<v Speaker 1>other time, I think it's fair to say we're at

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<v Speaker 1>an inflection point, an interesting time, and some of that

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<v Speaker 1>interestingness has manifested in institutions that are supposed to be

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<v Speaker 1>entirely outside of the universe of things. This podcast cares

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<v Speaker 1>about right there. There were three bank collapses in the

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<v Speaker 1>past two weeks. As we record this episode, credit suite

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<v Speaker 1>shares are at not looking like positive levels of what

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<v Speaker 1>you would want a bank to be at. We have

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<v Speaker 1>no idea what the next few days are going to

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<v Speaker 1>look like, and yet we have a Crypto rally. It's

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<v Speaker 1>so good. I mean, it's sort of everything come full

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<v Speaker 1>circle and there's a lot to unpack and what you

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<v Speaker 1>just describe these things. These are financial institutions that five

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<v Speaker 1>years ago probably no one would have associated with Crypto.

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<v Speaker 1>Certainly several of them probably wouldn't have existed unless Crypto

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<v Speaker 1>existed as well. But you're seeing Crypto as sort of

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<v Speaker 1>at least a purple player in all of the drama.

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<v Speaker 1>It's definitely interesting in that regard. I feel like the

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<v Speaker 1>rally to some degree, which is going to be the

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<v Speaker 1>most ironic the top in the entire time that we've

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<v Speaker 1>been covering this thing, is maybe a restoration of Crypto

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<v Speaker 1>to its somewhat peripheral role, the kind of renegade outside

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<v Speaker 1>a role that it first imagined himself as. Now that

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<v Speaker 1>to become because it did have its moment in the sun.

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<v Speaker 1>There was a period where I think people were under

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<v Speaker 1>pressure to believe the crypto is becoming part of the

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<v Speaker 1>institutional picture, and what's happened in the last couple of

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<v Speaker 1>months I think has been a pretty resounding rejection of

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<v Speaker 1>that idea and crypto being sort of kicked to the sideline,

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<v Speaker 1>kicked to the curb a little bit, and funnily enough,

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<v Speaker 1>that seems to be where it's most apt to thrive.

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<v Speaker 1>And now we're getting a rally because everyone's like, well,

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<v Speaker 1>good luck with your banking system. Maybe crypto isn't such

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<v Speaker 1>an awful thing after all. When you use the phrase

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<v Speaker 1>kick to the side, I mean, it's almost like that

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<v Speaker 1>metaphor really describes how US regulators in particular have been

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<v Speaker 1>treating this, Like there's this enormous narrative right now, and

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<v Speaker 1>I think it's a somewhat misleading one. On the merits

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<v Speaker 1>that the reason that Silicon Valley Bank silver Gates signature

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<v Speaker 1>went down, like the immediate proximate cause was crypto. The

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<v Speaker 1>reality is much more complex than that Silicon Valley Bank

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<v Speaker 1>in particular didn't actually have a heroic amount of exposure

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<v Speaker 1>at all to digital assets. But the crypto faithful have

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<v Speaker 1>really seized upon this idea that you're describing that it's like, well,

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<v Speaker 1>if you all don't want to bank us, we'll be

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<v Speaker 1>fine over here. We have defied, we have table coins.

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<v Speaker 1>We're going to figure this out. Yeah. Again, a million

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<v Speaker 1>little strands to connect. But one thing you can say

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<v Speaker 1>is that when big tectonic crises like destruct, your breakout.

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<v Speaker 1>And that's what it seems like. Certainly crypto didn't have

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<v Speaker 1>a role in the huge role in the siability mismatches

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<v Speaker 1>playing banks. Well, when you have the beginnings emanations of

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<v Speaker 1>a crisis and I I don't want to push you too far,

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<v Speaker 1>this is a day worth recording. When it looks particularly

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<v Speaker 1>grim for the financial system, that God knows how it'll

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<v Speaker 1>shake out. There are reasons to think that that's overborne

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<v Speaker 1>as well. But you can feel regulators coming into this

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<v Speaker 1>and operating in this with a kind of sentiment that

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<v Speaker 1>crypto is maybe a luxury that a we can afford,

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<v Speaker 1>and b is kind of part of the problem, and

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<v Speaker 1>that it's luring you know, it's a bubble phenomenon that

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<v Speaker 1>was luring a certain amount of kind of crime to

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<v Speaker 1>the borders of the financial system sort and they've seen

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<v Speaker 1>some pretty big blow up since our last discussion, and

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<v Speaker 1>tolerance for the kind of shenanigans that I think regulators

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<v Speaker 1>view Crypto is representing is pretty much zero at the moment,

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<v Speaker 1>so consciously or unconsciously seemed to be trying to chase

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<v Speaker 1>it out of a system that they're worried about, just

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<v Speaker 1>at it's sort of core. At this point. What I

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<v Speaker 1>find sort of fascinating is how this is now being

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<v Speaker 1>seized upon as a victory for and buy people who

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<v Speaker 1>over the weekend were like freaking out about Circles exposure

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<v Speaker 1>to one of those traditional banks to an extent that

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<v Speaker 1>caused circles stable coin to significantly deepeg from the dollar. Like,

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<v Speaker 1>how would you describe the psychology at play here? I mean,

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<v Speaker 1>where things start to move very fast, and going from

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<v Speaker 1>the favorite bank going under to giant Rowley and Kryptberry

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<v Speaker 1>is extremely fast. I think we can agree with that,

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<v Speaker 1>but it's as you've lived through these crisis periods before,

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<v Speaker 1>the speed with which history starts to unfold that is crazy.

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<v Speaker 1>And Crypto's favorite thesis the whole time has been that

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<v Speaker 1>when the banking system goes to proof, they'll be there

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<v Speaker 1>as sort of the inheritors of the dilapidated Kingdom. It

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<v Speaker 1>probably wasn't that difficult for them to jump from one

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<v Speaker 1>to the other, even though it was their bank. It

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<v Speaker 1>was their bank that went under. They maybe I agree

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<v Speaker 1>that they didn't cause it to go under, but the

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<v Speaker 1>dCas came past and furious, and look, is that clearly

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<v Speaker 1>the reason Bitcoin's going up? To be honest, that that

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<v Speaker 1>may be the reason. That's certainly a suggestion, and a

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<v Speaker 1>markets journalist, I've never convinced in any one one idea,

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<v Speaker 1>one explanation is clear way the right one, I would

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<v Speaker 1>point out. I mean, people thrown a lot of money

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<v Speaker 1>at things like the ARC Fund in the last week.

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<v Speaker 1>They've punters have been pouring money into regional bank stocks

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<v Speaker 1>of all things like Hope Springs Eternal. It may just

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<v Speaker 1>be the same ethic that's driving that. You know, we

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<v Speaker 1>had a big fallow in bond rates, not for good reasons,

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<v Speaker 1>but interest rates to go way down, and there's a

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<v Speaker 1>pavlon Van reaction and cryptos based to that as well.

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<v Speaker 1>So while the usurpers of the banking system thesis is

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<v Speaker 1>definitely the most attractive one to crypto proponents right now,

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<v Speaker 1>it's not clear that it's exactly that's it's indisputably the

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<v Speaker 1>reason for the rally we've seen. I'm going to use

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<v Speaker 1>this phrase only because there's like literally a dozen headlines

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<v Speaker 1>about it on the Bloomberg terminal right now, which is

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<v Speaker 1>credit to fold swaps. And in two thousand and eight,

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<v Speaker 1>there was this idea that you know, people would look

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<v Speaker 1>at the credit to fold swaps against the United States government,

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<v Speaker 1>which is essentially an armor get untrade. Right if you

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<v Speaker 1>think that the United States government is not going to

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<v Speaker 1>repay its debts, it sort of doesn't matter, like what's

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<v Speaker 1>your plan be here, Like you're talking, you're doing complete

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<v Speaker 1>financial armor get on. And so right now we're in

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<v Speaker 1>this situation in which the bitcoin and the crypto thesis

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<v Speaker 1>that you're describing is like, well, if all banks go bust,

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<v Speaker 1>bitcoin is going to persist. But what we've seen is

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<v Speaker 1>that if all banks go bust, getting in and out

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<v Speaker 1>of crypto becomes hard, if not untenable. So I think

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<v Speaker 1>what I find fascinating is the you know, it's almost

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<v Speaker 1>like that underwear gnomes Self park joke where they're like,

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<v Speaker 1>we're going to steal some underwear. There's going to be profit,

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<v Speaker 1>but in between is just a big question mark. I

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<v Speaker 1>think that that's fair. I mean, I wouldn't want to

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<v Speaker 1>say that there's absolutely no rail into crypto if the

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<v Speaker 1>banking system goes under by would agree, it's not the

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<v Speaker 1>all of the sort of convenient ways in Middle America

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<v Speaker 1>I access their crypto, their crypto bags would would would

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<v Speaker 1>presumably be gone. Are very much in the process of

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<v Speaker 1>being rooted out as it is. Never mind, the banking

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<v Speaker 1>crisis regulators seemed pretty peld bat. I mean, they've taken

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<v Speaker 1>down two of the big sort of conduits for that

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<v Speaker 1>specific task in the last you know, seven days. So

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<v Speaker 1>I think the crypto the bitcoin faithful would say, oh,

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<v Speaker 1>we never we never needed those conduits anyway, there's still

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<v Speaker 1>basically other ways to get into the bitcoin network. And indeed,

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<v Speaker 1>I think it's true that over this weekend lots of

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<v Speaker 1>them did. I think that was that sort of one

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<v Speaker 1>notable fact of the last seven days, that the amount

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<v Speaker 1>of crypto owning addresses surged over the weekend. So the

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<v Speaker 1>kind of rhymes with their theory and why why the

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<v Speaker 1>rally happened. Another theory is that there's a bunch of

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<v Speaker 1>whales to kind of control everything. It's kind of kind

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<v Speaker 1>of goes against that that thesis, you had a pretty

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<v Speaker 1>heterogeneous group of people deciding all at the same time

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<v Speaker 1>Saturday and Sunday to take a stab atus. So I

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<v Speaker 1>think you're right. I think that the dream of sort

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<v Speaker 1>of a seamless well some people sort of track five

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<v Speaker 1>stream of relatively seems give and take between the two systems,

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<v Speaker 1>seems like pretty much a pipe dream at this point.

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<v Speaker 1>I've no doubt that there are bitcoin masks Maximus stall

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<v Speaker 1>over the world. It would say we never needed that

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<v Speaker 1>stuff to begin with. We'll be right back with more

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<v Speaker 1>of the top crypto stories, joined by Bloomberg Senior Executive

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<v Speaker 1>editor Chris Niji. What about the defied people, Because one

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<v Speaker 1>of the storylines that I have found personally fascinating is

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<v Speaker 1>the fact that decentralized finance, this corner that's supposed to

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<v Speaker 1>be even further away from traditional banking than you know,

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<v Speaker 1>Bitcoin and ETHA, turned out to be heavily underpinned by

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<v Speaker 1>stable coins, which by definition are tied into traditional banking systems. Yeah,

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<v Speaker 1>they have they have to be feeling a little queezy

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<v Speaker 1>about that as well. But although that, I mean, let's

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<v Speaker 1>face it, that's the that's sort of the rarefied realm

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<v Speaker 1>of the absolute true believers, I'm sure, in spite of

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<v Speaker 1>the inconvenience that all of this is causing and their

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<v Speaker 1>general antipathy towards anything kind of new wavy and new

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<v Speaker 1>fangle that's going on, which you know is going to

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<v Speaker 1>rewide on de fight already has lar Joy that their

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<v Speaker 1>public posture is that at some level this is all

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<v Speaker 1>good and that this is precisely the environment that we

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<v Speaker 1>expected to thrive in when we're all the banks go

0:13:21.679 --> 0:13:24.000
<v Speaker 1>out of business. And as all of this is happening,

0:13:24.080 --> 0:13:28.360
<v Speaker 1>there are some pivotal foundational like pick some kind of

0:13:28.400 --> 0:13:32.480
<v Speaker 1>overblown metaphor court cases working their way to the system. Right.

0:13:32.520 --> 0:13:35.920
<v Speaker 1>You have the Securities and Exchange Commission versus Gray Scale

0:13:36.080 --> 0:13:39.040
<v Speaker 1>on the topic of whether Great Scale's Bitcoin trust will

0:13:39.040 --> 0:13:41.720
<v Speaker 1>be allowed to convert into an ETF. You have the

0:13:41.760 --> 0:13:45.400
<v Speaker 1>Security and Exchange Commission versus Ripple on the question of

0:13:45.400 --> 0:13:48.439
<v Speaker 1>whether Ripple is a security But going back to the

0:13:48.480 --> 0:13:50.640
<v Speaker 1>trod five thing, like, one of the dynamics that's playing

0:13:50.640 --> 0:13:52.720
<v Speaker 1>out right now with all of these banks collapsing is

0:13:53.120 --> 0:13:57.319
<v Speaker 1>which of the so called systemically important banks and institutions

0:13:57.320 --> 0:13:59.319
<v Speaker 1>will step in to save the day, or be allowed

0:13:59.320 --> 0:14:02.440
<v Speaker 1>to step into the day. Is there any sense at

0:14:02.480 --> 0:14:06.120
<v Speaker 1>all that you are getting, or that any of our

0:14:06.160 --> 0:14:08.880
<v Speaker 1>collegies are getting, that any of these major banks are

0:14:08.880 --> 0:14:10.760
<v Speaker 1>also looking at crypto as a place that they can

0:14:10.800 --> 0:14:14.640
<v Speaker 1>be like cleaning up on the cheap right now. If

0:14:14.679 --> 0:14:17.480
<v Speaker 1>that's happening, it's not. That's not known to me at

0:14:17.520 --> 0:14:20.440
<v Speaker 1>they have big, bigger problems. I mean, yeah, right, this

0:14:20.600 --> 0:14:24.920
<v Speaker 1>kind of upheaval frequently does sort of present big opportunities

0:14:25.040 --> 0:14:29.720
<v Speaker 1>and a kind of leavening of the forest where a

0:14:29.760 --> 0:14:32.800
<v Speaker 1>sort of new kind of initiatives same place. My sense

0:14:32.960 --> 0:14:36.800
<v Speaker 1>is that everyone is so worried right now. I mean, yes,

0:14:36.880 --> 0:14:40.320
<v Speaker 1>the very big systemically important banks are probably not really

0:14:40.360 --> 0:14:42.960
<v Speaker 1>at risk of any kind of insolvency thing or all

0:14:43.040 --> 0:14:45.640
<v Speaker 1>at two thousand and who knows, But that doesn't strike

0:14:45.680 --> 0:14:49.320
<v Speaker 1>me as the issue, except that they are counterparties with

0:14:49.840 --> 0:14:52.920
<v Speaker 1>a bank that appears to be in legitimate trouble right now,

0:14:53.080 --> 0:14:57.120
<v Speaker 1>credit suits. So whether or not they're holding conferences about

0:14:57.120 --> 0:15:00.200
<v Speaker 1>the bitcoin or the crypto opportunity at the moment, it

0:15:00.240 --> 0:15:03.800
<v Speaker 1>strikes me somewhat unlikely. I think longer term what you're

0:15:03.840 --> 0:15:09.200
<v Speaker 1>talking about is possibly realistic, although again away from any

0:15:09.320 --> 0:15:13.040
<v Speaker 1>legal stuff around gray scale, the regulatory response at the

0:15:13.080 --> 0:15:18.520
<v Speaker 1>moment seems really definitively the last thing we need on

0:15:18.560 --> 0:15:22.760
<v Speaker 1>our hands now is a bunch of crypto kook's muddying

0:15:22.960 --> 0:15:26.400
<v Speaker 1>the already pretty pretty murky waters. You know, it gives

0:15:26.440 --> 0:15:27.920
<v Speaker 1>me a joy to say that bit. That does seem

0:15:28.000 --> 0:15:31.560
<v Speaker 1>to be the direction of sort of the larger financial

0:15:32.120 --> 0:15:39.360
<v Speaker 1>institution at the moment. If you believed that FTX was

0:15:39.640 --> 0:15:42.760
<v Speaker 1>financially solvent and that they were separate from Alameda, or

0:15:42.800 --> 0:15:46.320
<v Speaker 1>if you believed that the condition of bitcoin miners would

0:15:46.320 --> 0:15:48.640
<v Speaker 1>have no bearing on the people who lent them a

0:15:48.640 --> 0:15:51.200
<v Speaker 1>bunch of uncollateralized money, then you have to have a

0:15:51.240 --> 0:15:55.600
<v Speaker 1>severe talking to to your like risk people about you know,

0:15:55.720 --> 0:15:58.080
<v Speaker 1>the risks that were proposed by those things. And now

0:15:58.120 --> 0:16:01.240
<v Speaker 1>to your points, we're seeing other banks that are currently

0:16:01.280 --> 0:16:03.600
<v Speaker 1>fine exposed to a bank that has all of the

0:16:03.640 --> 0:16:06.760
<v Speaker 1>trappings of not being so fine, which is like the

0:16:06.800 --> 0:16:08.440
<v Speaker 1>classic thing that happened in two thousand and eighths, and

0:16:08.440 --> 0:16:09.640
<v Speaker 1>the thing that came out in two thousand and eight

0:16:09.720 --> 0:16:12.040
<v Speaker 1>was supposedly that everybody was going to get better at

0:16:12.080 --> 0:16:14.280
<v Speaker 1>risk modeling, that the regulators were going to get better

0:16:14.320 --> 0:16:17.240
<v Speaker 1>at enforcing capital requirements and everything else. And yet here

0:16:17.240 --> 0:16:20.400
<v Speaker 1>we are again. So how come yeah? Right, Well, the

0:16:20.440 --> 0:16:22.840
<v Speaker 1>reason is that greed will always find a way. And

0:16:22.880 --> 0:16:26.600
<v Speaker 1>I think that every all of the best efforts of

0:16:26.880 --> 0:16:30.320
<v Speaker 1>regulators to stop the last crisis from happening, which is

0:16:30.520 --> 0:16:34.359
<v Speaker 1>what always happens, are not going to buy definition anticipate

0:16:34.400 --> 0:16:36.880
<v Speaker 1>the next crisis. Just the fact of nature. The people

0:16:36.880 --> 0:16:38.960
<v Speaker 1>are just too clever when it comes to greed. And

0:16:39.400 --> 0:16:42.800
<v Speaker 1>in describing what went on in bitcoin, that is the

0:16:42.880 --> 0:16:46.600
<v Speaker 1>long and short of everything, people were amazingly clever and

0:16:46.720 --> 0:16:49.040
<v Speaker 1>how they tried to ring money out of this thing.

0:16:49.120 --> 0:16:52.800
<v Speaker 1>They there were some actually legitimate innovations in the area

0:16:52.800 --> 0:16:56.440
<v Speaker 1>of future is trading. The defy itself has really got

0:16:56.480 --> 0:16:58.720
<v Speaker 1>some interesting stuff going on as far as market making,

0:16:58.720 --> 0:17:01.520
<v Speaker 1>et cetera. So there was a huge amount of innovation

0:17:01.600 --> 0:17:04.320
<v Speaker 1>that nobody could possibly have foreseen. On the other hand,

0:17:04.560 --> 0:17:07.320
<v Speaker 1>there was a bunch of people who were too young

0:17:07.480 --> 0:17:10.560
<v Speaker 1>to have lived through the real counterparty risk wars that

0:17:10.600 --> 0:17:13.520
<v Speaker 1>you're describing, and to put it mildly, there was some

0:17:13.560 --> 0:17:16.920
<v Speaker 1>foolishness going on. There are people who just hadn't heard

0:17:16.920 --> 0:17:20.720
<v Speaker 1>of all the stuff. It's this ongoing meme in crypto,

0:17:20.840 --> 0:17:24.360
<v Speaker 1>this idea that everything needs to be re experienced by

0:17:25.000 --> 0:17:28.920
<v Speaker 1>the new population that clearly was the main thing. There

0:17:29.040 --> 0:17:32.280
<v Speaker 1>is a big dose of innovation, of legitimate innovation. I

0:17:32.280 --> 0:17:35.840
<v Speaker 1>mean innovation could also have been used to describe things

0:17:35.880 --> 0:17:39.600
<v Speaker 1>like CDOs and etc. That's not always the greatest thing

0:17:39.600 --> 0:17:41.879
<v Speaker 1>in the world for the stability of the financial system.

0:17:42.160 --> 0:17:46.280
<v Speaker 1>But I would argue, given the much fonted intellectual power

0:17:46.320 --> 0:17:50.280
<v Speaker 1>that's always touted around crypto and also existed around things

0:17:50.320 --> 0:17:52.680
<v Speaker 1>like investment, banking and trading in two thousand and eight,

0:17:53.160 --> 0:17:58.200
<v Speaker 1>it's impossible for anyone to anticipate exactly how to regulate

0:17:58.240 --> 0:18:00.960
<v Speaker 1>it and keep it from blow wearing up more ors.

0:18:01.080 --> 0:18:04.240
<v Speaker 1>It's just going to be sort of a cyclical thing

0:18:04.280 --> 0:18:07.000
<v Speaker 1>that occurs in the world. Thank you, Chris, appreciate you

0:18:07.040 --> 0:18:09.879
<v Speaker 1>being on the show. Thank you for having me. That

0:18:10.000 --> 0:18:13.480
<v Speaker 1>was Bloomberg Senior Executive Editor Chris Nig. You can find

0:18:13.520 --> 0:18:15.399
<v Speaker 1>more of his work on the Bloomberg terminal and on

0:18:15.400 --> 0:18:23.360
<v Speaker 1>Bloomberg dot com. This is Bloomberg Crypto, a daily podcast

0:18:23.400 --> 0:18:26.800
<v Speaker 1>from Bloomberg and iHeartRadio. For more shows from iHeartRadio, visit

0:18:26.840 --> 0:18:30.840
<v Speaker 1>the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

0:18:31.280 --> 0:18:34.440
<v Speaker 1>A quick programming note for you We're working on something

0:18:34.520 --> 0:18:37.439
<v Speaker 1>new that expands on how we're covering crypto and the

0:18:37.440 --> 0:18:40.200
<v Speaker 1>future of finance, and we'll be back soon to tell

0:18:40.240 --> 0:18:43.440
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<v Speaker 1>To stay in touch with Bloomberg Crypto, you can find

0:19:00.400 --> 0:19:04.000
<v Speaker 1>out coverage as always at Bloomberg dot com slash Crypto.

0:19:07.560 --> 0:19:11.280
<v Speaker 1>The supervising producer of Bloomberg Crypto is Vicky Vergelina. Our

0:19:11.320 --> 0:19:15.159
<v Speaker 1>senior producer is Janet Babin. Our producers are Mohammed Faroup

0:19:15.200 --> 0:19:18.600
<v Speaker 1>and Sharon Barrero. Our associate producers are Ty Butler and

0:19:18.680 --> 0:19:22.960
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0:19:23.040 --> 0:19:27.800
<v Speaker 1>music by Leo Sidrin. I'm Stacy Marie schml We'll be

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<v Speaker 1>back tomorrow