WEBVTT - Ballet CEO Sees Bull Market for Bitcoin

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, we

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<v Speaker 1>did say earlier we had a wild run in cryptocurrencies

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<v Speaker 1>this week. You know, if you've been listening to Bloomberg

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<v Speaker 1>all week, sell off, bounce back back down again today.

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<v Speaker 1>As Charlie just mentioned, Bobby Lee is an entrepreneur in

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<v Speaker 1>the cryptocurrency space, recently founded Ballet, where he is CEO

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<v Speaker 1>as well. It is a multi currency, non electronic crypto wallet.

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<v Speaker 1>He's also author of a book I've Got in my Hand,

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<v Speaker 1>The Promise of Bitcoin, The Future of Money and how

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<v Speaker 1>it can work for you. He joins us on the

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<v Speaker 1>phone from Las Vegas. Bobby, nice to have you here

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<v Speaker 1>on Bloomberg Business Week. How are you good? Thank you

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<v Speaker 1>for having me. Well, it's great to have you here.

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<v Speaker 1>It's been an interesting year on so many different levels.

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<v Speaker 1>That's the understatement of the year as well. It's also

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<v Speaker 1>been an interesting, uh start to one when it comes

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<v Speaker 1>to cryptocurrencies. What do you make of the recent cryptomania.

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<v Speaker 1>We had some selling, we had to bounce back, we

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<v Speaker 1>had all utility. We're down again on crypto bitcoin was

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<v Speaker 1>down about ten per cent or so, what's the outlook

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<v Speaker 1>in your view? Yes, So, first of all, the context

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<v Speaker 1>is that this is the big bullmarket year from bitcoin.

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<v Speaker 1>She looked back a year ago, a big Clinton was

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<v Speaker 1>roughly just tent of where it was today. The bottom

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<v Speaker 1>of that thirty dollars in March April two twenty and

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<v Speaker 1>now we're already over sat. In fact, we reached an

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<v Speaker 1>all time high sixty thousand dollars that last month. So

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<v Speaker 1>with this context of brought a cont into the bull market,

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<v Speaker 1>we are seeing a a temperate pullback. Did pulled back

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<v Speaker 1>quite ferociously, seld by almost sixty from its all time

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<v Speaker 1>teeth just in the last few days. So does a

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<v Speaker 1>run up just mean though, you know, putting it in contact,

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<v Speaker 1>you said, this is a big bull market for bitcoin

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<v Speaker 1>this year. Does a run up in value just met

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<v Speaker 1>Does that somehow give something significance and relevance for the

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<v Speaker 1>longer term? It does because um, as my book I'm

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<v Speaker 1>trying to position. The way I explain is bitcoin is

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<v Speaker 1>really a global reserve asset class. It started out as

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<v Speaker 1>a very small sort of digital currency invented by socially

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<v Speaker 1>not Comoto, sort of very deep, very nerdy, kind of

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<v Speaker 1>cypherpunk kind of creation. But what we've come to see

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<v Speaker 1>over the last twelve years is that pform really has

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<v Speaker 1>a role in society in the sense that it truly

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<v Speaker 1>is an independent into the asset class that has a

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<v Speaker 1>strict limit on the issuance. So people may know Biquin

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<v Speaker 1>has opened the camp of twenty one million units, and

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<v Speaker 1>it was these two factors, the strict limit of twenty

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<v Speaker 1>one million, and also its own sort of independence, you know,

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<v Speaker 1>decentralized nature. It's really a beast that cannot be controlled

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<v Speaker 1>by by the government of the world, so it doesn't

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<v Speaker 1>sec come itself to the inflation that we see with

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<v Speaker 1>the US dollar and other currencies that's controlled by center

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<v Speaker 1>page printing. So now you know, the coin has already

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<v Speaker 1>reached one trillion dollars in total value. It's come back

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<v Speaker 1>down a bit in the reasonable back, but I think

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<v Speaker 1>it's didn't go much much higher than that. You know,

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<v Speaker 1>we are still, though, Bobby, trying to figure out is

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<v Speaker 1>it a currency, is it a commodity, is it a collectible.

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<v Speaker 1>I mean, we're still having these conversations. You do know

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<v Speaker 1>to that the U. S. Treasury, the Federal reserve, are,

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<v Speaker 1>you know, increasing their curiosity and wanting to know more

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<v Speaker 1>about it and trying to figure out what needs to

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<v Speaker 1>be there in terms of oversight. Could that drastically change

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<v Speaker 1>the dynamic of cryptocurrency as we see it today. Also

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<v Speaker 1>Number one miss no more is people misunderstand that currency

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<v Speaker 1>has to be something that you can spend with to

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<v Speaker 1>be valuable. I take a more traditional of your currencies,

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<v Speaker 1>really money and money even if it's sitting in my pocket,

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<v Speaker 1>even if it's sitting in my bank account, it's useful

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<v Speaker 1>to me even if it's not spent. So this is

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<v Speaker 1>the the important piece the currency. Like bitcoin, it doesn't

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<v Speaker 1>have to be useful only for spending. It can be

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<v Speaker 1>useful as an investment, as a head against installation, as

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<v Speaker 1>a store of value, and in that sense, I think

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<v Speaker 1>the bigpoint will be very successful. And with regards to regulation, yes,

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<v Speaker 1>they are very concerned about it because of the digunner

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<v Speaker 1>nature of its so called awesomeness where it can be

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<v Speaker 1>sent across the wire in contaneously all around the world.

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<v Speaker 1>So it really is different from the traditional money in

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<v Speaker 1>that sense. So that's why you have regulatory agencies all

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<v Speaker 1>over the world trying to stand down on bitcoin. But

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<v Speaker 1>fundamentally bitcoin as as its own sort of digital currency,

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<v Speaker 1>it hasn't changed even even with the Basically no one

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<v Speaker 1>can force to change it. What the regulatory agency can

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<v Speaker 1>do is force people's behavior to change around it, rather

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<v Speaker 1>than the bitcoin itself. Bobby, what do you do? I

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<v Speaker 1>work with a lot of smart people. I run into

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<v Speaker 1>a lot of smart people who are still like I

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<v Speaker 1>don't quite understand cryptocurrency. I don't understand it other than

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<v Speaker 1>it's maybe you know a place, a risky asset that

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<v Speaker 1>you can just make some money or lose a lot

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<v Speaker 1>of money as well. What do you say to them

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<v Speaker 1>that ultimately will be You say, it's going to transform

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<v Speaker 1>the global economy? How so? Well, so a few things

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<v Speaker 1>about those smart people. So a lot of smart people

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<v Speaker 1>in the world, a lot of successful investors. However, even today,

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<v Speaker 1>the vast majority of them don't understand it, don't get

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<v Speaker 1>And this is the reason why I wrote the book.

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<v Speaker 1>Give an example ten years ago when I first gone

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<v Speaker 1>in touch with bitcoin. Uh, this is my university being involved.

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<v Speaker 1>I was decently smart person to have a college degree

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<v Speaker 1>computer science and all that, but I was enormous, very newbie,

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<v Speaker 1>if you will, in terms of understanding bitcoin the fundamentals, philosophy,

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<v Speaker 1>the economics, and also the technology. So today bitcoin is

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<v Speaker 1>already twelve and a half years old. There's still a

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<v Speaker 1>lot of smart people in the world, educated people who

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<v Speaker 1>are very successful in their own right. But when they

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<v Speaker 1>see bitoin for the first time, to them, it's strange

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<v Speaker 1>and it's just not It doesn't. It doesn't rock. It

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<v Speaker 1>doesn't only in terms of what makes it so special.

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<v Speaker 1>So that's fine, It's just that bitcoint is very, very complicated. Uh.

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<v Speaker 1>You know, it took me a decade to really understand

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<v Speaker 1>it's the level that I have so far, and I

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<v Speaker 1>expect myself to really even learn more about it in

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<v Speaker 1>the coming next decade. Uh, in terms of how it

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<v Speaker 1>is going to change the world. What's amazing is that now,

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<v Speaker 1>for the first time in the world, we have a

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<v Speaker 1>unique asset class that is digital in nature that people

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<v Speaker 1>can stand around anywhere in the world, from person to

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<v Speaker 1>person without any third party's intervention, without any third party oversight. Now,

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<v Speaker 1>from the regular perspective, when something has no oversight and

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<v Speaker 1>no intervention ability, they worry naturally. So they worry because

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<v Speaker 1>they used to control things. They're used to controlling and

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<v Speaker 1>seeing all the bank wire transfers. They're used to controlling

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<v Speaker 1>how much among the people can withdraw from their accounts.

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<v Speaker 1>They're used to having limits and all that stuff, including

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<v Speaker 1>treating hours or stock markets. They used to all that

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<v Speaker 1>kind of control. The bitcoin is so new and radically different,

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<v Speaker 1>there's no way to control it. And that's how it

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<v Speaker 1>was invented. It was invented to be this wild sort

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<v Speaker 1>of animal that is not domesticated. So that's why it's

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<v Speaker 1>so hard to the people. So how does it become

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<v Speaker 1>a bigger part of the mainstream financial global economy if

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<v Speaker 1>it's expected to be this wild animal, which is fine,

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<v Speaker 1>but you got to know that going in. But how

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<v Speaker 1>that sounds to me a bit problematic to fitting into

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<v Speaker 1>kind of a stable system, especially if people are counting.

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<v Speaker 1>First of all, yeah, absolutely, you're right. First of all,

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<v Speaker 1>I'm not saying, nor are people saying that everyone has

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<v Speaker 1>to use. Remember this not enforced sort of thing, in

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<v Speaker 1>the sense that we are not forcing the world to

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<v Speaker 1>use big point is to get involved in bigcoin. What

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<v Speaker 1>it is as big point as a choice. So prior

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<v Speaker 1>to two thousand nine, prior to the invention a bigcoin,

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<v Speaker 1>people have no choice. If you want to send money

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<v Speaker 1>to someone abroad, you have to go through the banking system,

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<v Speaker 1>which is a swift international wire transfer, and there's all

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<v Speaker 1>sorts of limits, all sorts of delays, all sorts of

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<v Speaker 1>just critical stuff. That's very complicated with the sift wire trust.

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<v Speaker 1>For now, people have no choice, whereas today do you

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<v Speaker 1>have a choice. People who want to get involve qui differrency,

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<v Speaker 1>they can choose to send the money in bigcoin. They

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<v Speaker 1>can also choose to receive the money in bigcoins. And

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<v Speaker 1>don't forget spending money. Traditionally we talked about the world

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<v Speaker 1>is four dimensional, right when we talk about sending money,

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<v Speaker 1>we think of it in the three dimensions, as in

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<v Speaker 1>the phinsicality sending it from one they need to addict

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<v Speaker 1>to another country. But the fourth domaking, which is dimension

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<v Speaker 1>with client, is very very important, and that's why we

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<v Speaker 1>save money. The reason we have money in the bank

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<v Speaker 1>account is because we chose to not spend it all

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<v Speaker 1>on the doe earned it. That's an accumulation of the

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<v Speaker 1>money in our individual bank accounts. So money, as you

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<v Speaker 1>know it is really purposes to send it in time.

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<v Speaker 1>So let's say so is like if you're if you're

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<v Speaker 1>making an investment in something rather than X amount of

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<v Speaker 1>days to clear or something, and we can get into

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<v Speaker 1>a big discussion about somebody else having access to your

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<v Speaker 1>money for a few days and making a lot of

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<v Speaker 1>money on it at your expense. Are you saying that

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<v Speaker 1>the real value in cryptocurrencies is you can make that

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<v Speaker 1>purchase of and maybe let's say another asset class and

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<v Speaker 1>bitcoin and the transfer happens immediately. Well, I'm not. I'll

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<v Speaker 1>make sure instant question. So first of all, um, we're

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<v Speaker 1>talking about bigcoin more specifically than the currency brought because

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<v Speaker 1>scriptocurrency broadly has many of you what you call alternate points.

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<v Speaker 1>Many of them have promoters, they have all these crazy

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<v Speaker 1>values and I don't. I'm not a big supporter of those.

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<v Speaker 1>My book is unashamingly about bitcoin. Right. Yeah, In terms

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<v Speaker 1>of bitcoin, you talked about payments. This is one of

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<v Speaker 1>the misnomers people. People think bitcoin is not usedful. And

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<v Speaker 1>again these are the people who are interacting for the

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<v Speaker 1>first time. They challenge the question why bitcoin is useful

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<v Speaker 1>when you can't pay for groceries, pay for your online shopping,

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<v Speaker 1>you can't pay for your movie tickets in bitcoint right.

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<v Speaker 1>Tesla just recently did a walk back on the Tesla

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<v Speaker 1>in January firmly announced that you can buy Tesla cars

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<v Speaker 1>with bitcoin, and then just last week you must said nope,

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<v Speaker 1>we're going to cancel that. And the reason is tactly speaking,

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<v Speaker 1>nobody buys a Tesla with bitcoin, not not in the

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<v Speaker 1>right mind. I mean, who hasn't been pointed buy a Tesla?

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<v Speaker 1>So bigcoin should be much more viewed as money, as

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<v Speaker 1>an investment, as a vehicle to holding value as opposed

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<v Speaker 1>to the means of transaction as they I'm gonna buy

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<v Speaker 1>my day to day spending. So like gold, like, what's

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<v Speaker 1>what's Yeah, go ahead, So gold is is you know,

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<v Speaker 1>despite what the bankers and people try to say, gold

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<v Speaker 1>is not valuable. But the reality is governments all around

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<v Speaker 1>the world still very much support and believe in gold.

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<v Speaker 1>That's why they have thousands and thousands of tons of

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<v Speaker 1>gold in their reserves. So the bitcoin is known as

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<v Speaker 1>digital goal. Well, we've only got about forty seconds, you know,

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<v Speaker 1>left here. Unfortunately, you'll have to come back and talk

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<v Speaker 1>some more because it's it's this is a great conversation.

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<v Speaker 1>I mean, so, how will it impact most of us

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<v Speaker 1>or will it not impact most of us going forward,

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<v Speaker 1>and again just got about forty seconds, so that's the

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<v Speaker 1>main question. So it can impact most of us if

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<v Speaker 1>we choose to smartly investing big one. If we choose

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<v Speaker 1>to ignore it, then it's not going to impact you.

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<v Speaker 1>On that hand, be gonna be on the losing side

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<v Speaker 1>because whatever money you have in the bank account, that's

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<v Speaker 1>gonna loses purchasing for our over time. If you choose

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<v Speaker 1>to invest bitcoin, and this is why the subtitle is

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<v Speaker 1>how it can work for you, then it will impact

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<v Speaker 1>your life because now you've engaged your investment into this

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<v Speaker 1>asset class that can give an amazing return in the

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<v Speaker 1>next ten to fifteen and twenty years for longer investment,

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<v Speaker 1>I think bitcoin is the best thing that's happened. Alright,

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<v Speaker 1>we're gonna have to leave it on that note, come back.

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<v Speaker 1>I'm sure this is going to continue to be a

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<v Speaker 1>big conversation, certainly here at Bloomberg, and something that our

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<v Speaker 1>listeners and viewers on YouTube definitely want to hear about.

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<v Speaker 1>Bobby Lee. He is founder and CEO Ballet. It's a

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<v Speaker 1>multi currency, non electronic crypto wallet, author of the promise

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<v Speaker 1>of Bitcoin the Future Money and how it can work

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<v Speaker 1>for you on the phone from Las Vegas. Folks, that's

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<v Speaker 1>going to do it for a wild week. Check out

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<v Speaker 1>our Bloomberg Business Week podcast on Bloomberg Radio tomorrow d

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<v Speaker 1>eight eight am, and go to Bloomberg dot com for

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<v Speaker 1>all of our conversations