WEBVTT - MLIV Pulse: Most Crypto Investors Want Regulation 0:00:02.480 --> 0:00:05.480 This is Bloomberg Crypto, a daily Bloomberg I Heart podcast, 0:00:05.680 --> 0:00:08.559 and I'm Stacy Marie Ishmael, Managing editor of Crypto for 0:00:08.600 --> 0:00:26.360 Bloomberg News. It's Thursday, November ten. One of the things 0:00:26.360 --> 0:00:29.960 about the Bloomberg News room is we are very into data. 0:00:30.560 --> 0:00:32.840 As part of that, my colleagues on the Markets Live 0:00:32.880 --> 0:00:36.560 team do a weekly investors survey asking questions about different 0:00:36.560 --> 0:00:40.120 elements of financial markets. It's called the m Live Pulse 0:00:40.240 --> 0:00:43.800 Survey for the Markets Live team taking the pulse of 0:00:43.840 --> 0:00:48.279 financial markets in October, that team asked investors for their 0:00:48.280 --> 0:00:52.640 opinions about crypto. Obviously, Bloomberg Senior editor from Markets Kasha 0:00:52.680 --> 0:00:55.000 KLi Manschinska is part of the Markets Live team and 0:00:55.040 --> 0:00:57.760 responsible for these surveys. I think you know that retail 0:00:57.800 --> 0:01:00.840 and professional investors may be investing, and it's coming for 0:01:00.880 --> 0:01:03.720 different reasons. She joins me today. Along with Bloomberg reports 0:01:03.720 --> 0:01:06.520 of Vildana Harreck, crypto has been moving in the same 0:01:06.560 --> 0:01:10.320 way that stacks have been moving basically all year long. 0:01:10.480 --> 0:01:16.720 To talk about the crypto results, Kasha, Buldana, so good 0:01:16.720 --> 0:01:18.399 to have you on the show today. I feel like 0:01:18.480 --> 0:01:22.840 we just barely scraped out what certain types of traders 0:01:22.880 --> 0:01:27.559 were calling October right, this idea that October just about 0:01:27.680 --> 0:01:32.080 managed to end the month in crypto higher than where 0:01:32.160 --> 0:01:35.240 it started, and it was a bit of a slug, 0:01:35.280 --> 0:01:37.200 but but we got there. And one of the other 0:01:37.240 --> 0:01:39.920 things that we got to in October and Casha, I 0:01:40.080 --> 0:01:43.080 love your perspective on this is what I thought. It 0:01:43.120 --> 0:01:45.720 was a little bit of a surprising result from some 0:01:45.880 --> 0:01:51.840 investors that your team pulled about, you know, crypto market sentiment. 0:01:52.240 --> 0:01:53.920 Tell us a little bit more about what your findings 0:01:53.920 --> 0:01:56.840 were and where these findings came from. Yeah, thanks for asking. 0:01:57.080 --> 0:02:02.320 So my team halls very broad group of investors every week. 0:02:02.920 --> 0:02:07.120 So there are portfolio managers, sell side by side traders, 0:02:07.160 --> 0:02:11.200 even some executives, and of course retail investors. So every 0:02:11.240 --> 0:02:13.880 week we asked them about something different. You know, one 0:02:13.919 --> 0:02:17.440 time it's strong dollar, the other time it's treasuries, and 0:02:17.480 --> 0:02:21.240 then the meme stocks, and this time we asked about bitcoin. 0:02:21.919 --> 0:02:24.280 We found a lot of interesting things, but one of 0:02:24.320 --> 0:02:27.959 them was that they expect bitcoin to kind of stabilize 0:02:28.840 --> 0:02:31.240 in and trade in what you would say would be 0:02:31.280 --> 0:02:35.800 a narrow range come compared to where the bitcoin went 0:02:35.919 --> 0:02:38.799 over the past year, where it was all over the place, right, 0:02:38.800 --> 0:02:41.960 So now investors that are saying it will stay between 0:02:42.280 --> 0:02:46.760 eighteen thousand and twenty five thousand dollars, which is still 0:02:46.800 --> 0:02:49.120 a wider range than's treading out right now, where it's 0:02:49.120 --> 0:02:54.000 basically between like eighteen and twenty thou five hundred dollars, right, 0:02:54.040 --> 0:02:55.720 And then you can also argue that it's kind of 0:02:55.760 --> 0:02:59.560 a positive outlook. I mean, it is both downside and upside, 0:02:59.560 --> 0:03:01.639 but not to the extremes, right. I Mean, we did 0:03:01.680 --> 0:03:04.919 a similar survey a couple of months ago, and back 0:03:04.960 --> 0:03:07.680 then people were expecting BIT going to go to the 0:03:07.720 --> 0:03:10.880 ten thousand alaris or even lower. So this time you 0:03:10.880 --> 0:03:13.800 could argue that investors are actually more optimistic about the 0:03:13.800 --> 0:03:19.120 crypto asset Filana. What other signs of optimism are you 0:03:19.120 --> 0:03:21.560 seeing in the markets, whether in in folks that you're 0:03:21.560 --> 0:03:23.560 talking to, or just what you're seeing in fun flus 0:03:23.639 --> 0:03:26.960 or other areas. I like to focus on the macro pictures. 0:03:27.000 --> 0:03:31.160 So when I speak with investors, crypto investors, scripto strategy samalists, 0:03:31.200 --> 0:03:34.280 I always asked about what's going on with the economy 0:03:34.400 --> 0:03:36.640 with what they're seeing in terms of what the Federal 0:03:36.720 --> 0:03:39.280 Reserve is doing. Because we know that all of those 0:03:39.280 --> 0:03:41.960 actions by the FED in terms of them raising interest 0:03:42.080 --> 0:03:45.640 rates this year is really what's weighed on risky assets, 0:03:45.680 --> 0:03:49.920 including cryptocurrencies. So within the stock market, and this has 0:03:49.960 --> 0:03:52.760 happened so many times this year. I think something like 0:03:52.920 --> 0:03:57.960 five or six times we've seen stocks rallying because investors 0:03:57.960 --> 0:04:01.200 are expecting a so called pivot from the FED. Now 0:04:01.360 --> 0:04:04.360 that word actually means different things to different people. For some, 0:04:04.560 --> 0:04:06.720 it means that the FED is going to stop hiking 0:04:06.720 --> 0:04:08.920 interest rates. For others, it just means that they're going 0:04:08.920 --> 0:04:11.400 to be less aggressive. And we know crypto has been 0:04:11.400 --> 0:04:14.760 moving in the same way that stocks have been moving 0:04:14.840 --> 0:04:18.320 basically all year long, and so some are expecting that 0:04:18.400 --> 0:04:21.080 if we do see this FED pivot, whatever it may 0:04:21.120 --> 0:04:23.200 mean or whatever it may look like, that we could 0:04:23.200 --> 0:04:27.760 also have a turn and sentiment for cryptocurrencies. And Kasha, 0:04:28.040 --> 0:04:31.640 to Danna's point about the macro environments, one of the 0:04:31.680 --> 0:04:35.960 biggest macro themes that's been not just influencing crypto with 0:04:36.160 --> 0:04:40.000 driving crypto is regulation. What did the Market's Life Pulse 0:04:40.040 --> 0:04:42.960 survey have to say about regulation? Yeah, so I think 0:04:43.000 --> 0:04:46.720 we're quite surprised by this fine thing. So we ask 0:04:46.839 --> 0:04:50.680 investors if they think not only regulations, but also enforcement 0:04:51.480 --> 0:04:55.120 is positive forever. It will make them buy more invest 0:04:55.200 --> 0:04:58.000 more in crypto. And they said yes. So according to 0:04:58.080 --> 0:05:00.920 again this broad group of investors, some of them might 0:05:00.920 --> 0:05:03.680 be crypto enthusiasts, some of them might be skeptics, but 0:05:03.720 --> 0:05:06.920 they overall they seem to be saying, okay, taking Bitcoin 0:05:07.000 --> 0:05:09.920 and other cryptosis out of the so called wild West 0:05:10.360 --> 0:05:14.280 and into the main stream traditional investing, it's good for us. 0:05:14.320 --> 0:05:16.240 That's where we are willing to look into it and 0:05:16.360 --> 0:05:22.960 added to our postfolios. And when you say abroad group, 0:05:23.800 --> 0:05:26.800 you know, we had and it was more than five respondents. 0:05:26.800 --> 0:05:29.160 I think the exact number was five hundred and sixty four, 0:05:29.680 --> 0:05:33.720 and sixty percent of those respondents said that they thought 0:05:33.720 --> 0:05:37.840 the recent space of legal action, including enforcement, was positive 0:05:37.880 --> 0:05:41.359 for crypto. I was really interested in the breakdown between 0:05:41.400 --> 0:05:45.680 folks who identified themselves as like retail investors and professional 0:05:45.720 --> 0:05:49.760 investors on this question, because the retail investors said that, 0:05:50.040 --> 0:05:52.560 you know, sixty of the retail investors said they will 0:05:52.640 --> 0:05:55.080 be more likely to invest in crypto because of this 0:05:55.120 --> 0:05:58.560 grace enforcement, but only fifty six percent of the professional 0:05:58.600 --> 0:06:01.880 investors said the same, Which is I think that to 0:06:01.920 --> 0:06:04.080 me that that breakes me as unusual because a lot 0:06:04.160 --> 0:06:08.680 of the the rhetoric around we want regulatory clarity seems 0:06:08.720 --> 0:06:12.200 to have come from the institutional space. Do we have 0:06:12.240 --> 0:06:14.719 any theories as to why we had the split between 0:06:14.800 --> 0:06:18.120 retail and professional on this question? Oh sure, yeah, And 0:06:18.360 --> 0:06:20.360 I think Bill Dana can probably talk about it a 0:06:20.400 --> 0:06:22.719 little bit as well. But I think you know that 0:06:23.120 --> 0:06:27.560 retail and professional investors maybe investing in bitcoin for different reasons, right, 0:06:27.600 --> 0:06:30.679 I mean, I think for some retail investors is making 0:06:30.720 --> 0:06:34.320 some kind of a statement being independent from the mainstream 0:06:34.440 --> 0:06:38.039 financial system, whereas for professional investors, I think it's going 0:06:38.040 --> 0:06:40.479 another Crypto assets might have a little bit of a 0:06:40.640 --> 0:06:43.880 diversification element to them. And again I think Bill Dana 0:06:43.920 --> 0:06:46.960 has already mentioned that a little bit that B's going 0:06:47.440 --> 0:06:50.800 so far this year has been moving in tandem with 0:06:50.839 --> 0:06:54.560 some other financial assets, which I think for some professional 0:06:54.600 --> 0:06:57.640 investors might actually be a negative. Right. They were looking 0:06:57.680 --> 0:07:00.000 for something that will be moving in a different way. 0:07:00.320 --> 0:07:03.200 So if the entire market is impacted by the FED, 0:07:03.720 --> 0:07:05.920 they want to have something in their portfolio that will, 0:07:06.080 --> 0:07:08.640 you know, not go down with the other assets or 0:07:08.960 --> 0:07:11.720 not go up, And they may be thought that bitcoin 0:07:11.760 --> 0:07:14.320 would play that role. But again, so far this year, 0:07:14.960 --> 0:07:18.240 it seems that know that unfortunately bitcoin is kind of 0:07:18.840 --> 0:07:21.440 you know, joining the race with with with other assets, 0:07:21.480 --> 0:07:23.960 and that might just not be as attractive for some. 0:07:24.400 --> 0:07:25.920 And if I can just add a little bit to this, 0:07:26.080 --> 0:07:28.480 I also love the quote that we had in the story, 0:07:28.560 --> 0:07:31.720 mostly because I got this quote, but also because it's 0:07:31.720 --> 0:07:33.800 really good and it's that the more regulators can get 0:07:33.800 --> 0:07:36.080 crypto out of the wild West, that's the key phrase, 0:07:36.320 --> 0:07:39.080 and into traditional investing, the better off it's going to be. 0:07:39.560 --> 0:07:41.840 And I think when we've talked about this on this 0:07:41.880 --> 0:07:45.560 podcast before, where there's this sort of never ending hope, 0:07:45.600 --> 0:07:48.680 there's never ending optimism within the crypto space, especially on 0:07:48.720 --> 0:07:52.120 the part of retail investors, where the feature is always 0:07:52.120 --> 0:07:54.760 going to be bright if you are a sort of 0:07:55.080 --> 0:07:58.360 true believer in the space. So that's I think part 0:07:58.360 --> 0:08:01.200 of it. But the other part not to to tamp 0:08:01.240 --> 0:08:03.360 down on the party too much. But I think there's 0:08:03.360 --> 0:08:06.120 a difference between people saying that they'd be interested in 0:08:06.160 --> 0:08:09.280 the space if there's greater regulation and actually them waiting 0:08:09.320 --> 0:08:12.960 into the space were we to see greater enforcement. I'm 0:08:13.000 --> 0:08:15.680 reminded of an editor who used to say that you know, 0:08:15.880 --> 0:08:19.560 the best survey of market sentiments is the prices themselves, 0:08:20.200 --> 0:08:25.840 and they've been quote unquote boring recently. Bitcoin is boring well. 0:08:25.920 --> 0:08:29.400 According to one of the questions in the survey. We 0:08:29.480 --> 0:08:31.680 also ask people like, what what's one word you think 0:08:31.720 --> 0:08:34.920 of when we say bitcoin and with a like lovely 0:08:34.960 --> 0:08:37.079 little word cloud And there were a few that were 0:08:37.120 --> 0:08:41.680 all roughly the same size and they were bubble, volatile, future, 0:08:41.880 --> 0:08:47.160 ponzi and scam. So I mean, despite the shall we say, 0:08:47.320 --> 0:08:51.480 measured enthusiasm about the possibility of investing more, it seems 0:08:51.520 --> 0:08:58.160 that there's also a degree of concern about the robustness 0:08:58.280 --> 0:09:01.719 of this ecosi them and Filana. One of the things 0:09:01.760 --> 0:09:04.000 that we started to observe, in addition to a d 0:09:04.160 --> 0:09:06.240 percent increase in the price of Devote over the past 0:09:06.280 --> 0:09:11.040 couple of days, is as bitcoin is both you know, 0:09:11.120 --> 0:09:15.640 quote unquote boring, but also other elements in crypto. The 0:09:15.679 --> 0:09:18.920 more the bigger and more traditional tokens are providing less 0:09:18.920 --> 0:09:21.080 and less of a hedge, we are starting to see 0:09:21.120 --> 0:09:24.920 people look for alpha elsewhere, right, and in some cases 0:09:24.920 --> 0:09:27.960 that might be the meme coins. In some cases it 0:09:28.080 --> 0:09:31.640 might be defy. Do you think we're at a point 0:09:31.760 --> 0:09:36.080 in crypto where folks start to chase like yields at 0:09:36.120 --> 0:09:40.920 any costs, no matter the risk profile. I'm not sure 0:09:41.120 --> 0:09:44.880 because so I've been talking to people about this recently 0:09:44.920 --> 0:09:48.120 because bitcoin has been so quote unquote boring. So the 0:09:48.240 --> 0:09:51.040 question is whereas over the last couple of years, you 0:09:51.040 --> 0:09:55.000 could implement any number of wild trading strategies and you 0:09:55.040 --> 0:09:56.880 could go there if you are a super high risk, 0:09:56.960 --> 0:09:59.600 high adrenaline person, you could wait into the space and 0:10:00.760 --> 0:10:04.200 actually make a lot of money very quickly if you 0:10:04.360 --> 0:10:05.920 knew what you were doing, if you knew how to 0:10:05.960 --> 0:10:09.360 trade some of these these strategies. And so now the 0:10:09.480 --> 0:10:13.600 question is what are people doing if volatility has come 0:10:13.760 --> 0:10:16.720 way down where you have comparisons to the stock market 0:10:16.720 --> 0:10:20.199 and on some days you have Bitcoin just like wavering 0:10:20.240 --> 0:10:23.440 around a certain level and stocks just going like nuts 0:10:23.480 --> 0:10:25.679 all the time. And you see a lot of people 0:10:25.720 --> 0:10:28.880 making that comparison and saying, well, crypto is now less volatile. 0:10:29.440 --> 0:10:32.120 And then also we just have not really had a 0:10:32.200 --> 0:10:37.679 catalyst that's helped prices breakout upwards. We had an announcement 0:10:37.679 --> 0:10:40.480 from black Rock where they had a partnership with coin 0:10:40.600 --> 0:10:45.320 coin base, the crypto exchange, and prices basically did nothing. 0:10:45.400 --> 0:10:48.280 So even this huge, huge announcement wasn't able to shake 0:10:48.640 --> 0:10:50.800 things out of the sort of dul drums that that 0:10:50.880 --> 0:10:53.439 we've seen. So I have been asking people like, how 0:10:53.440 --> 0:10:57.600 are you making money now? Some are, you know, utilizing 0:10:58.280 --> 0:11:00.480 sort of sort of traditional strategies where and they see 0:11:00.480 --> 0:11:03.839 bitcoin prices go down, they waited in and they buy 0:11:03.880 --> 0:11:06.520 around seventeen or eighteen thousand. But then also you have 0:11:06.600 --> 0:11:11.800 people implementing like different options strategies and for some that's working, 0:11:11.840 --> 0:11:14.720 and and there are other strategies like marketing initial strategies, 0:11:14.840 --> 0:11:17.240 these like weird wonky things that people out there just 0:11:17.360 --> 0:11:20.360 looking to find ways to to make things a bit 0:11:20.400 --> 0:11:24.520 more exciting. We'll be right back with more from Bloomberg 0:11:24.559 --> 0:11:40.720 Reports of Aldonna Harrick and senior editor from Markets, Kasha Klimasenska. Kasha, 0:11:40.840 --> 0:11:46.200 going back to the word bubble, right, going back to 0:11:46.240 --> 0:11:50.240 the word bubble, you know, risk was there about the 0:11:50.320 --> 0:11:53.719 same size as the word value. And the way that 0:11:53.800 --> 0:11:56.320 word clouds or word bubbles work is you know, you 0:11:56.400 --> 0:11:58.000 kind of like match the size of the thing to 0:11:58.040 --> 0:12:00.840 the number of responses. But one of the ones that 0:12:00.880 --> 0:12:03.520 was kind of still up there was gambling. So it 0:12:03.559 --> 0:12:07.960 does seem like there's still a perception, especially among institutional investors, 0:12:08.400 --> 0:12:11.240 that even if the volatility is reduced, the risk profile 0:12:11.280 --> 0:12:13.280 of crypto overall is still high. Do you do you 0:12:13.280 --> 0:12:16.240 think that's a fair characterization of the findings. I mean, 0:12:16.280 --> 0:12:18.439 that's kind of what we were trying to find out 0:12:18.520 --> 0:12:20.760 with this fall, and I actually going out of it. 0:12:21.000 --> 0:12:23.640 I'm not sure I got the answer because you know, yeah, 0:12:23.720 --> 0:12:25.679 the gambling is there, but again, you know, it's also 0:12:25.679 --> 0:12:27.960 a palsy and future. I think it's kind of you know, 0:12:28.720 --> 0:12:31.920 gambling is still award that is associated with it's going 0:12:31.960 --> 0:12:33.599 but um, and I can't feel then I might have 0:12:33.640 --> 0:12:36.440 a different opinion opinion, but I think it has been 0:12:36.480 --> 0:12:40.240 gradually going away over the last year, and the more 0:12:40.360 --> 0:12:44.840 there's regulation and putting crypto into the main stream that 0:12:44.960 --> 0:12:47.960 the more the gambling aspect will will go away. Right. 0:12:48.320 --> 0:12:52.280 But it's also I think because this year overall, I mean, 0:12:52.400 --> 0:12:54.319 correct me if I'm wrong, but I think this is 0:12:55.080 --> 0:12:58.800 the year of risk off right and going with the safest. 0:12:58.800 --> 0:13:00.959 I mean, the best bad you could have made this 0:13:01.040 --> 0:13:03.880 year would have been too bet on the dollar, and 0:13:04.320 --> 0:13:07.440 you know, imagine that. Ask my grandma and she would 0:13:07.440 --> 0:13:11.640 have told you that it's not a risky that at all. 0:13:12.920 --> 0:13:14.480 So I think I guess that's a question that we 0:13:14.520 --> 0:13:16.520 have to ask again three months from now and we'll 0:13:16.920 --> 0:13:21.080 see what people say. Indeed, Um, two other questions that 0:13:21.120 --> 0:13:25.880 you did ask in the survey were around the flippening, 0:13:27.280 --> 0:13:30.280 which is frankly, let's be clear, this is a terrible word, 0:13:30.679 --> 0:13:33.960 but what that word refers to is the idea that ether, 0:13:34.160 --> 0:13:36.600 which is the second largest token by market value, could 0:13:36.679 --> 0:13:41.200 overtake Bitcoin. And you know, I think it's like only 0:13:41.240 --> 0:13:44.160 a third of those polled in the surveys that they 0:13:44.160 --> 0:13:46.880 think the flippening could happen in the next two years, 0:13:46.880 --> 0:13:50.800 which is about the same that folks got in July. 0:13:51.559 --> 0:13:54.240 And you know, you there was also this lovely quote 0:13:54.400 --> 0:13:56.360 in the story did you get this one as well? 0:13:56.360 --> 0:14:00.960 Build on a possibly for sure um from Victoria Green 0:14:00.960 --> 0:14:04.040 of the Squared Private Wealth, which said, it's almost like 0:14:04.040 --> 0:14:06.560 a religion. If you believe, you will always believe, no 0:14:06.600 --> 0:14:09.120 matter the price or the headwinds. And cash is just 0:14:09.120 --> 0:14:11.240 on that note, a question for you, are there any 0:14:11.280 --> 0:14:14.600 other asset classes that you or the folks on Markets 0:14:14.600 --> 0:14:17.680 Life cover that have this like similar grounding and belief 0:14:18.280 --> 0:14:21.560 rather than say fundamentals. Oh yeah, that's a good question. 0:14:21.560 --> 0:14:24.040 I would say probably not. I mean, you know, most 0:14:24.120 --> 0:14:26.400 of the faults that we talked to every day, they 0:14:26.400 --> 0:14:29.800 do look at fundamentals and data all the time, right, 0:14:29.840 --> 0:14:32.600 That's that's all They live in the world of excels 0:14:32.640 --> 0:14:36.480 and spreadsheets. But yeah, I would definitely give it to Bitcoin. 0:14:36.560 --> 0:14:40.680 They they built quite a brand. Um. Nothing seems to 0:14:40.680 --> 0:14:44.400 be able to take it away, even this boring range 0:14:44.440 --> 0:14:47.000 that it is trading in right now. And that's also 0:14:47.040 --> 0:14:50.120 why you have where it's like flippening in October and 0:14:50.160 --> 0:14:53.560 all these different memes, and it's basically like everybody has 0:14:53.600 --> 0:14:56.400 their own lexicon within the space because it's a little 0:14:56.400 --> 0:14:59.360 tight knit community and they speak with one another, and 0:14:59.400 --> 0:15:01.400 then you have these words sort of crop up or 0:15:01.840 --> 0:15:04.480 or be sort of made out of thin air, right, 0:15:04.520 --> 0:15:06.720 and because it's a way of identifying that you're part 0:15:06.720 --> 0:15:09.880 of the in group. Terrific. Well, Casha, maybe we will 0:15:09.880 --> 0:15:12.280 see you in three months, I hope. So all right, 0:15:12.600 --> 0:15:15.240 thank you for being on. Appreciate you both, Thank you, 0:15:15.360 --> 0:15:19.760 Thank you. You can find more of their reporting on 0:15:19.800 --> 0:15:22.680 the Bloomberg Terminal, on Bloomberg dot com and on Twitter. 0:15:23.240 --> 0:15:26.640 Vildonna is at Vildonna Harrick. That's v I L D 0:15:26.760 --> 0:15:29.960 E N A H A g R I C. And 0:15:30.160 --> 0:15:34.400 Kasha is k Klimashinska. That's the letter K and then 0:15:34.720 --> 0:15:43.160 K L I M A s I N S k Hi. 0:15:43.480 --> 0:15:46.640 It's Dusta and the Bloomberg Crypto podcast team. It's been 0:15:46.720 --> 0:15:50.120 a dramatic week in crypto with the sudden troubles of 0:15:50.200 --> 0:15:54.120 sand Bankman Freed's ftx dot Com prompting a bailout offer 0:15:54.240 --> 0:15:58.240 from its biggest rival, Binance Holdings, only for the deal 0:15:58.320 --> 0:16:01.400 to fall through. We'll have the latest on the deal 0:16:01.480 --> 0:16:04.080 that wasn't and what it means for investors on the 0:16:04.160 --> 0:16:11.320 next This week in Crypto, This is Bloomberg Crypto, a 0:16:11.440 --> 0:16:14.800 daily podcast from Bloomberg and I Heart Radio. For more 0:16:14.840 --> 0:16:17.520 shows from I heart Radio, visit the i Heart Radio app, 0:16:17.720 --> 0:16:21.880 Apple Podcasts, or wherever you get your podcasts. Send us 0:16:21.880 --> 0:16:24.720 your comments, questions, or suggestions for the show to Crypto 0:16:24.800 --> 0:16:27.920 at Bloomberg dot net or find us on Twitter. We're 0:16:27.960 --> 0:16:33.400 at Crypto. The supervising producer of Bloomberg Crypto is Vicky Verglina. 0:16:33.800 --> 0:16:37.480 Our senior producer is Janet Babin. Our producers are Mohammed 0:16:37.520 --> 0:16:41.120 Faruk and Sharon Barriro. Our associate producers are Ty Butler 0:16:41.200 --> 0:16:44.760 and Moses on Them. Desta wonder At is our engineer. 0:16:45.160 --> 0:16:50.320 Original music by Leo Sidran. I'm Stacy Marie Schmal We'll 0:16:50.360 --> 0:16:51.080 be back tomorrow.