WEBVTT - This Week in Crypto: Musk, Doge, and Zimbabwe 0:00:02.480 --> 0:00:06.440 This is Bloomberg Crypto Daily Bloomberghart Podcast, and I'm Stacy 0:00:06.519 --> 0:00:10.720 Marie Ishmael, Managing editor of Crypto for Bloomberg News. It's Friday, 0:00:10.760 --> 0:00:30.240 November four. It's been yet another pretty interesting week in crypto. 0:00:31.000 --> 0:00:32.920 Now that Elon Musk is at the helm of Twitter. 0:00:33.080 --> 0:00:35.120 What do his plans for the social media company have 0:00:35.200 --> 0:00:39.320 in store for digital assets? Why is dogecoin rallying? And 0:00:39.360 --> 0:00:42.280 what's the outlook for crypto earnings? This quota here to 0:00:42.280 --> 0:00:44.720 help me break down the news. We have Bloomberg Crypto 0:00:44.760 --> 0:00:48.080 Deputy Editor Beth Williams. This meme coin that Elon Musk 0:00:48.200 --> 0:00:51.640 loves has sword, and the feeling is that maybe he'll 0:00:52.040 --> 0:00:55.160 allow that to be used for payments on Twitter, so 0:00:55.200 --> 0:00:59.000 that would gain it some credibility and relevancy. And Senior 0:00:59.080 --> 0:01:02.120 editor Dave lid Uh, this is a market of expectations, 0:01:02.280 --> 0:01:06.200 and without expectations that it's gonna rise or you can 0:01:06.440 --> 0:01:15.559 drive the excitement about it, it has basically stalled. Beth, Dave, 0:01:15.680 --> 0:01:18.120 welcome back to the show. Hi glad to be here. 0:01:19.080 --> 0:01:21.120 So this is one of those a lot of stuff 0:01:21.160 --> 0:01:23.840 happening in earnings weeks, and so Dave, I'm going to 0:01:24.000 --> 0:01:27.000 start with you, So let's let's talk about micro strategy. 0:01:27.200 --> 0:01:29.000 The last time we talked about them, they were going 0:01:29.040 --> 0:01:33.640 through a fairly significant, shall we say, leadership shuffle, and 0:01:33.840 --> 0:01:36.679 this is their first earnings since then. What were the 0:01:36.680 --> 0:01:40.440 top lines. Top line was that they had a loss 0:01:40.520 --> 0:01:42.600 on it. There was some speculation that they would have 0:01:42.600 --> 0:01:44.720 a profit. It was a small loss, but it was 0:01:44.720 --> 0:01:48.880 still loss. And last quarter they could have they blamed 0:01:48.920 --> 0:01:52.680 it or well, the actual reason was for an impairment 0:01:52.760 --> 0:01:55.640 charge they had to take for their big quote holdings. 0:01:55.680 --> 0:01:58.520 They had a very small one this quarter, but the 0:01:58.560 --> 0:02:03.760 real issue was their revenue from the two biggest um 0:02:03.880 --> 0:02:07.280 businesses actually went down on it, So they have other 0:02:07.320 --> 0:02:09.720 issues to address. Maybe that's one of the reasons that 0:02:09.800 --> 0:02:15.079 Michael Sailor is now focusing on their quote bitcoin strategy now. 0:02:15.160 --> 0:02:18.640 As a reminder, when you say micro strategies other businesses, 0:02:19.360 --> 0:02:23.120 they're not actually a bitcoin company now. They're an enterprise 0:02:23.120 --> 0:02:26.440 software company founded by Sailor and a few college buddies 0:02:26.720 --> 0:02:29.880 used to do things for like McDonald's and some interesting 0:02:29.919 --> 0:02:33.680 point of sales business. That's been a lot of residual 0:02:33.680 --> 0:02:36.760 revenue over the years. But as he stated, we either 0:02:36.840 --> 0:02:41.600 had to grow or change strategies, and he chose to 0:02:41.639 --> 0:02:48.760 diversify into into crypto. So micro Strategy is just one 0:02:48.919 --> 0:02:51.800 of the companies that reported earnings this week. Folks have 0:02:51.840 --> 0:02:55.120 been really looking to see what happens with coin Based 0:02:55.160 --> 0:02:59.840 as a que obviously the only publicly traded crypto exchange 0:03:00.080 --> 0:03:03.840 in the US. But another big theme both of our 0:03:03.880 --> 0:03:05.600 coverage and I think just of like what people are 0:03:05.639 --> 0:03:08.400 paying attention to the markets generally, is about crypto minors. 0:03:09.800 --> 0:03:15.040 It doesn't look good for bitcoin miners right now, No, 0:03:15.200 --> 0:03:18.760 it doesn't. Argo came out the other day and said, hey, 0:03:18.800 --> 0:03:21.560 we may have to shut down after some funding had 0:03:21.919 --> 0:03:24.839 tried to arrange through stock sale felt through. And that 0:03:24.880 --> 0:03:28.600 followed the announcement from Corse Scientific, who is one of 0:03:28.639 --> 0:03:31.359 the largest bitcoin miners, saying hey, we may go out 0:03:31.360 --> 0:03:34.119 of bankruptcy because we may run out of money pretty soon. 0:03:34.240 --> 0:03:39.040 So the crypto winner is started hit home. With all 0:03:39.120 --> 0:03:41.400 these companies. You can see now whether it's the miners 0:03:42.280 --> 0:03:47.920 um whether them, or even the likes of coin Base, 0:03:48.120 --> 0:03:50.600 which we'll see a decline of revenue from both their 0:03:50.640 --> 0:03:55.640 institution and retail customers of estimates, which is pretty astanding 0:03:55.680 --> 0:03:57.720 when you think about it. It is. I mean, when 0:03:57.720 --> 0:04:00.240 you say, you know, Core Scientific, one of the largest 0:04:00.400 --> 0:04:03.960 bitcoin miners listed in the US, their shares have fallen 0:04:04.440 --> 0:04:10.120 nearly like a hundred percent this year, which is kind 0:04:10.160 --> 0:04:13.600 of mind boggling for sure, but it's also way more 0:04:13.680 --> 0:04:17.279 than the actual decline in the price of bitcoin. You know, 0:04:17.279 --> 0:04:21.680 our colleague David Pan has written, shall we say, extensively 0:04:22.520 --> 0:04:27.440 about the challenges facing various bitcoin miners. They've gone through 0:04:27.480 --> 0:04:32.000 winters before. Is the expectation that there's going to be 0:04:32.400 --> 0:04:35.360 consolidation in the industry, Is it that some of them 0:04:35.360 --> 0:04:38.920 are going to kind of survive, possibly change business models. 0:04:39.279 --> 0:04:41.320 It just strikes me as really unusual that somebody would 0:04:41.320 --> 0:04:44.960 actually invoke the B word bankruptcy in a filing when 0:04:45.000 --> 0:04:47.039 that's something that companies really tend to try to avoid 0:04:47.040 --> 0:04:50.000 at all costs. You're probably gonna see both on it. 0:04:50.000 --> 0:04:54.000 The biggest salivation they'll be winners losers. Companies will go away. 0:04:54.320 --> 0:04:57.680 They have a real symbiotic relationship with the market. You 0:04:57.760 --> 0:05:01.000 can't really have bitcoin without the minor and vice versa. 0:05:01.760 --> 0:05:05.640 But for the investors who bought crypto minors as an 0:05:05.640 --> 0:05:10.279 equity diversification, now they're getting real lesson and how traditional 0:05:10.320 --> 0:05:16.159 finance works. In a bankruptcy, more times than not, the 0:05:16.200 --> 0:05:19.039 equity investors are wiped out. You're no longer tracking the 0:05:19.120 --> 0:05:22.960 price of bitcoin. You're really at the mercy of the 0:05:23.000 --> 0:05:25.320 courts at some point, and that just dividing the assets 0:05:25.360 --> 0:05:29.520 among the creditors and their subordinate The equity holders are 0:05:29.560 --> 0:05:32.600 subordinate to the creditors, right that point, to um what 0:05:32.640 --> 0:05:34.800 you're seeing when when you see that this arc of 0:05:35.160 --> 0:05:38.120 companies going under, you're starting to see the rise of 0:05:38.200 --> 0:05:42.120 more distressed investors getting into bitcoin mining two or trying 0:05:42.120 --> 0:05:46.000 to pick up investments on the cheap, another sign of distress. 0:05:46.680 --> 0:05:48.640 You know, Beth's interesting that you mentioned that we we 0:05:48.680 --> 0:05:52.640 had an office move recently, and you know, the moving 0:05:52.640 --> 0:05:55.800 goal itself fit to put the crypto team right next 0:05:55.839 --> 0:05:59.039 to the credits and distressed team, which was a sort 0:05:59.040 --> 0:06:01.320 of a like an accident, the quirk of desk availability. 0:06:01.360 --> 0:06:04.680 But it's been really helpful because we're working with those 0:06:04.720 --> 0:06:08.040 folks so often. One thing that you know, we've we've 0:06:08.080 --> 0:06:11.120 started to see to your point, is not just the 0:06:11.600 --> 0:06:15.240 distress investors, but also the like the lawyers and the 0:06:15.279 --> 0:06:18.520 restructuring advisors, who are some of the folks whose names 0:06:18.560 --> 0:06:21.680 are very tradify, who have popped up in crypto in 0:06:21.720 --> 0:06:25.440 recent weeks. Names in in UH lawyers are Yeah, like 0:06:25.520 --> 0:06:27.160 we just published a couple of days ago that Paul 0:06:27.200 --> 0:06:32.559 Hastings and Moelis are both emerging in this particular space. Yes, 0:06:32.640 --> 0:06:36.159 and uh, Paul Hastings has been involved with defending some 0:06:37.160 --> 0:06:40.960 being the lawyer for some of the executive Celsius as 0:06:40.960 --> 0:06:44.400 well as Core Scientific. Now an advisor go where where 0:06:44.440 --> 0:06:47.000 the where the movement is and right now the movement 0:06:47.000 --> 0:06:52.120 in crypto is distress. So you're seeing bankruptcy lawyers sort 0:06:52.160 --> 0:06:55.599 of learning trying to carve space there where they can, 0:06:56.080 --> 0:06:59.240 in some cases having to actually bone up on the industry. 0:06:59.279 --> 0:07:02.600 And it's sort of charted territory between the voyage of 0:07:02.680 --> 0:07:08.080 digital bankruptcy, the Celsius bankruptcy, and now these potential bankruptcies 0:07:08.080 --> 0:07:11.160 with mining um sort of what do you do in 0:07:11.200 --> 0:07:14.320 the in the digital assets space when we're talking bankruptcy 0:07:14.440 --> 0:07:16.640 and also in the case, you know, separate from mining, 0:07:16.680 --> 0:07:19.400 where you're talking about issues where where some of the 0:07:19.440 --> 0:07:23.600 creditors are customers with crypto stuck you know, in limbo. 0:07:24.080 --> 0:07:26.920 Right right to Dave's point, it's sort of where in 0:07:26.960 --> 0:07:29.440 the ranking are you? If everybody is coming after these 0:07:29.520 --> 0:07:32.600 these kinds of assets, there's a different kind of distress 0:07:32.640 --> 0:07:35.480 that's mostly affecting Media's with A, which is all about 0:07:35.480 --> 0:07:39.600 Elon Moss having bought with A after revolutionizing the space 0:07:39.680 --> 0:07:42.880 race and electric cars, the world's richest man is now 0:07:42.960 --> 0:07:46.720 promising a Twitter makeover, the multi billionaire bloviated firing off 0:07:46.720 --> 0:07:49.600 a tweet saying he's buying the platform to quoting now 0:07:49.760 --> 0:07:54.560 help humanity. People having many an opinion about everything to 0:07:54.640 --> 0:07:57.560 do with will you pay eight dollars a month to 0:07:57.640 --> 0:08:03.920 be verified? To what does him becoming CEO mean for crypto? 0:08:04.080 --> 0:08:05.720 We are crypto podcast, so we're not going to talk 0:08:05.720 --> 0:08:09.120 about verification here, but Beth, you've been working with the 0:08:09.200 --> 0:08:12.480 various reports, including our colleague Hanna Miller, who's a regular 0:08:12.520 --> 0:08:15.560 on the show, about what Elon Musk might mean for 0:08:15.600 --> 0:08:19.160 crypto Twitter. What are some of those toplines? Well, crypto 0:08:19.240 --> 0:08:23.000 Twitter is a big part of crypto. The crypto community 0:08:23.680 --> 0:08:29.240 is very attached to Twitter, telling their messages, pumping, dumping sometimes, 0:08:29.280 --> 0:08:31.960 but they also have a sort of a ethos about 0:08:32.080 --> 0:08:37.000 decentralization and perhaps crypto could be an avenue for a 0:08:37.040 --> 0:08:41.400 social media platform like Twitter, sort of democratizing the social 0:08:41.400 --> 0:08:45.160 media platform, letting people decide the kind of moderation, like 0:08:45.240 --> 0:08:48.480 from a base level, from the grassroots level, how they 0:08:48.559 --> 0:08:51.680 want the platform to be run. And Musk has sort 0:08:51.720 --> 0:08:54.440 of danced around. He's been sort of coy about his 0:08:54.480 --> 0:08:56.600 willingness to sort of go there, and so I think 0:08:56.640 --> 0:08:59.640 there's a lot of expectation amongst some of the crypto 0:08:59.720 --> 0:09:03.320 world that he will try to go there. One way 0:09:03.360 --> 0:09:06.720 of seeing that is is this rally in doge coin 0:09:07.160 --> 0:09:10.240 when we say Raleigh and douge coin, where is doge trading? 0:09:10.320 --> 0:09:14.120 Is trading at less than fifteen cents, So let's just um, 0:09:14.920 --> 0:09:18.840 let's be clear temper that a little bit. Technically it's rallied. 0:09:18.880 --> 0:09:22.840 But this meme coin that Elon Musk loves has sword, 0:09:23.000 --> 0:09:25.760 and the feeling is that maybe he'll allow that to 0:09:25.760 --> 0:09:29.280 be used for payments on Twitter, so that would gain 0:09:29.320 --> 0:09:32.520 it some credibility and relevancy. People are basing their doge 0:09:32.600 --> 0:09:35.520 enthusiasm on like an emoji, right, Like somebody asked you 0:09:35.559 --> 0:09:37.360 lot of question, like my guy, what are you doing 0:09:37.400 --> 0:09:40.320 about doge? And he was like eyes emoji and what 0:09:40.360 --> 0:09:42.240 does that even mean? He tweeted a picture of a 0:09:42.280 --> 0:09:44.679 shiba you know, with a Twitter t shirt on, so 0:09:44.840 --> 0:09:48.800 you know, make of that what you will. But other 0:09:48.880 --> 0:09:52.439 more serious developments by Nance, which is a huge exchange. 0:09:52.720 --> 0:09:57.240 Crypto Exchange has invested five million in Elon Musk's Twitter 0:09:57.440 --> 0:09:59.720 and said that it's developed a team to sort of 0:09:59.760 --> 0:10:03.600 look at ways to use blockchain technology to help with 0:10:03.679 --> 0:10:06.560 the issue of bots, which has been this issue. These 0:10:06.640 --> 0:10:10.040 bots that flood accounts are you know, flood the network 0:10:10.400 --> 0:10:14.520 scams and etcetera. And maybe blockchain technology or n f 0:10:14.559 --> 0:10:17.880 t s could be used to sort of mitigate that somewhat. Again, 0:10:18.040 --> 0:10:21.640 like Elon Musk isn't very interesting character, he's got a 0:10:21.640 --> 0:10:24.480 lot of money, He's got a lot of thoughts. Crypto 0:10:24.760 --> 0:10:27.240 you know it is hoping that some of those thoughts 0:10:27.280 --> 0:10:30.520 may help to to boost the industry. From from an 0:10:30.520 --> 0:10:33.880 idealistic standpoint, and then others who are more speculative think, 0:10:34.000 --> 0:10:35.880 you know, I'm gonna buy does now because it's going 0:10:35.920 --> 0:10:38.280 to become the you know, the currency of Twitter. So 0:10:38.679 --> 0:10:42.400 we'll see. Indeed, we'll be right back with more of 0:10:42.400 --> 0:10:45.480 the week's top crypto stories with Bloomberg editors Beth Williams 0:10:45.520 --> 0:10:59.480 and Dave Lipta, Let's talk about something that's trading at 0:10:59.520 --> 0:11:02.320 a dollar, i e. The U. S. Dollar. One of 0:11:02.360 --> 0:11:07.720 the I suppose counterintuitive things about crypto as a market 0:11:08.360 --> 0:11:11.280 over the past several months has been how much it's 0:11:11.320 --> 0:11:15.800 been a Fed story. And you know, there's no expectation. Well, 0:11:15.960 --> 0:11:19.000 I'm sure there's at least a few economists who somehow 0:11:19.080 --> 0:11:22.439 miraculously think the FED is going to cut rates um, 0:11:22.559 --> 0:11:25.839 but the broad reasonable expectation is that they're going to 0:11:25.960 --> 0:11:29.040 be in an you know, increasing interest rate environment for 0:11:29.080 --> 0:11:33.040 the foreseeable future. Dave, what does that mean for bitcoin, 0:11:33.120 --> 0:11:35.640 which had been sold as this inflation hedge and does 0:11:35.640 --> 0:11:37.840 not seem to be performing in any way that suggests 0:11:37.920 --> 0:11:41.920 that's true. Well, it's it's been evident for a while now. 0:11:42.240 --> 0:11:44.800 It's it's kind of stuck in the water to crash 0:11:45.000 --> 0:11:49.480 in the spring early summer. It's trended around twenty thousand, 0:11:50.400 --> 0:11:55.240 and this is a market of expectations, and without expectations 0:11:55.280 --> 0:11:58.360 that it's gonna rise or you can drive the excitement 0:11:58.360 --> 0:12:02.600 about it, it has is basically stalled. And and and 0:12:02.640 --> 0:12:07.080 then the main reason is the FED has readjusted expectations 0:12:07.080 --> 0:12:10.880 for risk, so there's no longer free money in the 0:12:10.960 --> 0:12:14.320 system or zero p sent money on it, and now 0:12:14.360 --> 0:12:18.120 there's a cost of speculation on it. So people are 0:12:18.160 --> 0:12:23.120 raining in that speculation in the absence of either the 0:12:23.280 --> 0:12:28.319 Fed ceasing to raise interest rates or cutting interest rates, 0:12:28.320 --> 0:12:31.840 and they're being some kind of gigantic hype cycle about 0:12:31.840 --> 0:12:35.320 anything other than douge. What are some of the analysts 0:12:35.320 --> 0:12:39.040 expectations that you've seen for like what's next for crypto? 0:12:39.120 --> 0:12:42.600 I mean, folks are looking into you know, you're seeing 0:12:42.600 --> 0:12:45.280 more activity in some of the old coins. There's a 0:12:45.280 --> 0:12:49.200 lot of conversation right now around like what's next for defy. 0:12:49.480 --> 0:12:52.680 Various countries, the latest being Zimbabwe are starting to talk 0:12:52.720 --> 0:12:55.520 about well maybe we'll just get into our own digital currencies. 0:12:55.800 --> 0:12:58.600 What are some of those kinds of trends. The biggest 0:12:58.600 --> 0:13:01.920 trend you hear, really even from the maximalist in the 0:13:01.920 --> 0:13:07.400 bitcoin world, is that the institutions have are still hanging 0:13:07.440 --> 0:13:11.280 in there on it. They've poured a lot of money 0:13:11.360 --> 0:13:15.720 into development, whether it's through VC money or some of 0:13:15.720 --> 0:13:21.280 the more better known major banks through development that type 0:13:21.280 --> 0:13:23.840 of thing, whether it's JP Morgan on its own coin, 0:13:25.320 --> 0:13:29.880 Jamie diamond saying bitcoin is trash, but we see the 0:13:29.880 --> 0:13:34.840 technologists potential payment reel. So that's the incentive for a 0:13:34.880 --> 0:13:37.040 lot of folks to stay in and say, Okay, the 0:13:37.080 --> 0:13:41.199 institutions are coming back, but it seems we're back at 0:13:41.200 --> 0:13:45.400 the test mode period rather than an acceleration stage again 0:13:45.480 --> 0:13:48.440 on it, and it's wait and see. Is is very 0:13:48.520 --> 0:13:53.120 difficult when you're highly leveraged. Exactly. I was in a 0:13:53.200 --> 0:13:56.720 meeting recently with you know, folks who work in and 0:13:56.760 --> 0:13:59.480 around payments and processing, and one of the things that 0:13:59.480 --> 0:14:01.720 they were saying ing is exactly your point one. They're 0:14:01.720 --> 0:14:04.839 taking an experimental approach. They're gonna they're gonna see what's working. 0:14:05.240 --> 0:14:08.680 But too they're starting to really separate things like you know, 0:14:08.720 --> 0:14:13.480 crypto as asset class investments, opportunity, speculative risk reward from 0:14:13.840 --> 0:14:17.760 possibilities for payments, whether stable coins or just like using 0:14:17.760 --> 0:14:20.640 the blockchain for you know, instantaneous settlements or whatever those 0:14:20.680 --> 0:14:24.600 things are. And it does seem like, you know, the 0:14:25.400 --> 0:14:27.280 phrase of the week is like bitcoin is boring, But 0:14:27.320 --> 0:14:30.240 it does seem like right now people are starting to 0:14:30.280 --> 0:14:33.920 ask deeper questions around Okay, what else is there? Whether 0:14:33.960 --> 0:14:36.480 they find interesting answers to those questions, is I guess something. 0:14:36.480 --> 0:14:38.800 We'll have to talk about the on the show, so 0:14:39.200 --> 0:14:42.360 we'll see. But just as a a kind of a 0:14:42.360 --> 0:14:45.320 closing thought, in your previous life, you were an editor 0:14:45.360 --> 0:14:48.560 on Opinion, and the opinion to you at Bloomberg has 0:14:48.600 --> 0:14:51.800 a lot of feelings about many things to do with crypto. 0:14:51.960 --> 0:14:55.400 What should folks be reading if they're interested in the 0:14:55.440 --> 0:15:01.000 opinion side's view of what's happening in this asset class Well, 0:15:01.000 --> 0:15:04.000 of course you can't mention Bloomberg Opinion without mentioning Matt Levine, 0:15:04.080 --> 0:15:06.920 who just published a covery cover issue of Business Week 0:15:06.960 --> 0:15:10.720 on crypto. But also for some very interesting insights that 0:15:10.760 --> 0:15:14.040 go beyond just you know, just your basic you know, 0:15:14.320 --> 0:15:19.640 crypto criticisms, but go a little deeper. Leonel Laurent Parmey Olson, 0:15:20.160 --> 0:15:23.720 we have Aaron Brown who's an investor as well as 0:15:23.760 --> 0:15:27.400 opinion writer. All have really nice of deep thoughts about 0:15:27.440 --> 0:15:31.280 the industry, how it fits into the broader financial system, 0:15:31.400 --> 0:15:34.240 and and the questions to ask about it and potential 0:15:34.280 --> 0:15:37.600 solutions that it provides. Email us if you've already finished 0:15:37.680 --> 0:15:41.240 the Matt Levin CRYPTOSU. I know there's a handful of 0:15:41.280 --> 0:15:42.680 you that have not been doing any other work, and 0:15:42.680 --> 0:15:44.480 I'm just reading that cover to cover. We'd love to 0:15:44.480 --> 0:15:49.040 get your feedback. Crypto Bloomberg dot net. You can find 0:15:49.080 --> 0:15:51.320 more of Beth and Dave's work on the Bloomberg Terminal, 0:15:51.360 --> 0:15:54.640 on Bloomberg dot com and on Twitter. Beth is b 0:15:54.920 --> 0:15:58.120 Willie Lou That's b w I L l I l 0:15:58.200 --> 0:16:01.280 I O U M. Dave is d Lita. That's d 0:16:01.640 --> 0:16:05.040 l I E d t k A. Beth also edits 0:16:05.160 --> 0:16:09.000 the Bloomberg Crypto newsletter that we publish on Tuesdays and Thursday, 0:16:09.080 --> 0:16:19.880 so do subscribe to that as well. On the next 0:16:19.880 --> 0:16:23.160 episode of Bloomberg Crypto, it's no secret that an industry 0:16:23.200 --> 0:16:26.760 that popularized the phrase when lambo might have a thing 0:16:26.880 --> 0:16:30.280 for fast cause. But can crypto companies really afford to 0:16:30.320 --> 0:16:33.360 keep splashing out millions of dollars on Formula one sponsorships? 0:16:33.440 --> 0:16:39.160 Right now? This is Bloomberg Crypto, a daily podcast from 0:16:39.200 --> 0:16:42.240 Bloomberg and I Heart Radio. For more shows from I 0:16:42.320 --> 0:16:45.600 Heart Radio, visit the I Heart Radio app, Apple Podcasts, 0:16:45.760 --> 0:16:49.680 or wherever you get your podcasts. Send us your comments, questions, 0:16:49.760 --> 0:16:52.600 or suggestions for the show to Crypto at Bloomberg dot 0:16:52.640 --> 0:16:57.240 net or find us on Twitter. We're at Crypto. The 0:16:57.240 --> 0:17:00.840 supervising producer of Bloomberg Crypto is Vicky Verka Lena. Our 0:17:00.880 --> 0:17:04.679 senior producer is Janet Babin. Our producers are Mohammed Faruk 0:17:04.760 --> 0:17:08.159 and Sharon Barriro. Our associate producers are Ty Butler and 0:17:08.240 --> 0:17:12.520 Moses on Them. Desta wonder At is our engineer. Original 0:17:12.600 --> 0:17:17.359 music by Leo Sidron. I'm Stacy, Marie Ishmael. Have a 0:17:17.400 --> 0:17:17.959 great weekend.