WEBVTT - From the Editors’ Desk

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

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<v Speaker 1>and this is Bloomberg Crypto at Daily Bloomberg. I heard podcast.

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<v Speaker 1>It's Friday July. Every day around the world, the reporters

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<v Speaker 1>and editors who work on Crypto Bloomberg wake up often

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<v Speaker 1>at the crack of dawn and start figuring out how

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<v Speaker 1>we'll tackle the biggest and most important news events of

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<v Speaker 1>the day. Crypto is a twenty four seven asset class.

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<v Speaker 1>It doesn't stop trading, and it doesn't take holidays, and

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<v Speaker 1>as we've talked a lot about on this podcast, these

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<v Speaker 1>markets are known for their volatility, so it's our job

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<v Speaker 1>to assess both the big trends and the small moments,

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<v Speaker 1>and to figure out how to translate these into stories

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<v Speaker 1>and of course podcast episodes. Today you'll get to meet

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<v Speaker 1>three of Bloomberg's Crypto editors, folks who are making decisions

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<v Speaker 1>all day long about how we approached this asset class.

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<v Speaker 1>Joining me to day Beth Williams and Dave Likka, who

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<v Speaker 1>are both based in New York, and Philip Logger Kranso,

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<v Speaker 1>who's normally based in Zurich but is with me in

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<v Speaker 1>the studio in London. I know I talked to you

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<v Speaker 1>all about every five seconds, but this is the first

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<v Speaker 1>time you've all been on the podcast, so thank you

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<v Speaker 1>for joining me. We have Beth and Dave in New York. Hello, Hello,

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<v Speaker 1>and Phil. You're normally in like Switzerland, in a very

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<v Speaker 1>fun office with lots of plants in the background, but

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<v Speaker 1>today we're in the same studio in London. Because we're

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<v Speaker 1>global like that, we are indeed to be here. What

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<v Speaker 1>is the you'll do all day? We look at crypto

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<v Speaker 1>um from our perspectives, We look at crypto markets, we

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<v Speaker 1>look at crypto implotions a lot of that lately, and

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<v Speaker 1>we look at everything from crypto mining to crypto lenders

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<v Speaker 1>and bust and Dave. This is not your first crypto winter, no, no,

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<v Speaker 1>I'm been through the Winner of two thousand and eighteen

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<v Speaker 1>and actually start following a little earlier when maybe there

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<v Speaker 1>was a little bit of a winner, but I don't

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<v Speaker 1>think anybody realized the call it that what had has

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<v Speaker 1>been for you. The biggest difference about covering crypto now

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<v Speaker 1>versus two thousand eighteen and earlier just the scale of it.

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<v Speaker 1>Right now on a two thousands, seventeen and eighteen it

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<v Speaker 1>was it was all about one coin, and that was Bitcoin,

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<v Speaker 1>and now it's just Bitcoin on steroids. And Beth, you

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<v Speaker 1>come to crypto from a very different part of Bloomberg entirely.

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<v Speaker 1>What has that been like? Yes, I came from the

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<v Speaker 1>editorial opinion section of Bloomberg, where we spent a lot

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<v Speaker 1>of time interpreting what was going on and helping readers

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<v Speaker 1>kind of connect the dots of the events that were happening.

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<v Speaker 1>So coming to crypto sort of cold and having to

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<v Speaker 1>learn as I go along, but also from that perspective,

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<v Speaker 1>always keeping in mind the bigger picture, what what does

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<v Speaker 1>this mean? What can we tell people about the significance

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<v Speaker 1>people who aren't, you know, trading coins every day, and

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<v Speaker 1>just giving that sense of that wider perspective is something

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<v Speaker 1>that I always have in the back of my mind.

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<v Speaker 1>To your point about that wider perspective, what have been

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<v Speaker 1>for you, Beth, Like some of the pieces you've been

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<v Speaker 1>able to edit or kind of shepherd into existence that

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<v Speaker 1>you think have done the best job of joining up

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<v Speaker 1>those dots for our audiences. I think in terms of

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<v Speaker 1>those big picture pieces, we did some pieces around the time,

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<v Speaker 1>you know, in the in the Fall and and heading

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<v Speaker 1>into year end, we were it was sort of a

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<v Speaker 1>celebratory mode. It had been a really big year for crypto.

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<v Speaker 1>Records were set, there was a sense of, you know,

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<v Speaker 1>a lot of momentum going, you know, cryptos going mainstream

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<v Speaker 1>and f teas are everywhere, you know, Matt Damon, Tom Brady, etcetera.

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<v Speaker 1>And I think we did a good job of sort

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<v Speaker 1>of putting that in perspective, acknowledging that there was this

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<v Speaker 1>mainstream um acceptance and that there seemed to be it

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<v Speaker 1>seemed to be on the brink of some sort of

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<v Speaker 1>I don't know, maybe legitimacy, and maybe that that shows

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<v Speaker 1>my own bias, but we also showed that there were

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<v Speaker 1>many parts of crypto that are still very young, and

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<v Speaker 1>also there's infrastructure issues. There still remains hacks, their scams.

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<v Speaker 1>So as exciting as this industry seemed to be, there's

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<v Speaker 1>a lot of quirks about it. Fire beware, And as

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<v Speaker 1>we moved into two and we're seeing this decline in

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<v Speaker 1>prices and then resulting crises, I think that reminder of

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<v Speaker 1>you know, sort of these problem issues with with crypto

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<v Speaker 1>that came home to roost when sort of the music stopped.

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<v Speaker 1>The last thing I would say on that most recently

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<v Speaker 1>in terms of sort of summing up the crises that

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<v Speaker 1>we've seen in the and the major plunge in the

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<v Speaker 1>market is sort of how it all comes full circle

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<v Speaker 1>to many other crisis that we've seen in other markets,

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<v Speaker 1>and that comes down to hubrists, complacency, and in the

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<v Speaker 1>case of crypto, much like the financial crisis, a lot

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<v Speaker 1>of leverage. Dave, I ask you this question because I

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<v Speaker 1>feel like you've covered markets that have been saturated with

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<v Speaker 1>hubrist complacency and leverage, whether in crypto or otherwise. What

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<v Speaker 1>is it like covering our market that doesn't close. That's

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<v Speaker 1>the big adjustment on it. So as a group, we've

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<v Speaker 1>struggle a little bit and kind of learned a lot

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<v Speaker 1>doing that with seven atmosphere here that this market has,

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<v Speaker 1>I guess the biggest thing is that we always have

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<v Speaker 1>to remind ourselves a little bit in our reporters to

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<v Speaker 1>kind of step back, take a breath, get the big

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<v Speaker 1>picture on it. A lot of our reporters are what

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<v Speaker 1>you would you call some of our recent hires are

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<v Speaker 1>crypto natives. They began their career here, so they haven't

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<v Speaker 1>experienced those other markets. They know this stuff inside and out.

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<v Speaker 1>But the big challenge they face in and we as

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<v Speaker 1>editors are to kind of slow it down and explain it,

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<v Speaker 1>to make it understandable to everybody, and it just moves

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<v Speaker 1>so fast. We're winding our baday here and the next

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<v Speaker 1>wave hits and we're kind of trying to get out

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<v Speaker 1>the door and hand it off to Asia or coming

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<v Speaker 1>in on the train in the morning, and uh, Phil

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<v Speaker 1>is doing the tap dance in Europe until we get in.

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<v Speaker 1>Definitely a lot of a lot of handovers and perhaps

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<v Speaker 1>not as much sleep as any of us would necessarily

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<v Speaker 1>like or appreciate. But Phil, you have spent a lot

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<v Speaker 1>of your career Bloomberg and breaking news, and yet crypto

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<v Speaker 1>seems stressful. Why is that? Well, I mean it's it's

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<v Speaker 1>it's basically I started in I think it was early January,

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<v Speaker 1>and I think we've had a succession. We've had three

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<v Speaker 1>or four different crisis of different flavors. You first have

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<v Speaker 1>to learn what is a crypto bridge when one get

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<v Speaker 1>hacked for about half a cool half billion dollars six

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<v Speaker 1>six million dollars I think it was in the vaccine

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<v Speaker 1>Infinity hack, and then once you get a grip on that, well,

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<v Speaker 1>low and behold an algorithmic stable coin goes and explodes,

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<v Speaker 1>and you have learned what that is. Once you master that, well,

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<v Speaker 1>guess what, you know, it's time for the crypto landers

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<v Speaker 1>to start blowing up in a in a kind of

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<v Speaker 1>series of explosions. And so it's like you're always you're

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<v Speaker 1>always catching up to what the latest sort of nice

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<v Speaker 1>and shiny, bright thing that's going to explode. And that's

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<v Speaker 1>been that's been something to really kind of get used to.

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<v Speaker 1>And the scope of six months now covering crisis of

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<v Speaker 1>different flavors every month pretty much, it's been quite quite

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<v Speaker 1>a job getting used to, especially when so many of

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<v Speaker 1>those just happened on like a weekend or at four

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<v Speaker 1>o'clock in the morning and whatever that time zone might be.

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<v Speaker 1>This is where Dave comes in handy, because he'll he'll say, yeah,

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<v Speaker 1>this happened before, and actually just on that point on it,

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<v Speaker 1>and and Stacy and I know Beth also covered during

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<v Speaker 1>the credit crisis on it. To be the biggest difference

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<v Speaker 1>is that that was almost glacial to me, and it's

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<v Speaker 1>just kind of like slow moving. Every day you'd hear

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<v Speaker 1>rumors about Merril lynches in trouble on it and it

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<v Speaker 1>be take a while to play out. This is just

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<v Speaker 1>like full set. It just happens in an instant and

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<v Speaker 1>we go on to the next one on it. So

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<v Speaker 1>it's it's uh. I guess the best analogy I've heard

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<v Speaker 1>is this, this really is like the credit crisis, but

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<v Speaker 1>minuses central banks to kind of manage the landing here. Yeah.

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<v Speaker 1>I think that that idea of the pace is so

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<v Speaker 1>interesting because I remember every Friday, you know, we call

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<v Speaker 1>it bank failure Friday, when you would get the ports

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<v Speaker 1>of which banks have gone under um usually on the

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<v Speaker 1>sort of the smaller, the smaller lenders, and it was

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<v Speaker 1>like a very orderly there would be a pdf, you know,

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<v Speaker 1>you can look at the spreadsheet um to your point.

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<v Speaker 1>Sometimes you'd hear rumors, but very few things would happen

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<v Speaker 1>on weekends. Governments around the world be meeting super intensively.

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<v Speaker 1>But there was almost like an understanding that this was

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<v Speaker 1>like a nine to five crisis to an extent. Obviously

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<v Speaker 1>that accelerated as as things got worse. But I'm truly

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<v Speaker 1>fascinated that crypto as an asset class and therefore the

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<v Speaker 1>crises and crypto seemed to operate at Internet speed, which

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<v Speaker 1>is as fast as you can tweet something, that thing

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<v Speaker 1>can come true. And I'm wondering, and this is perhaps

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<v Speaker 1>a more existential question. Do we think the fact that

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<v Speaker 1>so much of crypto is happening in like real time

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<v Speaker 1>right that the lack of market closes, the lack of

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<v Speaker 1>circuit breakers, the lack of any ability to have somebody

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<v Speaker 1>step in and say, hang on, we need to regularize

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<v Speaker 1>prices here? Do you think any of that is contributing

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<v Speaker 1>to how bad things can be and have gotten. I

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<v Speaker 1>would say absolutely yes. If you look at if you

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<v Speaker 1>look at the traditional financial industry and any any traditional industry,

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<v Speaker 1>they announce you have, you know, announcement windows for the

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<v Speaker 1>companies that are listed. You know that, for instance, between

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<v Speaker 1>six am and eight am, you might get releases and

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<v Speaker 1>you're gonna get them over channels that are pretty easy

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<v Speaker 1>to terrify, to verify control. Here everything happens in the phittosphere.

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<v Speaker 1>Who have a company go and say on Twitter, by

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<v Speaker 1>the way, hey we just went bust. And the first

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<v Speaker 1>thing you have to do is look at is this

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<v Speaker 1>is this a verified Twitter handle? And so it's a

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<v Speaker 1>completely different cadence and as a completely different method for

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<v Speaker 1>you know, making certain and at the same time, these

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<v Speaker 1>are very very consequential announcements. I mean, these are these

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<v Speaker 1>are companies announcing that they've hit the iceberg, and that

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<v Speaker 1>is incredibly hard to get used to, an incredibly hard

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<v Speaker 1>to adapt to as a news organization, I think. And

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<v Speaker 1>similar to follow on to that point is that unfiltered

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<v Speaker 1>nature of the way that the news is dispersed in

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<v Speaker 1>the fact that everybody in the crypto universe is part

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<v Speaker 1>of the news cycle and including a retail you know holder.

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<v Speaker 1>You know, everybody's on Twitter and could somewhat like in

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<v Speaker 1>it in terms of the company sort of or the

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<v Speaker 1>developers or whoever making these announcements on Twitter. To the

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<v Speaker 1>the change in the news cycle when Donald Trump was

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<v Speaker 1>elected president and you know, a lot of life became,

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<v Speaker 1>you know, monitoring Trump's tweets, well, we do that times

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<v Speaker 1>a thousand different crypto people. I mean, the good news

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<v Speaker 1>is none of the crypto companies have the keys to nukes,

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<v Speaker 1>so you know, there's like there's a degree of difference

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<v Speaker 1>in terms of the consequential nous, but yes, it is.

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<v Speaker 1>It is still a very different dynamic. Up next, you'll

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<v Speaker 1>hear more from our editors Beth Williams, Dave Lica, and

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<v Speaker 1>Philip Bloggercranza. As we talk about how we cover these

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<v Speaker 1>crypto markets. Dave, you know, you talked about various of

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<v Speaker 1>the reporters on the team, various of the editors on

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<v Speaker 1>the team having come either to crypto specifically or coming

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<v Speaker 1>at crypto from different asset classes. One of the teams

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<v Speaker 1>that we work with most closely at Bloomberg is called

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<v Speaker 1>Cross Assets, and they are incredible. Several of those reporters

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<v Speaker 1>have been on the show. Folks have heard from Vildana,

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<v Speaker 1>you know, We've had Katie Greifeld, who does a show

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<v Speaker 1>for Bloomberg about et f s. What do you think,

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<v Speaker 1>from your sort of vantage point of getting to work

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<v Speaker 1>with all these different people, how do these different perspectives

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<v Speaker 1>that we have on the team like help our coverage. Well,

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<v Speaker 1>just by the nature of the group one and I

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<v Speaker 1>actually came from that group, and our crypto coverage was

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<v Speaker 1>originally part of the When it became a thing back

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<v Speaker 1>in two thousand and seventeen, we start to formalize coverage.

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<v Speaker 1>But I think the advantage of of that was that

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<v Speaker 1>you had people covering a lot of different markets who

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<v Speaker 1>understood a lot of different things work, so they have

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<v Speaker 1>been connect those dots fairly quickly understand this market and

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<v Speaker 1>give some perspective quickly because that group just basically it's

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<v Speaker 1>almost like a breaking news desk for markets. For me,

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<v Speaker 1>looking at how we operate. I think one of the

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<v Speaker 1>things that's so interesting it's not even only Twitter, right

0:12:17.320 --> 0:12:19.959
<v Speaker 1>that we have to be paying attention to it. Somebody

0:12:20.040 --> 0:12:22.800
<v Speaker 1>might be putting out a YouTube video, or there might

0:12:22.840 --> 0:12:26.400
<v Speaker 1>be a lot of conversation happening in a particular subreddit,

0:12:26.720 --> 0:12:29.319
<v Speaker 1>or there's a website somewhere that is being updated with

0:12:29.520 --> 0:12:33.120
<v Speaker 1>you know, bankruptcy filings, or it's just the like the

0:12:33.200 --> 0:12:37.720
<v Speaker 1>distribution of information across lots of different platforms. And Phil,

0:12:37.720 --> 0:12:39.040
<v Speaker 1>I want to go back to something that you said

0:12:39.040 --> 0:12:43.040
<v Speaker 1>about verification. You know, Beth mentioned earlier that we there's scams,

0:12:43.040 --> 0:12:47.400
<v Speaker 1>there's hacks, there's frauds. There's also just market manipulation, and

0:12:47.440 --> 0:12:49.520
<v Speaker 1>perhaps Dave you can also wig in. But having covered

0:12:49.520 --> 0:12:52.200
<v Speaker 1>other markets, what do you think about the scale which

0:12:52.200 --> 0:12:56.600
<v Speaker 1>this sometimes is happening. It's amazing really to see that

0:12:56.880 --> 0:13:00.120
<v Speaker 1>just the branchness of these folks, both on the in

0:13:00.160 --> 0:13:05.640
<v Speaker 1>the down aspects of it. Obviously the various platforms, Twitter, YouTube, telegram,

0:13:06.760 --> 0:13:10.160
<v Speaker 1>exactly on it. So this is it's still the wild West,

0:13:10.160 --> 0:13:12.440
<v Speaker 1>it really is on it. I mean, this is an

0:13:12.520 --> 0:13:17.679
<v Speaker 1>unregulated market that grew as an alternative to a regulated world.

0:13:18.320 --> 0:13:21.160
<v Speaker 1>On that this is the world those folks chose. I've

0:13:21.200 --> 0:13:22.640
<v Speaker 1>been done this for a few years and it's one

0:13:22.679 --> 0:13:26.080
<v Speaker 1>of the most fascinating aspects of covering it. On it

0:13:26.080 --> 0:13:29.959
<v Speaker 1>makes it. It's just from from a news perspective, it's

0:13:29.960 --> 0:13:31.760
<v Speaker 1>a great thing to cover, really, isn't. It's just a

0:13:31.840 --> 0:13:34.720
<v Speaker 1>it's a dynamic story that that never stops. And Phil,

0:13:34.920 --> 0:13:36.640
<v Speaker 1>I know you have a lot of conversations with different

0:13:36.679 --> 0:13:38.960
<v Speaker 1>folks who are like, where do you even start? What

0:13:39.000 --> 0:13:46.120
<v Speaker 1>would you tell them in terms of covering crypto. I'm

0:13:46.160 --> 0:13:48.280
<v Speaker 1>still you know, that was the question I had when

0:13:48.320 --> 0:13:50.720
<v Speaker 1>I started. Where where do I even start? Look, I

0:13:50.760 --> 0:13:53.559
<v Speaker 1>think getting to know the big players in the industry.

0:13:53.640 --> 0:13:56.319
<v Speaker 1>Who are the key players that you will be looking after,

0:13:56.760 --> 0:13:59.600
<v Speaker 1>and how do you get to know these people and

0:13:59.640 --> 0:14:02.680
<v Speaker 1>how do you get them to confide in you what's

0:14:02.679 --> 0:14:04.960
<v Speaker 1>going on behind the scenes, Because a lot of this

0:14:05.360 --> 0:14:07.480
<v Speaker 1>is going to be about sort of peeling back the

0:14:07.559 --> 0:14:11.880
<v Speaker 1>layers and understand what really you know beyond the Twitter

0:14:11.960 --> 0:14:15.160
<v Speaker 1>wars that you know, people wage against each other. Um,

0:14:15.320 --> 0:14:17.920
<v Speaker 1>just being able to understand on a fundamental level what's

0:14:17.920 --> 0:14:20.680
<v Speaker 1>going on behind the scenes. That's obviously a long journey,

0:14:20.720 --> 0:14:24.160
<v Speaker 1>but sort of that's where I probably would start. You know,

0:14:24.200 --> 0:14:28.320
<v Speaker 1>you've both raised this idea of one there being a

0:14:28.320 --> 0:14:31.120
<v Speaker 1>lot going on at all times and to every player

0:14:31.160 --> 0:14:34.200
<v Speaker 1>in the ecosystem sort of being almost like on equal footing.

0:14:34.560 --> 0:14:38.720
<v Speaker 1>Anonymity makes journalists very uncomfortable, Um, except when we're talking

0:14:38.720 --> 0:14:41.520
<v Speaker 1>about anonymous sources, which a different story. But how have

0:14:41.720 --> 0:14:47.520
<v Speaker 1>you approached figuring out reliability and robustness and other capitalty

0:14:47.600 --> 0:14:52.280
<v Speaker 1>traditional journalistic markers when you can't always tell who the

0:14:52.320 --> 0:14:54.200
<v Speaker 1>person on the other side of an account or a

0:14:54.240 --> 0:14:57.440
<v Speaker 1>wallet might be. First of all, it's you know, kind

0:14:57.440 --> 0:15:01.040
<v Speaker 1>of the smell test. Does it seem re reasonable what

0:15:01.120 --> 0:15:04.120
<v Speaker 1>this entity is saying? Is there any way that we

0:15:04.160 --> 0:15:07.280
<v Speaker 1>can match it up against something that's already out there?

0:15:07.360 --> 0:15:10.000
<v Speaker 1>The basic tools of journalism when it comes to you know,

0:15:10.080 --> 0:15:13.280
<v Speaker 1>dotting the eyes and crossing the teeth just become even

0:15:13.360 --> 0:15:16.640
<v Speaker 1>more crucial when Facebook stuff like this. If somebody is

0:15:17.040 --> 0:15:21.000
<v Speaker 1>crypto native right there, like I only care about this market,

0:15:21.600 --> 0:15:24.520
<v Speaker 1>but you could make them pay attention to any other

0:15:24.600 --> 0:15:26.960
<v Speaker 1>market because it would help them understand some of the

0:15:27.040 --> 0:15:30.240
<v Speaker 1>dynamics that they were seeing. What would you suggest I

0:15:30.280 --> 0:15:33.360
<v Speaker 1>think the closest analogy was probably currencies on it. I mean,

0:15:33.400 --> 0:15:36.920
<v Speaker 1>it's kind of a a derivative of that market, and

0:15:37.520 --> 0:15:42.400
<v Speaker 1>the currency markets are just all about profits and loss

0:15:42.920 --> 0:15:46.840
<v Speaker 1>on it, so that the it's just a trading thing,

0:15:46.880 --> 0:15:48.760
<v Speaker 1>and they had a lot of issues in that market too,

0:15:48.880 --> 0:15:54.000
<v Speaker 1>about similar things about manipulation, um, insider information, that type

0:15:54.040 --> 0:15:55.600
<v Speaker 1>of thing. Over the years. You can look back at

0:15:55.640 --> 0:15:58.320
<v Speaker 1>some of those scandals on it and it was it's

0:15:58.400 --> 0:16:01.960
<v Speaker 1>currency market is just huge, so a lot of actually

0:16:01.960 --> 0:16:06.600
<v Speaker 1>those traders have gravitated over when regulation really kind of

0:16:06.600 --> 0:16:08.920
<v Speaker 1>clamped down on that stuff. In the currency world, I

0:16:09.040 --> 0:16:11.560
<v Speaker 1>want it. I know plenty of traders who are who

0:16:11.600 --> 0:16:14.600
<v Speaker 1>used to trade currencies who are now trading crypto similar

0:16:14.640 --> 0:16:17.080
<v Speaker 1>kind of rush, I would imagine, and you know, sort

0:16:17.080 --> 0:16:20.040
<v Speaker 1>of free for all in terms of the hours. And

0:16:20.040 --> 0:16:24.000
<v Speaker 1>then Beth, given you know how much in the past

0:16:24.040 --> 0:16:26.080
<v Speaker 1>as you say, and now you've done on kind of

0:16:26.080 --> 0:16:29.320
<v Speaker 1>like the dot joining and helping things be interested and

0:16:29.360 --> 0:16:32.720
<v Speaker 1>accessible to people. What do you think is one of

0:16:32.760 --> 0:16:35.640
<v Speaker 1>the more interesting storylines that people are perhaps paying less

0:16:35.680 --> 0:16:39.840
<v Speaker 1>attention to. It's a question I keep asking myself is

0:16:40.400 --> 0:16:44.960
<v Speaker 1>what is the use of crypto? It may sound really basic,

0:16:45.440 --> 0:16:48.960
<v Speaker 1>but I think it's it's something that when you see

0:16:49.000 --> 0:16:53.160
<v Speaker 1>they have this huge rallies and huge plunges, it's a

0:16:53.440 --> 0:16:57.560
<v Speaker 1>part of the market, seeing these these winters and these rallies,

0:16:57.800 --> 0:17:01.120
<v Speaker 1>and how much this whole market is Bill Alton speculation.

0:17:01.600 --> 0:17:03.320
<v Speaker 1>You know what I learned about it going up and

0:17:03.360 --> 0:17:06.840
<v Speaker 1>going down, and all of the talk about web three

0:17:07.040 --> 0:17:10.320
<v Speaker 1>and blockchain and all the ways that it can improve

0:17:10.359 --> 0:17:12.720
<v Speaker 1>the world. I would like to know more about the

0:17:12.840 --> 0:17:15.639
<v Speaker 1>use case. And I think people are want to know

0:17:15.680 --> 0:17:19.280
<v Speaker 1>about making money. How can I trade this? The lesser

0:17:19.320 --> 0:17:21.440
<v Speaker 1>known thing and something I want to know more about

0:17:21.600 --> 0:17:24.360
<v Speaker 1>is what do you use crypto for? What can you

0:17:24.480 --> 0:17:27.119
<v Speaker 1>use this for? Well, we will try to and I

0:17:27.119 --> 0:17:29.800
<v Speaker 1>don't have an answer to that. Yeah, this is where

0:17:29.800 --> 0:17:31.800
<v Speaker 1>we go to. Our reporters were like, hello, here are

0:17:31.800 --> 0:17:33.800
<v Speaker 1>some story. It is since I know we all have

0:17:33.880 --> 0:17:36.880
<v Speaker 1>to actually go edit some things, I think we will

0:17:36.920 --> 0:17:39.159
<v Speaker 1>call that the episode. Thank you to all of you

0:17:39.240 --> 0:17:40.760
<v Speaker 1>for joining me and see all when I'm back in

0:17:40.760 --> 0:17:43.600
<v Speaker 1>New York. You heard from Beth Williams who's the deputy

0:17:43.680 --> 0:17:46.560
<v Speaker 1>for Bloomberg Crypto, and two of our senior editors, Dave

0:17:46.600 --> 0:17:49.600
<v Speaker 1>Liqua and Phil Logo Cronzo. You can find all of

0:17:49.600 --> 0:17:52.000
<v Speaker 1>our work on the Bloomberg terminal. We're on Bloomberg dot

0:17:52.000 --> 0:17:56.479
<v Speaker 1>com and on Twitter. Beth is b Willie Lou. I'm

0:17:56.520 --> 0:17:59.199
<v Speaker 1>gonna spell that for you. That's b w I l

0:17:59.440 --> 0:18:03.760
<v Speaker 1>l I l i o U. Dave is d Litqua

0:18:04.119 --> 0:18:08.200
<v Speaker 1>that's d l i e d t k A. And

0:18:08.280 --> 0:18:11.879
<v Speaker 1>Phil has the coolest. It's his last name. It's at Lagerkranza.

0:18:12.280 --> 0:18:14.960
<v Speaker 1>That's l A g e r k r A n

0:18:15.320 --> 0:18:20.240
<v Speaker 1>s e R. On the next episode of Bloomberg Crypto,

0:18:20.800 --> 0:18:23.840
<v Speaker 1>you could argue that crypto is no stranger to a recession.

0:18:24.119 --> 0:18:26.679
<v Speaker 1>In fact, it was the financial crisis of two thousand

0:18:26.720 --> 0:18:28.919
<v Speaker 1>and eight, but even birth the idea of bitcoin in

0:18:28.920 --> 0:18:33.320
<v Speaker 1>the first place. But this recession feels a little different.

0:18:33.960 --> 0:18:37.000
<v Speaker 1>In the decade or so since that formative Bitcoin white paper,

0:18:37.320 --> 0:18:42.119
<v Speaker 1>crypto has experienced spectacular growth. But now in the midst

0:18:42.160 --> 0:18:45.680
<v Speaker 1>of this crypto winter, investors who entered the digital asset

0:18:45.680 --> 0:18:49.520
<v Speaker 1>class during its so called bull market are reevaluating their

0:18:49.720 --> 0:18:54.600
<v Speaker 1>whole relationship with digital coins. Bloomberg Reports of Claire Balantine

0:18:54.720 --> 0:18:57.119
<v Speaker 1>joins me Monday for a look at how investors are

0:18:57.119 --> 0:19:04.199
<v Speaker 1>feeling about this wintry mix in the market. I'm Stacy

0:19:04.280 --> 0:19:07.760
<v Speaker 1>Marie Ishmael, and this is Bloomberg Crypto, a daily podcast

0:19:07.840 --> 0:19:10.760
<v Speaker 1>from Bloomberg and I Heart Radio. For more shows from

0:19:10.760 --> 0:19:14.199
<v Speaker 1>I Heart Radio, visit the I Heart Radio app, Apple Podcasts,

0:19:14.320 --> 0:19:17.639
<v Speaker 1>or wherever you get your podcasts. Email your questions, comments

0:19:17.720 --> 0:19:20.600
<v Speaker 1>or suggestions for the show to Crypto at Bloomberg dot

0:19:20.600 --> 0:19:25.480
<v Speaker 1>net and you'll find us on Twitter at Crypto. The

0:19:25.520 --> 0:19:28.879
<v Speaker 1>supervising producer of Bloomberg Crypto is Vicky very Galina. Our

0:19:28.920 --> 0:19:32.359
<v Speaker 1>senior producer is Janet Babin. Our producer is Mohammed Feru.

0:19:32.680 --> 0:19:36.640
<v Speaker 1>Our producer is Sharon Burriro. Our associate producers Zanam Siddiki,

0:19:36.800 --> 0:19:39.560
<v Speaker 1>Thie Butler and Moses and um Desta wonder At is

0:19:39.560 --> 0:19:42.280
<v Speaker 1>our engineer. Original music by Leo Sidrin