1 00:00:02,520 --> 00:00:05,640 Speaker 1: This is Bloomberg Crypto, a daily Bloomberg I heard podcast, 2 00:00:06,000 --> 00:00:09,559 Speaker 1: and I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg. 3 00:00:09,600 --> 00:00:28,440 Speaker 1: Mus It's Thursday, October. Let's say you're crypto startop trying 4 00:00:28,480 --> 00:00:31,760 Speaker 1: to raise money from venture capitalists. All things being equal, 5 00:00:31,960 --> 00:00:35,640 Speaker 1: you'd have done decently well in twenty ridiculously well in 6 00:00:36,479 --> 00:00:38,920 Speaker 1: one and not bad at all in the first half. 7 00:00:40,280 --> 00:00:44,920 Speaker 1: But right now maybe not so much. Bloomberg Report. Hannah 8 00:00:44,960 --> 00:00:47,599 Speaker 1: Milla joins me to discuss what's happening with crypto vcs 9 00:00:47,720 --> 00:00:50,159 Speaker 1: and the startups who need them. I think for a 10 00:00:50,200 --> 00:00:54,840 Speaker 1: lot of vcs, they're seeing this as an opportunity for 11 00:00:55,240 --> 00:01:08,679 Speaker 1: talent to step in that's maybe more experienced. Welcome back, Hannah. 12 00:01:09,200 --> 00:01:14,600 Speaker 1: How's life in San Francisco. Life in San Francisco is great. Um, yeah, 13 00:01:14,640 --> 00:01:18,520 Speaker 1: October's always kind of summary here. So it's actually been 14 00:01:18,520 --> 00:01:22,320 Speaker 1: warm temperatures as of late. Well, you spoke to our 15 00:01:22,480 --> 00:01:25,800 Speaker 1: colleague vill Donna about the fact that October has also 16 00:01:25,880 --> 00:01:30,480 Speaker 1: been historically speaking like a pretty decent one for crypto markets, 17 00:01:30,520 --> 00:01:33,760 Speaker 1: and that's I mean mixed results given the extent of 18 00:01:33,760 --> 00:01:37,800 Speaker 1: the crypto winter. But you've also been reporting on an 19 00:01:37,840 --> 00:01:40,039 Speaker 1: area where October has been a little bit more challenging 20 00:01:40,040 --> 00:01:42,520 Speaker 1: than maybe folks were expecting, and that is in the 21 00:01:42,640 --> 00:01:47,400 Speaker 1: venture capital market for crypto starts up fundraising. What's going 22 00:01:47,400 --> 00:01:51,720 Speaker 1: on over there. Yeah, So I got some data from 23 00:01:51,720 --> 00:01:55,520 Speaker 1: Pitchbook looking at venture capital funding in the third quarter 24 00:01:57,440 --> 00:02:00,800 Speaker 1: compare to the same period in one and it's a 25 00:02:00,840 --> 00:02:04,400 Speaker 1: steep drop. It's a thirty seven percent declined to four 26 00:02:04,400 --> 00:02:09,000 Speaker 1: point four billion dollars uh and venture funding four crypto startups, 27 00:02:09,080 --> 00:02:13,079 Speaker 1: and that's roughly half of the record amount of funding 28 00:02:13,360 --> 00:02:17,040 Speaker 1: that vcs poured into crypto and blockchain startups in the 29 00:02:17,120 --> 00:02:23,639 Speaker 1: first quarter of two. So it's it's really a bit unsettling, 30 00:02:23,840 --> 00:02:26,359 Speaker 1: you know, seeing this big drop, but it makes sense 31 00:02:26,480 --> 00:02:32,400 Speaker 1: considering market conditions. We are in the depths of crypto winter. Uh. 32 00:02:32,440 --> 00:02:37,520 Speaker 1: There there are still a lot of issues within the industry. Uh. 33 00:02:37,600 --> 00:02:40,320 Speaker 1: And that podcast with bel Donna referred to October as 34 00:02:40,520 --> 00:02:44,400 Speaker 1: potentially October in terms of market performance, but it's actually 35 00:02:44,440 --> 00:02:48,440 Speaker 1: been Hackedober with a lot of security incidents. As a la, 36 00:02:49,040 --> 00:02:52,240 Speaker 1: protocols have become an easy target for attackers. That's according 37 00:02:52,280 --> 00:02:55,760 Speaker 1: to blockchain analysis firm Chain Analysis, which estimates around one 38 00:02:55,800 --> 00:02:58,360 Speaker 1: point nine billion dollars worth of digital tokens have been 39 00:02:58,400 --> 00:03:01,960 Speaker 1: stolen and hacks this year of the we're talking about 40 00:03:02,000 --> 00:03:06,200 Speaker 1: declines from a record and kind of if we you know, 41 00:03:06,840 --> 00:03:08,640 Speaker 1: vcs will love to say, well, we have a long 42 00:03:08,760 --> 00:03:12,520 Speaker 1: term view, and so if we take the long term 43 00:03:12,600 --> 00:03:15,960 Speaker 1: view for a second, we're still talking about money being 44 00:03:16,000 --> 00:03:22,160 Speaker 1: deployed at levels unthinkable three four, five years ago because 45 00:03:22,160 --> 00:03:26,200 Speaker 1: this industry barely existed then, both on the startup side, 46 00:03:26,240 --> 00:03:29,639 Speaker 1: but also some of the investors who are pouring money 47 00:03:29,680 --> 00:03:32,080 Speaker 1: into these startups. Talk a little bit about who those 48 00:03:32,160 --> 00:03:38,960 Speaker 1: venture capitalists are. We've seen big names back the crypto industry. 49 00:03:39,120 --> 00:03:43,240 Speaker 1: I'm talking about Andres and Horowitz here, which has massive, 50 00:03:43,280 --> 00:03:47,839 Speaker 1: massive crypto funds and has a big crypto team dedicated 51 00:03:48,000 --> 00:03:52,360 Speaker 1: to examining and investing in this industry. UM. We also 52 00:03:52,440 --> 00:03:57,400 Speaker 1: have other big names. Electric Capital is one, UH, they're 53 00:03:57,440 --> 00:04:01,680 Speaker 1: more crypto focus UM and how also raised a massive 54 00:04:01,720 --> 00:04:07,720 Speaker 1: fund UH. Paradigm another big crypto name, UM founded by 55 00:04:08,320 --> 00:04:12,000 Speaker 1: um co founded by Fred Orsu from coin base. And 56 00:04:12,360 --> 00:04:15,840 Speaker 1: it's just really interesting to see kind of this growing 57 00:04:15,840 --> 00:04:21,840 Speaker 1: divide now between generalist specs which look at many different industries, 58 00:04:21,920 --> 00:04:26,640 Speaker 1: back many different areas of tech versus crypto native vcs. 59 00:04:26,800 --> 00:04:30,839 Speaker 1: These are firms that specialize in crypto investments. They might 60 00:04:30,880 --> 00:04:35,479 Speaker 1: have a dedicated research team, dedicated coding team, and these 61 00:04:35,520 --> 00:04:39,920 Speaker 1: crypto native vcs are very much committed still to the space. 62 00:04:40,040 --> 00:04:45,279 Speaker 1: This is everything that they have hinged their entire investment 63 00:04:45,279 --> 00:04:52,240 Speaker 1: philosophy on blockchain going big. Who are some of those startups? 64 00:04:52,240 --> 00:04:55,720 Speaker 1: So you've mentioned the venture capitalists, like the big traditional names, 65 00:04:55,839 --> 00:04:59,559 Speaker 1: the newer but big crypto names, who are they still 66 00:04:59,600 --> 00:05:02,360 Speaker 1: invest sting in even if they're investing maybe at lower 67 00:05:02,480 --> 00:05:04,960 Speaker 1: levels than they were this time left you. Yeah, it's 68 00:05:04,960 --> 00:05:09,400 Speaker 1: been really interesting to see a trend where n FT 69 00:05:09,640 --> 00:05:14,840 Speaker 1: gaming startups are actually scoring a big round still um. 70 00:05:14,880 --> 00:05:20,279 Speaker 1: In September we saw Lute Mogul and improbable Um raise 71 00:05:20,520 --> 00:05:23,840 Speaker 1: over a hundred million dollars. And what's interesting about these 72 00:05:23,839 --> 00:05:27,760 Speaker 1: startups is that yes, they use blockchain technology, but it's 73 00:05:27,800 --> 00:05:30,080 Speaker 1: more to sort of sort of more in the background. 74 00:05:30,480 --> 00:05:33,920 Speaker 1: They're not like explicitly crypto startups. They just kind of 75 00:05:34,080 --> 00:05:37,760 Speaker 1: take advantage of blockchain technology and they're more focused on 76 00:05:37,839 --> 00:05:40,840 Speaker 1: gaming and the metaverse. So I think a lot of 77 00:05:41,080 --> 00:05:44,880 Speaker 1: crypto vcs still see gaming as an opportunity to broaden 78 00:05:45,560 --> 00:05:49,200 Speaker 1: blockchain and cryptos appeal to the main to mainstream consumers. 79 00:05:49,400 --> 00:05:52,000 Speaker 1: You know, people love games, they love playing them. There 80 00:05:52,000 --> 00:05:55,120 Speaker 1: it's a lot more accessible than something like a complicated 81 00:05:55,200 --> 00:05:59,360 Speaker 1: defy platform that might be prone to hacks and bankruptcies. 82 00:06:00,720 --> 00:06:03,039 Speaker 1: I mean, it's so interesting that what we're essentially talking 83 00:06:03,040 --> 00:06:06,159 Speaker 1: about is people doubling down on one of our go 84 00:06:06,279 --> 00:06:10,440 Speaker 1: to phrases here on this podcast, the underlying technology as 85 00:06:10,440 --> 00:06:14,000 Speaker 1: opposed to some of like the buzzier applications built on 86 00:06:14,080 --> 00:06:19,800 Speaker 1: top of that technology. Yeah, it's all about infrastructure and 87 00:06:19,880 --> 00:06:23,360 Speaker 1: picks and shovels. So we have seen investments raised for 88 00:06:23,520 --> 00:06:27,240 Speaker 1: companies that are still building on l one blockchains, or 89 00:06:27,839 --> 00:06:31,040 Speaker 1: even companies that kind of help bridge the gap between 90 00:06:31,600 --> 00:06:35,560 Speaker 1: Web two players and Web three. So I recently wrote 91 00:06:35,560 --> 00:06:39,320 Speaker 1: about a company called Stardusts that does that for gaming. Now, 92 00:06:39,320 --> 00:06:41,880 Speaker 1: when you talk about l one blockchains, we're talking like, 93 00:06:41,960 --> 00:06:44,360 Speaker 1: as you say, the picks and shovels, like the bitcoins, 94 00:06:44,680 --> 00:06:48,640 Speaker 1: the ethereums, right, like those sort of fundamental things. But 95 00:06:48,680 --> 00:06:52,640 Speaker 1: we've also seen folks like um Anamocha raise money blockchain 96 00:06:52,760 --> 00:06:56,840 Speaker 1: dot com. How are they still fundraising in this environment? 97 00:06:57,040 --> 00:06:59,640 Speaker 1: I mean, is it because Anamoca is partly a gaming play, 98 00:06:59,760 --> 00:07:04,240 Speaker 1: is it something else? Yeah, Animoca is you know, it 99 00:07:04,279 --> 00:07:07,040 Speaker 1: does fall into that gaming space. The last round they 100 00:07:07,040 --> 00:07:10,920 Speaker 1: had was flat. Um, so it wasn't necessarily a down round. 101 00:07:11,240 --> 00:07:17,440 Speaker 1: I spoke with Yatsu who founded Animoca, and he really 102 00:07:17,440 --> 00:07:21,520 Speaker 1: gave a very rosy picture of what's happening with his company. Uh. 103 00:07:21,560 --> 00:07:24,560 Speaker 1: He is still very much interested in eventually going public. 104 00:07:25,240 --> 00:07:29,680 Speaker 1: He is very excited about what lies ahead for blockchain gaming, 105 00:07:30,240 --> 00:07:34,840 Speaker 1: and he really thinks that Crypto Winter hasn't actually come 106 00:07:35,000 --> 00:07:38,880 Speaker 1: for gaming right now. And then you mentioned blockchain dot Com. 107 00:07:39,400 --> 00:07:42,040 Speaker 1: So they were looking to raise a down round uh 108 00:07:42,520 --> 00:07:47,320 Speaker 1: recently and we've seen, you know, some shifts there. Um. 109 00:07:47,480 --> 00:07:51,480 Speaker 1: They just recently did a strategic financing round. Um. So 110 00:07:51,600 --> 00:07:54,200 Speaker 1: it's kind of been interesting to see what's going to 111 00:07:54,280 --> 00:07:57,640 Speaker 1: happen with that company. They did have a layoff um recently. 112 00:07:58,080 --> 00:08:00,800 Speaker 1: There are two sort of concepts which seemed to be 113 00:08:00,840 --> 00:08:04,120 Speaker 1: really important in the context of Crypto Winter especially. The 114 00:08:04,200 --> 00:08:07,000 Speaker 1: first is a down round. When folks talk about a 115 00:08:07,000 --> 00:08:08,880 Speaker 1: down round, it's often like, oh my god, he raised 116 00:08:08,880 --> 00:08:12,640 Speaker 1: a down round, but like, what is it exactly? Yeah, 117 00:08:12,640 --> 00:08:15,800 Speaker 1: So that's referring to the valuation of a company. Uh. 118 00:08:15,840 --> 00:08:21,080 Speaker 1: So you know, companies were raising at these these massive valuations. 119 00:08:21,320 --> 00:08:25,640 Speaker 1: Uh last year really that were you know, saying that 120 00:08:25,680 --> 00:08:28,040 Speaker 1: these were unicorn and some of them many times over, 121 00:08:28,720 --> 00:08:31,320 Speaker 1: meaning that they were worth more than a billion dollars. 122 00:08:31,400 --> 00:08:34,400 Speaker 1: So it's been a real calmdown this year. We've seen 123 00:08:34,520 --> 00:08:37,920 Speaker 1: more companies like watching dot Com looking to raise at 124 00:08:38,000 --> 00:08:42,880 Speaker 1: lower valuations UM than they were at previously. So the 125 00:08:42,880 --> 00:08:46,360 Speaker 1: reason people get sort of weird about it is because 126 00:08:46,559 --> 00:08:50,679 Speaker 1: there's this implied suggestion that you're definitely not worth as 127 00:08:50,760 --> 00:08:52,920 Speaker 1: much as the last time we had a conversation about 128 00:08:52,960 --> 00:08:55,560 Speaker 1: fround raising, but maybe you were like never worth that much. 129 00:08:57,000 --> 00:08:59,640 Speaker 1: We'll be right back with more from Bloomberg Report, Hannah Mila. 130 00:09:10,720 --> 00:09:13,319 Speaker 1: We've talked about gaming and the fact that it's sort 131 00:09:13,360 --> 00:09:16,199 Speaker 1: of an outlier in terms of its ability to continue 132 00:09:16,200 --> 00:09:18,400 Speaker 1: to be attractive. Do you have a sense of what's 133 00:09:18,400 --> 00:09:21,240 Speaker 1: going on with like VC overall? Right? Is it that, like, 134 00:09:21,400 --> 00:09:24,560 Speaker 1: is crypto a sector that's being hit harder by the 135 00:09:24,600 --> 00:09:26,920 Speaker 1: decline than other places or are we looking at a 136 00:09:26,960 --> 00:09:32,000 Speaker 1: general pullback in liquidity. Yeah, there's definitely a general pullback 137 00:09:32,120 --> 00:09:35,199 Speaker 1: across tech um. The crypto is not the only area 138 00:09:35,280 --> 00:09:39,479 Speaker 1: being affected. The thing is, though crypto has an extremely 139 00:09:39,559 --> 00:09:44,000 Speaker 1: high profile as being risky. UM. We see that because 140 00:09:44,000 --> 00:09:47,840 Speaker 1: of the volatility of tokens. We see that in the 141 00:09:47,960 --> 00:09:52,240 Speaker 1: hacks that affect the industry, and we just see this also, 142 00:09:52,480 --> 00:09:56,760 Speaker 1: you know, there are shady characters and you know there 143 00:09:56,760 --> 00:10:01,840 Speaker 1: have been very spectacular fails um UM different players, major 144 00:10:01,880 --> 00:10:05,120 Speaker 1: players within the industry. I'm thinking three rows capital here, 145 00:10:05,520 --> 00:10:09,920 Speaker 1: I'm thinking Celsius, I'm thinking Voyage or Digital. So it's 146 00:10:10,440 --> 00:10:14,120 Speaker 1: very I think in some ways the stakes are a 147 00:10:14,120 --> 00:10:18,480 Speaker 1: bit higher for the crypto industry UM with this you 148 00:10:18,520 --> 00:10:21,560 Speaker 1: know slow down, and even with this more broad slowdown, 149 00:10:22,160 --> 00:10:26,200 Speaker 1: it'll be interesting to see how things shape up. I 150 00:10:26,280 --> 00:10:28,400 Speaker 1: will say that a lot of the vcs I talked 151 00:10:28,400 --> 00:10:31,319 Speaker 1: to are still very hopeful about the space. Even though 152 00:10:31,360 --> 00:10:34,920 Speaker 1: they're telling their portfolio companies to buckle down for the 153 00:10:34,960 --> 00:10:37,600 Speaker 1: next eighteen twenty four months, make sure they have enough 154 00:10:37,640 --> 00:10:41,720 Speaker 1: cash on hand to last crypto winter. They still believe 155 00:10:42,000 --> 00:10:44,920 Speaker 1: we will come out of this. And one thing that's 156 00:10:44,920 --> 00:10:48,280 Speaker 1: also interesting about this current bear market and how it's 157 00:10:48,280 --> 00:10:51,000 Speaker 1: different from previous crypto winters, is that we do see 158 00:10:51,040 --> 00:10:55,719 Speaker 1: more institutional money coming in UM, more big players from 159 00:10:55,760 --> 00:10:59,160 Speaker 1: traditional finance entering crypto. So I think this has given 160 00:10:59,200 --> 00:11:02,560 Speaker 1: a lot of people hope UM, and they're saying, you know, hey, 161 00:11:02,600 --> 00:11:05,720 Speaker 1: the industry is more mature than it was in previous 162 00:11:05,720 --> 00:11:10,080 Speaker 1: bear markets, and you know, it's we're gonna overcome this. 163 00:11:10,640 --> 00:11:12,400 Speaker 1: So I still I will say, I still see a 164 00:11:12,400 --> 00:11:17,400 Speaker 1: lot of optimism within crypto because you mentioned October. You know, 165 00:11:17,480 --> 00:11:22,840 Speaker 1: you've previously reported that security startups have been an area 166 00:11:23,040 --> 00:11:25,760 Speaker 1: of growth. Are they raising enough money to keep up 167 00:11:25,760 --> 00:11:27,800 Speaker 1: with the outbreak of hacks right now? I'm like, what's 168 00:11:27,800 --> 00:11:30,160 Speaker 1: going on over there? I would say so with the 169 00:11:30,440 --> 00:11:35,680 Speaker 1: most recent hack UM for Mango, UH, I spoke to 170 00:11:35,720 --> 00:11:38,600 Speaker 1: one of a startup that had just uh done a 171 00:11:38,640 --> 00:11:42,440 Speaker 1: recent raise and it's called Hawborn, and you know, they 172 00:11:42,440 --> 00:11:46,040 Speaker 1: seem to be doing really well, UM, very very busy. 173 00:11:47,840 --> 00:11:50,880 Speaker 1: So again, and I think that's sort of that security 174 00:11:50,920 --> 00:11:54,280 Speaker 1: piece falls into the infrastructure category where you're you're you're 175 00:11:54,320 --> 00:12:00,000 Speaker 1: looking for flaws and either UM platforms, code or even 176 00:12:00,160 --> 00:12:04,640 Speaker 1: its economic models and testing them to see whether they can, 177 00:12:04,920 --> 00:12:08,480 Speaker 1: you know, or whether they have any vulnerabilities and whether 178 00:12:08,520 --> 00:12:12,960 Speaker 1: they can withstand extremes this extreme market conditions that we 179 00:12:13,000 --> 00:12:15,439 Speaker 1: see in crypto at times, extreme market conditions is a 180 00:12:15,559 --> 00:12:19,160 Speaker 1: very diplomatic way of putting it. As a sort of 181 00:12:19,200 --> 00:12:22,439 Speaker 1: a closing thought. You know, we've talked on previous episodes 182 00:12:22,559 --> 00:12:27,000 Speaker 1: about one of the propositions that the crypto native vcs 183 00:12:27,240 --> 00:12:29,760 Speaker 1: like to make is that like we we are the experts, 184 00:12:29,800 --> 00:12:32,520 Speaker 1: like we really know this area inside out. We can 185 00:12:32,559 --> 00:12:36,719 Speaker 1: provide expert council expert guidance. Are you hearing it all 186 00:12:36,840 --> 00:12:40,880 Speaker 1: that in this wave of C suite departures, when you 187 00:12:40,880 --> 00:12:44,839 Speaker 1: know companies like actually really need that expert guidance. Are 188 00:12:44,840 --> 00:12:47,280 Speaker 1: you hearing from either founders or vcs that folks are 189 00:12:47,280 --> 00:12:51,000 Speaker 1: stepping up in that area. Yeah, I know. It's I 190 00:12:51,040 --> 00:12:54,280 Speaker 1: think for a lot of vcs, they're seeing this as 191 00:12:54,600 --> 00:12:59,640 Speaker 1: an opportunity for talent to step in that's maybe more 192 00:13:00,000 --> 00:13:05,280 Speaker 1: sperienced in dealing with growing regulatory scrutiny or you know, 193 00:13:05,600 --> 00:13:10,840 Speaker 1: handling a larger company. Um. So, I think for some 194 00:13:10,920 --> 00:13:16,680 Speaker 1: of the founders it's nice for them to you know, 195 00:13:16,720 --> 00:13:19,320 Speaker 1: maybe pull back focus on something else, whether it's policy 196 00:13:19,559 --> 00:13:24,640 Speaker 1: or just their own you know, sanity. Um And it's 197 00:13:24,640 --> 00:13:27,000 Speaker 1: it's interesting to see whether we're going to have more 198 00:13:27,080 --> 00:13:30,480 Speaker 1: talent pulled in from traditional finance, whether we're gonna see 199 00:13:30,480 --> 00:13:35,280 Speaker 1: familiar names from big institutional players common too crypto and 200 00:13:35,360 --> 00:13:37,760 Speaker 1: sort of fill these leadership gaps that have been left. 201 00:13:39,679 --> 00:13:42,319 Speaker 1: You know, you're making an interesting point about folks coming 202 00:13:42,400 --> 00:13:44,760 Speaker 1: in to be you know, we've called them in the 203 00:13:44,800 --> 00:13:47,720 Speaker 1: past like the adults in the room. That may play 204 00:13:47,840 --> 00:13:51,400 Speaker 1: to the strength of the more traditional, noncrypto native vcs 205 00:13:51,480 --> 00:13:55,120 Speaker 1: because they have you know, much bigger benches of experience 206 00:13:55,720 --> 00:13:59,040 Speaker 1: in those types of policy areas and that regulatory area 207 00:13:59,120 --> 00:14:01,920 Speaker 1: in the how to testify but before the Senate Banking 208 00:14:01,920 --> 00:14:05,080 Speaker 1: Committee area. So it's certainly going to be an interesting 209 00:14:05,120 --> 00:14:09,160 Speaker 1: time for all involved. Yeah. I mean, you see, with 210 00:14:09,240 --> 00:14:12,000 Speaker 1: a lot of the larger, more established VC firms, they 211 00:14:12,080 --> 00:14:16,600 Speaker 1: have legal experts, legal teams who can help growing startups 212 00:14:16,679 --> 00:14:22,000 Speaker 1: navigate this changing landscape for crypto regulation. So I do 213 00:14:22,120 --> 00:14:26,440 Speaker 1: think that there are things that traditional vcs can offer 214 00:14:27,000 --> 00:14:29,640 Speaker 1: these companies, and it'll be interesting to see how crypto 215 00:14:29,720 --> 00:14:36,600 Speaker 1: native vcs evolved to offer similar benefits their portfolio companies. Terrific. Well, Hannah, 216 00:14:36,600 --> 00:14:38,120 Speaker 1: I'm sure we'll have you back on the show soon 217 00:14:38,280 --> 00:14:40,920 Speaker 1: and have a great rest of your San Francisco summer. 218 00:14:41,520 --> 00:14:45,520 Speaker 1: Thank you have a good one. You can find more 219 00:14:45,520 --> 00:14:47,640 Speaker 1: of Hanna Miller is reposing on the Bloomberg terminal on 220 00:14:47,680 --> 00:14:50,880 Speaker 1: Bloomberg dot Com. I'll follow her on Twitter. She's at 221 00:14:51,120 --> 00:14:54,280 Speaker 1: h G. Miller nine. That's h G m I L 222 00:14:54,400 --> 00:15:01,600 Speaker 1: L e Er two nine. On the next episode of 223 00:15:01,600 --> 00:15:05,840 Speaker 1: Bloomberg Crypto, crypto traders are still hoping that October will 224 00:15:05,880 --> 00:15:09,880 Speaker 1: turn into October. But are their hopes misplaced? And what's 225 00:15:09,920 --> 00:15:13,120 Speaker 1: the effect of all this looming regulation on sentiments? Oh, 226 00:15:13,200 --> 00:15:15,080 Speaker 1: and have you heard about some guy named Matt Levine? 227 00:15:15,600 --> 00:15:22,000 Speaker 1: All this and more on the next episode. This is 228 00:15:22,000 --> 00:15:25,640 Speaker 1: Bloomberg Crypto, a daily podcast from Bloomberg and I Heart Radio. 229 00:15:26,360 --> 00:15:28,480 Speaker 1: For more shows from I Heart Radio, visit the I 230 00:15:28,560 --> 00:15:32,560 Speaker 1: Heart Radio app, Apple Podcasts, or wherever you get your podcasts. 231 00:15:33,360 --> 00:15:35,920 Speaker 1: Send us your comments, questions, or suggestions for the show 232 00:15:36,080 --> 00:15:39,360 Speaker 1: to Crypto at Bloomberg dot net or find us on Twitter. 233 00:15:39,600 --> 00:15:44,320 Speaker 1: We're at Crypto. The supervising producer of Bloomberg Crypto is 234 00:15:44,400 --> 00:15:48,280 Speaker 1: Vicky very Galina. Our senior producer is Janet Babin. Our 235 00:15:48,320 --> 00:15:52,240 Speaker 1: producers are Mohammed Faruk and Sharon Barriro. Our associate producers 236 00:15:52,240 --> 00:15:55,840 Speaker 1: are Ty Butler and Moses on Them. Desta wonder At 237 00:15:55,960 --> 00:16:01,120 Speaker 1: is our engineer original music by Leo Sidrin. I'm Stacy 238 00:16:01,200 --> 00:16:03,000 Speaker 1: Maria Shmael. We'll be back tomorrow.