1 00:00:03,160 --> 00:00:07,440 Speaker 1: This is Bloomberg Crypto, a daily Boomberghart podcast. Am Vil 2 00:00:07,480 --> 00:00:10,800 Speaker 1: Donna hi in for state summary, Ishmael. It's Tuesday, November 3 00:00:25,320 --> 00:00:28,720 Speaker 1: before chaos erupted in the cryptocurrency space following the collapse 4 00:00:28,800 --> 00:00:33,120 Speaker 1: of the ft X cryptocurrencies exchange, Digital acid researcher crypto 5 00:00:33,159 --> 00:00:36,640 Speaker 1: Compare found the bitcoin's value for this year wasn't done declining. 6 00:00:37,400 --> 00:00:39,760 Speaker 1: It appeared that the crypto coin was headed not just 7 00:00:39,840 --> 00:00:45,519 Speaker 1: into a winter, but a possible crypto ice age. The 8 00:00:45,600 --> 00:00:49,320 Speaker 1: data provider reviewed stats from past down turns, finding that Bitcoin, 9 00:00:49,680 --> 00:00:53,600 Speaker 1: the largest digital currency by market value, could continue declining 10 00:00:53,680 --> 00:00:57,280 Speaker 1: into year end, and then, of course, a series of 11 00:00:57,440 --> 00:01:02,560 Speaker 1: previously unthinkable events with news surfacing the crypto's second leading exchange, 12 00:01:02,840 --> 00:01:07,200 Speaker 1: f t X halted Withdrawal's declare bankruptcy and had its CEO, 13 00:01:07,360 --> 00:01:11,640 Speaker 1: Sam Bank and Freed resign. And this sunning downfall sparked 14 00:01:11,680 --> 00:01:15,600 Speaker 1: a whole new, wide ranging market downturn, with Bitcoin falling 15 00:01:15,600 --> 00:01:19,399 Speaker 1: below seventeen thousand dollars of coin, down from sixty nine 16 00:01:19,400 --> 00:01:22,520 Speaker 1: thousand just a year ago. And as the digital assets 17 00:01:22,560 --> 00:01:25,800 Speaker 1: industry continues to adapt to this new post ft X reality, 18 00:01:26,319 --> 00:01:29,640 Speaker 1: what will it all mean for bitcoin's value joining us 19 00:01:29,640 --> 00:01:32,319 Speaker 1: now is Bloomberg Reporter over cariif I think a lot 20 00:01:32,360 --> 00:01:35,720 Speaker 1: of people are still building and hopeful that this is 21 00:01:35,760 --> 00:01:53,280 Speaker 1: sort of a temporary setback. So all that something that 22 00:01:53,320 --> 00:01:54,800 Speaker 1: you and I have been talking about for a really 23 00:01:54,800 --> 00:01:56,960 Speaker 1: long time. Actually we talked about it even back in 24 00:01:57,000 --> 00:01:59,960 Speaker 1: two thousand and eighteen, is the crypto winter, which i'll 25 00:02:00,040 --> 00:02:02,360 Speaker 1: lot of people are familiar with. But now we have 26 00:02:02,720 --> 00:02:07,240 Speaker 1: so many events within the crypto space impacting crypto prices, 27 00:02:07,480 --> 00:02:09,800 Speaker 1: and I want to ask you about what all is 28 00:02:09,800 --> 00:02:12,760 Speaker 1: going on. It's helping to create this maybe we can 29 00:02:12,800 --> 00:02:16,560 Speaker 1: call it this crypto ice age. Sure. So, so it's 30 00:02:16,560 --> 00:02:21,480 Speaker 1: a confluence of two factors. One is macroeconomic sort of 31 00:02:21,560 --> 00:02:27,320 Speaker 1: environmental factors, the FED increasing interest rates that pushes investors 32 00:02:27,360 --> 00:02:33,040 Speaker 1: away from risk assets like cryptocurrencies. This is what essentially 33 00:02:33,080 --> 00:02:37,200 Speaker 1: impacted crypto prices earlier this year, and then later this 34 00:02:37,280 --> 00:02:42,359 Speaker 1: year we just saw a cascade of essentially crypto company 35 00:02:42,480 --> 00:02:46,760 Speaker 1: bankruptcies where a lot of these companies made risky bets 36 00:02:47,000 --> 00:02:50,320 Speaker 1: that didn't turn out right in the environment of following 37 00:02:50,360 --> 00:02:56,120 Speaker 1: crypto prices, and so we saw bankruptcies of companies ranging 38 00:02:56,240 --> 00:03:02,160 Speaker 1: from hedge fund three years capital to uh lender, Celsius 39 00:03:02,240 --> 00:03:08,800 Speaker 1: network to just this month ft X crypto exchange. So 40 00:03:08,960 --> 00:03:11,800 Speaker 1: just to speak to the crazy nature of the last 41 00:03:11,800 --> 00:03:16,320 Speaker 1: couple of days, the ft X implosion and everything that's 42 00:03:16,360 --> 00:03:19,000 Speaker 1: happening in the wake of that, that really is helping 43 00:03:19,040 --> 00:03:23,680 Speaker 1: to spur this humongous plunge in crypto prices and is 44 00:03:23,720 --> 00:03:28,000 Speaker 1: helping create this ice age. Right, Absolutely, it's been you know, 45 00:03:28,160 --> 00:03:31,280 Speaker 1: even people who have been in crypto for all these years, 46 00:03:31,280 --> 00:03:34,760 Speaker 1: they say that this is sort of the biggest implosion, 47 00:03:34,960 --> 00:03:38,240 Speaker 1: the biggest scandal in crypto, if you will, that they've 48 00:03:38,280 --> 00:03:42,800 Speaker 1: ever seen or experienced. So it just sent shock waves 49 00:03:42,880 --> 00:03:47,560 Speaker 1: through investors new to crypto as well as long timers 50 00:03:47,560 --> 00:03:50,320 Speaker 1: who have seen a lot of bad things happen in 51 00:03:50,360 --> 00:03:53,320 Speaker 1: this industry. But even they are shocked and and just 52 00:03:53,960 --> 00:03:57,640 Speaker 1: you know, hugely impacted by what happened, dismayed by everything 53 00:03:57,640 --> 00:04:00,240 Speaker 1: that happened. Yeah, you and I wrote this story that 54 00:04:00,400 --> 00:04:04,160 Speaker 1: said earlier bitcoin bear markets show that its price might 55 00:04:04,160 --> 00:04:06,480 Speaker 1: not have hit bottom. We wrote this a couple of 56 00:04:06,520 --> 00:04:10,240 Speaker 1: days ago, which in the cryptosphere feels like a hundred 57 00:04:10,320 --> 00:04:13,960 Speaker 1: years maybe the way things have been developing the last 58 00:04:14,000 --> 00:04:16,840 Speaker 1: couple of days. But can you talk just a little 59 00:04:16,839 --> 00:04:19,719 Speaker 1: bit more about how within the cryptosphere, because we don't 60 00:04:19,720 --> 00:04:22,000 Speaker 1: really have a lot of fundamentals to be looking at 61 00:04:22,120 --> 00:04:25,000 Speaker 1: right in terms of prices for different coins. So what 62 00:04:25,080 --> 00:04:27,200 Speaker 1: traders tend to do is they're looking at charts, they're 63 00:04:27,240 --> 00:04:30,159 Speaker 1: looking at technical levels, and they're looking at historical data 64 00:04:30,160 --> 00:04:33,479 Speaker 1: and what's happened during past draw downs, right to sort 65 00:04:33,480 --> 00:04:36,080 Speaker 1: of come to these conclusions about whether or not the 66 00:04:36,120 --> 00:04:40,360 Speaker 1: worst is behind us, right, And basically what happens during 67 00:04:40,400 --> 00:04:43,880 Speaker 1: bear markets is that traders rush out of a lot 68 00:04:43,920 --> 00:04:46,719 Speaker 1: of this so called alt coins, you know, coins that 69 00:04:46,760 --> 00:04:50,680 Speaker 1: are not Bitcoin, and either get out of the market 70 00:04:50,720 --> 00:04:55,440 Speaker 1: completely or seek safety in Bitcoin. And so it's very 71 00:04:55,520 --> 00:04:59,200 Speaker 1: helpful to see sort of what happens with bitcoin in 72 00:04:59,279 --> 00:05:02,320 Speaker 1: the bear market it to just figure out have we 73 00:05:02,440 --> 00:05:06,640 Speaker 1: reached bottom or not yet. And crypto Compare did just that, 74 00:05:06,839 --> 00:05:10,880 Speaker 1: and they looked at the downturns that started in thirteen 75 00:05:11,240 --> 00:05:18,280 Speaker 1: and eighteen or seventy late and basically what they found 76 00:05:18,480 --> 00:05:22,600 Speaker 1: was that in both of these downturns, bitcoins price dropped 77 00:05:22,640 --> 00:05:27,000 Speaker 1: by more than eight percent, and sort of before f 78 00:05:27,160 --> 00:05:30,840 Speaker 1: t X collapsed, what crypto Compare found was that, you know, 79 00:05:31,080 --> 00:05:35,719 Speaker 1: so far this crypto winter bitcoin is down by seventy 80 00:05:35,920 --> 00:05:41,360 Speaker 1: something percent, and so crypto compare argued that that means 81 00:05:41,480 --> 00:05:44,559 Speaker 1: that sort of it's not over yet. We could see 82 00:05:44,920 --> 00:05:49,240 Speaker 1: other declines, particularly if they're triggered by sort of major 83 00:05:49,880 --> 00:05:53,680 Speaker 1: macro events. And of course, since that report came out, 84 00:05:54,360 --> 00:06:00,400 Speaker 1: ft X crypto Exchange for bankruptcy, so that definitely triggered 85 00:06:01,240 --> 00:06:05,640 Speaker 1: further declines in bitcoin prices. And I want to go 86 00:06:05,680 --> 00:06:08,360 Speaker 1: back to a point that you were making about institutions 87 00:06:08,360 --> 00:06:10,880 Speaker 1: and how they've been involved, because a big narrative that 88 00:06:10,920 --> 00:06:12,640 Speaker 1: you and I have been writing about over the last 89 00:06:12,640 --> 00:06:16,000 Speaker 1: maybe two years or so is that institutions were stepping 90 00:06:16,000 --> 00:06:19,320 Speaker 1: in and becoming more interested in the crypto space, especially 91 00:06:19,360 --> 00:06:23,960 Speaker 1: as prices were skyrocketing in But can you talk a 92 00:06:24,000 --> 00:06:27,400 Speaker 1: bit more about that sort of hit to reputation or 93 00:06:27,480 --> 00:06:29,800 Speaker 1: hit to trust that we're going through right now and 94 00:06:29,839 --> 00:06:33,200 Speaker 1: experiencing right now, and what it means for institutional investments 95 00:06:33,200 --> 00:06:36,800 Speaker 1: and how much more hesitant maybe they're telling you they 96 00:06:36,800 --> 00:06:39,839 Speaker 1: are about being in the space or being involved in 97 00:06:39,880 --> 00:06:43,119 Speaker 1: this space in any way. So I think it's really 98 00:06:43,240 --> 00:06:46,160 Speaker 1: crucial what what you mentioned there in terms of institutions 99 00:06:46,240 --> 00:06:49,920 Speaker 1: losing trust and crypto. I think that has happened, especially 100 00:06:50,520 --> 00:06:53,600 Speaker 1: over the last week and a half when ft x 101 00:06:53,839 --> 00:06:58,040 Speaker 1: um went bally up up, potentially you know, misusing a 102 00:06:58,080 --> 00:07:03,120 Speaker 1: customer funds. Basically, ft X was the darling of Wall 103 00:07:03,160 --> 00:07:08,440 Speaker 1: Street because it's founder, Sam bank Manfried he worked as 104 00:07:08,440 --> 00:07:12,160 Speaker 1: a trader on James Street, so he spoke Wall Streets language. 105 00:07:12,440 --> 00:07:17,960 Speaker 1: People felt very comfortable with him, you know, being on 106 00:07:18,040 --> 00:07:21,960 Speaker 1: this exchange. And a lot of institutions held accounts on 107 00:07:22,240 --> 00:07:25,520 Speaker 1: FTX crypto exchange, and now their money is stuck on 108 00:07:25,600 --> 00:07:28,200 Speaker 1: the exchange and they don't know when or whether they 109 00:07:28,200 --> 00:07:31,760 Speaker 1: will get this money back. So a lot of large 110 00:07:31,760 --> 00:07:36,080 Speaker 1: institutional investors got hurt by simply, you know, having had 111 00:07:36,120 --> 00:07:39,280 Speaker 1: a relationship with ft X. But more importantly, I think 112 00:07:39,320 --> 00:07:44,440 Speaker 1: a lot of institutions are becoming very much more cautious 113 00:07:44,480 --> 00:07:49,680 Speaker 1: about stepping into crypto. It's been pretty much prices have 114 00:07:49,760 --> 00:07:53,280 Speaker 1: been moving down, down, down, and it's not clear that 115 00:07:53,320 --> 00:07:56,880 Speaker 1: we are at the bottom yet, and it's very risky 116 00:07:57,000 --> 00:08:01,320 Speaker 1: from many institutions standpoint to step into the space when 117 00:08:01,320 --> 00:08:04,080 Speaker 1: we don't even have a full picture of the fallout 118 00:08:04,200 --> 00:08:09,800 Speaker 1: from ftx is bankruptcy. So I think institutions are increasingly 119 00:08:09,840 --> 00:08:14,480 Speaker 1: doing more due diligence or hoping to start to do 120 00:08:14,520 --> 00:08:18,640 Speaker 1: that more, you know, after seeing even sort of well 121 00:08:18,720 --> 00:08:24,880 Speaker 1: regarded firms like FTX going bankrupt and apparently sort of 122 00:08:24,920 --> 00:08:27,400 Speaker 1: not maybe doing everything the way they were supposed to. 123 00:08:28,240 --> 00:08:31,760 Speaker 1: And so most people in crypto who interact with the 124 00:08:31,800 --> 00:08:36,040 Speaker 1: institutions say that they expect that the institutional investors will 125 00:08:36,080 --> 00:08:38,679 Speaker 1: take a breather and kind of step back from investing 126 00:08:39,120 --> 00:08:43,520 Speaker 1: in crypto for for a while. And the other side 127 00:08:43,520 --> 00:08:46,480 Speaker 1: of this, obviously is retail investors. And you and I 128 00:08:46,480 --> 00:08:48,800 Speaker 1: wrote about in the story that we were just talking 129 00:08:48,800 --> 00:08:52,719 Speaker 1: about how retail investors really, even before the ft X 130 00:08:52,800 --> 00:08:55,880 Speaker 1: implosion and some of the other events that we've seen 131 00:08:56,200 --> 00:08:59,040 Speaker 1: happen over the last couple of days, retail investors really 132 00:08:59,080 --> 00:09:02,640 Speaker 1: were scaling back their involvement in the space, whereas in 133 00:09:04,720 --> 00:09:07,760 Speaker 1: you had a lot of retail investors being very excited 134 00:09:07,800 --> 00:09:09,840 Speaker 1: by the price returns that we were seeing in the 135 00:09:09,840 --> 00:09:13,080 Speaker 1: crypto space, and they were stepping in and spending stimulus checks. 136 00:09:13,080 --> 00:09:16,400 Speaker 1: There's STiMi checks some of them on cryptocurrencies and other 137 00:09:16,840 --> 00:09:19,960 Speaker 1: sort of speculative and risky bets. So how important is 138 00:09:20,360 --> 00:09:22,439 Speaker 1: the retail investor to the space, And this is a 139 00:09:22,520 --> 00:09:24,880 Speaker 1: question I also have been asking a lot of people 140 00:09:24,920 --> 00:09:28,840 Speaker 1: I speak with their involvement is so pertinent to this space, 141 00:09:28,920 --> 00:09:31,280 Speaker 1: right and and a lot of them have been getting hurt, 142 00:09:31,400 --> 00:09:33,960 Speaker 1: not just by the implosions earlier in the year, but 143 00:09:34,040 --> 00:09:38,520 Speaker 1: also with what's going on with FTX. Absolutely, I mean 144 00:09:38,600 --> 00:09:42,800 Speaker 1: in general, during crypto bear markets, as we both know, 145 00:09:42,960 --> 00:09:46,280 Speaker 1: you know, retail investors pull back, pull out of the market. 146 00:09:46,400 --> 00:09:51,920 Speaker 1: That's why crypto exchanges generally see much lower revenues, if 147 00:09:51,960 --> 00:09:56,000 Speaker 1: if any revenues at all, or profits rather from you know, 148 00:09:56,080 --> 00:09:59,880 Speaker 1: on the years of the bear markets, retail investors sort 149 00:09:59,880 --> 00:10:02,160 Speaker 1: of stay on the sidelines. They don't want to trade 150 00:10:02,280 --> 00:10:07,960 Speaker 1: very much. What we could see from ftxcess demises is 151 00:10:08,080 --> 00:10:12,160 Speaker 1: so many retail investors got hurt. A lot of them 152 00:10:12,360 --> 00:10:18,040 Speaker 1: have lost trust in crypto and sort of crypto related infrastructure, 153 00:10:18,200 --> 00:10:21,040 Speaker 1: and so they might stay on the sidelines for a while. 154 00:10:21,160 --> 00:10:25,000 Speaker 1: But again, I feel like for both types of investors, 155 00:10:25,040 --> 00:10:29,240 Speaker 1: retail and institutional, you know, if there is some sort 156 00:10:29,280 --> 00:10:33,520 Speaker 1: of price action where prices actually start going up again, 157 00:10:34,040 --> 00:10:37,880 Speaker 1: you know, I suspect that we'll see both of those 158 00:10:37,880 --> 00:10:41,640 Speaker 1: types of investors jumping right back in. Because we've had 159 00:10:41,760 --> 00:10:47,360 Speaker 1: catastrophists in crypto before back inten of course, crypto was 160 00:10:47,520 --> 00:10:53,720 Speaker 1: much smaller back then, the world's biggest bitcoin exchange mogs. 161 00:10:54,200 --> 00:10:58,680 Speaker 1: You know, when bankrupt and it sends shock waves throughout 162 00:10:59,200 --> 00:11:01,480 Speaker 1: the crypto in the street, But you know, some months 163 00:11:01,559 --> 00:11:05,719 Speaker 1: later people got back into crypto, or new people came 164 00:11:05,760 --> 00:11:09,040 Speaker 1: into crypto, and this was forgotten. And I suspect the 165 00:11:09,120 --> 00:11:12,640 Speaker 1: same will happen here as well. Up next, more with 166 00:11:12,679 --> 00:11:16,040 Speaker 1: Bloomberg reporter Olga Karif on whether bitcoins winter might turn 167 00:11:16,080 --> 00:11:29,400 Speaker 1: into a crypto ice age. Just to go back to 168 00:11:29,400 --> 00:11:32,160 Speaker 1: your point about all coins. You mentioned all coins earlier, 169 00:11:32,160 --> 00:11:35,000 Speaker 1: and how much more they tend to get hit during 170 00:11:35,040 --> 00:11:37,880 Speaker 1: these draw downs. This is something that we tend to 171 00:11:37,920 --> 00:11:41,720 Speaker 1: see happen right where smaller coins are less well known 172 00:11:41,800 --> 00:11:45,600 Speaker 1: coins or coins basically that just aren't Bitcoin, tend to 173 00:11:45,640 --> 00:11:50,560 Speaker 1: suffer to a greater degree than Bitcoin itself does. Absolutely, 174 00:11:50,679 --> 00:11:53,920 Speaker 1: and and I think that makes sense. They tend to 175 00:11:53,960 --> 00:11:59,160 Speaker 1: be riskier to begin with because fewer people hold them, 176 00:11:59,240 --> 00:12:04,400 Speaker 1: so price moves can be more severe in one direction 177 00:12:04,760 --> 00:12:09,040 Speaker 1: or another. During bullmarkets, Uh, you know, you can make 178 00:12:09,720 --> 00:12:13,040 Speaker 1: more money potentially in olt coins, but of course during 179 00:12:13,120 --> 00:12:16,679 Speaker 1: bear markets, a lot of the coins actually go into 180 00:12:16,760 --> 00:12:20,760 Speaker 1: the zombie mode where they're not trading at all. I mean, 181 00:12:20,880 --> 00:12:26,640 Speaker 1: thousands of coins became zombies this year, along actually the 182 00:12:26,640 --> 00:12:30,079 Speaker 1: most coins ever. Yeah, you had a great story on this, 183 00:12:30,600 --> 00:12:36,080 Speaker 1: thank you, and so so I think people perceive all 184 00:12:36,120 --> 00:12:40,160 Speaker 1: of crypto to be very risky right now, and especially 185 00:12:40,160 --> 00:12:44,320 Speaker 1: out coins, and maybe we can end possibly on a 186 00:12:44,520 --> 00:12:47,000 Speaker 1: more hopeful note. But what the crypto people and people 187 00:12:47,040 --> 00:12:49,680 Speaker 1: who are involved in this space, what do they have 188 00:12:49,760 --> 00:12:51,880 Speaker 1: to tell you when you are asking them about the 189 00:12:51,920 --> 00:12:54,920 Speaker 1: future and what's next. As you said, we still have 190 00:12:55,000 --> 00:12:57,520 Speaker 1: yet to see everything that happens in the wake of 191 00:12:57,559 --> 00:12:59,880 Speaker 1: the FTX fall up. But once we passed all of that, 192 00:13:00,400 --> 00:13:05,160 Speaker 1: what are people within the space expecting to see? Well, 193 00:13:05,280 --> 00:13:08,080 Speaker 1: I think on the most hopeful note, a lot of 194 00:13:08,120 --> 00:13:11,600 Speaker 1: people say that all of the catastrophes that happen this 195 00:13:11,720 --> 00:13:16,960 Speaker 1: year basically are gonna possibly speed up additional laws and 196 00:13:17,040 --> 00:13:21,200 Speaker 1: regulations that will make it completely clear what you can 197 00:13:21,320 --> 00:13:25,640 Speaker 1: and cannot do in crypto, or will make it more 198 00:13:25,679 --> 00:13:31,000 Speaker 1: clear than it is today. Rather and essentially additional regulation 199 00:13:31,200 --> 00:13:35,960 Speaker 1: will help legitimize this industry, you know, in the coming months, 200 00:13:36,360 --> 00:13:41,240 Speaker 1: once it's this groundwork is laid out, and you know, 201 00:13:41,280 --> 00:13:43,719 Speaker 1: a lot of people are still building. They believe that 202 00:13:43,840 --> 00:13:50,280 Speaker 1: maybe uh ftxcess bankruptcy will push more people to look 203 00:13:50,320 --> 00:13:56,319 Speaker 1: more at decentralized finance applications, which allow people to trade, 204 00:13:56,400 --> 00:14:02,440 Speaker 1: borrow and land without intermediaries with out centralized parties. I 205 00:14:02,480 --> 00:14:05,720 Speaker 1: think a lot of people are still building and hopeful 206 00:14:05,880 --> 00:14:08,959 Speaker 1: that this is sort of a temporary setback. But again 207 00:14:09,000 --> 00:14:11,760 Speaker 1: the question is how temporary it could be a while. 208 00:14:15,760 --> 00:14:17,800 Speaker 1: Thank you so much Aga for joining us and for 209 00:14:17,840 --> 00:14:20,440 Speaker 1: all your insights, and also thank you so much for 210 00:14:20,480 --> 00:14:22,600 Speaker 1: all the great reporting you've been doing on crypto markets 211 00:14:22,600 --> 00:14:25,560 Speaker 1: and everything that's been going on with the FTX fallout. 212 00:14:26,160 --> 00:14:29,120 Speaker 1: Right back at you. You've you've been doing amazing stories 213 00:14:29,160 --> 00:14:31,640 Speaker 1: and and I got a chance to do a few 214 00:14:31,680 --> 00:14:34,240 Speaker 1: of the stories together with you, which was really fun, 215 00:14:34,440 --> 00:14:38,000 Speaker 1: and and thank you so much. I'm blushed like anybody 216 00:14:38,000 --> 00:14:42,760 Speaker 1: who can't see us, which is everybody. Thank you, Thank you. 217 00:14:43,560 --> 00:14:45,840 Speaker 1: You can find more of Olga's reporting on the Bloomberg 218 00:14:45,920 --> 00:14:48,680 Speaker 1: Terminal and on Bloomberg dot com, and for more, be 219 00:14:48,720 --> 00:14:51,840 Speaker 1: sure to check out our twice weekly newsletter, Bloomberg Crypto. 220 00:14:57,960 --> 00:15:01,120 Speaker 1: This is Bloomberg Crypto, a dearly podcast from Bloomberg and 221 00:15:01,160 --> 00:15:04,120 Speaker 1: I Heart Radio For more shows from I Heart Radio, 222 00:15:04,360 --> 00:15:07,440 Speaker 1: visit the I Heart Radio app, Apple Podcasts, or wherever 223 00:15:07,520 --> 00:15:11,040 Speaker 1: you get your podcasts. Send us your comments, questions, or 224 00:15:11,080 --> 00:15:14,080 Speaker 1: suggestions for the show to Crypto at Bloomberg dot net. 225 00:15:17,280 --> 00:15:21,000 Speaker 1: The supervising producer of Bloomberg Crypto is Vicky Verglina. 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