Bloomberg Crypto 06/18/2024
Summary
TLDRIn this episode of Bloomberg Crypto, Shanali Bassic and Tim Stenc discuss the current slump in Bitcoin and the wider crypto market, influenced by the Federal Reserve's rate hike stance. They explore the impact on speculative investments and outflows from crypto products, with insights from Melum Demir, a Coin Shares adviser. The conversation also covers the state of crypto venture capital with Edith Young from Race Capital, who discusses opportunities and the importance of stablecoins in the ecosystem. Additionally, Tether's launch of a synthetic dollar backed by gold is highlighted, aiming to diversify its business and cater to investors bullish on gold.
Takeaways
- 📉 Bitcoin is experiencing a summer slump, hitting its lowest level in more than a month, with a 4% drop over the past 7 days.
- 📊 Digital assets are facing significant outflows, with $600 million pulled from crypto products last week, the largest outflow since March.
- 📉 Ethereum and altcoins like Solana and Dogecoin are also moving lower, reflecting a broader downturn in the crypto market.
- 📉 The Federal Reserve's stance on maintaining higher interest rates for longer is challenging speculative investments like cryptocurrencies.
- 💰 Crypto ETFs saw record inflows in the first two quarters of the year, but recent market conditions have cooled the enthusiasm.
- 🔍 The crypto market is seeing reduced trading volumes and lower volatility, with uncertainties around future price movements.
- 🕵️♀️ New crypto investors are harder to identify due to ETF settlement practices, but retail investors and rotations from other products remain significant.
- 💼 Institutional interest in crypto, particularly Bitcoin, has not yet materialized significantly, with retail activity dominating the market.
- 🏦 Stablecoins and cross-border payment solutions using crypto are areas of growing interest, especially in regions like Asia where crypto excitement remains high.
- ⚖️ Regulatory clarity in the US is seen as crucial for the stablecoin and broader crypto market to stay competitive with regions like Europe and Asia.
Q & A
What is the current state of Bitcoin according to the script?
-Bitcoin is experiencing a summer slump, sitting at its lowest level in more than a month, with a 4% drop over the last 7 days.
How have stocks and bonds performed in comparison to Bitcoin in the second quarter of the year?
-Stocks and bonds have delivered better returns than Bitcoin in the second quarter, contrasting with the first quarter when digital assets significantly outperformed traditional markets.
What is the significance of the S&P 500 hitting its 30th record this year?
-The S&P 500 hitting its 30th record this year indicates a strong performance in equity markets, which is happening concurrently with Bitcoin's slump.
What does the script suggest about the performance of other cryptocurrencies besides Bitcoin?
-Other cryptocurrencies such as Ether, Solana, Tether, and Dogecoin are also moving lower, with Ether down 2.7%, Solana down 6%, and Dogecoin down 88.2%.
What impact has the Federal Reserve's messaging on higher rates for longer had on the crypto market?
-The Federal Reserve's messaging on higher rates for longer poses a challenge for speculative investments like crypto, contributing to the current slump in the market.
What was the trend in terms of capital outflows from crypto products last week?
-Last week, about $600 million was pulled from digital asset products, marking a significant outflow and reflecting a cautious stance by traders.
What is the term 'sideways summer' referring to in the context of the crypto market?
-The term 'sideways summer' refers to a period of little movement or stability in the crypto market, following a period of significant growth or decline.
What is the current situation regarding the inflows into ETFs compared to Bitcoin held on exchanges?
-There is a shift in inflows with more assets flowing into ETFs rather than Bitcoin held on exchanges, which may affect the performance of Bitcoin versus altcoins or other higher-risk crypto assets.
What is the potential impact of an Ethereum ETF on the crypto market?
-An Ethereum ETF could potentially draw new interest into Ethereum, similar to what was seen with Bitcoin ETFs, and might lead to some flows materializing from institutional investors.
What is the current state of crypto venture capital investments?
-Crypto venture capital investments are on the rise, with $2.9 billion invested in over 600 companies, marking a 29% increase quarter over quarter.
What is Tether's new synthetic dollar backed by gold, and why did they create it?
-Tether's new synthetic dollar backed by gold is a diversification effort to expand beyond USDT. It allows investors to own gold in token form and convert those tokens into a stable coin related to gold, potentially offering more investment flexibility.
Outlines
📉 Crypto Market Volatility and Bitcoin's Summer Slump
The video script opens with a discussion on the current state of the cryptocurrency market, highlighting Bitcoin's downturn to its lowest point in over a month. The hosts, Shanali Bassic and Tim Stenc, introduce the topic of digital assets and the impact of higher interest rates on the crypto market. They mention that Bitcoin has seen a 4% drop over the last seven days, contrasting with the record highs in equity markets, where the S&P 500 reached its 30th record high of the year. The conversation also touches on the underperformance of other cryptocurrencies like Ether, Solana, Tether, and Dogecoin. The script notes a significant outflow of $600 million from digital asset products in the previous week, attributing this to traders' reduced expectations for Federal Reserve rate cuts and the challenge this poses for speculative investments like crypto.
🤔 Analyzing Crypto Flows and Investor Behavior
This paragraph delves into the analysis of crypto flows and investor behavior, with a focus on the uncertainty in the market. Melum Demir, a Coin Shares adviser, is brought in to discuss the current sentiment, referring to the period as the 'sideways summer.' The discussion includes the significant inflows into ETFs, with a record $16 billion in net inflows noted. The conversation highlights the decrease in volatility and trading volumes, with the previous week's $22 billion trading volume dropping to $11 billion. Demir emphasizes the importance of understanding the sources of these flows and the nature of the assets being purchased. The summary also touches on the challenges of obtaining clear data on trading activities due to the use of ETFs and the shift of retail investors from Grayscale products to lower fee alternatives like the Fidelity ETF.
🌐 Global Perspectives on Cryptocurrency
The script shifts focus to global perspectives on cryptocurrency, particularly noting the differences in attitudes and understanding between the United States and other regions such as Argentina and Europe. It mentions the establishment of Ledger's headquarters in Paris and Australia's debut of its first spot Bitcoin ETF on the ASX exchange. The conversation with Edith Young from Race Capital centers on the state of crypto venture capital, the slowdown in funding, and the opportunities both within and outside the United States. Young's firm's portfolio includes companies like Data Bricks and Solana, which are significant players in the current crypto landscape. The paragraph also discusses the potential for tokens outside of Bitcoin and Ethereum and the importance of institutional investors' savvy approach to the market.
💡 The Role of Stablecoins in the Crypto Ecosystem
This section of the script discusses the importance and potential vulnerability of stablecoins within the broader crypto ecosystem. Edith Young emphasizes the need for the United States to establish clear regulations to support stablecoin development and use, especially in cross-border payments. She contrasts the regulatory environment in the U.S. with that of Hong Kong, Singapore, and Europe, where she believes clearer guidelines are already in place. Young also touches on the potential impact of the upcoming U.S. presidential election on crypto regulation and the importance of the U.S. not falling behind in the global race for crypto innovation.
📊 Tether's New Synthetic Dollar Backed by Gold
The final paragraph introduces Tether's new synthetic dollar, a stablecoin backed by gold. Mike Regan from Bloomberg explains the concept, noting Tether's diversification efforts beyond USDT. The new product allows users to tokenize their gold holdings, then exchange these tokens for a synthetic dollar that maintains a connection to the value of gold. This product is aimed at investors bullish on gold, offering them the opportunity to invest their gold-backed dollars elsewhere for potentially higher returns. The script raises questions about the target audience for this product and the risks involved, particularly market risk if gold prices decline. It also suggests that this product could serve as a proof of concept for Tether's new platform, Alloy, which may be used to tether tokens to other assets in the future.
Mindmap
Keywords
💡Bloomberg Crypto
💡Bitcoin
💡Volatility
💡Decentralized Finance (DeFi)
💡Ether
💡Altcoins
💡Crypto Market
💡ETFs (Exchange-Traded Funds)
💡Stablecoins
💡Crypto VC (Venture Capital)
💡Regulation
Highlights
Bitcoin is experiencing a summer slump, sitting at its lowest level in over a month.
Outflows from digital assets are impacting the crypto market, with Bitcoin down 4% in the last 7 days.
Equity markets are hitting record highs, contrasting with the downturn in crypto with Bitcoin and stocks showing better returns in Q2.
Ether and other altcoins like Solana, Tether, and Dogecoin are also seeing declines.
Federal Reserve's messaging on higher rates for longer poses challenges for speculative investments like crypto.
$600 million was pulled from digital asset products last week, indicating a bearish trend in the crypto market.
Coin Shares adviser Melum Demir discusses the current 'sideways summer' in the crypto market.
Demir notes a significant drop in trading volumes and volatility, suggesting uncertainty in the market.
The question of new buyers' identities and their buying motivations is highlighted as crucial for market direction.
Demir emphasizes the importance of price performance in driving the narrative in the crypto space.
Edith Young from Race Capital talks about the slowdown in crypto funding and the opportunities it presents.
Young discusses the potential for tokens outside of Bitcoin and Ethereum, particularly Solana and Telegram's TON token.
Stablecoins and their role in the broader crypto ecosystem are underscored as vital by Young.
Tether launches a synthetic dollar backed by gold, aiming to diversify its business beyond USDT.
The new Tether product allows users to convert gold tokens into a stable coin related to gold.
Mike Regan explains the risks and potential appeal of Tether's gold-backed synthetic dollar.
The success of Tether's new product will be measured by the amount of money locked up in it.
Transcripts
[Music]
live from Bloomberg's world headquarters
in New York I'm shanali bassic and I'm
Tim stenc welcome to Bloomberg crypto a
look at the people transactions and
Technology shaping the world of
decentralized Finance Tim Bitcoin is
taking a summer slump it sits at the
lowest level in more than a month outlow
from digital assets are hitting the
crypto Market we're going to talk about
this volatility and the road ahead with
crypto with melum Demir is a coin shares
adviser and crypto startups are seeing a
Slowdown in
funding Edith race from uh Edith Young
from race Capital joins us to talk about
the opportunities inside and outside of
the United States all that ahead over
the next half hour first though we start
with a snapshot of the market and look
at that just read all around Bitcoin
touching a on month low the prospect of
higher rates for longer leading to some
pain in Bitcoin and The Wider crypto
Market over the last 7 Days Bitcoin down
4% all coming at a time though when
we're seeing new record highs when it
comes to equity markets the S&P 500 hit
its 30th record this year just yesterday
in fact stocks and bonds have delivered
better returns than Bitcoin in the
second quarter of the year it's quite a
turnaround from what we saw in the first
quarter when digital assets outperform
traditional markets by a significant
degree and it's not Bitcoin not just
Bitcoin moving lower today we got ether
and altcoins such as Solana tether
Dogecoin all moving lower today as well
ether down 2.7% Solana down 6% tether
just going into the red uh moving from
green to Red just now and Dogecoin uh
down about 88.2% chali and let's zoom
out look at the weekly performance here
of Bitcoin because as you mentioned it
has been seeing quite a slump it's hit a
level last scen in miday last week's
higher for longer messaging from the
Federal Reserve does pose a challenge
for speculative Investments such as
crypto and you could see so much of the
love you saw on crypto was earlier this
year when you saw the Advent of those
Bitcoin spot ETFs hit the market here
and you have lost a lot of that steam
with the last three out of the four
weeks seeing outflows Tim well speaking
of outflows and losing steam that's what
we're seeing when it comes to flows for
crypto products last week about $600
million was pulled from digital asset
products just last week this is the most
going all the way back to March this
data from coin shares International
again this is all about rates Traders
have scaled back expectations for the
FED to cut rates posing a challenge for
speculative Investments such as crypto
chenol and we're going to bring in coin
shares advisor melum Demir here because
of course we've been talking about that
sour mood here in crypto lately meltam
and you know earlier this year when a
lot of people started buying into the
market with those ETFs there was a big
question on whether this was was the top
whether if you bought in now you would
see a lot of gains in the longer term
how do you answer
that these are all great questions I'm
calling it sideways summer we had the
winter of our despair we had some
thawing and an incredible incredible two
quarters with record inflows into epfs
as of today 16 billion in net inflows
really Blockbuster performance across
the nine us Bitcoin ETFs and I think
what we're seeing now is exactly what we
saw in March we had a hawkish fomc last
week CPI still coming in hot
expectations of rate Cuts were being
priced in volatility also really low
trading volumes we traded 22 billion
last week this week we're looking at
around 11 billion in trading volume so
volatility is down trading volumes are
down I think there's a lot of
uncertainty and again the question we
always look at at coin shares is where
are these flows coming from and the
question rep this summer is going to be
what is the story around flows who are
these net new buyers where are they
coming from and more importantly what is
it they're buying it's really A Tale of
Two Cities in crypto we can dig a bit
more into that as well well what do you
know about these new buyers where are
they coming from who are
they these are great questions and again
I think what we're seeing this cycle is
historically one of the great things
about crypto trading data is trading
happens on Shain settled on chain so we
had the ability to look at the Bitcoin
Ledger The ethereum Ledger and see where
activity was Happ happening the ETFs
have really obus a lot of that data
because settlement isn't happening
necessarily on chain uh you know coin
Bas and some of the other larger
authorized participants in these ETFs
are not settling until day after maybe
they're dividing volume between wallets
so it's more challenging to get the data
we get it after the fact we did get q1
13f filings from hedge funds and I was
personally shocked that there weren't
more large funds buying we did see a few
larger us institutions participating but
by and large it's still driven by retail
and a lot of rotation from people
holding assets maybe arm chain or on a
coinbase rotating into a product that's
traded in a brokerage account and then
the second thing we're seeing is a lot
of rotation out of the grayscale
products into ibit Fidelity ETF and
other lower seed products as well
sideways summer Melton but how can you
be sure that the next move forward is in
significantly
downward there's no guarantees in crypto
if there's anything I've learned I'm
always surprised by this industry what I
will say I think what we've seen is
Bitcoin we still up 50% for the year
ethereum around 40% the year despite a
slow start in ether we're seeing it
buoyed by this news of a pending e ETF
potentially some flows materializing
from there I think the big question here
is with more assets flowing into ETFs
versus Bitcoin held on exchanges for me
the big question is how is Bitcoin going
to perform versus alts or these higher
risk sort of longer tail crypto assets
so far performance there historically
it's Bitcoin runs first and then all
start to run driv by wealth creation in
Bitcoin now with money going into the
ETFs held on brokerage accounts versus
Bitcoin held on crypto exchanges where
there's access to these applets on one
screen I think that effect has been
greatly minimized and we see that across
the board with underperformance in
everything outside of Bitcoin and
ethereum now melum how do you think
through the prospects for e moving
forward there was a lot of questions
around what an ETF would do in terms of
drawing new interest into it but of
course ethereum is not as widely known
as Bitcoin had been for the last several
years how do you think about that
Dynamic moving
forward I think this is a really
interesting question I think for
institutional allocators getting
comfortable with with Bitcoin for most
investors frankly you know bitcoin's
been around for 15 years it's been
widely discussed widely mocked now it's
being accepted as an asset um you have
Larry think Paul tutor Jones some of
these luminaries in the world of
traditional Finance going on and
endorsing bitcoin's role in an
Investment Portfolio but again we
haven't really seen these massive
institutional flows materializing yet if
we look again at 13f filings if we look
at Bitcoin exposure on the institutional
side and these disclosures being filed
at the end of q1 still a lot of retail
activity I think with ether the story is
even more challenging um awareness of
ethereum awareness of the supply and
demand dynamics of ethereum awareness of
the growth potential of ethereum is
still limited that being said I do think
crypto has earned its place in an
investment portfolio I think as more and
more institutional investors and the
investment Banks start to cover ethereum
alongside Bitcoin perhaps we'll see that
narrative materialize but what I always
go back to is price drives narrative
really the story in crypto is always
price drives narrative so I think in
order for there to be material interest
and inflows into ethereum we're going to
need to see some relative outperformance
compared to bitcoin and we just haven't
seen that yet ethereum's really
struggled to Rally against Bitcoin well
speaking of stories I'm I'm curious
about the next chapter in your story
melum and what comes next for you uh
after now you're an adviser at coin
shares previously you were a chief
strategy officer at at coin shares
what's your next move in the
space that's a great question um there's
a lot of I'm interested in working on
but I'm not going anywhere going to
continue to stay in asset management and
in investments in the crypto space and
when I know Tim you will be the first
person I call and I'll share it right
here with all of your viewers that is
what we like to hear thank you so much
that is coin shares adviser malum de Mir
with her many interests in crypto we'll
keep an eye on everything she's up to
next now coming up Edith young joins to
discuss the state of crypto venture
capital and tether launches a synthetic
dollar tied to the price of gold gold
which has been hitting records all year
long and to access all the latest data
and news on crypto check out CRP go on
the terminal this is Bloomberg
[Music]
in many ways they always say that you
know kind of the the um the place to
understand Bitcoin the least is uh is
the United States and maybe the place to
understand it the best is Argentina but
there are you know you know many places
in the world where you just get a
different perspective on you know how
how value flows um from from person to
person and certainly across Europe um it
there's there just so many great
development teams working on this on
this
problem and that's ledgers Ian Rogers on
the show last week after his firm opened
its headquarters in Paris meanwhile
Australia du to list its first spot
Bitcoin ETF on Thursday the Vanek
Bitcoin ETF will debut on the ASX
exchange other players buying for a
Bitcoin ETF include beta shares and
digital X sibo Australia listed a round
of Bitcoin funds two years ago and we're
going to discuss the best places to
invest in crypto with race Capital
General partner Edith young her firm's
portfolio includes data bricks and
salana just to name a few and of course
there's a lot going on in the worlds of
both of those assets right now but Edith
if you think about the way that the
ecosystem is involving moving forward
people of course in the more mainstream
world do look at Bitcoin they do look at
ethereum with the ETFs but when you
think about the potential for the tokens
outside of those two how do you think
about where the next big play would
be yeah so so first off it's so
interesting like for me to hear melum
with your conversation uh earlier focus
on institutional uh investor point of
view but from where I come from sitting
in silic and Valley um we we're very
paying close attention to sort of like
the all coins of the world um the key
thing is you know crypto VC is back um I
think last quarter is like 2.9 billion
which is 20 um been invested to to over
600 um companies and about 29% increase
um quarter over quarter which is a great
sign but at the same time I think like
the mood is a little bit different than
before um I was just chatting with um a
um hedge fund friends in Asia Alpha 9
was telling me that you know
Institutional Investor yes is excited
about Bitcoin and ethereum but they do
place close attention to all coin but a
lot more I guess more Savvy this time
and and the key thing is sometimes what
Institutional Investor don't like to see
which is when a VC
uh which mean us invest too much money
into hundreds and millions of dollars
and when all these tokens are fully
vested and unlock is not necessarily
good for the all coin so sort of
compared to the last cycle which I'm
continue to be bullish on salana and I
also placed close attention to the
telegram ton token and those are really
like the two sort of from the last cycle
now is still strong and standing so it
will be very interesting to see this
cycle you know when more and more crypto
VCS is coming back to Market is are they
being thoughtful about their investing
schedule are they really kind of think
through the true use case um in the
Venture space which you know one of my
companies called human Finance is so
interesting to see now using stable coin
crypto to sort of help with crossborder
payment this we're talking about like
billions of dollars in transaction so
it's really really excited to be back in
the market Edith I'm wondering when it
comes to retail excitement what you're
seeing out there right now and the
metrics that you're looking at because I
I know it's a cliche but back in 2021 I
would regularly get an Uber or a lift
and the driver would talk to me about
crypto that has not happened since the
crypto
winter yeah it's it's interesting so I
just presented a a Hong Kong web 3
report and consensus uh a few weeks ago
the excitement in Austin is definitely
not the same compared to Hong Kong or
Singapore when I go to other conferences
I think yeah I think the US mood in
terms of regulatory environment um is
not getting the taxi driver excited
about uh crypto at all for now but
having said that I do think that things
are improving because us governments
clearly know that we need to do more to
make sure that we stay ahead of the game
but I have to say you know being a
native from Hong Kong originally um
every time I'll go back like people are
excited I I think in Asia particularly
you know regardless is the rwa use case
or gaming or nft people are just excited
and and there are definitely people on
the street um the Hong Kong Taxi Driver
are more excited than the American Taxi
Driver uh with crypto for sure Edith
that's fascinating I want to go back to
another thing that you had said here you
were talking about Huma finance and uh
that you work around stable coins how
important is the stable coin world to
the broader crypto ecosystem and how
vulnerable is it to us
regulation I think stable coin worldwide
is a super important topic um us in many
sense I think you know being sitting in
in Silicon Valley we need to get ahead
of the game because I'm looking at Hong
Kong um actually just launched this year
the stable coin sandbox and for the past
18 months or so they literally went
worldwide and talking to Circle Ripple
uh Visa Alibaba of the world to make
sure that government really are on top
of regulations to basically have very
clear guidelines to approve various
different institution to be able to
support stable coin so in that sense you
know in the crossborder payment if we
just purely let other people to Define
what stable coin is about it's really
not good for the long-term Finance
ecosystem so I think us really need to
we need to get our act together um to
catch up with in Europe with Micah or in
in Hong Kong or Singapore which is
already have very clear regulation to
support it okay you say we need to catch
up with Hong Kong Singapore and and
Europe what specifically would you
advise us Regulators when it came to
stable coin legislation what do you want
to see them
do um I I think just to start with the
be a little bit more clear on which way
we stand I think it's great to see uh
fit 21 that at least go through um the
the house but still we we don't know
like we we need faster regulation it's
just that to the rest of the world us
regul regulatory environment always
seems a little bit disorganized and a
little bit chaotic and I think just to
and then I think for the US
unfortunately a lot of things are still
going to wait and see who's going to get
elected by the end of this year I do
think that what was really really funny
when I was in Austin that that I
literally see a both side of the house
presidential candidate um actually have
a voice uh in a crypto conference which
I think that both candidate knows that
you know like crypto Now 52 million
Americans now own crypto in America this
is a really large population that would
really swing to vote and but
unfortunately I don't see all see all
these things will play out until after
the presidential election raise Capital
General partner Edith young thanks so
much for joining us on Bloomberg crypto
do appreciate it well coming up why
tther has launched a new synthetic
dollar that correlates directly with
gold prices and earlier this hour we
spoke with David McCormack former
Bridgewater CEO who is running for a US
senate seat and he says America must
lead on the way for
crypto I was always worried about the
National Security implications and I
think what's become clear is that we are
in the Next Great Wave of innovation
with crypto and blockchain and if
America doesn't embrace it we're going
to be left behind and by embracing it we
can uh create great jobs uh a great
source of
[Music]
innovation tether the company behind the
stable coin usdt has created a new
synthetic dollar that is backed by gold
Bloomberg's Mike Regan is here to
explain exactly why this is going on
what is the purpose of tether doing this
of course we know that USD is very
popular back by dollars but why then
inch to Gold yeah well I think the big
picture is tether obviously wants to
sort of diversify its business Beyond
just usdt um you know there are
questions in Europe and elsewhere about
what stable coins Will Survive the sort
of heightened regulatory environment so
tether's making a lot of sort of
diversification bets they uh investing
in crypto miners they've made some
investments in artificial intelligence
uh even some medical device uh companies
uh and with this project what they're
doing uh it's really pretty fascinating
they're actually buying gold uh storing
it with a custodian in Switzerland uh
making tokens that represent that gold
so then you can buy the tokens um and
basically own ownership in gold in token
form then what you can do is you give
those tokens back to tether and they
give you a synthetic dollar a tokenized
stable coin basically like usdt but one
that is related to Gold so it's over
collateralized meaning say you put uh
$100 of gold tokens on deposit with
tether they'll give you
$75 back so why would you want to do
that well if you believe if you're
bullish on gold you're happy to own the
gold but then you can take those dollars
back from tether and go invest them
elsewhere speculating in crypto or put
them in a lending protocol and make even
more yield and returns off of that uh
investment in the gold so I'm wondering
who exactly this is for Mike if you're
thinking about it from the perspective
of the organization who are they trying
to appeal to with a product like this oh
certainly there's a little bit of
overlap between people who are you know
gold bugs for for lack of a better word
and Bitcoin in I was going to say like a
a a you know crypto backed by gold it's
like you're hearkening back to the you
know years ago when currencies were back
by gold when the US was on the gold
stand right right so I think they they
assume there is some demand for this but
I think if you take another step back
it's almost a proof of concept for them
for this new uh platform they have
called alloy or alloy I I suppose is how
you pronounce it uh like the metal like
of the metal yes um and there they have
clearly have Ambitions as they've said
to do other things like this to tether
uh uh tokens to the value of other
assets whether it's another currency or
who knows you know they haven't
explained exactly what the next steps
are but they clearly want to make it a
broader what's what's the biggest risk
behind this well I think um the market
risk is the main one obviously if uh if
you're bullish gold you might be willing
to take that risk but if the gold price
does go down then uh what you have to do
is either provide them more collateral
in the form of that those gold tokens or
you get liquidated so that's the you
know clearly the market risk is the main
thing now obviously there are people who
uh still have a little bit bit of
Suspicion towards tether itself um but
you got to look at tether over the last
few years you know there was so much
scrutiny so many much mud slung at them
but that usdt has has maintained that
dollar Peg so um they've earned a little
bit of trust in the market I think to
for a project like this to succeed Mike
just 10 seconds how will we know if this
is successful I we'll watch the the
amount of money that's locked up in it
um you know was just announced yesterday
so we'll we'll we'll check back and see
uh how many people actually playing in
this uh scheme Bloomberg's Mike Regan
thanks so much Mike for joining us
always good to see you that is going to
do it for Bloomberg crypto join us again
next week though on Wednesday June 26
this is Bloomberg
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BITCOIN: TRUMPS INSANE CRYPTO PLAN!!!! 🚨 (all holders must see this)
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This crypto crash looks very familiar...
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