Bitcoin Tops $73,000 to Hit New Record

Show Transcript
Bloomberg Mar 14 05:15 · 21.7k Views

Bitcoin hit a fresh all-time high for the fourth time in six days, bolstered by record-breaking inflows into US exchange-traded funds tied to the cryptocurrency. Edge and Node CEO Tegan Kline joins Ed Ludlow and Caroline Hyde on "Bloomberg Technology."

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

Transcript

  • 00:00 Tell us about some of the
  • 00:01 exuberance.
  • 00:02 Is it or just natural interest that's coming into the space at the moment, given the ETFs that we saw launched, Will it stay?
  • 00:09 Is it sticky?
  • 00:11 Absolutely.
  • 00:11 I do think it is sticky.
  • 00:12 Obviously these markets are stickier, so it won't be a straight shot up.
  • 00:16 But you know, the total wealth in the world is $450 trillion and I think Bitcoin will take at least
  • 00:22 10% of that, if not more over the next decade or two.
  • 00:25 So a lot of room to grow.
  • 00:27 I'm looking forward to it that you know this ETFA, lot of this was
  • 00:32 unexpected.
  • 00:33 The volumes that we've seen over $1 billion
  • 00:36 yesterday came in and flows
  • 00:38 in just a day.
  • 00:39 So I think people are expecting 10s of millions and we're averaging hundreds of millions a day.
  • 00:44 And just in Bitcoin alone,
  • 00:46 taken as you run your business and you build out the technology,
  • 00:50 does it matter to you if Bitcoin is at 72,000 U.S.
  • 00:54 dollars per token
  • 00:55 or 80 thousand U.S.
  • 00:56 dollars per taken?
  • 00:58 It doesn't.
  • 00:59 I don't really pay attention to price.
  • 01:01 We're here building.
  • 01:02 We've been through many bear markets, many bull markets.
  • 01:05 But it is exciting to see more people getting involved in this ecosystem.
  • 01:08 And crypto is definitely here to stay.
  • 01:10 The number of Americans holding crypto is only growing, and so I'm excited to see that continue.
  • 01:16 One question we've not asked as much recently
  • 01:20 is whether the kind of negative overhang around your industry's gone away.
  • 01:24 You know, we talked about how 2022-2023 there was a bit of a black eye,
  • 01:28 a lot of it stemming from from the collapse of FTX and what happened with Sam Bankman free.
  • 01:33 Now we're focused on on the trading activity of Bitcoin, the authorization of spot Bitcoin ETF.
  • 01:39 Is this some feel good in your world at the moment?
  • 01:43 I would say, you know, I think that it's important that we learn from the lessons of the past.
  • 01:47 When you look at things like FTX and and the recent implosions or the more recent implosions, a lot of that was when it comes to centralized tech on top of these decentralized ecosystems.
  • 01:57 And so it's really important that when you're thinking about crypto, especially in a world of an ETF, that you're self custodying that crypto because then you have true ownership over your assets and it's really difficult to get that without
  • 02:09 self custody in your your assets.
  • 02:11 The irony being, of course with the introduction of ETFs,
  • 02:14 we're seeing a broader
  • 02:17 surge of people able to
  • 02:19 benefit from the gains or indeed just broader volatility of Bitcoin without having to go through the rigmarole of self custodying.
  • 02:25 Tell us a little bit therefore about the underlying technology, what you're building
  • 02:29 and
  • 02:30 ultimately
  • 02:31 whether any of this will be more than speculation.
  • 02:34 What is it that the infrastructure that's necessary now
  • 02:37 to
  • 02:37 actually be real rails be real alternative to
  • 02:41 normal finance?
  • 02:43 Absolutely.
  • 02:43 Yeah.
  • 02:43 So it's easy to kind of look at the screen and see these tokens and the trading volume and all of that.
  • 02:48 But when you look underneath the hood, a lot of these ecosystems, there's an ecosystem underneath there are, there's a thriving community of builders and individuals that are participating in these protocols.
  • 02:58 So when it comes to the graph, we're organizing data.
  • 03:00 We're ensuring that data on the Internet isn't corruptible.
  • 03:03 And last quarter alone we saw a 950
  • 03:07 a million queries, so almost a billion queries and that's you can think of that like a search.
  • 03:11 So Web 3 use
  • 03:12 Web three usage is at an all time high and I think that's only going to continue.
  • 03:16 And when you look at crypto, you want to think about Web 3 and you want to think about monetary policy.
  • 03:21 Bitcoin has very much proven monetary policy and Web three is something that we are currently building to decentralize the Internet.
  • 03:28 How global does that end up being?
  • 03:30 Where are
  • 03:32 the investors, the
  • 03:34 builders, the queries
  • 03:35 to your sort of Google of Web 3 coming from?
  • 03:38 Great question.
  • 03:39 Yeah.
  • 03:39 So it is global.
  • 03:40 So there's a,
  • 03:41 there's a community of indexers, they're called, which are like nodes, they're almost Google like companies, but they're all individual and they're located all around the world
  • 03:50 over
  • 03:51 many different continents.
  • 03:52 And so this is very much a global movement.
  • 03:55 And I think it's important that we remember that
  • 03:58 here in America.
  • 03:59 And I know London is thinking of
  • 04:02 an ETN that is physically backed and with that
  • 04:06 we don't in America.
  • 04:07 We don't want London to beat us to it.
  • 04:09 So I'm looking forward to the ETF coming soon.