Bloomberg Crypto
In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor Stacy-Marie Ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.
Episodes
Introducing: Bloomberg This Weekend
'Bloomberg This Weekend' features unique conversations on business, news, lifestyle and culture. Join David Gura, Christina Ruffini and Lisa Mateo Saturdays and Sundays for discussions with business leaders, lawmakers and cultural icons. Watch the show LIVE on Bloomberg Television from 7AM-10AM Eastern Time. Listen to the show LIVE on Bloomberg Radio from 7AM-10AM Eastern Ti
Introducing - Spellcaster: The Fall of Sam Bankman-Fried
Coming soon: When nerdy gamer Sam Bankman-Fried rocketed to fame as the world’s richest 29-year-old, he pledged to donate his billions to good causes. But then his crypto exchange FTX collapsed Billions of dollars were missing, and Sam was in handcuffs. Those who knew him were left wondering — who was Sam really? A well-meaning billionaire who made a mistake? Or a calculating con man? From Wondery
Crypto Winter Meets Banking Crisis: A Tale of Three Banks
It’s been another wild week of financial mayhem connected to crypto. But this time the crisis focused on banks. It started earlier this month [March], when Silvergate Capital shut down operations. The California-based bank serviced various crypto companies like Coinbase and Gemini. But its most notorious clients included the now-bankrupt crypto exchange FTX and its sister firm Alameda. As these t
Princeton University’s Blockchain Center, One Year On
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. Last year, just before the crypto winter had hit in earnest, Princeton University opened up “The Center for the Decentralization of Power Through Blockchain Technology”. The Center was funded in part by a $20 million gift from prominent Princeton alumni including Mike Novogratz, CEO of Galaxy Investment Partners, and Jo
NFT Fans Say 2023 Is Looking Up
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. Some might argue that the popularity of NFTs faded as quickly as it rose. NFTs boomed in early 2022 when the crypto mania was at fever pitch. But a steep decline in sales and prices quickly followed, as 2022’s crypto winter set in, and digital asset bankruptcies piled up, culminating with the collapse of FTX late last y
Job Cuts Reflect Crypto Winter’s Deep Freeze
The last 12 months or so have been a particularly grueling season for crypto. And as we head into the spring months of 2023, we’re getting a better sense of what the slump in crypto prices has meant for the companies that shape the fledgling industry. One of the biggest consequences digital asset firms are now finding is the need to make job cuts. Since the start of 2023, more than 15 crypto comp
What’s Happening With Crypto in Argentina?
Argentina is one of the countries with the highest rates of inflation in the world - currently hovering at close to 100%. The nation is also one of the countries with the biggest population of crypto enthusiasts. In this environment, digital currencies can be perceived as a safer bet than the peso. This popular enthusiasm for digital tokens has faced pushback from the country’s central bank. Bu
This Week in Crypto: Court is in Session
Legal battles, circling regulators and a troubled bank. It's all happening in crypto this week. Court is in session as Grayscale challenges the SEC over the prospects for a Bitcoin ETF, while themselves facing a lawsuit filed by FTX’s Alameda Research.Voyager won a key court ruling that would a proposed sale to to Binance US to proceed despite the objections of multiple federal and state regulato
Circle CEO Jeremy Allaire on US Crypto Regulation
Bloomberg’s stacy-marie ishmael interviewed Jeremy Allaire, Chief Executive Officer of Circle Internet Financial Ltd. to discuss stablecoins and his views on crypto regulation. The CEO of the Boston-based firm behind the second-largest stablecoin, USDC, told Bloomberg that the US Securities and Exchange Commission is “not the right regulator” for the tokens. So who should regulate them? Listen to
The IRS Wants to Tax Your Frozen Crypto
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. Voyager. Celsius. Genesis. And of course, FTX. All major crypto companies that went bankrupt last year. All names we’ve talked a lot about on this podcast. But even if you’ve heard of these companies, did you know there’s a tax season quirk for US investors who had digital tokens tied up in accounts on these platforms?
What Are the UK and EU Doing About Crypto Regulation?
Over the past few weeks, we've seen US regulators, both federal and state in some cases - take aim at crypto companies with accusations of fraud and unregistered securities offerings. These moves sent shockwaves through the digital asset industry. And the new regulations have also raised concerns about potential over regulation. On the other side of the Atlantic, the UK and EU are taking a diff
Why The FTX Collapse Shook The Bahamas
It’s been three months since one of the most influential crypto exchanges collapsed into bankruptcy. FTX’s demise brought with it a wave of financial uncertainty and distress in the crypto industry. But it also had an effect on the small islands where the crypto exchange had established its headquarters: the island nation of the Bahamas. This is not the Caribbean’s first financial crisis. History
This Week in Crypto: Ukraine War, Marathon Digital, FTX
Last month marked the one-year anniversary of Russia’s invasion of Ukraine, which has had a devastating impact on Ukraine's economy, people and landmarks. In this episode, we consider the nuanced role that crypto has played so far in the conflict. Plus, a review of what's happening with Bitcoin miner Marathon Digital: The company was supposed to report earnings this week, but instead announced it
AI Hype Meets Crypto Winter
Most crypto enthusiasts pride themselves on being tech visionaries. After all, they were among the first to back innovative blockchain technologies and even embrace Web3 and NFTs. Now there’s a new innovation that's captured the public imagination, and it's getting a lot of buzz in the crypto world too. It’s ChatGPT. Late last year, OpenAI's new chatbot sparked a conversation about the future of a
What’s A ‘Britcoin’?
The Bank of England and the UK Treasury are moving forward with a plan to launch a digital currency. It’s being called the CBDC, or Central Bank Digital Currency, dubbed (or nicknamed) 'Britcoin.'The action is part of a global effort to stay ahead of various new currency options and prepare for a future in which consumers adopt card payments backed by companies instead of by governments. But, some
A Look Behind The Celsius Curtain
The story of crypto lender Celsius Network’s bankruptcy officially began last summer, when it filed for Chapter 11 and cited a severe liquidity crisis. At the time, FTX and its CEO were still heralded as promising figures in the industry, even as companies and users were struggling to get by in the midst of a grueling crypto winter. But now, we're getting a glimpse of just how bad things were at
What are Bitcoin NFTs?
In a major twist in the digital-assets world, Bitcoin has added nonfungible tokens (NFTs) to its blockchain. The new protocol that makes them is called “Ordinals.” And just like anything in crypto, fierce debate has ensued about this on social media. Bitcoin NFT proponents call the move a game-changer. Naysayers worry about potential pitfalls of Bitcoin NFTs — like rising transaction costs and env
The Latest on Bitcoin, FTX and Coinbase
Coinbase released quarterly earnings this week, providing an etch-a-sketch road map of what’s ahead for digital asset investors. Regardless, the darkening outlook for Coinbase’s business of stablecoins and staking is having an impact. The company had been counting on these business threads to help jump-start growth. But regulators are pushing for increased scrutiny of these offerings. Also this w
2022 Was a Good Year for Crypto Hackers
Want to hear a big number? How about $3.8 billion. That’s the amount of crypto that hackers managed to steal last year. That’s a new record. The company behind that report, Chainalysis, also found that one specific hacking group was responsible for a huge chunk of that stolen crypto. If you guessed that hacking group was Lazarus, connected to North Korea, you’d be correct. Lazarus allegedly stole
How Are Bankruptcy Courts Shaping Crypto Law?
Over the course of the crypto winter we’ve seen companies falling like dominos. Several have filed for bankruptcy, with consequences that continue to reverberate across markets. In July 2022, Celsius became the first of the major crypto companies to seek bankruptcy protection, but it would be far from the last. Now, consumers and courts alike are grappling with what these collapses mean. Regulator
What Makes ‘Bitcoin Jesus’ Roger Ver Tick?
Bitcoin “evangelist” Roger Ver has said in at least one interview ... when he was a little boy, he wanted to be a garbage truck driver. That way, he could drive heavy machinery around his neighborhood and get to talk to everyone. Fast forward, to the recent past and Roger Ver actually DOES, talk to a LOT of folks…Just not while collecting their trash. He was instead promoting Bitcoin as the futu
President's Day Redux - Joe Weisenthal on Sam Bankman-Fried
It's a holiday in the US, an opportunity to look back on one of our popular episodes. It was recorded with Joe Weisenthal from the Bloomberg Odd Lots podcast shortly after FTX declared bankruptcy and Sam Bankman-Fried was arrested. We talked to Joe about “the box." Back in April 2022, long before Sam-Bankman Fried was tweeting threads about the collapse of his FTX empire, he joined the Odd Lots po
This Week In Crypto: Pushback from US Regulators
After years of inaction, regulators appear to be coming for crypto. State regulators in New York this week took aim at stablecoin issuer Paxos and its relationship with crypto exchange Binance. The Securities and Exchange Commission is also pushing ahead with a plan that would make it harder for investment firms to work with cryptocurrency companies. Bloomberg reporters Allyson Versprile & E
Binance Enters The Regulatory Fray
Over the past several months, regulators have watched crypto company after crypto company file for bankruptcy. Some crypto founders have become fugitives from the law, and others have been arrested for allegedly breaking laws. Some customers have lost a lot of money, and the prospects for recovery are in some cases, bleak. And after months on the sidelines, now, regulators have begun fighting back
The Short List of FTX’s Power Players
The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development. Prosecutors are likely scrutinizing them to better understand what role they played at Alameda. At issue is the alleged illegal transfer of billi
Wall Street Is Looking Bullish On Crypto
With everything that has gone on in crypto over the past year, Wall Street would be excused for wanting to take a rain check on digital assets. But some big banks and other large financial firms– like exchanges and asset managers–are moving ahead with their plans in the space. Initiatives range from launching new cryptocurrency trading platforms, offering custody of digital currencies or focusing
Who Are The Winklevoss Twins Behind Gemini?
If you’ve heard the name Winklevoss, it’s likely that you’ve watched the movie The Social Network. The movie featured a memorable depiction of the Harvard twins and Olympic rowers who sued Mark Zuckerberg for allegedly stealing their idea for a social network. Or you might know that Cameron and Tyler Winklevoss set up a crypto exchange called Gemini, which is currently involved in a very public d
Crypto Billionaires Reconcile, 'Britcoin' In Works
Crypto is an asset class that runs 24/7. It’s hard to keep up. So we’re back with a show that reviews the biggest stories of the week. Here’s one: the United Kingdom is amping up plans to launch a digital currency, which folks have started calling Britcoin. And there’s been a significant development in the dispute among various crypto billionaires. On one side: Tyler and Cameron Winklevoss and th
Crypto Hackers Face The Courts
One of the more interesting phrases used by folks in crypto is this one: “code is law.” Think of it this way. Under the idea that “code is law”, what governs whether something - say a transaction - is valid or not isn’t the whims or caprices of any individual. Instead, what determines whether something is acceptable, permissible, or appropriate is what’s written into the software that enabled that
Bitcoin Miners Are Back Amid Crypto Rally
Crypto markets, and Bitcoin especially, had a strong start to the year. That’s had a couple of interesting consequences for some of the most important players in the market: Bitcoin miners.2023 has also seen a lot of significant weather events affecting the US, including recent winter storms in Texas that have left hundreds of thousands of people without power. Energy is one of the most important
What do Venture Capitalists Think About the Crypto Market?
Like many buzzy, fast-growth, high-risk industries, companies operating in and around crypto and the blockchain have relied heavily on venture capital to fund their activities. Venture capitalists, or VCs, manage pools of private money. What sets them apart from many other kinds of investors is that they focus on the riskiest possible bets - for every 10 or so investments, they expect at least eig
Time to Upgrade the Ethereum Blockchain (Again)
Nearly five months ago, the Ethereum blockchain successfully completed what was — at the time — a very complicated and years-in-the-making update. Called The Merge, it allowed the blockchain to move from validating transactions using computers, that took a lot of energy to run, to a proof-of-stake model. The switch cut Etherium’s power consumption by more than 99 percent. After The Merge, the pric
What's The Deal With Bitcoin Going Up?
Surprising to some, it turned out to be a decent month for crypto. Bitcoin rose almost 40% and some smaller coins did much better. Speaking of risk taking: Wall Street firms are still keen on crypto, despite all of last year’s calamities. And a failed crypto lender known for its risk appetite, Celsius, just got some harsh criticism from its bankruptcy examiner. Bloomberg senior editor Anna Irrera
What’s Next For Galaxy Digital CEO Mike Novogratz?
The digital-asset industry is reeling from challenges many blame on a handful of so-called crypto bad actors and wayward CEOs. Of course we’re talking about the Do Kwon’s, the Alex Mashinsky’s, the Su Zhu’s… oh, yes and the Sam Bankman-Fried. But while some industry leaders say they are upset by the allegedly illegal actions of some of their peers, they still have hope that the digital asset indus
Is China Poised to Relax Its Crypto Ban?
One of the biggest shocks to the crypto market in the past couple of years came in 2021 - when China issued its most significant crackdown yet on all things digital assets. Fast forward to 2023, and there are signs that the country might be softening that stance ever so slightly. Just to set the scene a little bit - this is all related to broader signs and speculation that China is quote unquote
The US Has a Renewed Urgency to Regulate Crypto Post-FTX
The bankruptcy of crypto exchange FTX and the arrest of its former CEO San Bankman-Fried has had a lasting effect on the digital asset sector, for sure. But it’s also made an indelible impact on the politicians and policy makers who are supposed to regulate the industry. There was already a fire lit under some lawmakers when it comes to imposing regulations on crypto - Last year, President Biden
Should You Try Fidelity's New Crypto Platform?
Long time Fidelity customers have been getting some interesting offers in their inbox from the financial services company over the past several months: a new crypto trading platform for retail investors. Last November, the brokerage firm launched a wait list for those interested in the services which include custody and zero-commission trading for Bitcoin and Ether. Fidelity Investments is one of
This Week in Crypto: Binance Mishandles Collateral, More Crypto Layoffs
As we reported this week, Binance acknowledged that it had been mistakenly mixing the collateral it holds for some of its tokens…. in the same digital wallet as other types of funds. This kind of operational issue is a challenge for these exchanges, especially now, at a point when both regulators and customers are paying super close attention to how this industry is managing its transparency. Als
What Genesis's Bankruptcy Means for the Industry
Crypto lender Genesis has filed for bankruptcy. For many observers in crypto, this wasn't entirely unexpected, not least because the company itself had been warning that it was staring down a liquidity crisis and trying to raise money. Over the past couple of weeks, Barry Silbert, who is the CEO of the Genesis parent company known as Digital Currency Group, has been in a very public and kind of in
What Will Coinbase’s Earnings Call Reveal?
The end of Sam Bankman-Fried’s empire created a contagion effect especially felt by crypto exchanges, like publicly-traded Coinbase. In early January, the exchange settled with New York regulators who accused it of “significant” compliance program failings. Coinbase agreed to pay a $50 million dollar fine and set aside $50 million more to improve its compliance practices. Ahead of its earnings re
There’s A Bitcoin Bar In NYC. Why?
It’s 2023 and the crypto community is hoping to pull out of its funk this year and put the blowups, bankruptcies and price slumps of the last year in the rear-view mirror. While some remain hopeful - churning out ideas for a more fruitful, and perhaps community-driven, crypto future, others are still smarting from last year’s carnage. But now, both groups have a place where they can toast a reviv
When Main Street Banks Dabble in Crypto
Like most crypto-adjacent firms, fiat banks that diversified into crypto have struggled during the crypto winter. And this was likely the case even BEFORE crypto exchange FTX declared bankruptcy in November 2022. We’ll find out exactly how many of them are doing in the coming weeks, as earnings reports trickle out. But generally, banks that got into crypto benefited during digital currency’s rise
This Week in Crypto - FOMO Returns
Is crypto back? That’s one question Bloomberg editors and reporters discuss in another This Week in Crypto episode. Already, the year is packed with digital asset action. Bitcoin is up 30 percent so far in 2023. Lots of smaller tokens are even more than that. Suddenly, crypto enthusiasts are uttering words like FOMO — Fear of Missing Out - again. Then there are some crypto comebacks happening. O
Global Legal Fallout From FTX
You’ve probably heard financial regulators refer to crypto as the "Wild West." But, instead of shoot-outs and sheriffs - in crypto, you can get financial experimentation, hackers and pretty extreme risk-taking (in hopes of yielding extreme returns) - in some cases with people investing their hard-earned savings. People allegedly wronged by crypto are increasingly turning to the law for redress.T
How Ryan Salame's Neighbors Got Tangled Up In FTX's Fallout
Western Massachusetts is a very different place from the Bahamas, where the FTX crypto exchange had its headquarters. But the small town of Lenox there is feeling the effects of the FTX bankruptcy nonetheless. The reason is Ryan Salame, the former co-CEO of FTX Digital Markets who was also a major player in the economy of Lenox.Salame grew up in Berkshire County, of which Lenox is a part. The town
Who Owns Your Coins?
It was an unwelcome ruling for about 600,000 Celsius account holders, who are probably wishing they’d read the fine print more closely before investing. Or put more stock in the crypto mantra “not your keys, not your coins.” Earlier this month, federal Bankruptcy Judge Martin Glenn found that when people deposited assets with the now bankrupt crypto lender Celsius - and in exchange received intere
Team Favorite: SBF's Effective Altruism
Today, Martin Luther King, Jr. Day is observed in the U.S. So the crypto team wanted to present an episode connected to the idea of service. The episode, first published last December, focuses on Sam Bankman-Fried's efforts to advance Effective Altruism. SBF used to say he was a man on a mission: to give away more than a billion dollars. It was part of his connection to the Effective Altruism mov
Gemini/Genesis Battle; Your Questions Answered
Something we say often on the Bloomberg Crypto team is that a week in this asset class can feel like a year. And as we wrap up the second week of 2023, it’s starting to feel maybe more like a decade. On the proverbial docket this week: a public and ugly fight emerging between Gemini, a crypto exchange that's owned by the Winklevoss twins, and a company called Genesis, which was one of the biggest
Bitcoin Miners Are Stressed Out
It’s been a tough winter for Bitcoin miners. As prices of the largest token have fallen from their record highs, there have been bankruptcies and warnings of potential bankruptcy. Billions of dollars in losses. Forced sales of equipment. Regulatory uncertainty in states like New York. Increased criticism of the energy consumption associated with the sector…the list goes on. One miner even changed
The UAE’s Crypto Ambitions Post-FTX
The United Arab Emirates has spent quite a lot of time — and considerable resources — positioning itself as a crypto-friendly hub. Its efforts have attracted some of the top names in crypto to the region: the CEO of the world’s largest crypto exchange - Binance’s Changpeng 'Zhao - known as CZ -has a residence in Dubai. It’s where Su Zhu and Kyle Davies fled to after the collapse of their crypto he
How Did Binance Come To Dominate Crypto?
The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who’s pleaded not guilty to 8 criminal counts - is shining a light on the world’s largest crypto exchange - Binance - and its CEO, Changpeng Zhao - known as CZ. The exchange is estimated to be worth around $300 billion and holds nearly 60 percent of the crypto derivatives market. Binance has managed to ec
Introducing: Crash Course
Hosted by Bloomberg Opinion senior executive editor Tim O'Brien, Crash Course will bring listeners directly into the arenas where epic business and social upheavals occur. Every week, Crash Course will explore the lessons to be learned when creativity and ambition collide with competition and power -- on Wall Street and Main Street, and in Hollywood and Washington. Listen to Crash Course on the iH
Solana Is Trying to Break Its Ties With Bankrupt FTX
Crypto exchange FTX’s November 2022 collapse was one of the most spectacular and swift downfalls in the history of crypto. Now, as the bankruptcy dust begins to settle, investors and others wonder what will happen to crypto startups closely tied to the former exchange. Solana is an example. FTX’s former CEO Sam Bankmam-Fried was a champion of the blockchain network. He publicly appeared with one
FTX’s Sam Bankman-Fried Pleads Not Guilty. Now What?
Welcome to the first This Week in Crypto episode of 2023. We’re kicking off the year with - can you guess? Sam Bankman-Fried. The former FTX CEO had quite the wild holiday season. His companies filed for bankruptcy in November and he was arrested in the Bahamas in December. Bankman-Fried faces multiple criminal charges - and at least two of his closest colleagues and confidants are providing evide
Crypto’s Alpha Male Culture, Explained
In the days leading up to the staggering collapse of FTX, a series of tweets from a top crypto executive signaled that the exchange was likely in deep financial trouble. Former FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao - or “CZ” as he’s commonly called - are known rivals. But when CZ tweeted that he was pulling his investments out of FTX - it sparked a run on the exchange that ultim
What’s To Become of Miami’s “Crypto Hub” Status?
Miami has always been famous for its beaches, beautiful people and glamorous nightlife. More recently, the city grabbed attention for trying to establish itself as a crypto hub, and witnessed an influx of crypto startups as entrepreneurs flocked to its palm tree-lined streets. They were attracted by both Miami’s charismatic, crypto-friendly mayor Frances Suarez and the promise of lower taxes. And
Post FTX, Do Blockchain Games Stand a Chance?
The relationship between crypto and gaming is not always straightforward. Some gamers, and some games companies, have outright rejected all things blockchain and crypto. They say the environmental considerations haven’t been fully addressed, and that turning games into speculative investment opportunities ruins the fun. Others are cautiously optimistic, and are experimenting with in-game NFTs. A s
2022 Team Favorites: Cops Seizing Crypto
Picture this: you’re the FBI, trying to track down the digital keys that will give you access to illicit or stolen crypto. In 2021 alone, cops in the U.S. and U.K, seized billions of dollars in Crypto-assets from various different criminal busts. With so much money on the line, enforcement agencies around the world have had to learn quickly how to spot these digital assets and seize them from accu
2022 Team Favorites: Gaming Studios
Think way back: all the way back to October, 2021. Crypto prices are rocketing. Celebrities can’t stop talking about NFTs. There’s packed conferences in glitzy venues attended by people wearing t-shirts with cartoon monkeys on them. If you’re an executive at a big gaming studio, you might be forgiven - maybe - for sending one of those emails with the subject line: "NFT strategy?"And several execut
2022 Team Favorites: How North Korea Became a Crypto Hacking Powerhouse
In late July of 2022, allegations surfaced that some North Koreans were plagiarizing online resumes and tricking companies, including crypto companies, into hiring them. It's part of a broader effort to raise money for North Korea’s government weapons program. It could also help the authoritarian nation evade global sanctions. How did North Korea get so good at tricking crypto employers? And what
2022 Team Favorites: Wen Lambo
For years, many crypto investors have been consumed by a single, persistent question as they’ve watched the prices of coins rise and fall, especially as of late: Wen Lambo? Bloomberg reporter Hannah Miller and crypto VC Peter Saddington join this episode to discuss all your burning questions about one of the most visible status-symbols of crypto. Subscribe to the Bloomberg Crypto Newsletter at h
2022 Team Favorites: The Spectacular Collapse of FTX and SBF
Back in mid-November on the podcast, we were unpacking the spectacular downfall of one of the biggest crypto exchanges in the industry in real time, and how it would possibly changed the sector forever. A month before, if someone would have told us that crypto exchange FTX was potentially mismanaging customer funds, funneling money into its sister trading firm, Alameda Research, and would soon be
Would You Buy an NFT From a Vending Machine?
It’s been an extremely messy month or so in crypto since Sam Bankman-Fried’s exchange FTX went bankrupt. But in this episode, we’re discuss something entirely different - an NFT vending machine. NFTs were all the rage last year, but this year prices have dropped along with the rest of crypto. What if you could buy an NFT from a vending machine? Earlier this year, these popped up in central London
This Week in Crypto: The Latest on Sam Bankman-Fried
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. It’s been another wild week in crypto, specifically for Sam Bankman-Fried. The crypto founder and former CEO of FTX has been spending time in a Bahamian jail after being denied bail related to multiple criminal charges. On Tuesday, he signed documents formally agreeing to be extradited to the US to face numerous charges,
The Year in Crypto Regulations
The Year of 2022 was supposed to be one of crypto regulation. Multiple CEOs, venture capitalists and trade groups for the industry globally had hired lawyers and lobbyists and prepared policy papers and blog posts. Over and over, they said the refrain: “we’re hoping for regulatory clarity.”In the US, the Biden administration announced an Executive Order, [Ensuring Responsible Development of Digit
Life at the FTX Bahamas Compound
Sam Bankman-Fried might not have expected that his time in the Bahamas would include the inside of a jail cell. Bankman-Fried and his inner circle at FTX and Alameda Research relocated operations to the Bahamas from Hong Kong in late 2021. The Nassau-based employees and executives seemed to enjoy a lavish island lifestyle - think yachts and penthouses with ocean views. How much of that lifestyle w
Hedge Funds Question Crypto’s Future
In the aftermath of the FTX collapse - one of the most significant crypto exchanges in the industry, investors and hedge funds are seriously questioning the future of crypto. FTX was once among the top centralized exchanges, a haven for professional and amateur investors. But now, billions of investors’ dollars have disappeared and its former CEO, Sam Bankman-Fried, has been arrested and denied b
Jane Street's Culture
Sam Bankman-Fried has been arrested in the Bahamas and US authorities have unleashed some truly stunning charges against him, essentially accusing him of having his entire crypto empire as a personal piggy bank and defrauding customers who put money on FTX. Bankman-Fried himself has said it was all down to sloppy accounting and mismanagement. Which is all the more surprising given that he spent th
This Week in Crypto: SBF Arrested
Just a mere month ago, disgraced former FTX CEO Sam Bankman-Fried was the undisputed king of the digital asset industry. Now the 30-year-old is under arrest, facing criminal charges from the U.S. The Department of Justice, and civil charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission. FTX has declared bankruptcy, and almost a million FTX creditors are u
What the Future Holds for Bitcoin ATMs
Bitcoin ATMs could be considered symbolic of the state of crypto’s popularity. During the digital asset boom they kept on appearing in what could reasonably be considered unusual locations. Such as Amherst County, Virginia, a place that has no hospital but does have a Bitcoin ATM. Just in case. The number of crypto ATMs in the US peaked in August at just over 34,000 but has begun to fall, accordin
Crypto's Very Bad, No Good Year
It’s safe to say that 2022 wasn’t the best year for crypto. By late January, Bitcoin had already shed half its value from its all-time high set the previously November - nearly $69,000. And Bitcoin prices stayed on a downward trend that only accelerated after the first major crisis of 2022, the collapse of an algorithmic stablecoin called TerraUSD. The implosion of what was once considered an amb
How the 'Alameda Gap' Is Impacting Crypto Markets
For the last six months or so, the digital asset industry has been knee-deep in the trenches of a ‘crypto winter.’ Now, the demise of Sam Bankman-Fried’s FTX and Alameda Research have produced a dramatic decline in market liquidity. While these bankruptcies will take years to be resolved in the court system, the effects of the collapse on the market have been swift. Investors and traders are only
What Do Stimulus Checks Have to do With Crypto Winter?
What do pandemic stimulus funds have to do with the recent collapse of crypto prices and entities like FTX? According to Bloomberg Opinion writer Robert Burgess, the answer is basically everything.As he wrote in a recent column, “When historians look back on the spectacular rise and collapse of the cryptocurrency market, they will conclude that it couldn’t have happened without the pandemic. And t
Bonus: The Crypto Story by Matt Levine - Part 7
Listen to the final audio excerpt from a special issue of Businessweek magazine, The Crypto Story. Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters. This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.See omnystudio.com/listener for privacy information.
This Week In Crypto
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. The Sam Bankman-Fried apology tour continued this week, despite a number of high-profile lawyers — including one who represented Bernie Madoff — saying that SBF really needs to stop talking. Speaking of lawyers: as the bankruptcy winds through the courts, the 30-year-old has hired a new lawyer, Marc Cohen. Cohen had pre
Current Groupthink of the Crypto Faithful
Financial markets can be subject to a fair amount of groupthink. The herd effect. Mob mentality, even. There’s actually some really interesting research into this: check out for example the paper, “Bubbles, Human Judgment, and Expert Opinion” by Robert J. Shiller. Here's additional research into herd effect: Herding behaviour in digital currency markets: An integrated survey and empirical estimat
The Vanishing of SBF’s ‘Effective Altruism”
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. Sam Bankman-Fried used to say he was a man on a mission. That mission: giving away more than a billion dollars in the service of a movement known as “effective altruism." Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic pr
What Are Crypto Diehards Rebuilding After FTX’s Fall?
Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. “It’s time to rebuild…” is a catchy phrase often said by crypto industry folks after massive implosions, like the one we just had with FTX. In the aftermath of these moments, investors are known to imagine all the potential for growth after the downturns. But this year in crypto the time for rebuilding has come often f
What Does Political Giving Look Like Post-FTX?
The interplay of money and politics in the US is real, and well established. And that includes when that money is either in the form of crypto, or comes from people who made their fortunes in digital assets. The recently concluded US Midterm Elections featured several candidates - including winning ones - whose campaigns were financed in part by crypto-related donors and donations. Among those do
Bonus: The Crypto Story by Matt Levine - Part 6
Listen to the sixth audio excerpt from a special issue of Businessweek magazine, The Crypto Story. Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters. This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.See omnystudio.com/listener for privacy information.
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