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.
Ethereum's 'Merge' is expected to happen this week. What does that mean for you? In this episode Bloomberg Senior Editor Dave Liedtka talks with reporters David Pan and Olga Kharif during a recent Twitter Spaces event about the possible outcomes of the highly-anticipated software upgrade. See omnystudio.com/listener for privacy information.
It’s been one year since El Salvador adopted Bitcoin as legal tender. In September 2021, the Central American nation forged its own path as the first in the world to make the crypto currency an official part of their economy. According to tweets and statements from President Nayib Bukele the government has bought more than 2,000 BTC so far. So what’s the problem? Well, many of those purchases were at or near market highs. Price declines mean that, at least on paper, El Salvador has lost more tha...
Put a whole bunch of crypto transactions into a blender and lock them up in black box - what do you get? Something metaphorically similar to the experience of using a decentralized app called Tornado Cash. The currency mixer app allows users to move cryptocurrency around anonymously. But federal regulators say cyber criminals used the service for money laundering purposes. Tornado Cash was recently sanctioned by the U.S.Department of Treasury. Privacy is a key objective of many crypto proponents...
As crypto prices hover well below their all-time highs, the companies that mine Bitcoin are starting to show signs of financial strain. Second quarter earnings reports show that some of the largest U.S. publicly traded Bitcoin mining companies have over $1 billion in losses. Companies such as Core Scientific Inc. and Marathon Digital Holdings Inc. have each reported net losses of more than $100 million. Bloomberg reporter David Pan and Galaxy Digital’s Head of Crypto Mining, Amanda Fabiano join ...
When we talk about the “crypto winter," we don’t only mean the months-long decline in prices of different coins and tokens. We’re also referring to organizational failures, crypto CEOs losing their jobs, and of course: bankruptcy filings. In July, two major crypto players, Voyager and Celsius, both declared bankruptcy. These filings have opened something of a pandora’s box surrounding the interpretation of US bankruptcy law as it relates to crypto. Asset holders, lenders, and the bankruptcy cour...
Singapore was an early proponent of crypto regulation, attempting to establish itself as a hub for global digital asset companies long before similar pronouncements by countries like the UK. For a time, it worked. And then 2022 happened, a year of high-profile crypto company failures and market meltdowns. Several of the biggest casualties of the chill of this crypto winter operated out of Singapore. It was a base for Three Arrows Capital, the disgraced crypto hedge fund, and others as well. Thes...
By some estimates, major crypto hacks in 2022 have cost the crypto industry nearly $2 billion in stolen tokens. That’s *just* this year. And those headline numbers typically don’t take account of smaller exploits that target individual consumer accounts, for example. So the real number is even bigger. Crypto holders and the leaders of those organizations appear to be focusing on security. How should users protect their assets? What stronger security measures is the industry considering? And how?...
Crypto companies have spent more than $2 billion on sports advertising around the world . The NBA, Major League Baseball, Premiere League, Formula 1…. even the Drone Racing League has a crypto sponsor. But in a market downturn, how long will these big investments in sports sponsorships last? And can they persevere through this crypto winter? In this episode, Crypto senior editor Anna Irrera is joined by Bloomberg reporter Kim Bhasin to discuss the return on investment when it comes to crypto adv...
BlackRock, the world’s largest asset manager , teamed up with the crypto exchange Coinbase in a move that both Wall St and crypto types are watching closely. According to BlackRock, the partnership will help clients better manage and trade their Bitcoin. The deal comes at an interesting time for Coinbase, as it faces over $1 billion loss for the second quarter of 2022 and intense regulatory scrutiny on multiple fronts. Bloomberg reporters Yueqi Yang and Silla Brush join this episode for more on ...
Tether, a stablecoin that trades under the ticker USDT, is the third-largest digital token by market value. It’s also one of the most actively traded tokens in the entire ecosystem and comes with two promises: each Tether has a stable value of $1 and each of those tokens is backed by a “real” dollar, or similarly liquid and reliable financial asset, like a bond issued by the US government. Those promises have not always been kept, which has kept Tether in the crosshairs of regulatory scrutiny an...
It’s the phrase on everyone’s lips: The Merge. It would be the Ethereum blockchain’s most ambitious software upgrade ever. After years of delays, it represents a fundamental overhaul of how the blockchain works, and would - if all goes according to plan - shift away from the energy-intensive approach known as “proof of work”. So, what does the Merge mean for users? What are the risks associated with this switch? And why is it finally happening now, after all these years? Bloomberg Crypto reporte...
Despite the continued crypto winter, NFTs are still bringing some heat for high end products. Non fungible tokens have become increasingly popular with many luxury brands, and remain a powerful draw for some consumers. High-end retailers Gucci and Tiffany are the latest to jump into the fray with new NFT offerings. Kering SA’s Gucci says it will accept ApeCoin as legal tender in select US stores. LVMH’s Tiffany & Co also announced it’s launching what it calls N-F-Tiffs: collectible vouchers ...
The day-to-day pulse of crypto can be unrelenting. And no two days are alike. To help distill the latest developments in the world of digital assets, stacy-marie is joined by two Bloomberg senior editors Anna Irrera and Philip Lagerkranser, for the latest edition of Friday in the Editor’s Room. In today's episode, the team tackles everything from why editors still need to be reporters to the Great Mayo Mystery and what condiments have to do with inflation. Indeed, the plot does thicken . See omn...
Some of the biggest and brashest figures in crypto have faced staggering losses in this current downmarket. Multiple crypto companies have filed for bankruptcy, and more than one high-flying crypto CEO has found themselves out of a job. Case in point: Michael Saylor, the co-founder and former CEO of a software services firm called MicroStrategy. But software isn’t what made the company a household name among Bitcoin believers. Saylor’s decision to use the company’s balance sheet to bet big on Bi...
We’ve talked a lot about Bitcoin on the Bloomberg Crypto podcast - the world’s oldest, largest, and most popular cryptocurrency. But in this episode, we’re going to talk about the number two token - Ether, and about the blockchain it’s built on. Ether’s market value is still about half that of Bitcoin’s. But a recent surge - a whopping 50 percent since mid-June - has some Ether fans hoping it’ll unseat the number one crypto. There’s even a word for this theoretical event: it’s called the “flippe...
London’s convenient time zone, bustling city atmosphere, and impressive set of financial regulations have made it a top destination for banks and financial services companies to operate over the years. But the newness of crypto means there’s an international gap in the market for legal standards on digital assets. The Law Commission of England and Wales is an independent regulatory body that advises the UK government on reform. It’s been tasked with getting London ahead of the pack when it comes...
Multiple pieces of proposed crypto legislation are making their way through the U.S. political machine right now. And earlier this year, President Joe Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets. It directs relevant federal agencies to figure out or define their position on crypto, and identify ways to both protect consumer rights and the rights of investors. Nathan Dean, a senior analyst at Bloomberg Intelligence, joins the podcast for a discussion of t...
The fear of missing out, or FOMO, can be a driving force for some casual crypto investors. That feeling is often augmented by watching friends and family members make money from digital assets. There’s some evidence that personal relationships are key in driving new money into crypto. That’s great for everyone when the investment is doing well, but what happens when the markets shift and they start losing money? In this episode, Bloomberg crypto senior editor Anna Irrera speaks with Brian Hourig...
Solana is one of the newer blockchains in crypto, and for a while was positioned by its fans as a challenger to the dominance of rival Ethereum. Solana’s developers say their blockchain is a faster and cheaper alternative to existing tech. But some users criticize the blockchain for what they call excessive outages, downtime and outright hacks. Still, interest in Solana is high. Now there’s a real-life retail location at a mall in New York City dedicated to the blockchain. It’s called Solana Spa...
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 & Crypto VC Peter Saddington join this episode to discuss all your burning questions about one of the most visible status-symbols of crypto. See omnystudio.com/listener for privacy information.
The latest alleged hacks by some North Koreans entail plagiarized resumes placed on job sites and theft of proprietary intelligence. How did North Korea get so good at tricking crypto employers? And what does all of this mean for the security of crypto companies? Bloomberg reporter Jeff Stone joins this episode to explain. See omnystudio.com/listener for privacy information.
In late spring of 2021, China banned all bitcoin mining as part of an ongoing crackdown on crypto in the country. In response, many Chinese miners packed their bags, and headed to the Lone Star state of Texas. Texas offered a relaxed approach to regulation, a unique power grid, and attractive energy prices - all things that seemed ideal for miners looking for a new home. Until 2022. The situation in Texas is complicated, to say the least. That unique energy grid is prone to power outages. Extrem...
The crypto universe can be complex, and it can be unpredictable. But the job of crypto editors and reporters is to track every development, and translate the most interesting and important of them into stories. Bloomberg Crypto Senior editors Dave Liedtka and Anna Irrera join for another edition of “Friday in the Editor’s Room”. They look at the highs and lows of this week in crypto, discuss the biggest stories they’re covering and what’s driving markets right now. See omnystudio.com/listener fo...
Nonfungible tokens, or NFTs, leapt into pop culture prominence in 2021, but they’ve been around since at least 2014. Despite current market conditions, new tokens and collections are still being launched daily, including by luxury brands like Gucci and Prada. Tiffany’s, the iconic retailer, even announced a jewelry partnership with CryptoPunks, selling pendants based on those NFTs for around $50,000 each. During July’s Bloomberg Live Crypto Summit in New York, Stacy-Marie spoke with industry lea...
At the height of NFT mania, everyone from athletes like Tom Brady to celebrities like Justin Beiber seemed to be buying (or talking about) collections like Bored Ape Yacht Club. Non-fungible tokens aren’t just pictures of monkeys though - they exist on the blockchain, and buying or selling them typically requires paying in some kind of cryptocurrency, often Ether. While the link between NFT prices and the prices of tokens like Ether or Solana is not always straightforward, it’s true that nonfung...
Venture capitalists and certain people in the music industry are enthusiastic about the potential for artists to benefit from technology like the blockchain and NFTs. But there isn’t universal agreement, especially among musicians themselves, that any of this is necessarily a good idea. What are the big trends, and the big areas of disagreement? Bloomberg reporter Lucas Shaw joins this episode from Los Angeles to continue our coverage of crypto and the music industry. See omnystudio.com/listener...
The gaming industry is bigger in revenue terms worldwide than the film and television industries combined. But it also continues to deal with hard and necessary conversations over who benefits from those profits, over work and labor conditions, and (as always) about intellectual property. Adding blockchain and NFT's might just complicate things a bit more. Bloomberg reporter Cecilia D'Anastasio joins this episode to discuss why and how crypto is showing up in video games. See omnystudio.com/list...
With every additional bankruptcy filing or accusation of insider trading in crypto, regulators seem to turn up the heat ever so slightly when it comes to their focus on the digital asset industry. But who is planning on doing the regulating? What would that even look like? And what does it mean that regulators themselves don’t seem to entirely agree? Joining this episode to bring us up to speed on what’s happening with US crypto regulation are Bloomberg reporters Allyson Versprille and Alex Nguy...
If you’re an avid online shopper, you’ve probably realized that digital "buy now, pay later" options from companies like Klarna and Afterpay have skyrocketed over the last several years. Now, BNPL has come for crypto through a decentralized finance lender called Teller. Is this even…a good idea? Bloomberg reporter Misyrlena Egkolfopoulou joins this episode on how “buy now, pay later” fits into the crypto economy. See omnystudio.com/listener for privacy information....
It’s safe to say that Coinbase has had a rough couple of months. The threat of federal regulation of some of its tokens has been looming for more than a year, but really started heating up over the last few months. And in late July things got even worse. A former Coinbase product manager, his brother, and a friend were arrested by federal prosecutors on an insider trading allegation, and the Securities and Exchange Commission alleged Coinbase has been running an illegal securities exchange. To h...
