Bloomberg Crypto (Bloomberg and iHeartPodcasts)

In March of 2022, hackers stole about $600 million from a crypto network. It was one of the biggest exploits of this asset class to date, and left many investors shaken. Can a decentralized financial system work if investors get spooked when significant assets are lost? In this episode: a roundtable discussion with Bloomberg reporter Olga Kharif and Bloomberg Opinion columnist Parmy Olson about the scope and the effect these attacks are having on the decentralized financial marketplace.

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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. 

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This September marks the one-year anniversary of China declaring that crypto transactions were effectively illegal. The decision wasn't entirely unexpected: China has been trying to crack down on crypto in one form or another since at least 2013. 

The 2021 declaration prompted some pretty swift and significant changes, including the uprooting of a Chinese Bitcoin mining community.  

This episode features Bloomberg reporters Yueqi Yang and David Pan, as well as Winston Ma, a Managing Partner & Co-Founder at CloudTree Ventures, who’s also an NYU Adjunct Professor in the global digital economy.

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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 that can be redeemed by owners of CryptoPunk NFTs for a custom jewelry piece.  

The demand for NFTs has slumped in recent months, so why are these brands so bullish on crypto? 

Bloomberg journalists Emily Nicolle and Taz Akhtar join Crypto Senior editor Anna Irrera on this episode to discuss why luxury brands have embraced NFTs.

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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. These high-profile collapses have shone a harsh light on Singapore’s regulatory framework. What’s next for crypto in Singapore?  Bloomberg reporters Joanna Ossinger and Suvashree Ghosh join this episode.

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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 bond, facing conspiracy and fraud charges. 

Binance is the largest exchange by volume and a former rival of FTX. It suffered a wave of withdrawals recently, after releasing its ‘proof-of-reserve’ report, leaving many investors and crypto proponents wondering: should they trust any crypto exchange at all?  And if so, what should it do differently? 

Bloomberg reporter Justina Lee joins senior editor Anna Irrera to discuss this.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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One of the most closely-watched fights in crypto might sound a little obscure, but it’s really important. It pits a company called Grayscale Investments against the US Securities and Exchange Commission, a crucial regulator. And it involves so-called exchange traded funds, an extremely popular type of investment vehicle, and Bitcoin, the largest and most liquid cryptocurrency.  Grayscale had been lobbying regulators to allow it to convert one of its existing crypto products into an exchange traded fund, or ETF. This week, the SEC rejected their petition. Grayscale has been very clear that they’re preparing for a fight and intend to take the fight to court, and they’ve geared up accordingly. They hired Donald Verrilli, a top White House lawyer during the Obama administration. Bloomberg reporter Katie Greifeld joins me to examine why this fight is so important to crypto. 

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You could argue that crypto is no stranger to a recession: in fact, it was the financial crisis of 2008 that birthed the idea of Bitcoin In the first place. But this recession is a little different: in the decade or so since that formative Bitcoin whitepaper, crypto has experienced spectacular growth. Rising and record prices led to investor FOMO, or fear of missing out. But now, in the midst of this crypto winter, investors who entered the digital asset class during its “bull market” are reevaluating their entire relationships with the digital coin. For more on this shift from FOMO to "Oh No", Bloomberg reporter Claire Ballentine joins this episode.

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It’s 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 question mark.

And several executives at these gaming companies did indeed send those emails. And some of their companies even announced plans to make blockchain gaming happen.

Flash forward about a year. Celebrities aren’t talking about their NFTs. People are trying to sell their Apes. And gaming studios don’t seem quite so convinced that they need an NFT strategy.

Joining this episode are Bloomberg reporter Emily Nicolle and Mark Venturelli, CEO and creative director at game studio Rogue Snail, who’s also a game developer.

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Have you heard the one about “the box”? In April 2022, long before Sam-Bankman Fried was tweeting rambling threads about the collapse of his FTX empire, he joined the Bloomberg Odd Lots podcast and talked about “the box”. It was his metaphor for describing the crypto practice of “yield farming”, and his description at the time raised many an eyebrow because it seemed, well, too good to be true.

Joining this episode is Joe Weisenthal, co-host of the Odd Lots podcast, who at the time ended that episode with the deeply relatable comment, “we all feel weird.”

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What do Michael Saylor, Jesse Powell, Michael Moro, Sam Trabucco, Brett Harrison and Alex Mashinsky have in common? If you said they’re dudes who used to be crypto CEOs and suddenly weren’t anymore, you’d also be correct. 

This crypto winter has seen a string of high-profile exits from the C-suite.

But what’s driving all this activity? Is it Bitcoin prices falling more than 50%? Is it the bankruptcy filings? Is it the SEC breathing down your neck? Is it the wanting to spend more time with your yacht in the Bahamas? Perhaps even all of these at once.  

For more on this succession-level crypto drama, this episode features Bloomberg reporter Yueqi Yang and Deepali Vyas, Executive Search Recruiter at global consulting firm Korn Ferry.

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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 movement. Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic prevention to research into climate change. But what happens to those recipients now that FTX is bankrupt?

Bloomberg reporters Sophie Alexander and Laura Davison join this episode with the backstory on SBF and effective altruism. We're back tomorrow with a new episode. 

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.  Enjoy!

Find the full video experience of the shows here.

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In June, Senators Kirsten Gillibrand and Cynthia Lummis introduced a sweeping Senate bill that would regulate crypto assets. Influential crypto insiders have hailed the proposal as a great starting point - a reception which suggests it might be perceived as relatively friendly to the digital asset community. Hilary Allen, a law professor at American University, is among those who think the proposed legislation doesn’t go far enough, especially when it comes to consumer protection. She joins this episode for a critical look at the proposed legislation.

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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 of its co-founders at various conferences and industry talks. 

And FTX and Alameda bought nearly $580 million dollars worth of Solana's native token, - SOL - The company also supported various projects that operated on the Solana blockchain. 

Now FTX’s former CEO faces eight criminal counts including fraud. The collapsed exchange is struggling to repay its creditors. So: where does that leave Solana?

Bloomberg’s Hannah Miller has been reporting on this and joins the episode.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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It’s been (another) busy week for digital assets. And now that we’re well into October, we have a better idea of whether the month will deliver a boost to crypto value as it has in years past. 

Guest-host and senior crypto editor Anna Irrera reviews some regulatory actions that took place this week and considers what smoke signals it may be sending to investors and to companies. Plus, a look at how China’s crypto ban has played out - spoiler alert: it’s not unfolding like many expected it would.  

Joining Anna for this episode is Bloomberg senior crypto editor Philip Lagerkranser and Bloomberg Crypto blogger Emily Nicolle, who wrote about DeFi’s current doldrums in this week’s Crypto Newsletter.

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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 smaller number, and a relatively vocal minority, are absolutely committed to making blockchain-based games happen. Among those who were committed, and vocal? now-bankrupt crypto exchange FTX. 

Earlier this year, FTX announced plans to start its own gaming unit - a platform that enables gaming companies to launch their own tokens and NFTs. FTX has also worked closely with a handful of crypto gaming startups to expand its gaming footprint. But in the aftermath of the FTX meltdown, many wonder what the future of those small companies may look like. 

How do we make sense of the impact the FTX meltdown has had on the gaming industry? Bloomberg reporter Hannah Miller joins this episode.

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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 “reopening”.  

To discuss China’s potentially softening stance on crypto, Bloomberg reporter Muyao Shen joins this episode. 

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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 this episode to find out.

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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 two giants faltered, Silvergate suffered a series of financial difficulties and fell under intense regulatory scrutiny, leading to its eventual shut down.  

Then, last Friday, one week ago now,  the tech and startup-focused Silicon Valley Bank collapsed. It was the largest bank failure since 2008, and incited investor panic.

By late last Sunday, another domino had fallen: New York State regulators announced they were taking possession of Signature Bank. It was moving to retreat from crypto, but was still known for having some ties to the digital asset industry, at one point even launching a crypto-payments platform. This was the third-largest bank failure in the US to date. Bloomberg reported that regulators took action after they “lost faith in management.”

This trio of recent closures is another blow to crypto - leaving the industry nearly cut off from the fiat banking sector. All the while a Bitcoin rally ensued, but has since cooled a bit.

So. In the aftermath of one of the biggest weeks in finance so far this year, how has the crypto industry fared? And how does it move forward? 

Bloomberg senior executive editor Chris Nagi joins this episode.

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify.

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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 estimation.]

Crypto investors are no exception: and their in-group behavior also features a lot of catchphrases. Like the famous “GM”, and the infamous "have fun staying poor." Or the tongue-in-check “Bitcoin will fix this”, where “this” is basically any social or economic issue you can imagine.

In this episode Bloomberg senior markets editor Mike Regan and crypto blogger Emily Nicolle assess the mood among the crypto faithful - and explain why some of them are now evangelizing cold wallets. 

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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 they’d be right.”

This isn’t as controversial an opinion as it might seem. For more, Robert joins this episode.

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Listen to the third audio excerpt from this week's 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 voice by Bloomberg Businessweek editor Mark Leydorf.

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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 week: A lot of action is happening on Bitcoin. Plus, FTX Japan has resumed withdrawals. Bloomberg Senior Editors Beth Williams & Anna Irrera join this episode to unpack the news of the week.

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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It might feel like there’s always some kind of election happening in the US - and that’s because there is. State and local elections can happen every year, while ​​Congressional mIdterms occur every other year, allowing US voters to decide who will represent them. These elections really matter, and crypto executives are spending significant amounts of money to influence them. In 2022, for the very first time, political spending by major figures in the crypto industry has eclipsed the dollars being spent by traditional donors in big tech and pharma. Today, Bloomberg reporter Allyson Versprille joins this episode to share her reporting on why crypto is emerging as a significant financial force in US politics. 

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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 critics are calling it a "solution in search of a problem", particularly in light of the country's already-strong fintech industry.

Senior editor Philip Lagerkranser and reporter Emily Nicolle discuss the implications.

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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 iHeartRadio app or wherever you get your podcasts. https://www.iheart.com/podcast/1119-crash-course-106327154/

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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 just beginning to grapple with the consequences.

Bloomberg reporter Katie Greifeld joins the show to discuss.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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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. And it’s one of the features that makes the asset class attractive to some investors. If this principle can’t be guaranteed, some say crypto’s utility becomes questionable.

Bloomberg reporter Emily Nicolle joins this episode to discuss whether or not a decentralized service can truly be regulated, the issue of crypto privacy and the implications of sanctions on Tornado Cash and De–Fi in general. 

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Listen to the fourth 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.

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It might seem like the conversation about the metaverse right now is a combination of jokes about Mark Zuckerberg’s digital legs, snark about the cost of virtual reality headsets, and a real lack of clarity on why any corporation might want to be in the space. 

So we asked Matthew Boyle, a Bloomberg reporter who’s written a lot about the future of work, to help explain what’s going on here. Specifically, what’s happening with businesses hiring Chief Metaverse Officers - and what these folks do all day. 

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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 their Gemini Exchange. On the other, Barry Silbert and Genesis. Plus: how this year’s Super Bowl will be different from last year’s ...at least when it comes to crypto ads.

Senior editor Anna Irrera joins this episode to review the week’s top crypto news.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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Listen to the fifth 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.

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 companies have posted labor force cuts including big names like Galaxy Digital, Genesis Global, and Chainanalysis. Some - like Silvergate Capital and crypto lender Amber Group - have cut as much as 40% of their workforce. 

While that trend is not universal – Circle CEO Jeremy Allaire spoke with Bloomberg a few weeks ago, and said Circle is actually hiring people –what do these cuts say about the general health of crypto? 

Bloomberg reporter Hannah Miller joins to discuss the latest in the crypto workforce.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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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. 

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You may have heard of cryptocurrency exchange FTX and you may have heard of its CEO and Founder, Sam Bankman-Fried. But have you heard of Alameda Research? 

It’s not a Silicon Valley robotics lab but it is one of the largest and most influential cryptocurrency trading firms in the world. Founded by Sam Bankman-Fried and operating with a modest team of 30 employees, Alameda pocketed over $1 billion dollars in profit last year. The firm and its employees have, for the most part, preferred not to draw too much attention. In recent months though, it’s gotten harder for Alameda to fly under the radar, as the collapse of crypto has revealed a tangle of connections between Alameda, FTX and the broader virtual currency markets.  

But as Alameda’s influence spreads and connections emerge, so have concerns over potential conflicts of interests. 

Bloomberg reporter Hannah Miller joins guest host and Bloomberg crypto senior editor Anna Irrera in this episode to untangle these connections.

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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, including allegations of fraud and money laundering.

The FTX bankruptcy and its aftermath are impacting the wider digital asset industry, including Binance - by far the largest crypto exchange in the world by volume - and its affiliate, Binance US.

Bloomberg editor Beth Williams joins the episode to consider the week’s events and ponder what’s next.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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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 transaction in the first place. It is another way of thinking about the so-called immutability of the blockchain - if the blockchain says it, then that’s what’s going to remain. 

Sounds logical, right? But what happens when the code doesn’t do what you were expecting it to do - or when someone exploits loopholes in the logic of the software for their own personal financial gain? These questions are at the crux of today’s episode, that will review an interesting precedent set by a crypto trader named Avraham Eisenberg, who exploited the “idea of code is law” for millions of dollars - and then was arrested and charged with fraud. Bloomberg reporter Muyao Shen and Bloomberg Law correspondent Matthew Bultman join this episode to discuss.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter.

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL. Just for listeners of the Bloomberg Crypto podcast, we’ve got an audio version of their latest episode.

For the full video experience, find them on the web at https://www.bloomberg.com/qt/series/crypto-irl, on Bloomberg TV or over on YouTube.

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For investors trying to get exposure to crypto, there are many different options available these days. Products like crypto ETFs, or exchange traded funds, are one of the most popular alternatives to owning tokens directly. 

What are crypto ETFs and how do they work? And what does it mean that many of the products pitched as ways to diversify your crypto portfolio are actually pretty similar to each other? Katie Greifeld joins this episode to tackle these questions.

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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 https://bloom.bg/cryptonewsletter

[This episode originally published in August, 2022]

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So, ‘The Merge’ happened. After years of anticipation, multiple false starts and delays, the biggest ever software upgrade to the Ethereum blockchain is complete. 
And now the question is: what’s next?  What are the other major milestones for the future of Ethereum’s ecosystem and the Ether token itself?

In this episode, you’ll hear from Bloomberg reporter Olga Kharif and from Dave Liedtka, senior editor for crypto.

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The Washington Nationals baseball team didn’t have a great start to their season, and that’s not just because of their losing record. They also managed to debut a sponsorship deal with the organization behind the not-so-stable stablecoin, TerraUSD. The name of that organization, Terraform Labs, is now splashed all over billboards, uniforms, seats – everything. It might have seemed like a good play when they signed the contract, but by the time TerraUSD crashed and burned in early May, it started to look more like a strikeout. In this episode, Bloomberg senior editor Mike Regan, joins the conversation to sort through how crypto companies are changing the sports landscape.

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Miners are on the move again, forever chasing that combination of abundant electricity for relatively low prices. This time, they’re heading north of the Arctic Circle. Sweden and Norway are home to some of the most abundant energy sources in the world: geothermal, wind, and hydro electricity. 

These countries have increasingly become attractive to Bitcoin miners. But the combination of Russia’s invasion of Ukraine with rising inflation and environmental factors like drought, are curbing the availability of cheap electricity in these Nordic regions. Miners in some of these areas could even be regulated out of the market. 

Bloomberg Editor Lars Paulsson joins this episode to discuss what’s happening in the region.

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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 does all of this mean for the security of crypto companies? 

Bloomberg reporter Jeff Stone joins this episode to explain. 

[This Episode originally published in Auguest, 2022]

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You’ve likely heard of Bitcoin and Ether as digital tokens, but there’s actually tens of thousands of cryptocurrencies you probably haven’t heard of. In fact over 12,000 of those coins are virtually defunct. Not that they’re ‘dead’ per say-  but they’re also not considered ‘alive’ or active.

They’re called ‘zombie’ coins: tokens that have stopped trading activity as of late and are simply dormant. 

These zombified coins are not a new phenomenon, but the substantial increase in their volume (from the hundreds in 2019 to 12,100 at recent count) has been eye-opening as another symptom of chilly market conditions.

Bloomberg reporter Olga Kharif joins Bloomberg senior markets editor Mike Regan to wade through what happens when a market has so many inactive currencies, and what it says about the crypto industry's overall health.

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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 Nguyễn. 

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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 “flippening.” 

Could Ether overtake Bitcoin, upending more than a decade’s worth of Bitcoin dominance? And what would that mean for the future of crypto? To better explain what exactly the flippening entails, Bloomberg reporters Olga Kharif and Vildana Hajric join this episode.

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Prior to the Russian invasion of Ukraine in February, the Ukrainian government and the country’s crypto community would not have been described as allies. There was skepticism, distrust and even a few police raids on unlicensed crypto exchanges. That shifted with the war: Digital asset leaders in Ukraine are now hailed, by some, as heroes because of their work with the Ukrainian government to finance the war effort. Ukraine's deputy minister for digital transformation said crypto donations have enabled the army to buy military equipment, and medicine. In this episode, Bloomberg reporter Alastair Marsh discusses his reporting on how Ukraine has been using crypto during the war to support its armies and its population. 

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In a crisis, there are always winners and losers. So, who are some of the players who might emerge stronger from the latest calamity to hit the cryptoverse? And will the fallout rekindle the tense debate over centralized entities versus decentralized protocols? 

Bloomberg reporter Sidhartha Shukla joins Bloomberg managing editor of crypto Stacy-Marie Ishmael to discuss this and more in our latest episode.

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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 environmental concerns. Higher fees could push Bitcoin away from its primary use as a decentralized currency. Plus, some hard-core Bitcoiners are also concerned that these NFTs could clog up the blockchain. 

Bloomberg reporters Emily Nicolle & David Pan join this episode and consider how the integration of NFTs impacts the network, Bitcoin and the broader crypto ecosystem.

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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 prevention to research into climate change.

Fast forward a bit, and that message of “using wealth to empower people and projects that are doing the most to make positive, long-lasting change” - a marketing line from the FTX Foundation’s website - now rings hollow. 

Bloomberg reporters Sophie Alexander and Laura Davison join this episode with the backstory on SBF and effective altruism.

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For many of us, the pandemic has meant getting to know what it’s like to work remotely and in most cases from home  But in crypto, remote working had already been the norm for some time, with many workers roaming the world all year round and logging in from dreamy locations like the sandy beaches of the Caribbean or the palm-lined promenades of Miami Beach

When crypto prices were high, these roving crypto workers enjoyed the benefits of being a digital nomad, moving from country to country in an attempt to leave behind the stress, expense and bustle that’s often associated with large financial centers. 

But now that the crypto market isn’t quite as sunny, many of these nomads have started trickling back to the financial hubs of the world. Bloomberg reporter Tanzeel Ahktar and Panther Protocol CEO, Oliver Gale join this episode to share more about the crypto nomad lifestyle and why, for the time being, some have decided to give it up. 

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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.

Also, layoffs continue to happen in crypto - and that’s impacting other industries, with numerous companies tightening their belts and shedding workers. Bloomberg senior editor Anna Irrera and Bloomberg reporter Justina Lee join to discuss.

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One of the bigger fights in crypto right now is over the definition of a security - what counts as a security, and who gets to decide - and therefore regulate - that. This isn’t just about semantics: the answer to that question affects trillions of dollars of assets in the United States, including crypto assets.

In December 2020, the SEC accused Ripple Labs, issuers of the Ripple token, of having conducted “an unregistered, ongoing digital asset securities offering that raised $1.3bn.

Nearly two years later, that fight is still ongoing. Most recently, Ripple asked the court involved to dismiss the SEC’s complaint. Among other things, Ripple does not agree with the SEC’s assertion that its token counts as a security. 

Who’s right? And what are the consequences, either way?  Bloomberg reporters Matt Robinson and Chris Dolmetsch and attorney Elizabeth Davis join this episode to explain.

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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 accused criminals. In this episode, Bloomberg reporters Ellen MiIligan and David Voreacos join to discuss how the seizures of digital assets are transforming policing policies and protocols around the world.

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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 ambitious experiment for DeFi sent shockwaves  through the industry, ultimately triggering the collapse of crypto hedge fund Three Arrows Capital and bankruptcies at crypto lenders Voyager Digital and Celsius. 

It started to feel a bit like the Hunger Games - crypto CEOs and other senior executives racing for the exit, true believers getting into Twitter fights about whether centralisation was the real enemy, all against a backdrop of conferences and parties where people tried to rekindle enthusiasm for their Bored Ape collections.  Then - most recently of course - the stunning collapse of one of the most significant crypto exchanges in the sector, FTX and the resignation of its 30-year-old CEO Sam Bankman-Fried. Quite the year. And it isn’t over yet.

In this episode - a breakdown of the year’s biggest stories with Bloomberg reporters Vildana Hajric and Emily Nicolle, with key takeaways and a look ahead to next year.

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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 reporters Olga Kharif and David Pan join this episode to tackle these questions.

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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 Celsius, almost from its inception. The recent release of a final independent examiner's report contains a searing account of how the lender may have concealed ineffective risk management and misled customers. 

In the report, Celsius appears to have failed to properly track assets and liabilities. They also failed to disclose crucial financial information about its native token, CEL, and falsely portrayed the financial state of the company as robust and healthy. It’s a whopping 689-page read. So - what else did it say about Celsius? 

Bloomberg's Olga Kharif joins this episode to discuss.

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The crypto industry descended into chaos last week after a series of fast moving events. The trouble purportedly started after Binance CEO Changpeng Zhao tweeted that the crypto exchange would sell off some of rival exchange FTX’s native token, FTT, due to ‘risk management’ issues. That drove the price of FTT down and fueled a selloff. Soon after, FTX was forced to halt withdrawals from the exchange. CEO Sam Bankman-Fried -- or SBF as he’s known -- started shopping around for a bailout. Then Bankman-Fried tweeted that the company had found a savior in its former rival, Binance.

But within a day the deal was off. Binance backed out citing due diligence concerns and FTX’s questionable handling of its customers’ funds. Documents were leaked showing FTX was dealing with significant financial difficulties and appeared close to collapse, which apparently it was: FTX soon filed for bankruptcy and Bankman-Fried resigned as his $16 billion dollar fortune evaporated. A spectacular outflow of money from crypto exchanges ensued and Bloomberg reported that federal probes of FTX and SBF were underway. 

How did it all go so wrong for FTX and what does this mean for the future of digital-assets? We have the latest updates with Bloomberg reporters Katie Greifeld and Vildana Hajric.

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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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 donors: Sam Bankman-Fried and Ryan Salame of FTX, who supported candidates on opposite ends of the political spectrum. The collapse of FTX has led to some politicians and lawmakers who received from these donations now attempting to distance themselves entirely from their benefactors. 

For more on the state of crypto money and politics in the US, Bloomberg reporters Bill Allison and Allyson Versprille join this episode. 

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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, and have struggled since last spring, when the digital asset sector took a downward plunge.

In this episode, Bloomberg’s Max Reyes offers up a pre-earnings preview of these banks, and where they go from here.

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A  look into the disorganized bankruptcy filing of FTX’s crypto empire with Bloomberg reporter Jeremy Hill. We review why we don’t know the identity of FTX’s top 50 creditors and whether we’re likely to find out. The discussion also considers what other companies could still suffer by their association with former FTX CEO Sam Bankman-Fried and his now bankrupt companies.

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify.

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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 $1.7bn in 2022, compared with only $400 million worth of crypto the year before. It further solidifies the notion that North Koreans are likely using the cryptocurrency sector as a way to raise funds in the face of international sanctions.  But what does all of this mean for the crypto market? And what can we do to prevent more hacks from happening?

Bloomberg reporter Jeff Stone joins this episode. 

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify.

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Welcome to Bloomberg Crypto: a new daily podcast from Bloomberg and iHeart Radio. In today’s inaugural episode, host stacy-marie ishmael introduces herself, shares what you can expect from this new daily offering, and outlines what the show aims to bring you each day. Stacy-marie, the managing editor for crypto at Bloomberg News, checks in with Bloomberg reporter Olga Kharif for an update on the full blown meltdown of the Terra stablecoin. Olga will answer the question: can stablecoins actually remain stable?  What made TerraUSD become so unsteady that it imploded? Olga breaks down what happened, why, and what it means for stablecoins and De Fi moving forward. Follow us on Twitter @crypto, and subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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The apples are falling from the crypto tree, one by one. The contagion is happening. This week was BlockFi filed for bankruptcy. Also, crypto hedge funds are losing faith in centralized exchanges. In this episode, our crypto editors review what other companies remain vulnerable, and search for any bright spots emerging in the digital asset ecosystem.

Hosted by senior crypto editor Philip Lagerkranser, with Bloomberg senior crypto editor Anna Irrera and crypto reporter Tanzeel Akhtar.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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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 on how blockchain can be used to issue and trade traditional assets like bonds. Some executives at these firms see recent scandals in crypto, like the collapse of FTX as a big opportunity to capture a new market as it is likely to drive more regulation. 

And If more regulation is coming to digital assets, who would be better placed to offer services in the space than a big regulated financial institution?

Bloomberg reporter Yueqi Yang joins Bloomberg senior editor Anna Irrera in this episode to talk more about what Wall Street is thinking.

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One of the most interesting conversations in crypto right now is all about definitions, and especially the definition of a so-called security. Who better to tackle this than Bloomberg Opinion columnist Matt Levine, a former practicing lawyer and investment banker who has written extensively about securities, securities law, insider trading, all things that are very much topical in crypto right now. You'll also hear highlights from Matt's interview with Sam Bankman-Fried at the recent Bloomberg crypto summit in New York.

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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 artificial intelligence. People on the internet were going CRAZY about its ability to craft human-like responses and even ace an exam from Wharton.

Ever since, AI-linked crypto tokens have been on a rapid rise. At one point in early February, tokens from decentralized AI companies like SingularityNet and SingularityDAO soared over the span of just a couple of days.

But as the fervor grows, so do concerns. And some industry insiders are warning investors against being too bullish. So, what exactly are AI tokens and how can they shape the industry? Bloomberg’s Hannah Miller joins this episode.

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How do you go from video game studio to major crypto VC in the space of a few short years? That’s exactly the path that Animoca Brands has been on. Since its founding in 2014, Animoca has expanded well beyond making games to come to own and operate a portfolio of investments and acquisitions that includes more than 300 different finance, gaming, and social media companies.

Yat Siu, Animoca’s co-founder, has become one of the most influential people in technology. 

Bloomberg reporter Zheping Huang  joins this episode to chart the path of Animoca and its founder from indie game studio to crypto conglomerate.

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It seems that the Securities and Exchange Commission has finally found a way to keep up with the Kardashians. The US Markets regulator announced last week that Kim Kardashian had agreed to pay $1.26 million to settle allegations that she broke US rules by touting a crypto token. The SEC alleges Kardashian did not disclose that she was paid $250,000 to post on her Instagram account about EMAX token, a crypto asset offered by Ethereum Max.

Kardashian settled without admitting or denying the SEC allegations. And she agreed to refrain from touting any additional digital assets for three years.

But what are the broader implications of the SEC’s action? And is it a warning shot that stricter adherence to the rules is on the way?

Bloomberg crypto and regulation reporter Allyson Versprille and Bloomberg financial lifestyles and money culture reporter Misyrlena Egkolfopoulou join this episode.

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One of the core fundamentals that personifies the Bloomberg newsroom is its commitment to data. As part of that commitment, the Markets Live team does a weekly investor survey, asking questions about different elements of financial markets. It’s called the MLIV Pulse Survey - because it’s the Markets Live team taking the pulse of financial markets. In October, the team asked investors for their opinions about crypto. 

On this episode, Bloomberg senior editor Kasia Klimasinska with the Markets Live team explains the survey’s results, joined by Bloomberg reporter Vildana Hajric.

Editor’s Note: This episode is about a Bloomberg survey of investor sentiment relating to crypto. We collected the survey results before FTX revealed it was facing significant financial difficulties, triggering a market downturn.

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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 executives at these gaming companies did indeed send those emails.  Some of their companies even announced plans to make blockchain gaming happen.

Flash forward to 2022. Celebrities aren’t talking about their NFTs. People are trying to sell their Apes. And gaming studios don’t seem quite so convinced that they need an NFT strategy.

Joining this episode are Bloomberg reporter Emily Nicolle and Mark Venturelli, CEO and creative director at game studio Rogue Snail, who’s also a game developer.

[This episode originally published in October, 2022]

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This week in crypto, we are settling in to crypto's new norms: like bitcoin now being range-bound: trading steadily between $19k-$20k. And we are still waiting to see if the so-called ‘Uptober’ will shake out. 

But, hey, trading is still happening…and the SEC’s uptick in regulation efforts are being viewed as a boon to investors. According to the latest MLIV Pulse survey, would-be Crypto investors are cautiously optimistic about having more crypto guardrails on the way.

Also, Apple updated its language regarding crypto transactions on every app in its store.  And Finally, we have a big story. Actually one story to rule them all. And that’s The Crypto Story by Bloomberg Columnist Matt Levine.

To break down the latest, crypto senior editor Philip Lagerkranser is joined by Bloomberg crypto senior editor Anna Irrera and Bloomberg reporter Muyao Shen.

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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 accused criminals. 

In this episode, Bloomberg reporters Ellen MiIligan and David Voreacos join to discuss how the seizures of digital assets are transforming policing policies and protocols around the world.

[This episode originally published in July, 2022]

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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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.

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It’s been another unprecedented week in the crypto ecosystem. Fast moving information and news about digital assets has kept coming as the market struggles with the repercussions of FTX declaring bankruptcy and the resignation of former CEO Sam Bankman-Fried. Events continue to unfold at lightning speed with great consequences for so many investors.

Bloomberg crypto senior editor Philip Lagerkranser and Bloomberg senior crypto editor for Asia, Sunil Jagtiani join the show to discuss the latest.

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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 different approach. 

The UK Treasury has recently proposed new rules for crypto-related businesses aimed at stepping up transparency and consumer protection. This, as the planned EU's Markets in Crypto Assets (MiCA) regulation seeks to provide a clear legal framework for digital assets across all member states.

Joining senior editor Philip Lagerkranser to discuss the crypto regulation competition across Europe is Bloomberg reporter Emily Nicolle.

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It’s been (another) busy week in digital assets. What’s the latest in the markets? Are there any crypto CEOs left? Regulation: will it ever happen? Unclear!

Bloomberg crypto editor Beth Williams and Bloomberg reporter Allyson Versprille join this episode to help break down this weeks’ news.

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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 ultimately led to its insolvency. 

The idea that a once flush crypto exchange worth billions of dollars could be taken down by what started as a series of barbs on Twitter, fuels the perception that the digital asset industry is led by alpha-males who promote a hyper-masculine culture.

Now that SBF — formerly one of the most renowned CEOs in the business — finds himself facing serious criminal and civil charges, this episode considers what’s at stake for the industry, and whether the culture is likely to change.

Bloomberg’s Vildana Hajric joins Mike Regan for a robust review.

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Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.  Enjoy!

Find the full video experience of the shows here.

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Back in March, President Biden issued an Executive Order that directed every relevant federal agency to work on guidance related to crypto - and then to report back.

We’re now into that “time to report back” window, and the White House, along with other agencies, have started providing updates on their findings. On the White House end, the policy recommendations included better suggestions focused on better consumer and investor protections.

But what about agencies like the Securities and Exchange Commission or the Commodity Futures Trading Commission, both of whom have a stake in crypto regulation?

Bloomberg reporter Allyson Versprille joins this episode to break down the latest developments. 

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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 costs that Bitcoin miners must absorb - and of course, they can’t run all those machines in their data centers if there’s no electricity.

In the past, the show has talked about the challenging conditions that Bitcoin miners in the US and around the world have been facing. On this episode, the focus centers on the miners that have been able to adapt and take advantage of current market conditions, to try to put themselves on slightly more stable financial footing. Bloomberg reporter David Pan joins this episode to talk about his reporting.

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What do Rapper Jay-Z and former CEO of Twitter, Jack Dorsey have in common? No it's not music... It’s Bitcoin.  If you spend enough time around people who believe that crypto can transform society, you’ll eventually hear them make an argument about financial inclusion. Jay-Z has teamed up with Dorsey on what they’re calling Bitcoin Academy, with the goal of educating and empowering people  through financial literacy — with a focus on Bitcoin. Bloomberg reporters Paulina Cachero and Akayla Gardner join to discuss Bitcoin Academy and whether Bitcoin is truly the key to a more financially inclusive society.

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Evangelists of web3 - a term popularized by venture capitalist Chris Dixon - will often say that a big goal of the whole thing is giving more power to creators, and especially monetary power.

Web3, these proponents say, allows artists, musicians, and creators of all stripes to cut out middlemen and intermediaries and to retain more of the financial benefits of their work. In other words, why pay a platform or an agent when you can keep all your royalties yourself?

That’s where things get complicated. If you’re a musician or an artist and you sell your work as an NFT, you’ll definitely get paid the first time you sell that song or piece of art. But what happens if the person who bought it sells it to someone else? In the idealized world of web3, you’d get a royalty on that sale - automatically. In reality, most of these transactions aren’t setup that way.

For more on the current state of NFTs, and how platforms are thinking about royalties, Bloomberg crypto reporter Olga Kharif and Lauren van Haaften Schick join this episode. Lauren is an Andrew W. Mellon Postdoctoral Fellow at Wesleyan University’s Center for the Humanities.

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Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.

For the full experience, find them on the web here.

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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 suggests it won’t be the last. But it is perhaps one of the highest profile losses, and potentially the most damaging. It comes as islands in the region try to diversify away from tourism revenue. 

The Bahamas had high hopes that an ambitious financial sector would achieve that. But crypto was a big part of that game plan, and now it’s gone.

Can the Bahamas fill the gap left in its financial sector? Can the nation still be a hub for digital assets? Bloomberg’s Katanga Johnson joins this episode.

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Have you heard the one about the crypto investor who got hacked and lost all their Bitcoin? It’s true - cryptocurrency spam, hacks, and fraud are all on the rise. That means there’s an urgent need to think about the security risks to often-valuable digital investments. Bloomberg reporter Hannah Miller talks about the nature and scope of these hacks, and Ronghui Gu, chief executive officer of the blockchain security firm CertiK shares how to avoid them.

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It’s been another pretty unpredictable week in crypto. Now that Elon Musk is at the helm of Twitter, what do his plans for the social media company have in store for digital assets? Why is Dogecoin rallying? And what’s the outlook for crypto earnings this quarter?

Bloomberg crypto senior editor Dave Liedtka and deputy editor Beth Williams join this episode for a look at the top stories of the week in the cryptoverse. 

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While there’s a perception that ideas like the blockchain are novel and groundbreaking, the reality is there’s lots of precedents for concepts like DAOs, or Initial Coin Offerings. This is particularly clear right now, as crypto experiences its own version of a “Bear Stearns moment”. Which all begs the question: Is DeFi just reinventing TradFi with more complexity and a sprinkling of blockchain? Or is there genuine novelty here? For more on these questions, Bloomberg Opinion Columnist Matt Levine and Bloomberg Reporter Muyao Shen join this episode.

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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 has fewer than 10,000 residents - closer to 5000 actually, according to the most recent census. In March 2022, the county’s local newspaper the Berkshire Eagle reported that Salame owned multiple restaurants and other properties in the town.

What’s going to happen to those restaurants now that FTX has filed for bankruptcy and Salame is out of a job? Bloomberg reporter Carly Wanna joins this episode for the latest.

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Since the founding document that led to the invention of Bitcoin first appeared in 2008, Bitcoin’s true believers have adopted a philosophy that resembles “one for all and all for one." Bitcoin is often mentioned as a means to improve financial inclusion, to allow people oppressed by their governments to maintain or reclaim a sense of freedom. In Bitcoin, everyone’s equal - or so the theory goes. But does the theory match the reality of the ecosystem? On today's episode, Data Scientist Alyssa Blackburn and Dr Erez Lieberman Aiden, an Associate Professor of Molecular and Human Genetics at Baylor College of Medicine, join to discuss their research into who controlled Bitcoin from those early days. 

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On Tuesday September 27th, Bloomberg reporters Allyson Versprille and David Pan participated in a Twitter Spaces with Costa Samaras. Samaras is the White House’s chief advisor for energy policy in the Office of Science and Technology Policy.

They spoke about the office’s crypto climate report and what’s next for US efforts. This episode features highlights from that conversation.

Read more here

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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 report, CEO Brian Armstrong says Coinbase revenue will likely drop by half or more this year. And the picture may be equally dim for other global exchanges.

Crypto senior editors Philip Lagerkranser and Anna Irrera are joined by Bloomberg reporter Yueqi Yang to talk through the latest.

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We’re just going to keep saying this: news moves fast in crypto. To help us stay on top of it, the show take on some of the pivotal but perhaps less well known players in crypto - players whose names all begin with G. Bloomberg reporter Yueqi Yang joins to discuss Genesis, Galaxy, Gemini and more.

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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.
The only problem is, how do you fit something so new into laws that are often centuries old? That’s the conundrum lawyers and creditors are confronting in the case of FTX, the crypto exchange that collapsed into bankruptcy last year. 

In this episode, we discuss the legal complexities underlying the FTX bankruptcy. And how the rules change across jurisdictions - from the sunny Bahamas to the cloudy skies of England.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mohsis Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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In late 2022, Hong Kong updated its crypto regulations in a way that signaled a goal of increasing retail access to the asset class. In sharp contrast, nearby Singapore tightened regulations after big losses this year for retail investors. Korea, still dealing with the aftermath of the collapse of the Terra / Luna tokens, is currently focussing on enforcement. And India, somewhat uniquely in the region, is using tax policy to drive behavior.

Bloomberg senior editor for crypto, Sunil Jagtiani, joins this episode to talk about how different Asian countries are approaching crypto regulation in the shadow of the FTX collapse.  

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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If you’ve ever found yourself on Crypto Twitter, you’ll be familiar with the hype machine that keeps the industry’s thousands of projects going. Rallying cries of “WAGMI” — an acronym for We Are All Going To Make It — and “To the Moon!” abound, found in tweets from accounts with colorful, graphic profile pictures and usually a hashtag or two.

But there are always two sides to a coin, and if you’ve come across a Twitter display name featuring the Tulip emoji, you might find a crypto skeptic instead. A reference to the Dutch tulip mania of the 1600s, these figures – technologists, academics and writers among them – are working to counteract crypto’s steady rise to the top with a dose of reality.

Stephen Diehl is a software engineer by trade, a leading crypto skeptic and now co-founder of the recently established Center for Emerging Technology Policy. He joins this episode to break down crypto’s promises of a brighter tomorrow, and when he thinks it might actually be closer to myth.

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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 the latest Wall St foray into crypto. 

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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 Bitcoin back in 2020 is really what catapulted Microstrategy into the headlines. For a while, as Bitcoin prices rallied, that $250 million dollar bet looked like a genius move. But as prices fell, MicroStrategy found itself facing significant losses. What does this loss mean for the future of MicroStrategy, and for Michael Saylor? 

For more, Bloomberg senior editor Dave Liedtka and  Bloomberg accounting specialist Tom Contiliano join this episode to discuss what happened at MicroStrategy.

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