Bloomberg Crypto

Latest Episodes:

Even Drake Is Crypto Gambling on Twitch Sep 15, 2022

Show notes

You might not have heard of Twitch, but it’s one of the most popular places on the internet. Millions of people every day use the app to watch their favorite live streams do everything from play videogames to solving math problems in real-time.

Videogames are still the biggest category of live streams people tune into on Twitch, and the biggest games - like Grand Theft Auto and Fortnite - still dominate time spent on the platform. Recently however, there’s been a new addition to the top ten: gambling. Gambling, is the seventh most popular content category on Twitch. And it’s not just any gambling. It’s Crypto Gambling. Many streamers are paid handsomely by casinos to take part in this activity. But what about those who actually pay to play? And where is all this coming from?

Bloomberg video game reporter Cecilia D’Anstasio joins this episode to talk about the toll of this growing trend.

See omnystudio.com/listener for privacy information.

On the Verge of the Merge Sep 14, 2022

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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.

El Salvador’s Bitcoin Gamble, One Year Later Sep 13, 2022

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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 than half the value of those purchases so far. And surveys of both consumers and businesses show most people in the country just aren’t using Bitcoin. Nonetheless, President Nayib Bukele and government officials are adamant that the nation’s strategy has expanded financial services to a larger segment of the population and encouraged tourism.

What’s the real story of Bitcoin in El Salvador? Bloomberg reporter Mike McDonald joins this episode for more.

See omnystudio.com/listener for privacy information.

Are All Crypto Privacy Services Potentially Criminal? Sep 12, 2022

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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.

See omnystudio.com/listener for privacy information.

Stressed Miners Strategize to Survive Crypto Downturn Sep 09, 2022

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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 this episode to discuss what’s driving this distress.

See omnystudio.com/listener for privacy information.

It's Your Crypto. Until The Platform Goes Bust Sep 08, 2022

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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 courts are navigating uncharted legal waters. Whatever the courts decide now could set landmark precedents for billions of dollars worth of crypto. To tackle these important and complicated legal questions, Georgetown Law Professor Adam Levitin joins this episode.

See omnystudio.com/listener for privacy information.

Singapore Refines Its Crypto Regulations Sep 07, 2022

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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.

See omnystudio.com/listener for privacy information.

Cold Wallets Are a Hot Item for Crypto Users Sep 06, 2022

Show notes

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? Bloomberg reporter Hannah Miller joins this episode.

See omnystudio.com/listener for privacy information.

Crypto's Betting Big on Sports Sep 02, 2022

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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 advertising.

See omnystudio.com/listener for privacy information.

Wall St Goes Crypto: BlackRock and Coinbase Sep 01, 2022

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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.

See omnystudio.com/listener for privacy information.

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