Reflecting on Crypto's Wild Ride Since June

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. Voyager. Celsius. Genesis. And of course, FTX. All major crypto companies that went bankrupt last year. All names we’ve talked a lot about on this podcast.  But even if you’ve heard of these companies, did you know there’s a tax season quirk for US investors who had digital tokens tied up in accounts on these platforms? These investors have lost access to these funds while bankruptcy cases wind through the court system, and in some cases they’re going to have pay taxes on those assets.  Bloomberg’s Claire Ballentine, and Bloomberg Tax reporter Lauren Vella join this episode to help crypto investors who are dreading US tax season. We also connect with a crypto investor who owes tax on his losses.  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.See omnystudio.com/listener for privacy information.

8 Mar 202317min

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. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

7 Mar 202318min

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. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

6 Mar 202317min

Last month marked the one-year anniversary of Russia’s invasion of Ukraine, which has had a devastating impact on Ukraine's economy, people and landmarks. In this episode, we consider the nuanced role that crypto has played so far in the conflict.  Plus, a review of what's happening with Bitcoin miner Marathon Digital: The company was supposed to report earnings this week, but instead announced it’s restating financials from previous quarters. We’ll explain what, if anything, accounting and the price of Bitcoin have to do with prospects for the sector.  The show also has the latest on an FTX lieutenant who recently pleaded guilty to various crimes in a New York court.   Bloomberg senior editor Dave Liedtka and reporter Emily Nicolle 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.  See omnystudio.com/listener for privacy information.

3 Mar 202319min

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. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

2 Mar 202316min

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. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

1 Mar 202314min

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.Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

28 Feb 202318min

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. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

27 Feb 202316min