00:00 Speaker A
Bitcoin still holding above the $100,000 level but losing some ground as stocks slump amid increasing Mideast tension. We’re taking a look at crypto related stocks as well, including Coinbase, also largely lower along with the broader market. So, does this spell the end of the risk on rally for right now or could impending legislation and a crypto-friendly administration prove to be a boost? I want to bring in Brady Dale, Axios’s crypto reporter here. Brady, good to have you back on the program with us. Just take us into your evaluation of what the mindset around riskier portions of the investment thesis, riskier ***ets like crypto, especially within the broader playing out of the Middle East tensions right now. How that is typical and what we should expect this time around?
01:25 Brady Dale
Yeah, I mean, I think probably what investors are looking at is, does this war get a lot worse? And so, I think that’s why some people backed out. Now, keep in mind the amount that Bitcoin is down right now is roughly 2%, and in the crypto markets, that could have just been like a very lackluster Tuesday. You know, I mean, the markets can easily move that much on nothing at all. So really, this is kind of a smaller shift down than I would have expected for something that could end up being so much bigger than it has become so far.
02:23 Speaker A
Yeah, certainly. It’s also been a big week, we know for cryptocurrency. You’ve got everyone from the president even opining in and weighing in. I saw our own Brian Sozzi, executive editor, post a video where even at the most recent conference that was taking place here in New York, um, there is still within the conversation this willingness or want and desire to make sure that the administration is positioning itself as continuously crypto-friendly. How’s that playing out?
03:17 Brady Dale
I mean, this was a gigantic week in crypto legislation. Um, you know, more in the Congress side. Um, genius, uh, the genius bill, which is about stable coins, uh, got a closure vote for a second time in the Senate, teed it up for a very likely final p***age vote sometime. I think we’re looking at Tuesday right now. Uh, and so that’s been a big fight in the Senate, and then over in the House, uh, two different committees, uh, the Ag Committee and the House Financial Services Committee voted the clarity act to the floor, and that’s an act that would sort of decide how disclosures and regulations would work for cryptocurrency. And then on top of that, the final big regulator got a hearing in the, in the Senate, um, Brian Quinten’s the CFTC. So it was a gigantic week in crypto legislation.
04:29 Speaker A
If the stable coin legislation is able to move forward, what what does that mean for, of course, the poster child of crypto in in Bitcoin?
04:58 Brady Dale
Uh, yeah, that is the big interesting question. You know, historically thus far, when, uh, there has been more activity of really any kind in the cryptocurrency market, like, you know, your viewers might remember the ICO craze of 2017, which was really all about Ethereum. That drove a ton of, uh, value to Bitcoin regardless. So that’s what we’d expect, but you know, it could be that these things are starting to decouple. You know, stable coins are a financial utility. People can use them for a lot of reasons that have nothing to do with Bitcoin. So it could be that stable coins explode and we see a modest bump to Bitcoin, but no direct gigantic gain, or it could be that the explosion of stable coins, uh, brings a lot more energy to Bitcoin. We just, we just don’t know right now. I mean, we’re entering into a very new world.
06:06 Speaker A
Yeah, I imagine some of the prominent profiles that were promoting ICOs, uh, and then got dinged by the SEC, certainly remember that period very well. Brady, thanks so much for taking the time.
06:37 Brady Dale
Thank you.
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