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why do I want to be short because it's
declined it has no fundamental value we
are in the middle of this great
unraveling of this colossal bubble and I
think that people are gonna the only
thing that they have going form that
there long is hope and Jackie we know
that hope is a horrible strategy him
saying basically Bitcoin goes to zero is
crazy you know the target of 5950 if we
do break that 6,000 level I I'm
definitely concerned about that then we
go down and we push even further through
that target that would be a little
concerning to me but I think we're in
inning three or four here of a bonding
process from the bubble that Scott
talked about that pop and bursting came
back down when you look at the value of
what a currency means it's the number of
transactions that take place and the
size of transaction and when we have
overstock.com calm accepting Bitcoin
when you have places like Subway
Starbucks coming online accepting
Bitcoin McDonald's may be doing that the
number of transactions will be
increasing over the next year or so I
think close to lava reaches old high so
we can longer today there's not even 50
million wallets that use do today
name yeah I don't think twenty thousand
can be problem this coin is no longer or
at least last December wasn't usable for
commerce at all the fuse became high the
transactions became slow and unreliable
and people like myself and everybody
else that was trying to actually use it
for commerce stopped and switch to
something else and that's something else
looks most likely to be Bitcoin cash for
the most number of people and very very
clear that all the adoption in the
merchants and all businesses are being
built on top of Bitcoin cash at this
point so for the future I think Bitcoin
cash is the best investment standpoint
and but I I don't recommend anybody
don't put all of your investments in the
cryptocurrency and open all your first
investment into one single
cryptocurrency
so what is your what does your crypto
portfolio look like right now Roger I
hope more Bitcoin cash than anything
else but I have to meet there I have
somebody cashed of Bitcoin the Monaro
sand - BTC as well
extreme euphoria in you know
member in December and we got way ahead
of ourselves in terms of like this is
the same tulip like spike everybody
realizes that what I think's happening
now is is all this infrastructure is
being built for institutional investors
to come in to crypto currencies all
these lingering issues around how do
they manage custody how do they deal
with certain SEC regulatory issues and
other investment rights issues in the
u.s. those issues are being worked out
now and I predict that as institutional
money makes its way therefore into the
crypto space watch out right it's not
gonna take a lot because it's still a
relatively new asset class when was the
last time planet Earth had a new asset
class I can tell you just anecdotally
the institutional herd is starting to
move their feet a little bit they've
taken a lot longer than I expected I'm a
little blue in the face from holding my
breath until they get here but it's
starting to happen when you take a look
at the volatility I mean the up-and-down
movement of the price of Bitcoin we've
really seen it comes down last year a
year ago that thing was trading twice as
much twice as fast up and down as it is
now and when you look back to 2016 the
level of volatility was actually
normalized near that of an investment in
the equities market I think if we
continue to get that subsided society
and volatility down towards what it's
like to trade an equity I think people
will get behind Bitcoin and I think
you'll see it rally just like it did two
years ago you're seeing lots of activity
in private markets matter of fact it was
a complete bear market in coins a
disastrous bear market in coins put in
privates you would never have known it
was a bull market it's been a bull
market and talent and it's also a bull
market and institutions building the
infrastructure needed for real money
investors to start investing in coins
and so I think three to six months from
now it will be the all-clear sign for
people to start you know big
institutions and pensions to start
investment my greatest concern is that
the u.s. loses competitiveness I mean
I've spent the last year flying around
the world and I can just tell you the US
is already behind I don't think they're
fatally behind but we are already behind
there's much more adoption going on in
Asia
what I think is interesting what you're
seeing here and what we saw from the
coinbase announcement is that they are
both struggling with the clarity around
the US
and we have trouble figuring out what if
something is or is not as security so I
think right now that's our first
challenge is to get some clarity on that
because once you figure out if something
is or is not a security then you can
figure out all the different rules and
regulations that apply for us you know
we go in the way that I think the entire
group at the roundtable today views most
of these assets as they're not
securities and should not be regulated
with the same type of regulation that
the SEC brings to the table