October 15, 2025 • 14 mins
In this episode of Merryn Talks Your Money, Merryn Somerset Webb and John Stepek unpack the FCA’s decision to lift its ban on retail access to crypto exchange-traded notes (ETNs). They discuss what ETNs are, how investors can buy them, and whether these regulated products really make crypto investing safer—or simply more accessible. Along the way, they debate crypto’s place in a portfolio, regulatory motivations, and the ongoing risks behind this “innovative finance” frontier.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news. Welcome to Merrin Talks
Your Money, the personal finance edition of Merin Talks Money
and these bonus podcasts we talk about the best strategies
(00:23):
for making the most of your money. I'm Merin Zumset,
Web Editor at Large for Bloomberg UK Wealth.
Speaker 2 (00:28):
And I'm joint stepping author of the multi award winning
Money Distilled newsletter and also a senior porto of Bloomberg.
Speaker 1 (00:37):
I would like to say that it's only two awards,
not multi.
Speaker 2 (00:45):
I mean, maybe I should be a double award.
Speaker 1 (00:48):
Double award winning. I'll accept that. I'll accept that. Right. Listen, John,
you and I were not great fans of crypto. We
should be, but you know, we haven't quite got over
the over the hump yet into it. But listeners who
do watched this stuff very closely, who love crypto, who
want to own a lot of crypto, Obviously they have
been keeping a very close eye on the way it
is regulated in the UK. And you might remember that
(01:11):
a while back the FCA that Financial Conduct Authority band
retail investors from investing in crypto exchange traded notes or etns.
Back in twenty twenty one you could before that you
couldn't afterwards the time they said, oh, well, you know
it's volatile. There's lots of abuse, financial crime all over
the place. And the quote here inadequate understanding of crypto
assets by retail consumers and a lack of legitimate investment
(01:35):
need for retail consumers to invest in these products. Now
you may say those things still stand, but not everybody
would agree and something has changed, right, yes.
Speaker 2 (01:48):
Indeed, but or octobally it's just last week the FC
lefted that mind. Seeing that retail investors can no access
crypto etns. T did on an FCA approved UK based
investment exchange, so you know, your typical UK platform. So
David Gayle, Executive Director of Payments and Digital Finance at
the FCA said, since we're restricted to retail access to
(02:08):
crypto atns, the market has evolved and products have become
more mainstream and better understood, and lightly this we're providing
consumers with more choice while ensuring there are protections in place.
This should mean people get the information they need to
assess whether the level of risk is right for them.
Speaker 1 (02:23):
Right.
Speaker 2 (02:24):
I think that's probably other reasons.
Speaker 1 (02:25):
Oh, you think there are other reasons do you think
that other reasons might be bigcoin treasuries, for example.
Speaker 2 (02:31):
I think they're the obvious reason on the investment side.
The other reason on the regulatory side is that Rachel
Reeves has been twisting the regulators arms to try and
get them to growth friendly things, and this was clearly
an obvious stop to chuck. I feel.
Speaker 1 (02:48):
I mean, this is growth friendly for crypto assets, but
whether that's good for UK GDP growth all n is
another question. But I kind of get that this is
about growth and competitiveness inside this space.
Speaker 2 (03:01):
Yeah, if your voice is bugging you to loosen up,
then this is the sort of thing you can chuck
and see. Look, well, loosening up actually doing anything.
Speaker 1 (03:10):
Okay. So that's one reason when I look at it,
I think, well, hang on, you know, they're just slightly
overtaken by the fact that there are so many other
ways into crypto these days, and the bitcoin treasury companies
or the crypto treasury companies in particularly when we've talked
about these on this podcast before. If you can buy
shares in a company that exists purely for the purpose
(03:31):
of leveraged exposure to bitcoin, isn't it better to find
a way to have a more straightforward asset class that
maybe is not leveraged and provides a different, more regulated
way for people to get exposure to crypto. It seems
to me that might have been the driver from the
FCA side, or you'd prefer people to hold something less
(03:52):
leveraged than a bitcoin treasury company.
Speaker 2 (03:55):
Absolutely agree, I mean that makes sense as well, whenever
the loose and the uploaded noisy directly to all your
support and could always buy being easier in this stuff.
So I think you can never discount the amount of
backsade covering that articulator will indulge in. But definitely not
(04:16):
meanly the big cooin traces that are a big thing,
and they have overtaken it means stupid to be in
the position. But then actually, yeah.
Speaker 1 (04:22):
Behind the cab like this, it really is okay, So
here we are. I think what we really need to
talk about is what an et N is, how you
can buy them, and whether this is really a more
straightforward way for you to get exposure to crypto than
just I mean, it's always a mystery to me when
everyone doesn't open an account at the likes of coinbase
(04:45):
and hold their bitcoin or whatever it else. It is
they want to hold directly but clearly not And at
the moment, FCA numbers tell us that around twelve percent
of adults in the UK hold crypto, which seems an
incredibly high number to me. I'm amazed by that number,
significantly higher than I think, which of course explains why
we've been so wrong on bitcoind of course, much more
popular than we thinking this stuff is demand driven. Okay,
(05:08):
so round twelve percent and another twenty thirty percent say
that if they could be if it was more regulated
and more secure, then they would be interested. Of course,
people make the mistake of thinking that regulated means safe
when it doesn't mean anything of the sort.
Speaker 2 (05:21):
Yeah, I think a lot of time they're really talking
about hassle. If it was less hassle to buy from
a shop that I trust and that I know like
you know, hard grieves or interactive investor people who are
less comfortable with opening and up and messing about with that.
But I mean, you're right, see on that point, about
(05:42):
twelve percent of people that I've got a lot of
friends who work in you know, normal non finance jobs,
and they're far more actively engaged with kind of crypto portfolios.
With significant amounts of money and then they are with
their pension or with individual stocks or anything like that.
And I think it's just something to be said for
(06:02):
the argument that I mean, you've made this point. It's
the excitement in the fact you can make a lot.
Speaker 1 (06:07):
Of money, make money with gold for example.
Speaker 2 (06:09):
Yeah, I'm just.
Speaker 1 (06:10):
Saying it is IG that this number came from. By
the way, thirty percent of UK adults would consider investing
in crypto etn's IG found that younger adults are particularly
entered in mine crypto etns, with fifty percent of eighteen
to twenty four year old and forty nine percent of
twenty five to thirty four year old expressing interest, so
it is still very much a younger thing. The idea
(06:31):
behind this is crypto suddenly becomes less of a fringe trade,
which clearly it isn't there for already twelve percent of
people who are into into it regulated tool for building
resilient portfolios. So then we have to ask, hey, what
is an ETN, John? Can you answer that one?
Speaker 2 (06:45):
An ETN, as far as you can walkout in the
British cointext is basically like an ETF. It's slightly different,
but the differences are mainly technical. When they somewhat to do,
we can use its regulation and so it's a debt
instrument that basically tracks the value of the underlying asset.
Speaker 1 (07:04):
Yeah.
Speaker 2 (07:04):
At the same time, in this case, the debt instrument
itself is usually backed by a holding of the underlying asset.
And obviously you'll need to look at the individual atn
but I think for the purposes of the theoretical ones
that are coming out, you can basically think of it
as an ETF. It's just an ETF for crypto.
Speaker 1 (07:22):
Okay, you can think of it an ETF, but it's
not an ETF. It's still a debt instrument, and that
comes with all the risks that a debt instrument comes with.
So you've got the risk of the underlying thing itself,
whatever crypto. It is, right that the risk of that
wibbling around in price, and then you've got all the
risk comes with holding something that is debt as opposed
to an actual asset. You've got your counter plant to risk,
(07:45):
et cetera, et cetera.
Speaker 2 (07:46):
Yeah, no, I agree, And obviously this did become an
issue in two thousand and eight financial crisis, But in
my view, if you can in stay your money an ACCEPTO,
then this is it's yet another thing to think about
on top of all the other things you should ploably
be thinking of it. If you can stake your money
and to accept or CURTNCY.
Speaker 1 (08:03):
I suppose you have to cry about theft as well,
don't you. I mean, it's really unlikely that someone's going
to get into hard groups Landsdown's stash of shell shares
and NIKEM but crypto has a slightly different vibe crime noise.
Speaker 2 (08:18):
That's an interesting point. I thought that.
Speaker 1 (08:21):
Okay, I suppose my point is just that that there's
a lot of risk around something like an ETN. You're
not just buying a straightforward tracker. You know, you buy
a straightforward equity tracker. It holds the equities in the
main you know they're there, they're underlying. But you buy
an ETN that is supposed to return you the the
same capital return as they're supposedly underlying crypto, you can't
(08:41):
necessarily be sure that's going to happen. There's lots, you know,
TwixT and TwixT between the the act itself and the
return that you might or might not get. It's just
a little higher risk anyway. With that in mind, not
everyone will be able to buy them, So yes, if
you go, and you may remember some of you may
remember the episode in which I told John that I
(09:03):
had failed the coin based quiz to give me access
to my account. Remember that John, Yes, and I'm sure
lots of listeners will go. Well, she would, wouldn't she?
That woman knows nothing about crypto anyway, took me a
couple of goals. Turns out all the answers are online.
Not such big deal after all funding before, so crypto
etns will be similar. They're restricted mass market investments, so
(09:26):
are MMI's, and that means that not everyone can get them.
You have to pass a quiz or something that proves
that you are a sophisticated investor of the type that
is able to deal with this slightly higher risk type
of investment. The only one that in Hargoo's landsdown has
said that they thoroughly disapprove of the whole thing. Bitcoin
is not a portfolio ASID, it's not the kind of
(09:48):
thing that you should have an a portfolio to meet
your long term gains et cetera, et cetera. But nonetheless
they'll be having etns too, just not immediately.
Speaker 2 (09:57):
I can see why half these lines don't specifically, is
been very careful because obviously they had the issue we
would for the while ago, which I think will have
made them ultrasensitive about how they talk to retail customers.
I mean, at the same time, I don't necessarily disagree
with them. You know, I think there is probably a
place for crypto in your portfolio, but it's a very
(10:18):
small place and somewhere adjacent to your gold holding. I think, Sorry, John, yeah,
I think if you're going to hold it, then that's
where you should think of it as as existing.
Speaker 1 (10:31):
What is a bit like gold.
Speaker 2 (10:32):
But I we set it in that same trying to
avoid currency devaluation box and also good for crossing the
border with if you actually need take out a dodge
really fast. But obviously it doesn't correlate with gold partially.
Speaker 1 (10:51):
Now, now, as we've seen over the last the last
few weeks, a couple of other things just to say
before we finish on this. The first one is that
you can't just buy any old cryptocurrency ETN. It's bitcoin
and ethereum for now. Other things says that you can
put these etns into your SIP and your ISA, as
long as that's something that the issuer has arranged, so
(11:14):
you can do both those things. Should you put cryptocurrencies
in your or things that are linked to cryptocurrencies one
way or another into your SIP or? I said, that's
another question, but you can ISA.
Speaker 2 (11:26):
There is one slight wrinkle in the ISIS but apparently
hm il see and I don't know. It looks as
if this might change. But for now you can put
in your stocks and shares ISA, but for some reason,
from the next tax here you'll have to put it
in an innovative finance is.
Speaker 1 (11:42):
I reckon, I'm of that, don't you. I'm not.
Speaker 2 (11:47):
Finance ISIS Well exactly, Yeah, that seems like something that
will change.
Speaker 1 (11:53):
But although, to be honest, if there's one thing that
we could say about a crypto ETN is that it
is innovative finance.
Speaker 2 (12:00):
Yeah, this is true, but maybe that is the leg
place to put it.
Speaker 1 (12:04):
And John, this will give you a fabulous opportunity to
finally get some crypto exposure.
Speaker 2 (12:08):
Excellent. I can buy in absolutely. I'm sure that it's
still going to the moon.
Speaker 1 (12:13):
I no doubt about it. And does won't mean that
you won't have to do the admin to open a
coin base account, because I know you're never going to
do this this way. You can just take a chunky
attension and stick it straight into a Bitcoin ETM, no
admin required. We'll all look forward to hearing how that
goes for you.
Speaker 2 (12:27):
I don't think i'll pass the test.
Speaker 1 (12:30):
I was like to be looking the other day at
one of the sample tests. Quite hard, quite hard. Well,
but but but in good news, all the answers will
be on the Internet in the next week or so.
It's been a bother at all. That does put all
the platforms under some pressure to make sure they constantly
change the test. They have rolling questions, et cetera, et cetera,
try to make sure that they are fulfilling the brief
of making sure that only suitable investors get this. Obviously,
(12:52):
we're not going to help anybody pass the test, but
I'm sure that the internet will provide.
Speaker 2 (12:58):
One last question from yeah, go on giving away this, like, realistically,
how big a difference do you think this is going
to make total There's still a lot of hoop jumping
to buy this stuff. There is an element of if
I'm already in a treasury company, why bother. And also
if I wasn't going to open a coin base account,
(13:20):
then why am I going to jump through the RMMI hoop?
Particularly whenever most of the people who are going to
be offering this a little bit tentative because they are
also aware that if it all blows up then they
will almost certainly get an absolute loaded people chance in
their armor, you know, claiming mis selling even a though
(13:41):
that that wouldn't be fair, you know, more que for
the people coming in like five years time something like that,
like the.
Speaker 1 (13:49):
Cause I don't know. And it's a very good point,
and that people who are enthusiastic at back crypto already
on the admin the whole cryptop will people who are
not as enthusiastic these hoops stick out there? Well, we'll
find out.
Speaker 2 (14:02):
We'll find out.
Speaker 1 (14:04):
You're not going to be judging about it either, right never, Okay, good,
Thanks for listening to this week's Maren Drugs Your Money.
If you like us show, rate, review, and subscribe wherever
you listen to podcasts. Also, be shure to follow me
and John on ex or Twitter at marins w and
(14:25):
John Underscore Stapic. This episode was produced by Moses and
Aman SUMMERSIDI questions and comments on this show and all
our shows are always welcome. Our show email is Merrior
Money at Bloomberg dot net
Bloomberg Audio Studios, Podcasts, radio news. Welcome to Merrin Talks
Your Money, the personal finance edition of Merin Talks Money
and these bonus podcasts we talk about the best strategies
(00:23):
for making the most of your money. I'm Merin Zumset,
Web Editor at Large for Bloomberg UK Wealth.
Speaker 2 (00:28):
And I'm joint stepping author of the multi award winning
Money Distilled newsletter and also a senior porto of Bloomberg.
Speaker 1 (00:37):
I would like to say that it's only two awards,
not multi.
Speaker 2 (00:45):
I mean, maybe I should be a double award.
Speaker 1 (00:48):
Double award winning. I'll accept that. I'll accept that. Right. Listen, John,
you and I were not great fans of crypto. We
should be, but you know, we haven't quite got over
the over the hump yet into it. But listeners who
do watched this stuff very closely, who love crypto, who
want to own a lot of crypto, Obviously they have
been keeping a very close eye on the way it
is regulated in the UK. And you might remember that
(01:11):
a while back the FCA that Financial Conduct Authority band
retail investors from investing in crypto exchange traded notes or etns.
Back in twenty twenty one you could before that you
couldn't afterwards the time they said, oh, well, you know
it's volatile. There's lots of abuse, financial crime all over
the place. And the quote here inadequate understanding of crypto
assets by retail consumers and a lack of legitimate investment
(01:35):
need for retail consumers to invest in these products. Now
you may say those things still stand, but not everybody
would agree and something has changed, right, yes.
Speaker 2 (01:48):
Indeed, but or octobally it's just last week the FC
lefted that mind. Seeing that retail investors can no access
crypto etns. T did on an FCA approved UK based
investment exchange, so you know, your typical UK platform. So
David Gayle, Executive Director of Payments and Digital Finance at
the FCA said, since we're restricted to retail access to
(02:08):
crypto atns, the market has evolved and products have become
more mainstream and better understood, and lightly this we're providing
consumers with more choice while ensuring there are protections in place.
This should mean people get the information they need to
assess whether the level of risk is right for them.
Speaker 1 (02:23):
Right.
Speaker 2 (02:24):
I think that's probably other reasons.
Speaker 1 (02:25):
Oh, you think there are other reasons do you think
that other reasons might be bigcoin treasuries, for example.
Speaker 2 (02:31):
I think they're the obvious reason on the investment side.
The other reason on the regulatory side is that Rachel
Reeves has been twisting the regulators arms to try and
get them to growth friendly things, and this was clearly
an obvious stop to chuck. I feel.
Speaker 1 (02:48):
I mean, this is growth friendly for crypto assets, but
whether that's good for UK GDP growth all n is
another question. But I kind of get that this is
about growth and competitiveness inside this space.
Speaker 2 (03:01):
Yeah, if your voice is bugging you to loosen up,
then this is the sort of thing you can chuck
and see. Look, well, loosening up actually doing anything.
Speaker 1 (03:10):
Okay. So that's one reason when I look at it,
I think, well, hang on, you know, they're just slightly
overtaken by the fact that there are so many other
ways into crypto these days, and the bitcoin treasury companies
or the crypto treasury companies in particularly when we've talked
about these on this podcast before. If you can buy
shares in a company that exists purely for the purpose
(03:31):
of leveraged exposure to bitcoin, isn't it better to find
a way to have a more straightforward asset class that
maybe is not leveraged and provides a different, more regulated
way for people to get exposure to crypto. It seems
to me that might have been the driver from the
FCA side, or you'd prefer people to hold something less
(03:52):
leveraged than a bitcoin treasury company.
Speaker 2 (03:55):
Absolutely agree, I mean that makes sense as well, whenever
the loose and the uploaded noisy directly to all your
support and could always buy being easier in this stuff.
So I think you can never discount the amount of
backsade covering that articulator will indulge in. But definitely not
(04:16):
meanly the big cooin traces that are a big thing,
and they have overtaken it means stupid to be in
the position. But then actually, yeah.
Speaker 1 (04:22):
Behind the cab like this, it really is okay, So
here we are. I think what we really need to
talk about is what an et N is, how you
can buy them, and whether this is really a more
straightforward way for you to get exposure to crypto than
just I mean, it's always a mystery to me when
everyone doesn't open an account at the likes of coinbase
(04:45):
and hold their bitcoin or whatever it else. It is
they want to hold directly but clearly not And at
the moment, FCA numbers tell us that around twelve percent
of adults in the UK hold crypto, which seems an
incredibly high number to me. I'm amazed by that number,
significantly higher than I think, which of course explains why
we've been so wrong on bitcoind of course, much more
popular than we thinking this stuff is demand driven. Okay,
(05:08):
so round twelve percent and another twenty thirty percent say
that if they could be if it was more regulated
and more secure, then they would be interested. Of course,
people make the mistake of thinking that regulated means safe
when it doesn't mean anything of the sort.
Speaker 2 (05:21):
Yeah, I think a lot of time they're really talking
about hassle. If it was less hassle to buy from
a shop that I trust and that I know like
you know, hard grieves or interactive investor people who are
less comfortable with opening and up and messing about with that.
But I mean, you're right, see on that point, about
(05:42):
twelve percent of people that I've got a lot of
friends who work in you know, normal non finance jobs,
and they're far more actively engaged with kind of crypto portfolios.
With significant amounts of money and then they are with
their pension or with individual stocks or anything like that.
And I think it's just something to be said for
(06:02):
the argument that I mean, you've made this point. It's
the excitement in the fact you can make a lot.
Speaker 1 (06:07):
Of money, make money with gold for example.
Speaker 2 (06:09):
Yeah, I'm just.
Speaker 1 (06:10):
Saying it is IG that this number came from. By
the way, thirty percent of UK adults would consider investing
in crypto etn's IG found that younger adults are particularly
entered in mine crypto etns, with fifty percent of eighteen
to twenty four year old and forty nine percent of
twenty five to thirty four year old expressing interest, so
it is still very much a younger thing. The idea
(06:31):
behind this is crypto suddenly becomes less of a fringe trade,
which clearly it isn't there for already twelve percent of
people who are into into it regulated tool for building
resilient portfolios. So then we have to ask, hey, what
is an ETN, John? Can you answer that one?
Speaker 2 (06:45):
An ETN, as far as you can walkout in the
British cointext is basically like an ETF. It's slightly different,
but the differences are mainly technical. When they somewhat to do,
we can use its regulation and so it's a debt
instrument that basically tracks the value of the underlying asset.
Speaker 1 (07:04):
Yeah.
Speaker 2 (07:04):
At the same time, in this case, the debt instrument
itself is usually backed by a holding of the underlying asset.
And obviously you'll need to look at the individual atn
but I think for the purposes of the theoretical ones
that are coming out, you can basically think of it
as an ETF. It's just an ETF for crypto.
Speaker 1 (07:22):
Okay, you can think of it an ETF, but it's
not an ETF. It's still a debt instrument, and that
comes with all the risks that a debt instrument comes with.
So you've got the risk of the underlying thing itself,
whatever crypto. It is, right that the risk of that
wibbling around in price, and then you've got all the
risk comes with holding something that is debt as opposed
to an actual asset. You've got your counter plant to risk,
(07:45):
et cetera, et cetera.
Speaker 2 (07:46):
Yeah, no, I agree, And obviously this did become an
issue in two thousand and eight financial crisis, But in
my view, if you can in stay your money an ACCEPTO,
then this is it's yet another thing to think about
on top of all the other things you should ploably
be thinking of it. If you can stake your money
and to accept or CURTNCY.
Speaker 1 (08:03):
I suppose you have to cry about theft as well,
don't you. I mean, it's really unlikely that someone's going
to get into hard groups Landsdown's stash of shell shares
and NIKEM but crypto has a slightly different vibe crime noise.
Speaker 2 (08:18):
That's an interesting point. I thought that.
Speaker 1 (08:21):
Okay, I suppose my point is just that that there's
a lot of risk around something like an ETN. You're
not just buying a straightforward tracker. You know, you buy
a straightforward equity tracker. It holds the equities in the
main you know they're there, they're underlying. But you buy
an ETN that is supposed to return you the the
same capital return as they're supposedly underlying crypto, you can't
(08:41):
necessarily be sure that's going to happen. There's lots, you know,
TwixT and TwixT between the the act itself and the
return that you might or might not get. It's just
a little higher risk anyway. With that in mind, not
everyone will be able to buy them, So yes, if
you go, and you may remember some of you may
remember the episode in which I told John that I
(09:03):
had failed the coin based quiz to give me access
to my account. Remember that John, Yes, and I'm sure
lots of listeners will go. Well, she would, wouldn't she?
That woman knows nothing about crypto anyway, took me a
couple of goals. Turns out all the answers are online.
Not such big deal after all funding before, so crypto
etns will be similar. They're restricted mass market investments, so
(09:26):
are MMI's, and that means that not everyone can get them.
You have to pass a quiz or something that proves
that you are a sophisticated investor of the type that
is able to deal with this slightly higher risk type
of investment. The only one that in Hargoo's landsdown has
said that they thoroughly disapprove of the whole thing. Bitcoin
is not a portfolio ASID, it's not the kind of
(09:48):
thing that you should have an a portfolio to meet
your long term gains et cetera, et cetera. But nonetheless
they'll be having etns too, just not immediately.
Speaker 2 (09:57):
I can see why half these lines don't specifically, is
been very careful because obviously they had the issue we
would for the while ago, which I think will have
made them ultrasensitive about how they talk to retail customers.
I mean, at the same time, I don't necessarily disagree
with them. You know, I think there is probably a
place for crypto in your portfolio, but it's a very
(10:18):
small place and somewhere adjacent to your gold holding. I think, Sorry, John, yeah,
I think if you're going to hold it, then that's
where you should think of it as as existing.
Speaker 1 (10:31):
What is a bit like gold.
Speaker 2 (10:32):
But I we set it in that same trying to
avoid currency devaluation box and also good for crossing the
border with if you actually need take out a dodge
really fast. But obviously it doesn't correlate with gold partially.
Speaker 1 (10:51):
Now, now, as we've seen over the last the last
few weeks, a couple of other things just to say
before we finish on this. The first one is that
you can't just buy any old cryptocurrency ETN. It's bitcoin
and ethereum for now. Other things says that you can
put these etns into your SIP and your ISA, as
long as that's something that the issuer has arranged, so
(11:14):
you can do both those things. Should you put cryptocurrencies
in your or things that are linked to cryptocurrencies one
way or another into your SIP or? I said, that's
another question, but you can ISA.
Speaker 2 (11:26):
There is one slight wrinkle in the ISIS but apparently
hm il see and I don't know. It looks as
if this might change. But for now you can put
in your stocks and shares ISA, but for some reason,
from the next tax here you'll have to put it
in an innovative finance is.
Speaker 1 (11:42):
I reckon, I'm of that, don't you. I'm not.
Speaker 2 (11:47):
Finance ISIS Well exactly, Yeah, that seems like something that
will change.
Speaker 1 (11:53):
But although, to be honest, if there's one thing that
we could say about a crypto ETN is that it
is innovative finance.
Speaker 2 (12:00):
Yeah, this is true, but maybe that is the leg
place to put it.
Speaker 1 (12:04):
And John, this will give you a fabulous opportunity to
finally get some crypto exposure.
Speaker 2 (12:08):
Excellent. I can buy in absolutely. I'm sure that it's
still going to the moon.
Speaker 1 (12:13):
I no doubt about it. And does won't mean that
you won't have to do the admin to open a
coin base account, because I know you're never going to
do this this way. You can just take a chunky
attension and stick it straight into a Bitcoin ETM, no
admin required. We'll all look forward to hearing how that
goes for you.
Speaker 2 (12:27):
I don't think i'll pass the test.
Speaker 1 (12:30):
I was like to be looking the other day at
one of the sample tests. Quite hard, quite hard. Well,
but but but in good news, all the answers will
be on the Internet in the next week or so.
It's been a bother at all. That does put all
the platforms under some pressure to make sure they constantly
change the test. They have rolling questions, et cetera, et cetera,
try to make sure that they are fulfilling the brief
of making sure that only suitable investors get this. Obviously,
(12:52):
we're not going to help anybody pass the test, but
I'm sure that the internet will provide.
Speaker 2 (12:58):
One last question from yeah, go on giving away this, like, realistically,
how big a difference do you think this is going
to make total There's still a lot of hoop jumping
to buy this stuff. There is an element of if
I'm already in a treasury company, why bother. And also
if I wasn't going to open a coin base account,
(13:20):
then why am I going to jump through the RMMI hoop?
Particularly whenever most of the people who are going to
be offering this a little bit tentative because they are
also aware that if it all blows up then they
will almost certainly get an absolute loaded people chance in
their armor, you know, claiming mis selling even a though
(13:41):
that that wouldn't be fair, you know, more que for
the people coming in like five years time something like that,
like the.
Speaker 1 (13:49):
Cause I don't know. And it's a very good point,
and that people who are enthusiastic at back crypto already
on the admin the whole cryptop will people who are
not as enthusiastic these hoops stick out there? Well, we'll
find out.
Speaker 2 (14:02):
We'll find out.
Speaker 1 (14:04):
You're not going to be judging about it either, right never, Okay, good,
Thanks for listening to this week's Maren Drugs Your Money.
If you like us show, rate, review, and subscribe wherever
you listen to podcasts. Also, be shure to follow me
and John on ex or Twitter at marins w and
(14:25):
John Underscore Stapic. This episode was produced by Moses and
Aman SUMMERSIDI questions and comments on this show and all
our shows are always welcome. Our show email is Merrior
Money at Bloomberg dot net
Host
Merryn Somerset Webb
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.