July 23, 2025 • 16 mins
Bitcoin just hit a record above $123,000 and crypto is suddenly back in the headlines. A major new US law backing stablecoins has sent digital assets soaring, and it’s tied directly to Donald Trump’s renewed push to make crypto part of the political mainstream. While Bitcoin itself isn’t covered by the legislation, the broader mood shift has given the whole sector a boost - and Aussie investors are watching closely.
This week on the Bloomberg Australia Podcast, host Rebecca Jones speaks with cross-asset reporter Richard Henderson about what this new wave of momentum really means. From ETFs and super fund exposure to why stablecoins matter more than you might think, they break down how crypto is evolving, what’s driving the surge - and whether this marks a shift toward digital assets going truly mainstream.
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Episode Transcript
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Speaker 1 (00:02):
Last week, Bitcoin reached a new high of more than
one hundred and twenty thousand US dollars. Remember laughing at
that friend or brother in law ten years ago when
they were looking at buying bitcoin for about seven hundred bucks.
Bitcoin this morning hitting a new high above one hundred
and twenty three thousand dollars.
Speaker 2 (00:22):
The Clarity Act has indeed passed.
Speaker 1 (00:24):
This afternoon, we take a giant step to cement the
American dominance of global finance and crypto technology.
Speaker 2 (00:31):
A year after the President went to Nashville and talked
about becoming the first crypto president, we have a stable
coin bill that's been signed into law.
Speaker 1 (00:41):
Hello, I'm Rebecca Jones and welcome to the Bloomberg Australia podcast.
Crypto just keeps on to find the cynics. Indeed, last
week in Washington was even renamed Crypto Week, as US
President Donald Trump signed the first ever legislation for digital
coins into law. Today, we're diving into the seemingly unstoppable
(01:01):
momentum behind bitcoin and the crypto sector in general, which
is enjoying a fresh wave of hype. To help me
unpack what all of this means for the millions of
Australians that own cryptocurrencies. I'm delighted to welcome back to
the podcast Melbourne based reporter Richard Henderson.
Speaker 2 (01:18):
Rich welcome back, Thank you very much. So help me
out here.
Speaker 1 (01:22):
What was crypto we call about?
Speaker 2 (01:24):
So crypto?
Speaker 3 (01:26):
There were three bills making their way through Congress in Washington,
and one of them past both chambers of Congress and
was signed by President Trump into law. That is the
Genius Act, which you'll be surprised to know is not
self referential for Trump. It actually stands for something guiding
an establishing national innovation for US stable coins. And this
(01:51):
is all about giving greater regulatory and legislative clarity for
stable coins. These are types of digital assets that are
typically pegged to a fiat currency like the US dollar.
There's a few that are even tied to the Australian dollar.
And these are really useful tools in the cryptosphere that
(02:12):
allow investors and traders to easily connect their regular money
to digital assets.
Speaker 1 (02:20):
So, for those of us who don't worship at the
altar of crypto, a stable coin is something that's tied
to a currency. Is there an unstable coin?
Speaker 2 (02:30):
There are no unstable coins.
Speaker 3 (02:31):
You could say that regular cryptocurrencies, Bitcoin being the largest,
the most popular, would be you know, you could describe
it as unstable because it's not pegged to an established
fiat currency. But typically stable coins are you know, one
to one for the US dollar, and so there is
there is certainty for an investor, a holder of a
(02:54):
stable coin if he or she wants to purchase something
or just hold hold that hold some of their wealth
in in a stable coin.
Speaker 1 (03:03):
Okay, so Bitcoin isn't a stable coin because it's a
currency in itself, right, in which case, why was this
legislation still perceived as good news for bitcoin? As I
said right at the start, it hit a fresh record
high of above one hundred and twenty three thousand US dollars.
Speaker 3 (03:20):
Wow, exactly, Yeah, So I mean, as you'll know, the
crypto universe trades on this kind of general sentiment this legislation,
and those record high levels for Bitcoin were reached in
anticipation of this legislation passing, which it has, and it
is broadly seen as helpful for the crypto universe, even
(03:45):
though Bitcoin itself isn't a stable coin, So there'll be
greater use of cryptocurrencies generally, and that will help Bitcoin.
That is seen as a net positive for bitcoin, and
keep in mind that this is part of something much
broader that is taking place in the United States. Donald
(04:06):
Trump and his family are directly now tied to the
cryptocurrency kind of universe. The you know, folks in the
United States who are very involved in cryptocurrency became a
key plank of his electoral support and one that Trump
(04:28):
specifically targeted. And the Trump family has its own direct
exposure to several digital assets, including holdings of bitcoin, through
through Trump's Trump's Media company, essentially.
Speaker 1 (04:47):
Obviously a huge impact. I'm wondering though, is crypto's popularity
in Australia continuing to climb and how will this new
legislation in the US impact ossie owners rich so.
Speaker 3 (05:01):
Crypto in Australia historically it's had quite high levels of
adoption relative to you know, peer countries like the US,
the UK, et cetera, on a per capita basis, and
so that has continued. You know, there there are reports
out there and the data is all very survey based,
so you've got to take it with a big pinch
(05:22):
of salt, because you know, often it comes from a
crypto company that wants to you know, give the the
idea that lots of Aussies are trading crypto all the time,
so it's okay, it's safe, that sort of thing. So
the data is survey based, it can be a little
bit skewed. It's hard to ascertain, you know, the sample size,
et cetera. But by and large, there is a healthy
(05:45):
support for crypto in Australia.
Speaker 2 (05:48):
This legislation, will it have a direct impact? Sort of?
Speaker 3 (05:52):
It actually will because if we have a greater use
of stable coins through the global economy, through payments, through
cential remittances, that can impact Australian consumers and Australian users
of cryptocurrency.
Speaker 1 (06:06):
And when we come back, we look at how Australia's
biggest investors are viewing crypto and what the boffins that
they rely on to crunch the numbers say about its future.
You're listening to the Bloomberg Australia Podcast. Welcome back to
the Bloomberg Australia Podcast. You're with me Rebecca Jones, and
(06:27):
today I'm joined by Cross Asset reporter Richard Henderson in
Melbourne to discuss all things crypto as Bitcoin saws to
yet another new high thanks to renewed support from the
US politicians. Rich, We do talk a lot about Trump
speaking of US politicians on this podcast, which is all
(06:49):
about where Australia fits in terms of global business. But
it is for good reason, right because even before Trump's
reelection last year, God, was it really just that long ago?
He's always been, as you mentioned, a champion of the
crypto sector. Would you say that now he's basically making
good on his promise to all of those crypto bros
(07:12):
that helped him win his second term.
Speaker 2 (07:15):
Yes, I think so. Yeah.
Speaker 3 (07:15):
So there was a period where he was a crypto
skeptic and then he went through this sort of transformation
and really I think, you know, cleverly identified support within
the US electorate and began to target crypto bros. Etc.
Speaker 2 (07:35):
For his support.
Speaker 3 (07:36):
And that's been a great success for him, and he's
in this legislation starting to deliver on some of the
promises that he made when he first came into office.
Back in January, he signed an executive order that was
broadly supportive of crypto. He put in place at the
(07:57):
head of the Securities and Exchange Commission a very pro
crypto figure, replacing a Democrat appointed individual Gary Gensler, who
was famously skeptical of crypto and digital assets that were
seen as a huge coup for the crypto crypto world.
So yes, this is this is Trump coming good. And
(08:21):
it really does need to be stated that the Trump
family and Donald Trump himself have a significant personal exposure
to digital assets. And there is you know, on the
on the democratic side of politics, they're they're identifying this and.
Speaker 2 (08:42):
Saying, you know this, this could this.
Speaker 3 (08:46):
Maybe this isn't such a good thing that Trump is
pushing this pro crypto agenda when his own family has
such significant exposure to to bitcoin and other digital assets.
So it's quite it's quite a complex situation, but Trump
is very much coming good on his crypto promises.
Speaker 1 (09:08):
Rich you talk to a lot of Australia's biggest investors.
Is part of your job as a reporter on the
cross asset beat here at Bloomberg. One of those such
investors is, you know, the big super funds are they
getting in on any of this crypto action and are
they likely too?
Speaker 2 (09:23):
Is it kind of a.
Speaker 1 (09:25):
If you can't beat them, join them mentality or what
are they thinking?
Speaker 3 (09:30):
So among the super funds, there is skepticism and there
is skepticism in holding digital assets directly. However, their exposure
to the cryptocurrency universe is there in the form of
US stocks. So there are a handful of large US
(09:52):
stocks that are crypto businesses. Coinbase would be one of
the largest. And so because Coinbase is a publicly traded
company and is in you know, many of the US
stock portfolios that large super funds would be tracking or
investing in, uh, they will have some exposure, but it's
(10:12):
not like, you know, the big super funds are going
out and buying bitcoin directly. There is one exception, one
that comes to mind immediately, and that is a MP
and they made an investment in bitcoin futures and they,
you know, I think they wanted to find a way
(10:33):
of separating themselves out from from other super funds and saying, hey,
we're interested. You know, the modeling shows that exposure to
bitcoin can be can be helpful from a from a
risk point of view and from a you know, performance
point of view. And so they've made a would say,
a smallish investment into bitcoin futures.
Speaker 1 (10:54):
What about the banks and the asset managers are they
kind of following suit with that thinking or are they
doing a little bit of what AMP is doing and
trying to differentiate themselves from the other managers.
Speaker 3 (11:05):
Well on the asset manager side. The key development in
Australia and around the world really over the past couple
of years is the launch of exchange traded funds that
hold cryptocurrency assets, namely bitcoin. That's still the most popular
and the largest, and so in Australia we have a
(11:26):
handful of bitcoin ETFs which have a master you know,
a certain amount of money, and in the US these
have become very popular. And this is really notable because
it's one of the key touch points of that traditional
financial system, traditional investment industry with cryptocurrency, and it's been
(11:47):
quite significant and it speaks to a broader trend that's
taken place, you know, over the past decade really and
that is all the excitement around bitcoin, or at least
a lot of the excitement around bitcoin was its potential
in payments, potential as a currency, and that is slowly
shifted or at least broadened to its use as a
(12:09):
financial instrument as a proxy to trade risk. And it's
this second use that has become really important and it's
brought in a lot of hedge funds or traditional asset
managers to trade it, and that support has in turn
brought more people to buy bitcoin and cent the price higher.
Speaker 1 (12:32):
And so when you say they use ETFs, that's an
exchange traded fund that you can buy, so like a
basket of different companies that trade like a like an equity,
like a share on the stock exchange.
Speaker 3 (12:46):
So traditionally ETFs, the ones you're thinking of are index
based ETFs that invest in stocks and that would track
a common index like the ASX two hundred or the
SMP five hundred of US stocks.
Speaker 2 (13:00):
What these do?
Speaker 3 (13:01):
These bitcoin ETFs, they actually just buy bitcoin And so
you can, you can log into your brokerage account, you
can buy an ETF and the fund structure that you're
buying into is also buying bitcoin directly.
Speaker 2 (13:18):
Ah so just bitcoin, just bitcoin.
Speaker 3 (13:20):
Right, So whatever it might say on the tin, it
might be an ethereum ETF, it might be a bitcoin ETF.
Speaker 1 (13:25):
Yeah, whatever it says on the tea, I love that.
So apart from buying the coins themselves, just to look
at this from the consumer lens, how else can Australians
trade this current bullish sentiment in crypto?
Speaker 2 (13:38):
Is it through vehicles?
Speaker 1 (13:40):
Like ETFs.
Speaker 3 (13:41):
Most definitely it is. It's also through as I mentioned
some of those large listed companies like Coinbase. There was
another that recently listed in the US Circle Internet Group.
It sounds like an internet service provider, but it's actually
a stable coin company, and their stock has shot up,
(14:01):
you know, hugely in the wake of the listing, but
also this legislation, and so that's the way that investors
can gain exposure this to this, to this trend.
Speaker 1 (14:13):
So, Rich Funneller, you and I are journos, We're not
investment analysts. I want to know what they think. What
do the boffins that be, the big asset managers, the
super funds, the wholesale investment managers. What are they saying
about buying crypto at this price? Is it actually becoming
dare I say, a respectable or I don't know if
that's the right adjective, but a more mainstream asset class.
Speaker 3 (14:36):
It is becoming more mainstream because of the participation of
traditional finance. That's true. But you've got to keep in
mind that bitcoin is a proxy for risk.
Speaker 2 (14:47):
So when risk assets.
Speaker 3 (14:49):
Like stocks are doing well, bitcoin is typically doing well well.
US stocks are trading near a record high so bitcoin's
trading near a record high.
Speaker 2 (14:56):
That's that's no coincidence.
Speaker 3 (14:59):
And so so I think that the kind of fervor
and bullish sentiment around around bitcoin, you've got to kind
of delineate out a little bit, you know, the traditional
finance guys. I think there's going to be a lot
of caution there. But then you're going to have these
you know, the bitcoin bros, the boosters for the crypto universe.
They're out there on the blog saying, you know, bitcoin
(15:22):
could go to two hundred k, a million US dollars,
et cetera. You know, it's going to be very hard
to tell. This is such a sentiment driven, volatile market,
the market for cryptocurrencies, that any prediction is is going
to be very difficult to make because these things don't
trade on fundamentals. You can't look at a profit like
(15:42):
you can for a company and say, okay, well the
share price is going to go up because their profits
are higher. With crypto, it's not like that. It's all
about sentiment and who's actually buying it.
Speaker 1 (15:52):
And with all that said, it's still probably worth keeping
an eye on who's sitting at the desk in the
Oval office too. Absolutely, If you found today's conversation insightful,
be sure to follow the Bloomberg Australia Podcast wherever you listen,
and check for more reading on crypto, including the latest
reporting from Rich Henderson on Bloomberg dot com. This episode
(16:14):
was recorded on the traditional lands of the Wunday People,
who was produced by Paul Allen and edited by Chris
Burke and Ainsley Chandler. I'm Rebecca Jones and I'll see
you next week.
Last week, Bitcoin reached a new high of more than
one hundred and twenty thousand US dollars. Remember laughing at
that friend or brother in law ten years ago when
they were looking at buying bitcoin for about seven hundred bucks.
Bitcoin this morning hitting a new high above one hundred
and twenty three thousand dollars.
Speaker 2 (00:22):
The Clarity Act has indeed passed.
Speaker 1 (00:24):
This afternoon, we take a giant step to cement the
American dominance of global finance and crypto technology.
Speaker 2 (00:31):
A year after the President went to Nashville and talked
about becoming the first crypto president, we have a stable
coin bill that's been signed into law.
Speaker 1 (00:41):
Hello, I'm Rebecca Jones and welcome to the Bloomberg Australia podcast.
Crypto just keeps on to find the cynics. Indeed, last
week in Washington was even renamed Crypto Week, as US
President Donald Trump signed the first ever legislation for digital
coins into law. Today, we're diving into the seemingly unstoppable
(01:01):
momentum behind bitcoin and the crypto sector in general, which
is enjoying a fresh wave of hype. To help me
unpack what all of this means for the millions of
Australians that own cryptocurrencies. I'm delighted to welcome back to
the podcast Melbourne based reporter Richard Henderson.
Speaker 2 (01:18):
Rich welcome back, Thank you very much. So help me
out here.
Speaker 1 (01:22):
What was crypto we call about?
Speaker 2 (01:24):
So crypto?
Speaker 3 (01:26):
There were three bills making their way through Congress in Washington,
and one of them past both chambers of Congress and
was signed by President Trump into law. That is the
Genius Act, which you'll be surprised to know is not
self referential for Trump. It actually stands for something guiding
an establishing national innovation for US stable coins. And this
(01:51):
is all about giving greater regulatory and legislative clarity for
stable coins. These are types of digital assets that are
typically pegged to a fiat currency like the US dollar.
There's a few that are even tied to the Australian dollar.
And these are really useful tools in the cryptosphere that
(02:12):
allow investors and traders to easily connect their regular money
to digital assets.
Speaker 1 (02:20):
So, for those of us who don't worship at the
altar of crypto, a stable coin is something that's tied
to a currency. Is there an unstable coin?
Speaker 2 (02:30):
There are no unstable coins.
Speaker 3 (02:31):
You could say that regular cryptocurrencies, Bitcoin being the largest,
the most popular, would be you know, you could describe
it as unstable because it's not pegged to an established
fiat currency. But typically stable coins are you know, one
to one for the US dollar, and so there is
there is certainty for an investor, a holder of a
(02:54):
stable coin if he or she wants to purchase something
or just hold hold that hold some of their wealth
in in a stable coin.
Speaker 1 (03:03):
Okay, so Bitcoin isn't a stable coin because it's a
currency in itself, right, in which case, why was this
legislation still perceived as good news for bitcoin? As I
said right at the start, it hit a fresh record
high of above one hundred and twenty three thousand US dollars.
Speaker 3 (03:20):
Wow, exactly, Yeah, So I mean, as you'll know, the
crypto universe trades on this kind of general sentiment this legislation,
and those record high levels for Bitcoin were reached in
anticipation of this legislation passing, which it has, and it
is broadly seen as helpful for the crypto universe, even
(03:45):
though Bitcoin itself isn't a stable coin, So there'll be
greater use of cryptocurrencies generally, and that will help Bitcoin.
That is seen as a net positive for bitcoin, and
keep in mind that this is part of something much
broader that is taking place in the United States. Donald
(04:06):
Trump and his family are directly now tied to the
cryptocurrency kind of universe. The you know, folks in the
United States who are very involved in cryptocurrency became a
key plank of his electoral support and one that Trump
(04:28):
specifically targeted. And the Trump family has its own direct
exposure to several digital assets, including holdings of bitcoin, through
through Trump's Trump's Media company, essentially.
Speaker 1 (04:47):
Obviously a huge impact. I'm wondering though, is crypto's popularity
in Australia continuing to climb and how will this new
legislation in the US impact ossie owners rich so.
Speaker 3 (05:01):
Crypto in Australia historically it's had quite high levels of
adoption relative to you know, peer countries like the US,
the UK, et cetera, on a per capita basis, and
so that has continued. You know, there there are reports
out there and the data is all very survey based,
so you've got to take it with a big pinch
(05:22):
of salt, because you know, often it comes from a
crypto company that wants to you know, give the the
idea that lots of Aussies are trading crypto all the time,
so it's okay, it's safe, that sort of thing. So
the data is survey based, it can be a little
bit skewed. It's hard to ascertain, you know, the sample size,
et cetera. But by and large, there is a healthy
(05:45):
support for crypto in Australia.
Speaker 2 (05:48):
This legislation, will it have a direct impact? Sort of?
Speaker 3 (05:52):
It actually will because if we have a greater use
of stable coins through the global economy, through payments, through
cential remittances, that can impact Australian consumers and Australian users
of cryptocurrency.
Speaker 1 (06:06):
And when we come back, we look at how Australia's
biggest investors are viewing crypto and what the boffins that
they rely on to crunch the numbers say about its future.
You're listening to the Bloomberg Australia Podcast. Welcome back to
the Bloomberg Australia Podcast. You're with me Rebecca Jones, and
(06:27):
today I'm joined by Cross Asset reporter Richard Henderson in
Melbourne to discuss all things crypto as Bitcoin saws to
yet another new high thanks to renewed support from the
US politicians. Rich, We do talk a lot about Trump
speaking of US politicians on this podcast, which is all
(06:49):
about where Australia fits in terms of global business. But
it is for good reason, right because even before Trump's
reelection last year, God, was it really just that long ago?
He's always been, as you mentioned, a champion of the
crypto sector. Would you say that now he's basically making
good on his promise to all of those crypto bros
(07:12):
that helped him win his second term.
Speaker 2 (07:15):
Yes, I think so. Yeah.
Speaker 3 (07:15):
So there was a period where he was a crypto
skeptic and then he went through this sort of transformation
and really I think, you know, cleverly identified support within
the US electorate and began to target crypto bros. Etc.
Speaker 2 (07:35):
For his support.
Speaker 3 (07:36):
And that's been a great success for him, and he's
in this legislation starting to deliver on some of the
promises that he made when he first came into office.
Back in January, he signed an executive order that was
broadly supportive of crypto. He put in place at the
(07:57):
head of the Securities and Exchange Commission a very pro
crypto figure, replacing a Democrat appointed individual Gary Gensler, who
was famously skeptical of crypto and digital assets that were
seen as a huge coup for the crypto crypto world.
So yes, this is this is Trump coming good. And
(08:21):
it really does need to be stated that the Trump
family and Donald Trump himself have a significant personal exposure
to digital assets. And there is you know, on the
on the democratic side of politics, they're they're identifying this and.
Speaker 2 (08:42):
Saying, you know this, this could this.
Speaker 3 (08:46):
Maybe this isn't such a good thing that Trump is
pushing this pro crypto agenda when his own family has
such significant exposure to to bitcoin and other digital assets.
So it's quite it's quite a complex situation, but Trump
is very much coming good on his crypto promises.
Speaker 1 (09:08):
Rich you talk to a lot of Australia's biggest investors.
Is part of your job as a reporter on the
cross asset beat here at Bloomberg. One of those such
investors is, you know, the big super funds are they
getting in on any of this crypto action and are
they likely too?
Speaker 2 (09:23):
Is it kind of a.
Speaker 1 (09:25):
If you can't beat them, join them mentality or what
are they thinking?
Speaker 3 (09:30):
So among the super funds, there is skepticism and there
is skepticism in holding digital assets directly. However, their exposure
to the cryptocurrency universe is there in the form of
US stocks. So there are a handful of large US
(09:52):
stocks that are crypto businesses. Coinbase would be one of
the largest. And so because Coinbase is a publicly traded
company and is in you know, many of the US
stock portfolios that large super funds would be tracking or
investing in, uh, they will have some exposure, but it's
(10:12):
not like, you know, the big super funds are going
out and buying bitcoin directly. There is one exception, one
that comes to mind immediately, and that is a MP
and they made an investment in bitcoin futures and they,
you know, I think they wanted to find a way
(10:33):
of separating themselves out from from other super funds and saying, hey,
we're interested. You know, the modeling shows that exposure to
bitcoin can be can be helpful from a from a
risk point of view and from a you know, performance
point of view. And so they've made a would say,
a smallish investment into bitcoin futures.
Speaker 1 (10:54):
What about the banks and the asset managers are they
kind of following suit with that thinking or are they
doing a little bit of what AMP is doing and
trying to differentiate themselves from the other managers.
Speaker 3 (11:05):
Well on the asset manager side. The key development in
Australia and around the world really over the past couple
of years is the launch of exchange traded funds that
hold cryptocurrency assets, namely bitcoin. That's still the most popular
and the largest, and so in Australia we have a
(11:26):
handful of bitcoin ETFs which have a master you know,
a certain amount of money, and in the US these
have become very popular. And this is really notable because
it's one of the key touch points of that traditional
financial system, traditional investment industry with cryptocurrency, and it's been
(11:47):
quite significant and it speaks to a broader trend that's
taken place, you know, over the past decade really and
that is all the excitement around bitcoin, or at least
a lot of the excitement around bitcoin was its potential
in payments, potential as a currency, and that is slowly
shifted or at least broadened to its use as a
(12:09):
financial instrument as a proxy to trade risk. And it's
this second use that has become really important and it's
brought in a lot of hedge funds or traditional asset
managers to trade it, and that support has in turn
brought more people to buy bitcoin and cent the price higher.
Speaker 1 (12:32):
And so when you say they use ETFs, that's an
exchange traded fund that you can buy, so like a
basket of different companies that trade like a like an equity,
like a share on the stock exchange.
Speaker 3 (12:46):
So traditionally ETFs, the ones you're thinking of are index
based ETFs that invest in stocks and that would track
a common index like the ASX two hundred or the
SMP five hundred of US stocks.
Speaker 2 (13:00):
What these do?
Speaker 3 (13:01):
These bitcoin ETFs, they actually just buy bitcoin And so
you can, you can log into your brokerage account, you
can buy an ETF and the fund structure that you're
buying into is also buying bitcoin directly.
Speaker 2 (13:18):
Ah so just bitcoin, just bitcoin.
Speaker 3 (13:20):
Right, So whatever it might say on the tin, it
might be an ethereum ETF, it might be a bitcoin ETF.
Speaker 1 (13:25):
Yeah, whatever it says on the tea, I love that.
So apart from buying the coins themselves, just to look
at this from the consumer lens, how else can Australians
trade this current bullish sentiment in crypto?
Speaker 2 (13:38):
Is it through vehicles?
Speaker 1 (13:40):
Like ETFs.
Speaker 3 (13:41):
Most definitely it is. It's also through as I mentioned
some of those large listed companies like Coinbase. There was
another that recently listed in the US Circle Internet Group.
It sounds like an internet service provider, but it's actually
a stable coin company, and their stock has shot up,
(14:01):
you know, hugely in the wake of the listing, but
also this legislation, and so that's the way that investors
can gain exposure this to this, to this trend.
Speaker 1 (14:13):
So, Rich Funneller, you and I are journos, We're not
investment analysts. I want to know what they think. What
do the boffins that be, the big asset managers, the
super funds, the wholesale investment managers. What are they saying
about buying crypto at this price? Is it actually becoming
dare I say, a respectable or I don't know if
that's the right adjective, but a more mainstream asset class.
Speaker 3 (14:36):
It is becoming more mainstream because of the participation of
traditional finance. That's true. But you've got to keep in
mind that bitcoin is a proxy for risk.
Speaker 2 (14:47):
So when risk assets.
Speaker 3 (14:49):
Like stocks are doing well, bitcoin is typically doing well well.
US stocks are trading near a record high so bitcoin's
trading near a record high.
Speaker 2 (14:56):
That's that's no coincidence.
Speaker 3 (14:59):
And so so I think that the kind of fervor
and bullish sentiment around around bitcoin, you've got to kind
of delineate out a little bit, you know, the traditional
finance guys. I think there's going to be a lot
of caution there. But then you're going to have these
you know, the bitcoin bros, the boosters for the crypto universe.
They're out there on the blog saying, you know, bitcoin
(15:22):
could go to two hundred k, a million US dollars,
et cetera. You know, it's going to be very hard
to tell. This is such a sentiment driven, volatile market,
the market for cryptocurrencies, that any prediction is is going
to be very difficult to make because these things don't
trade on fundamentals. You can't look at a profit like
(15:42):
you can for a company and say, okay, well the
share price is going to go up because their profits
are higher. With crypto, it's not like that. It's all
about sentiment and who's actually buying it.
Speaker 1 (15:52):
And with all that said, it's still probably worth keeping
an eye on who's sitting at the desk in the
Oval office too. Absolutely, If you found today's conversation insightful,
be sure to follow the Bloomberg Australia Podcast wherever you listen,
and check for more reading on crypto, including the latest
reporting from Rich Henderson on Bloomberg dot com. This episode
(16:14):
was recorded on the traditional lands of the Wunday People,
who was produced by Paul Allen and edited by Chris
Burke and Ainsley Chandler. I'm Rebecca Jones and I'll see
you next week.
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