>>> WELCOME BACK TO "FAST MONEY YOU MAY HAVE GOTTEN REJECTED FROM YALE
BUT YOU KNOW WHO DIDN'T? CRYPTO THAT'S RIGHT YALE CIO DAVID SWENSON IS INVESTING IN TWO CRYPT OF CURRENCY DEDICATED FUNDS EARLIER THIS WEEK RK EDELMAN BECAME AN ADVISER OR BITWISE TD AMERITRADE ANNOUNCED VECHG IN THE ERISKS BUT THERE WAS NO RALLY FOR BITCOIN OUR NEXT GUEST SAYS IT'S THE BEST WEEK FOR CRYPTO ALL YEAR AND THINGS ARE GETTING BETTER BLOCKCHAIN CAPITAL PARTNER SPENCER BOGART JOINS FROM US SAN FRANCISCO GOOD TO SEE >> YOU THANKS FOR HAVING ME
>> HOW COULD THIS HAVE BEEN THE BEST WEEK FOR CRYPTO ALL YEAR WHEN WE SAW VIRTUALLY NO MOVEMENT IN BITCOIN >> SURE I'D SAY IT'S A FUNCTION OF THE MARKET LOOK TOWARDS THE END OF LAST CARRIER IN THE PEAK OF THE BULL MARKET BAD NEWS HAD NO AFFECT ON THE MARKETS NOW WE SEE THE OTHER SIDE OF THAT WHERE WE HAVE A WEEK OF AMAZING NEW WAS TD RK EDELMAN AND YALE AND HAS NO AFFECT ON PRICE BUT WHAT'S IMPORTANT ARE THESE ARE THE IMPORTANT BUILDING BLOCKS TO LEADING MORE INSTITUTIONAL CAPITAL INTO THE SPACE >> WOULDN'T IT HAVE BEEN MORE BULLISH IF SWENSON HAD ACTUALLY INVESTED IN CRYPTOCURRENCIES THEMSELVES AS OPPOSED TO FUNDS WHICH INVEST IN CRYPTO RELATED BUSINESSES >> ABSOLUTELY I DEFINITELY THINK THAT'S THE NEXT STEP THAT WE'LL SEE IN THE TAKE IS TO GO DIRECT INTO THE MARKETS BUT FOR NOW THERE IS UNCERTAINTY ABOUT WHAT WILL BE THE WINNERS IT MAKES MORE SENSE TO DEPLOY TO A FUND AND PLUS FOR A LOT OF THEM THEY'RE NOT YET TO DEAL WITH SOME OF THE SERVICE PROVIDERS
SOME OF THE CUSTODIANS AND ACCOUNTANTS THAT YOU WOULD OTHERWISE WANT TO SEE WITH-LIKE OF AN ENDOWMENT >> WHEN YOU LOOK AT THE PRICE ACTION, SPENCER, WHAT MAKES YOU THINK THE NEXT CATALYST, THE NEXT GREAT HEADLINE IS GOING TO BE A CATALYST AND WE HAD THREE GREAT ONES THIS WEEK AND NOTHING WHAT HAPPENED? AT WHAT POINT DO YOU SAY MAYBE THIS TRADE IS NOT WORKING >> SURE, I THINK LOOK WE'RE DOWN ABOUT 70% FROM THE HIGHS I THINK THAT BITCOIN IS CLOSE TO BOTTOMING AND SO THE REST OF THE CRYPT OF MARKET SO I THINK IT'S GOING TO TAKE A LITTLE BIT OF TIME BUT EACH OF THESE NEWS ITEMS IS A PIECE OF KINDLE THAT WE THROW ON A FUTURE CRYPT OF BONFIRE WHEN WE HAVE THE NEXT BULL MARKET >> SPENCER, IT'S TIM IF YOU FEEL ASLEEP THE LAST SIX MONTHS YOU FELT LIKE NOTHING HAPPENED IN THE LIQUIDITY FOR THE TRADED MARKETS, BUT IT — HOW ABOUT A BONFIRE IN THE PRIVATE MARKETS? GIVE US INSIGHT ON THE VC WORLD BECAUSE MY GUESS IS IT'S DIFFERENT THAN WHAT WE SEE IN THE BITCOIN CHART ON A DAILY BASIS
>> I'D SAY OVERALL, THE PRIVATE MARKETS ARE LACKING THE PUBLIC CRYPT OF MARKETS LIKE A COUPLE OF MONTHS WHEN WE SEE THE PUBLIC PRICES COME DOWN WE START TO SEE THE VALUATIONS IN THE RAZE SIDE ON THE PRIVATE DEALS GOING DOWN BUT IT TOOK A LAG THAT'S STILL OCCURRING TODAY I'D EXPECT FOR THOSE TO CONTINUE COMING DOWN OVER MAYBE THE NEXT SIX MONTHS OR SO >> ALL RIGHT SPENCER THANKS FOR YOUR TIME WE APPRECIATE IT SPENCER BOGART BLOCKCHAIN CAPITAL GREAT TO SEE YOU CARTER I WANT TO GO TO YOU ON THIS CHART
>> IT'S ALMOST AS THOUGH IT STOPPED TRADING LITERALLY IT'S LIKE FLAT AS A BOARD I DON'T SEE ANYTHING PARTICULARLY DREXEL SOMETIMES THINGS ARE IN EQUAL LIB IBRAHIM PRICE IT DOESN'T LOOK LIKE ANY EMINENT WEAKNESS OR STRENGTH
>> IT'S JUST THERE >> BUYERS AND SELLERS MATCHED OFF EVENLY >> I WOULD ARGUE THAT IT'S — THIS IS BULLISH FOSHAG BITCOIN ULTIMATELY PUTTING IN THIS BASE WITH THE VOLATILITY WE HAD ACTUALLY SEEING STABILITY IN THE PRICE IT HAS HELD THIS LEVEL DURING BAD TIMES I WOULD PREFER TO BE HALF FULL ON THE GLASS THERE
>> WHAT'S THAT SAYING THAT >> THE LONGER THE BASE THE HIGHER IN SPACE I DON'T KNOW THE OUTER PART >> YOU CAN INTERPRET THAT MANY WAYS I WILL NOT GIVE MY INTERPRETATION >> THE LONG BASE ON THE CLARITY COULD BREAK OUT
>> I WOULD SAY >> IS THAT THE WAY YOU SEE THIS CHART >> I WOULD PROCESS PUSH BACK ON THE SPINAL TAP REFERENCE BY SAYING MARKET DOESN'T GIVE YOU A LONG TIME TO SELL THE HIGHS OR IN THIS CASE BUY LOWS WE'VE BEEN AT THIS LEVEL SOME TIME LEADS ME TO BELIEVE THERE IS ANOTHER WASHOUT TO THE DOWNSIDE >> SHE IS TALKING ABOUT HUGE LONG BASES OVER MULTIYEARS
>> NOT SIX MONTHS >> NO, BUT THIS IS — IF YOU THINK ABOUT BITCOIN AND THE TRADING HISTORY AND THE VOLATILITY IN THAT, THIS IS AN EXTRAORDINARY PERIOD I MEAN EVEN THE GUY THAT IS SAID HEY WE ARE STILL UP YEAR OVER YEAR WOULD POINT OUT THIS LACK OF VOLATILITY IS EXTRAORDINARY >> DOESN'T THE BASE — DOESN'T IT MATTER IN TERMS OF EXAMINING PAST BASES I MEAN, SHOULDN'T THE BASE BE RELATIVELY TO THE CURRENT — THE ASSET CLASS IT'S DISBELIEVE SURE THEN OF COURSE IF YOU THINK ABOUT THE PRECONDITION IT'S A LONG PRO TRACTED — THIS IS AN INSTRUMENT COMING OFF AN EPIC HIGH I MEAN IT'S NOT A BASE >> THERE IS NOT ENOUGH
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