Bloomberg Crypto Full Show (09/27/2022)
>> WE ARE LIVE FROM THE BLOOMBERG WORLD HEADQUARTERS. I'M MATT MILLER. >> WE'RE TALKING ABOUT THE PEOPLE SHAPING THE WORLD OF DECENTRALIZED FINANCE. MATT: COMING UP, A CRYPTO BILLIONAIRE JOINS US TO TALK STRATEGY AT SUCCESSION AS HIS DEPUTY STEPS DOWN. KAILEY:
AND THE CRYPTO INDUSTRY AND THE SHAKEUP, CHAIR POWELL CALLING FOR BETTER REGULATION. MATT: VOLATILITY CONTINUING TO GRIP GLOBAL MARKETS. WE WILL TALK TO THEM ABOUT STRATEGY. KAILEY: YOU SAID IT IT IS TIME TO BOUNCE BACK.
I WANT TO CHECK ON THE MARKETS, BITCOIN DOWN ABOUT .1% ON THE DAY AFTER BEING WELL ABOVE $20,000. IT IS NOW BACK DOWN ABOVE 19,000. IT'S ABOUT .3%, DOWN ABOUT 6.2%. THERE WILL BE A BATTLE. WE SEE BROADER EQUITIES ROLLING OVER. IN THE CRYPTO EXCHANGE, DOWN. MATT:
CRYPTO IS ON THE RADAR OF ALL OF WALL STREET LEADERS, THE THREAT OF SERIOUS COMPETITION. EVEN AS WE MUDDLE THROUGH THE CRYPTO WINTER, SOME CRYPTO FIRMS ARE GETTING INTO TRADITIONAL FINANCE. KAILEY: START -- THE INDUSTRY IS STARTING TO ANNOUNCE MORE BUSINESS VENTURES. TAKE THE NASDAQ CEO, THE FIRST MAJOR PUSH IN CRYPTO.
KKR TEAMED UP WITH LABS AND SECURE SYSTEMS TO PROVIDE ACCESS TO ONE OTHER SIDE. IT WAS ONLY ONE OF THE MANY SUCH VENTURES FOR THAT EXCHANGE. CRYPTO PROGRAMS ARE ALSO WARMING UP TO TRADITIONAL FINANCE IN A BIGGER WAY. THIS IS ONE EXAMPLE. THEY HAD BEEN BUSY BUYING UP ASSETS AND STRUGGLING CRYPTOCURRENCIES -- CRYPTO COMPANIES, BUT THE FIRM HAS RECENTLY BEEN MAKING WAGERS IN AREAS THAT ALSO GIVE IT MORE ACCESS TO TRADITIONAL FINANCE. ANTHONY TOLD US HIS SKY BRIDGE WOULD BE ABLE TO HELP EXPOSE STX TOMORROW -- TWO. KIDS WERE PICKING ON BOTH DIGITAL ASSETS AND FOREIGN EXCHANGE. CLEARLY THEY ARE THINKING ABOUT
WAYS THAT TWO WORLDS CONVERGE. THE FTX PRESIDENT HAS BEEN A BIG PART OF THAT BRIDGE WITH TRIED BY -- TRY FIVE -- TRAD FI. HE IS STAYING IN THE INDUSTRY WITH FOOD COLA FOR MOVING TECHNOLOGICAL BARRIERS, THE MATURATION OF GLOBAL CRYPTO MARKETS BOTH CENTRALIZED AND DECENTRALIZED. KAILEY: SONALI BASAK, THANK YOU FOR THE GREAT BREAKDOWN. LET'S GET TO THE MAN HIMSELF, FOUNDER AND CEO OF FTX JOINING US FROM THE BAHAMAS FOR AN INTERVIEW.
SAM, THANK YOU FOR JOINING US, GREAT TO HAVE YOU. LET'S GET STARTED ON THE NEWS OF THE DAY AND THE DEPARTURE OF HARRISON. HOW LONG HAS THIS BEEN IN THE WORKS AND WHERE DOES IT LEAVE FTX U.S.? SAM:
YEAH, SOMETHING HAS BEEN IN THE WORKS FOR A LITTLE WHILE. AND EXCITED ABOUT OUR NEW LEADERSHIP AND IT IS IMPORTANT THAT -- AND I'M EXCITED ABOUT OUR UPGRADING OUR MIAMI HEADQUARTERS. MATT: DO YOU THINK YOUR EVALUATION, THEY SAID YOU ARE LOOKING TO RAISE ANOTHER BILLION DOLLARS. ORLANDO BRAVO SAID HE IS WILLING TO INVEST FURTHER. DOES THIS AFFECT STILL LEVEL INVESTORS ARE WILLING TO PUT MONEY IN? SAM: IN WHICH DIRECTION? MATT: DOWN. AFTER THE CRASH OF BITCOIN AND THAN THIS, IT MAY MAKE INVESTORS SKITTISH. SAM:
HONESTLY THAT IS UP TO THEM TO DECIDE, I WOULD BE SURPRISED IF THAT IS WHAT THEY THINK. KAILEY: IF WE CAN TALK ABOUT SUCCESSION MORE BROADLY, HARRISON IS NOT THE ONLY NOTEWORTHY ONE WE HAVE SEEN AT CRYPTO FIRMS. THE SOFTBANK CEO, OBVIOUSLY A BANKRUPTCY ISSUE THERE. BUT JESSE AT CRACKING. THERE HAS BEEN A STRING OF DEPARTURES. ARE YOU THINKING OF HOW LONG YOU PLAN TO STAY AT THE HELM AND WHO WILL TAKE YOUR PLACE WHEN THE DAY COMES? SAM: I'M GOING TO BE HERE FOR THE LONG-TERM. THAT IS NOT ON MY HORIZON. I WOULD NOT BE SPENDING ALL OF
MY ENERGY LOOKING AT THE SUCCESSION IF IT IS NOT COMING INTO EFFECT. MATT: WHAT ABOUT THE VALUATION OF THE COMMITTEE? SINCE JANUARY, YOU HAVE GROWN. YOU HAVE A BIGGER FOOTPRINT. ARGUABLY THE MOST IMPORTANT PERSON AND COMPANY IN CRYPTO RIGHT NOW.
ON THE OTHER HAND, THE UNDERLYING ASSETS HAVE COME DOWN IN VALUE. IN JANUARY WE WERE ALREADY LOOKING AT 45,000, 35,000. BUT NOW WE ARE LOOKING AT 20 AND SOMETIMES LEARNING WHAT 17 HANDLES. SAM: IT IS A GOOD QUESTION. I AGREE WITH YOUR TAKE THAT WE HAVE SEEN A LOT OF GREAT NEWS -- GREATNESS WITH THE COMPANY AND WHAT WE CAN DO. USING THE GLOBAL RISK ASSETS
ALOFT THE DOLLAR -- I DON'T KNOW. ULTIMATELY YOU COULD IMAGINE -- OBVIOUSLY I WILL DO WHAT THE MARKET SAYS. KAILEY: AND AS HE ALLUDED TO, THE MARKET HAS BEEN DIFFICULT. HOW MUCH HARDER HAS THAT MADE YOUR FUNDRAISING EFFORTS? SAM: IT IS ONLY THE CASE THAT VENTURE CAPITAL IS WAITING MORE PASSIVE RIGHT NOW. YOU GO BACK A YEAR AGO AND THERE WAS MORE MONEY LOOKING TO BE DEPLOYED BY VENTURE CAPITALISTS. IT WAS A BIT OF A FREE-FOR-ALL.
AND THERE WAS A LOT OF DETERMINATION TO GET THEM TO INVEST IN. YOU LOOK AT THE ENVIRONMENT TODAY. THERE IS NOT A LOT REALLY ANYWHERE IN THE FINANCIAL SYSTEM. NOT SO MUCH BECAUSE OF THIS ITSELF BUT BECAUSE THE LAW OF UNCERTAINTY, WHICH DIRECTION YOU'RE GOING TO BE GOING IN AND WHERE THEY ARE GOING TO HEAD WITH POLICY. THE FED CAN'T TAKE OUT SPENDING BILLS. THAT CERTAINLY HAS SLOWED DOWN
GENERAL INVESTMENT MARKETS QUITE A BIT. MATT: YOU TOLD OUR DAVID RUBENSTEIN THAT YOU HAVE MIXED RESULTS IN TERMS OF THE ACQUISITION YOU HAVE DONE. PEOPLE SAW U.S. THROWING A LIFELINE TO THE INDUSTRIES ARE NOW YOU ARE NOT NECESSARILY TRYING TO MAKE HUGE PROFITS.
YOU SAID YOUR MANDATE WAS TO YOUR TEAM. HOW DO YOU THINK YOU HAVE FARED NOW, AND ESPECIALLY CONSIDERING THE SITUATION WITH VOYAGER, PICKING UP THOSE ASSETS, CAN YOU DO THE TALLY ON THE BACK OF YOUR NECK, HOW HAVE YOU FAIRED? SAM: IT IS A GOOD QUESTION. THAT IS BEEN OUR THINK MY TO DO OK DEALS, TO DO DEALS WE FEEL OK WITH.
AND TO INDICATE THAT THE CUSTOMERS, -- RATHER THAN LEAVING THEM IN LIMBO FOR A WHILE. WE ARE DOING IT AND MORE IMPORTANTLY I THINK WE HOPEFULLY WILL BE GIVING RESOLUTIONS AND THAT IS THE BIGGEST PIECE OF IT. RATHER THAN SEEING THIS PRIMARILY AS AN OPPORTUNITY. KAILEY: NOW THAT YOU HAVE THE OPTION FOR THE VOYAGER ASSET, THERE ARE MORE TENTACLES BEING THREADED THROUGH THE CRYPTOSYSTEM AS A WHOLE. ARE YOU WORRIED THIS IS GOING TO INTENSIFY THE CRITICISM THAT NOW YOU HAVE TOO MUCH INFLUENCE OVER THIS INDUSTRY? SAM: I MEAN I WOULD LOVE IT. IF SOMEONE ELSE WANTS TO DO IT,
BE MY GUEST. BUT IT HAS NOT ULTIMATELY ENDED IN THE WAY THAT I THINK WE LIKE. MY GOAL IS NOT TO BE MONOPOLIZING. MY GOAL IS TO MAKE SURE CUSTOMERS ARE PROTECTED AND TO MAKE SURE THEY ARE LEAVING THAT IN PLACE TO COMPLEMENT THAT. I ALSO THINK IT IS NOT REPRESENT THESE FUNDAMENTALS, THEIR GROWTH AND THE TYPE OF THINGS THAT WE DO AS A BUSINESS. THIS IS VERY MUCH IN LINE WITH PRODUCTS THAT WE OFFER.
I ALSO THINK IT IS NOT A HUGE SHIFT. ESPECIALLY GIVEN THE STATE OF VOYAGER RIGHT NOW. MATT: THOSE PRODUCTS ARE GOING TO CHANGE AND AT LEAST NOW YOU ARE INVESTED IN SKYBRIDGE. SONALI WAS JUST GIVING US AN
EXCELLENT BREAKDOWN OF THE DIFFERENTIATION BETWEEN TRAD FI AND DEFI. THOSE SEEM TO BE COMING BACK AS WELL. IS THAT WHAT YOU WANT TO DO WITH SKYBRIDGE? THEY HAVE A BIG PORTFOLIO OF TRADITIONAL FINANCE PRODUCTS, FUNDRAISING, IS THAT WHITE GOING? -- WHY YOU GO IN? SAM: DOESN'T HAVE A LOT TO DO WITH IT.
WHERE'S -- WE ARE EXCITED TO WORK WITH THOSE. THERE'S A LOT TO OFFER PERSONAL FINANCE WHEN WE LOOK AT THESE SETTLEMENT ISSUES THAT WE HAVE SEEN IN THE SYSTEM. I THINK COMBINING TOGETHER A LOT OF THE TECHNOLOGY AGAINST CRYPTO , WE CAN SEE A PROMISING FUTURE. KAILEY: THAT TALKS ABOUT BUYING INTO THINGS, I WONDER IF THERE IS ANYTHING ELSE YOU ARE LOOKING TO BUY INTO AND HOW MUCH POWDER YOU HAVE LEFT TO DO ANY DEAL GIVING ALL THE DEALS YOU HAVE BEEN WORKING. SAM: YEAH, WE TRY TO BE JUDICIOUS
WITH THE DEALS WE ARE DOING. OBVIOUSLY THAT IS NOT GOING TO BE PERFECT AND WE HAVE OBVIOUSLY MADE SUCCESSES THROUGH THAT. BUT WE HAVE NOT USED THE MAJORITY OF THE CASH THAT WE HAVE ON OUR BALANCE SHEET. THAT IS NOT NECESSARILY TO SAY THERE ARE OTHER THINGS THERE.
WE WANT TO BE IN A POSITION WHERE WE ARE LOOKING FORWARD AT WHAT WE CAN BE DOING, WHERE WE CAN BE MOST HELPFUL. I THINK HOW I WOULD DESCRIBE IT RIGHT NOW IS -- I DON'T KNOW AT WHAT POINT NECESSARILY IT WILL BE. BUT WE ARE POKING AROUND. MATT: IT REMINDS ME OF ONE OF THE OTHER THINGS THEY SAID. HE THINKS A LOT OF PEOPLE IN THE INDUSTRY ARE DISTURBING IN TERMS OF LACK OF TRANSPARENCY. YOU ARE NOT ONE OF THOSE PEOPLE.
HE IS WILLING TO INVEST IN YOU AGAIN. I MUCH CASH IS ON YOUR BALANCE SHEET? HOW MUCH ARE YOU BURNING THROUGH? SAM: IT IS A GOOD QUESTION. PEOPLE EXPECT THAT WE WILL DO THAT THIS YEAR AS WELL. ALL THINGS CONSIDERED, A COUPLE BILLION DOLLARS LAST YEAR. WE HAVE DONE A NUMBER OF ACQUISITIONS AND GENERATED FREE CASH FLOW JUST WITH REVENUE. WHEN YOU KIND OF TRY AND
COMBINE ALL THOSE TOGETHER AT THE END OF THE DAY, YOU ARE LEFT WITH UPWARDS OF A BILLION DOLLARS. THERE ARE ISSUES HERE IT WAS HER OVERSELLING OUR REGULATORY ASSETS. IT'S NOT EXACTLY WHAT DURATION NUMBER TO TALK ABOUT IS. BUT IDEALLY WE WILL STILL HAVE THEM. KAILEY: YOU SAID REGULATORY. I DO WANT TO TALK ABOUT REGULATION NOW.
IN THE LAST 24 OR 48 HOURS OR SO, INCLUDING NEW YORK ATTORNEY GENERAL, THEY ARE ACCUSING SO -- ACCUSING A COMPANY OF -- AND TIED TO DO UPON THEIR SEEKING -- AND TIED TO SOME OF THEIR SEEKING TO ARREST. WE ALSO HAVE PAST CONFUSION IN THE U.K. AND WE HEAR FROM THE CHAIRMAN OF THE FEDERAL RESERVE EARLIER TODAY TALKING ABOUT THE NEED FOR MORE CRYPTO OVERSIGHT. TAKE A LISTEN TO WHAT HE SAID. >> THERE IS A REAL NEED FOR MORE FRONT RATE REGULATION SO THAT AS DEFI EXPENSE INSERTS A TOUCH MORE RETAIL CUSTOMERS, SO THAT APPROPRIATE REGULATION IS IN PLACE. KAILEY: SOME MORE REGULATION IS NEEDED BUT YOU KNOW THAT. THAT IS SOMETHING YOU HAVE BEEN WORKING ON FOR SOME TIME.
DO YOU FEEL WE ARE GETTING CLOSER TO SOME REAL FRAMEWORK OR AN ORGANIZED JURISDICTION WHAT THE CFTC AND SEC CONTROL -- FTC CONTROL SEPARATELY? SAM: I DO THINK WE HAVE MADE PROGRESS. YOU LOOK AT WHERE WE WERE A YEAR AGO WITH VERY LITTLE GOING ON ON THE REGULATORY SIDE, YOU LOOK TODAY WHERE THERE ARE PROPOSALS IN CONGRESS TO PROVIDE THESE ASSETS OR THE SEC HAD THE CFTC ARE WORKING ON THIS. WE HAD LIFE INSURANCE AND WITH THE FTC, IT IS A WORLD OF DIFFERENCE. I THINK THAT IS EXCITING. I AGREE THERE NEEDS TO BE CLEAR FEDERAL OVERSIGHT THERE TO REALLY PROTECT CONSUMERS AND AT THE SAME TIME, VARIABLE TO PROVIDE CLARITY FOR THE INDUSTRY TO OPERATE IN THE COUNTRY. MATT:
YOU HAVE BEEN VERY ACTIVE IN WASHINGTON, FAMOUSLY DOING LOBBYING FOR THE INDUSTRY. WHAT ABOUT OVERSEAS? THE FTA PUBLISHED A WARNING, TARGETING CONSUMERS THERE. OTHER FIRMS, ONE HAS GOTTEN IN TROUBLE FOR COMING THIS DIRECTION. IS IT HARD TO DO BUSINESS
GLOBALLY? YOU'VE ALREADY BEEN TO THE BAHAMAS. SAM: YEAH, THERE ARE A LOT OF JURISDICTIONS AND WE TRY TO REMAIN -- MAINTAIN RELATIONSHIPS EVERYWHERE. THE U.K., WE HAVE GOOD RELATIONSHIPS. WE BELIEVE THAT WE ARE
OPERATING RESPONSIBLY THERE AND WE ARE GOING BACK AND FORTH ON DETAILS. BUT IT IS A BIG PRODUCTION. TO BE DOING ALL OF THIS IN A NUMBER OF JURISDICTIONS. WE WOULD LOVE TO SEE A WORLD HYPOTHETICALLY WHERE THERE ARE MORE BETWEEN JURISDICTIONS, SOMETHING THAT LOOKS MORE LIKE A GLOBAL JOINT REGULATORY REGIME INSTEAD OF A COUNTRY BY COUNTRY ONE. I JUST THINK WE NEED TIME BEFORE WE GET THERE AND WE KEEP PLUGGING ALONG ON ALL FRONTS IN THE MEANTIME. KAILEY: YOU SAID YOU ARE LOOKING AT
LICENSING IN THE U.K.. HOW MUCH ARE YOU PLANNING TO INVEST IN YOUR BUSINESS THERE? SAM: NOT TO REVEAL EXACTLY WHAT WE ARE DOING BUT IN GENERAL WE ARE LOOKING AT COMPREHENSIVE LICENSURE. WE ARE LOOKING AT SOMETHING -- SO WE WOULD BE ABLE TO BE REALLY COMPETITIVE. MATT: I WOULD LIKE TO BE IN THE BAHAMAS ALSO.
I GET WHY YOU ARE THERE REGULATORY EARLY AND THE WEATHER IS NICE AND PLACES SHELL. -- PLACE IS CHILL. WHAT YOU SAID IN YOUR TWEET TODAY THAT HE IS GOING TO BE AT YOUR MIAMI HQ AND THAT GOT A LOT OF RESPONSES FROM CRYPTO TWITTER. WHY DON'T YOU MOVE YOUR HEADQUARTERS INTO THE U.S. AND MIAMI? IT'S LIKE THE CAPITAL OF BITCOIN HERE. SAM: IT IS A GOOD QUESTION HERE. WOULD YOU HAVE SOME HERE. WE HAVE TO HAVE DIFFERENT OPERATIONS IN DIFFERENT JURISDICTIONS.
WE ARE GOING TO HAVE TO HAVE SOME IN JAPAN, SO PART OF THE ANSWER, THE BORING PART OF THE ANSWER IS THAT WE ARE GOING TO HAVE TO HAVE PLACES ALL OF THE PLACE AND OFFICES ALL OVER THE PLACE AND OVER -- IN ORDER TO BE A GLOBAL BUSINESS. WHAT KIND OF THINGS WE CAN AND CAN OFFER TO OUR U.S. ENTITY, ON THAT FRONT I THINK WE ARE ACTIVELY TRYING TO LOOK AT THIS. THE BIGGEST THINGS WE ARE LOOKING AT ARE BASICALLY WHAT IS A SPOT REGIME. WE LOVED HAVING A FEDERALLY RACHEL--UTTERLY REGULATED -- FEDERALLY REGULATED SPOT REGIME. THERE ARE A FEW OTHER PIECES IN
GENERAL. FOR US, HAVING A CLEAR LICENSURE FROM A MARKET BASIS IS WHAT WE HAVE BEEN FOCUSING ON. KAILEY: THERE ARE SO MUCH TO TALK ABOUT, I WISH WE HAD ALL DAY BUT WE ONLY HAVE ABOUT A MINUTE LEFT. ON A HIGH LEVEL PRICING NOTE, BITCOIN HAS BENTLEY WISHING IN THE $20,000 RANGE FOR MONTHS NOW. DO YOU THINK THE BOTTOM IS IN
AND WHERE DO YOU THINK IT CAN GET BY THE END OF THE YEAR? SAM: YEAH, IT IS A GOOD QUESTION. I THINK IT IS THE DOLLAR WHO MOVED EVERYTHING AGAINST CRYPTO. THAT IS THE BORING PART OF THE ANSWER. BUT MAYBE A MORE INTERESTING, HOPEFULLY MORE INTERESTING ONE, I WOULD SAY IS THAT I THINK GETTING REGULATORY CLARITY AND FEDERAL OVERSIGHT IN THE UNITED STATES WOULD BE HUGE FOR THE SHOW OF OPTIONS IN CRYPTO. THAT IS PROBABLY THE BIGGEST THING I HOPE WAS ON THE HORIZON.
AND MORE FOCUS ON THESE CASES, THAT HAS ALWAYS BEEN HUGE. IT IS SOMETHING THEY ALWAYS SHOULD BE FOCUSING ON MORE THAN IT IS. THAT IS THE OTHER PIECE OF THIS THAT I AM EXCITED TO SEE PLAY OUT. MATT: WE APPRECIATE IT, WE KNOW YOU ARE SUPER BUSY. SAM BECKMAN FREED -- BANK MEN -- BANKMAN-FRIED.
KAILEY: WE WILL GO AHEAD WITH KATIE STOCKTON. MATT: ACCESS ALL OF THE LATEST DATA AND NEWS ON CRYPTO ON THE BLOOMBERG TERMINAL. THIS IS BLOOMBERG. KAILEY: THIS IS BLOOMBERG CRYPTO, I'M KAILEY LEINZ WITH MATT MILLER. BITCOIN CLIMBS FOR A SECOND
DAY, WITHSTANDING A STRONGER DOLLAR. IT IS STARTING TO GIVE UP SOME GAINS. IT HAS WORLD OVER. LET'S LOOK AT WHERE WE WE MAY BE HEADING. JOINING US IS KATIE STOCKTON, FOUNDER AND MANAGING PARTNER OF FAIRLY STRATEGY. KATIE: WE HAVE SHORT-TERM OVERSOLD UPTURNS. WE HAVE A LEVEL OF RESPONSE THIS MORNING THAT WE, IN TERMS OF SHORT-TERM READINGS THAT BECAME VERY PREVALENT LAST WEEK, AND FOR BITCOIN IN PARTICULAR IT WAS STABILIZATION. AND IT SHORT-TERM DOWNSIDE
MOMENTUM, FAR FROM THE POSITIVE MOMENTUM AT THIS TIME. BUT WE ARE TALKING ABOUT SEVERAL DAYS, MAYBE, NOT SEVERAL WEEKS. THAT WOULD PROBABLY BE WELCOME RELIEF NOT JUST FOR BITCOIN BUT RISK ASSETS MORE BROADLY. IT IS STILL VERY HIGH BETWEEN CORN AND THE NASDAQ 100 INDEX. WE CONTINUE TO WATCH BOTH TOGETHER. MATT:
I'M LOOKING AT EITHER CHART AS WELL. BOTH HAVE ROLLED OVER HARD IN THE LAST 20 OR 30 MINUTES. DO YOU KNOW WHY WE ARE SEEING THAT? I'M LOOKING AT EITHER, 13.21 AND IT WAS BOUNCING UP ON 1400. KATIE: THIS SAME THING WAS HAPPENING IN THE MARKET TODAY AND IF THERE ARE ANY NUMBERS MORE BRIEFLY WITH MACRO OR EVEN IF IT IS NOT TECHNICAL, BUT IN TERMS OF THIS ACTION IT FEELS LIKE NOISE TO ME.
WE DID NOTICE THE S&P 500 WAS WIDELY WATCHED, 36.36. THAT CONTRIBUTED. I THINK WE HAVE TO BE MINDFUL OF THE SUPPORT IN GENERAL. THERE IS LONG-TERM SUPPORT BETWEEN THEM, THIS IS OBVIOUSLY IN PLAY. AND JUST TAKING OUT DEFENSIVELY THAT WE HAVE A SIGNIFICANT BREAKDOWN, IT EVENS OUT FOR 14,000 FOR BITCOIN. WE MOVED TO A SHORT-TERM
NEUTRAL BIAS WITHIN THE CONTEXT THAT THERE IS INTERMEDIATE AND LONGER-TERM BIAS. THEY ARE POINTING NEUTRAL TO LOWER, SO AT THIS TIME THEY HAVE NOT SEEN ANY MEANINGFUL IMPROVEMENT. WE MIGHT GET A LITTLE IMPROVEMENT BUT RESISTANCE IS LOOMING CLOSE BY AROUND 20,000 AND THAT IS BASED ON ONE OF OUR MODELS CALLED THE CLOUD MODEL.
IT IS GREAT FOR ANALYZING IT. KAILEY: WE ONLY HAVE ABOUT 30 SECONDS LEFT. WHAT CORRELATION ARE YOU WATCHING, CRYPTO AND EQUITIES, BONDS, THE DOLLAR? KATIE: IT IS REALLY ANYTHING WITH A GROOVY ELEMENT -- G ROWTHY ELEMENT. THERE ARE A LOT OF MINOR TREND SIGNALS THAT SUGGESTS WE WILL GET SOME CONSOLIDATION IN THESE METRICS LIKE TREASURY YIELDS. THAT IS WHAT WE ARE LOOKING FOR
NEAR-TERM, A TEMPORARY RESIDENT -- RESPITE THAT COULD DRAW AN UPSIDE AND YIELDS ENDED DOWNSIDE OF EQUITIES. KAILEY: THANK YOU SO MUCH FOR JOINING US, KATIE STOCKTON OF FAIRLEAD STRATEGIES. MATT: COMING UP, THE FORMER CEO
2022-09-30 10:51
