This is Bloomberg Crypto, a daily Bloomberg I Heard podcast, and I'm Philip Roger Transler, Senior editor for Crypto, standing in today for Stacy Marie Ishmael. It's Friday, October. This week in crypto, we are settling into cryptos new norms like Bitcoin now being range bound, trading steadily at around twenty and we're still waiting to see if the so called October will indeed shake out. But hey, trading is still happening, and the sec s uptick in regulation efforts are being viewed by investors as a boon. According to the latest m Live Pulse survey would be Crypto investors are cautiously optimistic about having more crypto guardrails on the way. And finally, we have a big story, actually the one story to rule them all, and that is the Crypto Story by Bloomberg columnist Matt Levin. Here to help me break down the latest is Bloomberg Crypto Senior editor an airera If your grandma and you are going to park to pick on, you might want to read it too and like figure out why you're doing it. And Bloomberg reporter Moya Shan this time when we have Matt Levin write the whole story about everything in crypto that you need to know. I think people are looking at more positively. Hello and welcome. All right, let's get straight into it. In the news about crypto markets over the past week, kind of could be forgiven for saying that there wasn't no news in terms of movements. UM at the very least, Moya Um kick it off with you. You've worked on stories, written stories about what people are doing to cope with this lull and how they're making money in a time where there's pretty much snow volatility. Could you tell us a little bit about what you found out through your reporting. Yeah, of course, Um. I think you know, crypto has being attracted to a lot of traders for the longest time because it was because the high volatility, but now the volta has gone. UM. The obvious, the most obvious and popular approach by a lot of traders and investor right now is sort of parking their money in real hard cash, like a lot of investors and traders in equity markets to UM and other things. I found it was interesting or sort of like a more crypto native is that I saw people are sort of betting on both sides of the market. Um, you know, like because the micro environment. Their traders who have been short in the market for a while. Um, some people have told me actually, which I as again, I thought it was very interesting that they have been taking long positions just because they think other too much of people too much more interesting, this thing might be good as well as a good time just to pick up some on loan positions. And now we sort of coming to late October, and we are coming to the face, um to face this question of will there be um what we call October in crypto parlance, which is basically October has a pattern of being an up month for crypto. Believe we are now looking at seven percent up for bitcoin this far in October. We've got a few more days of trading to go. Can and I could you talk us through a little bit about what the sense among traders that we interviewed for that story was. I think what's you know, what's interesting? Um, you know you mentioned seven percent right, just tying it back to what we were discussing about volatility, is you know, seven percent in a month might seem a lot if you're talking about you know, FIA currency but for crypto, you know, back in the golden days, you will get seven percent and you know in minutes, not in in a month. So it's quite interesting that you know, we are now we're looking at this sort of low volatility and how the sort of the asset appreciates very slowly or not doesn't swing and while it is you know, maybe not very um attractive for traders. It's it's an interesting thing because the industry has has said for a long time that one of the reasons why it was hard for bitcoin to take off as a means of payment was because it was so volatile. So why would you like imagine having to pay your coffee and then the next minute like you've paid like, you know, seven percent more because it's gone up. You know what I find interesting? I wonder if like now that actually the asset is less volatile, then it will be used more for something, maybe not payments, I don't know, um or whether that was just not the reason why it wasn't being used. Maybe it was because it wasn't useful for for payments because we had other forms. Yeah, it's it's a valid question, I think, and it ties into sort of the next subject matter, that we've been covering, and it's this you know, well, you've had this lowl in trading, but at the same time, we've seen a lot of action on the regulatory front. We got the sec stepping up enforcement. We got action happening from Singapore to Hong Kong to to Europe, um and different parts of the world. And we actually did um an M Live Pulse survey last week and some pretty interesting results when it comes to how people, how would be investors are viewing this positive negative for crypto And I could you talk a little bit about what the conclusions to that was. I think the top line there was that, you know, the vast mill that the vast but almost sixty of respondence to the survey found that the fact that there was more legal action on crypto is positive for them. So they're more likely to invest because of this. And this is like super counterintuitive if you just think about it on the on a high level, right, you think, oh, wow, maybe I should be scared because all these regulators are coming and you know, what happens to the value of my asset if it turns out that it's a security and and it wasn't registered. But I guess it speaks to the fact that the industry has been calling from our regulation for many years and here in the UK, in the US, and perhaps even if you're not happy with the results of what, you know, enforcement might be a regulation, maybe it's better than nothing because it gives you gives you clarity on what is okay and what isn't and then within that framework, you're more free to you know, do what you want and you know, at least know what the risks are and you can assess them more clearly. Yeah, exactly. And it was a quote in a story that kind of just sums it up for me, and it goes like this, the more they can do to get crypto out of the wild West and into traditional investing, the better off it's going to be. And will yo, um, you know, considering what happened this year, from the terror breakdown to Celsius through you know, all the blow ups and mini discass well not media to fascists, some of them were pretty major disasters. The people that you talked to in the industry, how do they reflect on this? Yeah, I was just thinking about the story that we were just talking about about how regulations can affect the crypto space, you know, like UM, for the longest time, I was talking to a lot of people in the space, or you call crypto native people about UM the impact of Serro and the terror Luna, all these things. UM. You know, a lot of them were very upset and set a disappointed because it makes crypto look very bad to people. But it was very interesting. I was talking to a lot of people who entered to the space this year. UM. They were actually happy about it. They were like, I'm glad this happened. So the regulators would have come after them. Well, regulators are pushed to giving some sort of guidance of what they should do and what people should do, and they think it's good for the space in general in the long term, and therefore and more people would have come to the space as the will be more framework than more regulatory clarifications around crypto A s. S. I want to move over to a topic that is along the same lines UM, at least as far as government involvement is concerned. We have a new prime Minister in the UK. I believe it's the third and roughly as money months. UM. Richie sunac Anna, you've done some reporting around this you've done a little reporting about the crypto landscape in the UK. Sunac was obviously part of that as chancellor. Can you tell us a little bit about what sort of his signature moves around crypto were before the Boris Johnson government fell apart. So, yeah, So as Chancellor of the Exchequer obviously over you oversaw the Treasury. And while the UK had been a very kind of conservative on crypto up until then, the industry saw a bit of hope the spring, particularly with one of the Secretaries to the Treasury, John Glenn, who had given a speech where the point was that they wanted to make the UK's crypto scene more attractive globally and make it more competitive, and part of that was giving regulatory clarity, which again is a point we keep touching upon. So I think that the sort of appointment of Sunak was seen in the immediate as potentially positive for crypto because you know, first of all that he's a known entity, right as if he was chancellor, and they said these things, uh you know, they they had been talking to his team had been talking to crypto, so you don't have to go talk to new people like they know who's there and perhaps he has an understanding of the topics and what the issues are. And then generally obviously like there's so much that the UK government has to do that isn't crypto. We all talk about crypto and write about crypto and edit crypto stories all day, but we are you know, we live in the real world, so we know that you know, perhaps tackling um the energy crisis or inflation or in a potential economic crisis is perhaps pressing matter for a new government here. But for people in crypto, there is hope that finally they will get some action quickly, because they kind of felt as if they were in limbo for a bit with you know, when soon I resigned and then Trust came along. You know, there wasn't really any sense of what was going to happen, Whereas now perhaps they can at least hope that the push that had been started will continue. Um. But obviously there's never any guarantee of that. Oh I guess we'll see in coming weeks and months if Rishi can get a move on when it comes to crypto. We'll be right back with more of the week's tough crypto stories with Anna Airera and Muya Shan. A country that has really gotten a move on, at least when it to having a digital currency is Nigeria. We're coming up now to the one year anniversary of the e currency there and Bloomberg did a big take out on that this week. Um, and up, since you've been looking at CBDC, so I'm coming to you again to just kind of wrap up, sort of summarize how's this gone and are there any lessons for the myriad of other countries that are toying around with CBDCs, which I should explain our central bank digital currencies. Yeah, so it's not going great. Um, Less than zero point five percent of Nigerians are using the digital currency according to our story, which is not not great, especially because Nigeria is a country that is pretty advanced in using cryptocurrencies in general. But the country has been pushing back on that and is making it harder for banks to do business with with crypto firms. So, first of all, sort of the story notes how there's been a bit of confusion from the population. They see the CBDC in a way as a cryptos so they're thinking like, wait, we're not supposed to use crypto, are we? What is this. There's also a lack of like knowledge of it, and so it's just struggle to take to take off a year on um that being said, you know, it takes a while for some of these things to to work, and especially new technologies and get a network effect. What's interesting to me is that in a way you have like a government trying to build a consumer app, like a consumer fintech app in a way, or like a consumer product. So like just the idea of you designing something that's technological today for three years from now, it's quite challenging if you think about it, like how do you make sure that people use it? And also just like the marketing effort that would go into it, right, Like I think in Nigeria they're trying to get rickshaw drivers if I'm if I'm correct, um to ye to use it, right, Like imagine like the central Bank having to think like in a way they have to think like a fintech firm or like a finance firm, or just at the very basics basics like a consumer firm, like how do we get someone to adopter products? Like when have they had to think of that? Right? So it's just it's just very interesting. Yeah, um, I want to turn out to the big story of the week, and by big I mean big, ginormous forty thousand words Bloomberg columnist Matt Levin's crypto story. Muyal, How has crypto Twitter reacted to this? I want to say it's more positive than negative, because you know, usually when a media publication like Bloomberg writes about crypto, um, crypto Twitter or crypto native in general, like it's easier for than criticize than on sort of you know, praise. But this time, when we have Matt Levin write the whole story about everything in crypto that you need to know, I think people are looking yea more positively as you know, like finally crypto is getting recognized and you know, and then there's a really good explanation about a lot of turns in the space which being kind of perceived at by mainstream people as more complicated and hard to understand. And now we have a person who's really good at writing and really good at explaining things um to more general readers. They you know, every everyday person like like my parents. I would have want I would have wanted to know if this article ever going to translate into Chinese and maybe they would understand crypto better, you know, like know who I'm actually writing about these days. Yeah, and it's worth pointing out that this is only the second time in Bloomberg Business Weeks ninety three year history, um that they've done something like this, I uh, cover to cover feature. The last time was a similar thing, slightly different. It's a it's a story also a giant story called What is Code by Paul Ford UM. And certainly if you do have the time and the focus and the patients UM to go through this whole thing, it's it's certainly a real primer for for crypto. Um Anna, I'm trying to ask you a little bit, what do you think or who do you think? What kind of target audience is this piece four? Is it for the you know, the person who read the Bitcoin white paper back in two thousand and eight, or is it for grandma who's just about to park you know, seventy bucks in bitcoin um or somewhere in between. I think probably somewhere in between. But it is written in a way that if your grandma and you are going to park set bitcoin, you might want to read it too and like figure out why you're doing it, or maybe you're like a very superinformed grandma and then um, then you won't need to maybe you are a grandma who read the white paper. Um, but um, you know what, what what I find I found really like nice reading it was um and I'm not saying that I have finished it, but I have started it, is that, Um. You know, it comes at it from the perspective of, you know, I'm a person who finds finance interesting, and this is why I find this interesting. I'm not saying you like I believe this is the future, or I'm not saying that I believe this is bullshit or this is all a scam, And like, I find that quite refreshing because having covered the sector for a long time, it's nice to have someone come at it from that perspective and say, hey, this is why you should look at it. I think it's definitely like a really great read. If you are someone in finance and perhaps are very skeptical or like haven't really been paiding attention and like just have seeing the price go up and down, like you can look at it and like here's an honest view that's like unbalanced. In an explanation, and I will understand like what everything is and what everything does and why it's there, and like what the fun parts are, and like I might get a more informed you, whether I want to pay attention or not. And I don't think the point of it is you'll read it and you'll say, hey, now I want to invest. It's like, oh, now I really get it, and you know, it is pretty interesting, Like it's you you leave it thinking, wow, it's interesting and like perhaps you're not going to go away. Um, And and to me, that's like pretty valuable if something that is so fast moving and so like confusing and full of acronyms and full of bullshit even so you know, it's it's definitely worth a read. Yeah, cuts through the nonsense. Um, folks, go and check it out The Crypto story by Matt Levin. All right, guys, I think that's it. Well, thank you Anna and Muyao. You can find more of Anarera and Muya Shen's reporting on the Bloomberg Terminal on Bloomberg dot com and on Twitter. Anna is at A N N A I R R E r A and Muyao is at m u y a O s h E N just In time for Halloween. On the next episode of Bloomberg Crypto, we're going to talk about brains. No no, no, no, we're not. We're going to talk about zombie coins. It might still melt your brain. Don't say I didn't want you. This is Bloomberg Crypto, a daily podcast from Bloomberg and I Heart Radio. For more shows from I Heart Radio, visit the I Heart Radio app, Apple Podcasts, or wherever you get your podcasts. Send us your comments, questions, or suggestions for the show to Crypto at Bloomberg dot net or find us on Twitter. We're at Crypto. The supervising producer of Bloomberg Crypto is Vicky very Galina. Our senior producer is Janet Babin. Our producers are Mohammed Faruk and Sharon Barriro. Our associate producers are Ty Butler and Moses on Them. Desta wonder At is our engineer. Original music by Leo Sidrn. I'm Stacy, Marie Ishmael. Have a great weekend. The Bat that Intensian Everything Ding every d

This is Bloomberg Crypto, a daily Bloomberg I Heard podcast, and I'm Philip Roger Transler, Senior editor for Crypto, standing in today for Stacy Marie Ishmael. It's Friday, October. This week in crypto, we are settling into cryptos new norms like Bitcoin now being range bound, trading steadily at around twenty and we're still waiting to see if the so called October will indeed shake out. But hey, trading is still happening, and the sec s uptick in regulation efforts are being viewed by investors as a boon. According to the latest m Live Pulse survey would be Crypto investors are cautiously optimistic about having more crypto guardrails on the way. And finally, we have a big story, actually the one story to rule them all, and that is the Crypto Story by Bloomberg columnist Matt Levin. Here to help me break down the latest is Bloomberg Crypto Senior editor an airera If your grandma and you are going to park to pick on, you might want to read it too and like figure out why you're doing it. And Bloomberg reporter Moya Shan this time when we have Matt Levin write the whole story about everything in crypto that you need to know. I think people are looking at more positively. Hello and welcome. All right, let's get straight into it. In the news about crypto markets over the past week, kind of could be forgiven for saying that there wasn't no news in terms of movements. UM at the very least, Moya Um kick it off with you. You've worked on stories, written stories about what people are doing to cope with this lull and how they're making money in a time where there's pretty much snow volatility. Could you tell us a little bit about what you found out through your reporting. Yeah, of course, Um. I think you know, crypto has being attracted to a lot of traders for the longest time because it was because the high volatility, but now the volta has gone. UM. The obvious, the most obvious and popular approach by a lot of traders and investor right now is sort of parking their money in real hard cash, like a lot of investors and traders in equity markets to UM and other things. I found it was interesting or sort of like a more crypto native is that I saw people are sort of betting on both sides of the market. Um, you know, like because the micro environment. Their traders who have been short in the market for a while. Um, some people have told me actually, which I as again, I thought it was very interesting that they have been taking long positions just because they think other too much of people too much more interesting, this thing might be good as well as a good time just to pick up some on loan positions. And now we sort of coming to late October, and we are coming to the face, um to face this question of will there be um what we call October in crypto parlance, which is basically October has a pattern of being an up month for crypto. Believe we are now looking at seven percent up for bitcoin this far in October. We've got a few more days of trading to go. Can and I could you talk us through a little bit about what the sense among traders that we interviewed for that story was. I think what's you know, what's interesting? Um, you know you mentioned seven percent right, just tying it back to what we were discussing about volatility, is you know, seven percent in a month might seem a lot if you're talking about you know, FIA currency but for crypto, you know, back in the golden days, you will get seven percent and you know in minutes, not in in a month. So it's quite interesting that you know, we are now we're looking at this sort of low volatility and how the sort of the asset appreciates very slowly or not doesn't swing and while it is you know, maybe not very um attractive for traders. It's it's an interesting thing because the industry has has said for a long time that one of the reasons why it was hard for bitcoin to take off as a means of payment was because it was so volatile. So why would you like imagine having to pay your coffee and then the next minute like you've paid like, you know, seven percent more because it's gone up. You know what I find interesting? I wonder if like now that actually the asset is less volatile, then it will be used more for something, maybe not payments, I don't know, um or whether that was just not the reason why it wasn't being used. Maybe it was because it wasn't useful for for payments because we had other forms. Yeah, it's it's a valid question, I think, and it ties into sort of the next subject matter, that we've been covering, and it's this you know, well, you've had this lowl in trading, but at the same time, we've seen a lot of action on the regulatory front. We got the sec stepping up enforcement. We got action happening from Singapore to Hong Kong to to Europe, um and different parts of the world. And we actually did um an M Live Pulse survey last week and some pretty interesting results when it comes to how people, how would be investors are viewing this positive negative for crypto And I could you talk a little bit about what the conclusions to that was. I think the top line there was that, you know, the vast mill that the vast but almost sixty of respondence to the survey found that the fact that there was more legal action on crypto is positive for them. So they're more likely to invest because of this. And this is like super counterintuitive if you just think about it on the on a high level, right, you think, oh, wow, maybe I should be scared because all these regulators are coming and you know, what happens to the value of my asset if it turns out that it's a security and and it wasn't registered. But I guess it speaks to the fact that the industry has been calling from our regulation for many years and here in the UK, in the US, and perhaps even if you're not happy with the results of what, you know, enforcement might be a regulation, maybe it's better than nothing because it gives you gives you clarity on what is okay and what isn't and then within that framework, you're more free to you know, do what you want and you know, at least know what the risks are and you can assess them more clearly. Yeah, exactly. And it was a quote in a story that kind of just sums it up for me, and it goes like this, the more they can do to get crypto out of the wild West and into traditional investing, the better off it's going to be. And will yo, um, you know, considering what happened this year, from the terror breakdown to Celsius through you know, all the blow ups and mini discass well not media to fascists, some of them were pretty major disasters. The people that you talked to in the industry, how do they reflect on this? Yeah, I was just thinking about the story that we were just talking about about how regulations can affect the crypto space, you know, like UM, for the longest time, I was talking to a lot of people in the space, or you call crypto native people about UM the impact of Serro and the terror Luna, all these things. UM. You know, a lot of them were very upset and set a disappointed because it makes crypto look very bad to people. But it was very interesting. I was talking to a lot of people who entered to the space this year. UM. They were actually happy about it. They were like, I'm glad this happened. So the regulators would have come after them. Well, regulators are pushed to giving some sort of guidance of what they should do and what people should do, and they think it's good for the space in general in the long term, and therefore and more people would have come to the space as the will be more framework than more regulatory clarifications around crypto A s. S. I want to move over to a topic that is along the same lines UM, at least as far as government involvement is concerned. We have a new prime Minister in the UK. I believe it's the third and roughly as money months. UM. Richie sunac Anna, you've done some reporting around this you've done a little reporting about the crypto landscape in the UK. Sunac was obviously part of that as chancellor. Can you tell us a little bit about what sort of his signature moves around crypto were before the Boris Johnson government fell apart. So, yeah, So as Chancellor of the Exchequer obviously over you oversaw the Treasury. And while the UK had been a very kind of conservative on crypto up until then, the industry saw a bit of hope the spring, particularly with one of the Secretaries to the Treasury, John Glenn, who had given a speech where the point was that they wanted to make the UK's crypto scene more attractive globally and make it more competitive, and part of that was giving regulatory clarity, which again is a point we keep touching upon. So I think that the sort of appointment of Sunak was seen in the immediate as potentially positive for crypto because you know, first of all that he's a known entity, right as if he was chancellor, and they said these things, uh you know, they they had been talking to his team had been talking to crypto, so you don't have to go talk to new people like they know who's there and perhaps he has an understanding of the topics and what the issues are. And then generally obviously like there's so much that the UK government has to do that isn't crypto. We all talk about crypto and write about crypto and edit crypto stories all day, but we are you know, we live in the real world, so we know that you know, perhaps tackling um the energy crisis or inflation or in a potential economic crisis is perhaps pressing matter for a new government here. But for people in crypto, there is hope that finally they will get some action quickly, because they kind of felt as if they were in limbo for a bit with you know, when soon I resigned and then Trust came along. You know, there wasn't really any sense of what was going to happen, Whereas now perhaps they can at least hope that the push that had been started will continue. Um. But obviously there's never any guarantee of that. Oh I guess we'll see in coming weeks and months if Rishi can get a move on when it comes to crypto. We'll be right back with more of the week's tough crypto stories with Anna Airera and Muya Shan. A country that has really gotten a move on, at least when it to having a digital currency is Nigeria. We're coming up now to the one year anniversary of the e currency there and Bloomberg did a big take out on that this week. Um, and up, since you've been looking at CBDC, so I'm coming to you again to just kind of wrap up, sort of summarize how's this gone and are there any lessons for the myriad of other countries that are toying around with CBDCs, which I should explain our central bank digital currencies. Yeah, so it's not going great. Um, Less than zero point five percent of Nigerians are using the digital currency according to our story, which is not not great, especially because Nigeria is a country that is pretty advanced in using cryptocurrencies in general. But the country has been pushing back on that and is making it harder for banks to do business with with crypto firms. So, first of all, sort of the story notes how there's been a bit of confusion from the population. They see the CBDC in a way as a cryptos so they're thinking like, wait, we're not supposed to use crypto, are we? What is this. There's also a lack of like knowledge of it, and so it's just struggle to take to take off a year on um that being said, you know, it takes a while for some of these things to to work, and especially new technologies and get a network effect. What's interesting to me is that in a way you have like a government trying to build a consumer app, like a consumer fintech app in a way, or like a consumer product. So like just the idea of you designing something that's technological today for three years from now, it's quite challenging if you think about it, like how do you make sure that people use it? And also just like the marketing effort that would go into it, right, Like I think in Nigeria they're trying to get rickshaw drivers if I'm if I'm correct, um to ye to use it, right, Like imagine like the central Bank having to think like in a way they have to think like a fintech firm or like a finance firm, or just at the very basics basics like a consumer firm, like how do we get someone to adopter products? Like when have they had to think of that? Right? So it's just it's just very interesting. Yeah, um, I want to turn out to the big story of the week, and by big I mean big, ginormous forty thousand words Bloomberg columnist Matt Levin's crypto story. Muyal, How has crypto Twitter reacted to this? I want to say it's more positive than negative, because you know, usually when a media publication like Bloomberg writes about crypto, um, crypto Twitter or crypto native in general, like it's easier for than criticize than on sort of you know, praise. But this time, when we have Matt Levin write the whole story about everything in crypto that you need to know, I think people are looking yea more positively as you know, like finally crypto is getting recognized and you know, and then there's a really good explanation about a lot of turns in the space which being kind of perceived at by mainstream people as more complicated and hard to understand. And now we have a person who's really good at writing and really good at explaining things um to more general readers. They you know, every everyday person like like my parents. I would have want I would have wanted to know if this article ever going to translate into Chinese and maybe they would understand crypto better, you know, like know who I'm actually writing about these days. Yeah, and it's worth pointing out that this is only the second time in Bloomberg Business Weeks ninety three year history, um that they've done something like this, I uh, cover to cover feature. The last time was a similar thing, slightly different. It's a it's a story also a giant story called What is Code by Paul Ford UM. And certainly if you do have the time and the focus and the patients UM to go through this whole thing, it's it's certainly a real primer for for crypto. Um Anna, I'm trying to ask you a little bit, what do you think or who do you think? What kind of target audience is this piece four? Is it for the you know, the person who read the Bitcoin white paper back in two thousand and eight, or is it for grandma who's just about to park you know, seventy bucks in bitcoin um or somewhere in between. I think probably somewhere in between. But it is written in a way that if your grandma and you are going to park set bitcoin, you might want to read it too and like figure out why you're doing it, or maybe you're like a very superinformed grandma and then um, then you won't need to maybe you are a grandma who read the white paper. Um, but um, you know what, what what I find I found really like nice reading it was um and I'm not saying that I have finished it, but I have started it, is that, Um. You know, it comes at it from the perspective of, you know, I'm a person who finds finance interesting, and this is why I find this interesting. I'm not saying you like I believe this is the future, or I'm not saying that I believe this is bullshit or this is all a scam, And like, I find that quite refreshing because having covered the sector for a long time, it's nice to have someone come at it from that perspective and say, hey, this is why you should look at it. I think it's definitely like a really great read. If you are someone in finance and perhaps are very skeptical or like haven't really been paiding attention and like just have seeing the price go up and down, like you can look at it and like here's an honest view that's like unbalanced. In an explanation, and I will understand like what everything is and what everything does and why it's there, and like what the fun parts are, and like I might get a more informed you, whether I want to pay attention or not. And I don't think the point of it is you'll read it and you'll say, hey, now I want to invest. It's like, oh, now I really get it, and you know, it is pretty interesting, Like it's you you leave it thinking, wow, it's interesting and like perhaps you're not going to go away. Um, And and to me, that's like pretty valuable if something that is so fast moving and so like confusing and full of acronyms and full of bullshit even so you know, it's it's definitely worth a read. Yeah, cuts through the nonsense. Um, folks, go and check it out The Crypto story by Matt Levin. All right, guys, I think that's it. Well, thank you Anna and Muyao. You can find more of Anarera and Muya Shen's reporting on the Bloomberg Terminal on Bloomberg dot com and on Twitter. Anna is at A N N A I R R E r A and Muyao is at m u y a O s h E N just In time for Halloween. On the next episode of Bloomberg Crypto, we're going to talk about brains. No no, no, no, we're not. We're going to talk about zombie coins. It might still melt your brain. Don't say I didn't want you. This is Bloomberg Crypto, a daily podcast from Bloomberg and I Heart Radio. For more shows from I Heart Radio, visit the I Heart Radio app, Apple Podcasts, or wherever you get your podcasts. Send us your comments, questions, or suggestions for the show to Crypto at Bloomberg dot net or find us on Twitter. We're at Crypto. The supervising producer of Bloomberg Crypto is Vicky very Galina. Our senior producer is Janet Babin. Our producers are Mohammed Faruk and Sharon Barriro. Our associate producers are Ty Butler and Moses on Them. Desta wonder At is our engineer. Original music by Leo Sidrn. I'm Stacy, Marie Ishmael. Have a great weekend. The Bat that Intensian Everything Ding every d