Live on Bloomberg TV

00:00BOARD MEMBER AT BLOCKCHAIN AND THE TECHNOLOGY BEHIND BITCOIN. MICHAEL, IT IS INTERESTING. IT IS THE METEORIC RISE THAT CONCERNS SO MANY PEOPLE ABOUT BITCOIN. I HAVE GOT A FIVE-YEAR CHART HERE ON MY SCREEN. I CANNOT BELIEVE IT IS WORTH $4200. DOESN ' T THIS LOOK LIKE A BUBBLE? NORMALLY, THIS HOCKEY STICK RISE IN ONLY A FIVE-YEAR PERIOD SIGNALS THE POSSIBILITY OF A MASSIVE DROP COMING. MICHAEL: I DO NOT THINK THAT IS NECESSARILY TRUE. WHEN WE AT MANGROVE GOT INVOLVED WITH BITCOIN IN 2013, WE WERE BACK AT THAT FIRST PEAK ON YOUR CHART. YOU CAN SEE A CHART, A BUBBLE, RIGHT IN 2013, AND EVERYONE WAS TALKING ABOUT A BUBBLE AND WHAT CAME AFTER IT. WE SEE THAT BEING MIRRORED IN THE LAST FEW MONTHS IN THE SAME WAY. I DO NOT SEE WHY WE SHOULD NOT CONTINUE ON THE UP TREND. WHEN YOU LOOK BACK IN A FEW YEARS, YOU WILL SEE THIS IS ANOTHER ONE OF THOSE BLIPS. MATT: IF YOU WANT TO COMPARE THAT IN 2013, I REMEMBER WE JUST CROSSED OVER 1000 AT CHRISTMAS. NOW, WE ARE AT ALMOST 5000. DOES THAT MEAN, IN FOR A FIVE YEARS, WE COULD BE LOOKING AT A -- PATRICK: WHY NOT -- MICHAEL: WHY NOT? THERE IS EVERY CHANCE WE COULD GET UP THERE. I REALLY BELIEVE THAT. GUY: HOW ARE THE CHINESE GOING TO REACT? HOW ARE AUTHORITIES GOING TO REACT? THE CHINESE HAVE REACTED IN SOME WAYS, BUT I WONDER HOW THEY WILL CARRY ON. ARE WE GOING TO SEE MORE REGULATION? IN SOME WAYS, REGULATION IN THE LONG-TERM IS A GOOD THING, BECAUSE IT PROVIDED CERTAINTY. IT CHANGES THE NATURE OF THE PRODUCT. MICHAEL: ABSOLUTELY. WE ARE SEEING THE CHINESE RECENTLY STOP THIS SCHEME KNOWN AS ICO ' S WHERE PEOPLE WERE RAISING CAPITAL USING BLOCKCHAIN TECHNOLOGY. THEY STOPPED IT AND THEY ARE JUST HAVING A PAUSE ON IT. I CAN IMAGINE THAT BY THE END OF THE YEAR, THERE WILL BE A REGULATED EXCHANGE IN CHINA MANAGING THAT PROCESS. GUY: I AM CURIOUS TO GET YOUR TAKE ON THE SPIRIT A LOT OF THE PEOPLE I SEEM TO TALK TO ABOUT BLOCKCHAIN, ABOUT GOING TO PARTICULAR, AND THE GUYS THAT RUN THEIR FUNDS BASED AROUND IT, PRETTY YOUNG. THEY HAVE NOT SEEN MAYBE SOME OF THE FINANCIAL TURBULENCE IN THEIR WORKING CAREERS THAT MAY BE SOME OF US WITH A FEW MORE GRAY HAIRS HAVE. AM I RIGHT AND DOES THAT WORRY YOU? MICHAEL: OBVIOUSLY, YOU ' RE RIGHT, BECAUSE THEY ARE YOUNGER AND HAVE NOT SEEN THESE THINGS. IS IT A WORRY? I THINK IT IS. A LOT OF THE INDUSTRY WE ARE INVOLVED WITH AS AN VENTURE CAPITALISTS, WE HAVE MORE EXPERIENCE WITH INDUSTRY IN GENERAL. THAT IS ONE OF THE ASSETS WE BRING INTO THE INDUSTRY, HELPING GUYS WHO HAVE NOT SEEN THESE TRENDS, THESE DISASTERS. AND THOSE YOUNG PEOPLE HAVE NOT

No schedule data available.

Mangrove's Jackson Sees Bitcoin Uptrend Continuing

Michael Jackson, partner at Mangrove Capital Partners, discusses the rise in the price of bitcoin and what's ahead for the cryptocurrency. He speaks on "Bloomberg Markets: European Open." (Source: Bloomberg)

More From Bloomberg Markets
All episodes and clips