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00:00What would it take. What would it take to see Bitcoin break out of this range that we've been seeing. And what's your explanation for why we're seeing kind of more out coins. You know some of them a little bit stranger than others start to create a bit more dominance in this market . Sure. Well I honestly it's great to be back. Thank you. And I honestly don't know what's going to take Bitcoin to break . There's this a number of factors that could happen. I think it's probably just going to be time. I think with all the macro economic things that's happening with the amount of quantitative easing and the money flowing into the economy I think sooner or later it's going to break out. But right now so the last little while Bitcoin has been really stable and we think people have been called in to clean the stable coin now. So our data also shows that it is a very much our season right now. So I think right now finance futures 60 more than 60 percent and the volume come from points which is actually much higher than before. And also when we look at the top performers for Q2 from March 30 first to the June 30 first off the two of the 200 coins that's listed on business only three went down. So I guess it is a very much a alkali. What's fueling it. It is a little bit is anybody's guess. My guess there's a number of different factors . Even Yellow Mask tweeting about Dodge Clay could be it could be part of it. So yeah I mean we don't know but it is very active right now . We we all laugh when Dogecoin was created right. It's just been an extraordinary extraordinary story. I want to get your views on this Twitter hacking that we saw last week and the direction that people were told to direct Bitcoin into three different accounts. There is more of a paper trail. But does this kind of give a bit more you know fire to those who criticize users of Bitcoin for being you know I guess supporting some of the lack of transparency and the fact that there is more criminality when it comes to transactions associated with Bitcoin and old coins as well. So I think Bitcoin is actually more trans transparent than traditional Fiat. If somebody robbed a bank it's actually quite difficult to trace the Fiat cash. Whereas with Bitcoin there isn't there is an audit trail if people know their address three addresses and people are tracking them now. I think I'm actually pretty confident that given the way the Pakistan and the crime is done people would be able to track it with a very high degree of certainty. So I think there is only having the case only happened a few days ago. So hopefully give us some time. I think law enforcement probably will have a pretty good chance of cracking it. So again this is not a case where Bitcoin did something wrong. He's just the hacker wanted to be quiet because he's valuable. So say most people when people rob a bank we don't say the cash is wrong. It's just the players it wants wants cash. So I think that's just the situation. But at the end of the day they didn't refer this scam to a bank account or cash deliveries. They actually used the degree of anonymity that Bitcoin actually provides in order for to engage in this criminal behavior. Will this at least have an impact when it comes to the reputation of crypto currencies . I don't think so anymore. I think people now nowadays understand that is not Bitcoin doing a crap crime. He's just bitcoins valuable bitcoins a better form of money than fiat. So it's more transferable is what is more anonymous. But the bitcoin doesn't leave a very clear easy to follow trail on the blog. So it's public and this is permanent. So. And also with this instant I think Bitcoin got a lot of publicity. How often do you get like ex presidents you know masquerade and whoever else tweeting about bitcoin although we wish that you could be a more positive news. Any news is good news sort of that idea there. Let me ask you about that. Say another idea that crypto enthusiasts go to the idea that crypto currencies can act as safe havens especially at a time when you want to hedge in this against a macroeconomic environment when you have inflation and the likes. But then during this whole pandemic we have really seen say bitcoin theory and behave like other assets. At one point in the pandemic we saw Bitcoin and the feeling of moving in lockstep with the S & P 500. So where does what has this crisis shown us about what this cryptocurrency hedge actually means. Sure. I think people should not think that meaning also say having access to literally we need to look at. There are always multiple factors affecting the price of those assets . And if you imagine bitcoin as the same as a float and there's a Titanic sinking boats up side it is if there's a rope tied to the float to the top to the Titanic then the float will sink down with the Titanic. Even though the float does have floating properties you're just not able to sustain that kind of low. I think when we look at traditional markets are much false. The whole market crashed. Stock markets probably a thousand times bigger than peripheral markets. When that goes down and a lot of people losing a lot of money and many of those people who have completely investments will want to cover those investment into CAC into cash. So that has a drag. You said when a large asset type or asset category is going down. But I think if you look at a longer time horizon with so much quantitative easing with so much fact CIA floating around I think the safe haven properties of Bitcoin local pharmacy over time . Suzy what do you make of China's crypto currency ambitions . I think it's great. I think two years ago when we talked on this forum first time I would have not even imagined that central banks or especially like central banks of China could be looking at currencies so quickly. And I think regardless of how good the digital currency is you should buy them. But don't get too many. You don't get too many chances of educating one point four billion people. And this is a central that's the central government's central bank of China doing that now. So now one point four million people will be educated on 5 4 by the government for blocking current digital currencies. And I think once people use it once people understand how blotchy currencies work they will naturally learn about Bitcoin and other crypto currencies as well. I think that's great exposure. I think that's great for our industry . Right. And with the likes of meat on damping and Diddy being involved we know how quickly you know digital finance really can grow in China and gets taken up by the demographic. Right. So is there a real opportunity that in sometime soon we could see a Chinese Chinese digital currency kind of replace the R and B even in in common consumer usage. I think I think it's very likely. I think it's also much easier in China than most people outside of China think. China's currency is already a very digital. Most people pay with which had already paid with a QR code standing. You just need to ask why showing the QR code the other way. Scanning. Very few people use cash even as I don't know two or three years ago in China. So it's already a public digital. Is that the difference now is that is this a blocking component added into the DCP. And with that I think there's a very small hurdle to jump for people to understand location now and after that. And it's another small step for people to understand Bitcoin other crypto currencies. So I think this chip that I think is almost guaranteed to happen. So the chance of that happening is very high . And Susie before we let you go just give us an update on an interesting trading patterns that you've seen during this pandemic lockdown and perhaps some of the regional differences that you felt . I think now compared to 2.5 years ago we see a lot of differences now. So the last time we spoke finance was like the sort of big crypto crypto spot exchange. But now we are also the biggest fruit futures exchange now. So we see a lot of volume moving to futures because of trading. There is a bit cheaper and you get more leverage et cetera. I think that's also overall the market as well as more futures exchanges this time. And we're seeing more and more of these sort of defies a very hot space. So there's a lot of activity in the defy. But again that's a very new area . There's a lot of risks. There's a lot of potential risks there . I want to warn all of us that if you do go into those areas you go there with caution .

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Bitcoin Has Been Really Stable, Say Binance CEO

Changpeng Zhao, founder and chief executive officer at Binance Holdings Ltd., discusses the price of bitcoin, what it will take to get across the $10,000 threshold and why we’re seeing a rise in “alternate” coins. He speaks exclusively on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)

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