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00:00Joining us now is Anthony Trench have co-founder and managing partner of Next. So Anthony I got to ask first about the price action. Twenty thousand dollars a big round number looks like a ceiling. It's bounced off of a couple of times. What do you think about that. Matt Anna. Christmas came early this year. Bitcoin is giving you a great entry point for you to purchase some Bitcoin just before liftoff. How much do you think this is really just a. Go ahead man. Sorry. Just just so you think this is just another buying opportunity. And I know in the past on this program you've forecast Bitcoin to rise to fifty thousand dollars. We've seen a lot of reasons why why why people would want to get in. The PayPal news to me is the biggest. What do you think is next. The next impetus is going to be what do you think the next the next big news for bitcoin will be. Well first of all there has been some rumor about last minute legislation from the Trump administration. I think that this has put the market a little bit. And that combined with some profit taking guess the reason for this slight correction we're seeing right now. As soon as the air clears and I can tell you what this regulatory changes will look like it's going to be more anti money laundering policies more know your customers policies just like in the banking sector. And ultimately this is going to be a very valid bridge bullish sign for Bitcoin and that will set the stage for the next leg up. As you pointed out I made a prediction about 50000 by the end of the year at least nobody lost money who followed my advice. But I do think that this is a reasonable price target even for Q1 to Q2 of next year. So maybe it's the regulatory threat taking the edge off right now. Anthony what about the retail investor. We've got a story this morning on the Bloomberg talks about how wealthy family offices are increasingly getting involved with Bitcoin. But what about the retail investor. I know that that is something that you watch out for. Any 2017 retail euphoria was something that was maybe blamed for Bitcoin getting a bit too a bit too expensive. Yes. Well this is a very different rally and we see this on the next oil platform because we have like a 360 degrees of the market so to speak right now. Since the summer we've seen retail we see institutional investors we see high net worth individuals and family offices positioning themselves and purchasing Bitcoin and other crypto which is very different from what we had 2017 and 2018 where this was a really retail driven frenzy where everybody was maxing out on leverage and credits to buy bitcoin. This has not yet happened. Like some of though the retail has come in but nowhere near what we saw. 2017 2018 at this is usually the sign you're looking for for sort of irrational exuberance to borrow from Greenspan. And we haven't seen that. So this rally is fundamentally much more sound. You know for me I mean I know the story that we have in the Bloomberg today it's one of the most read stories. It talks about family offices getting in for a large part because they think it's a convenient store of value. And indeed you've seen a lot of funds even rotating out of gold and into digital currencies. But for me it's really the transactional value of Bitcoin that's important. And I think PayPal moved us closer to that. Right. I can now actually buy stuff with bitcoin on pay pal firms like yours. We're already helping people in a way finance transactions with Bitcoin as well. When do you think we get closer to really using bitcoin in a day to day way. Well the narrative has shifted somewhat from the early days where we were thinking that we'd want to buy a cup of coffee with Bitcoin. Now it's more of a store or value narrative. That's why we see the rotation out of gold and into Bitcoin. And who could possibly blame the investors one dollar invest that 10 years ago in gold yields you now of dollars 17. Whereas a decade ago. If you put one dollar into bitcoin you're too close to 20 million right now. So that speaks volumes. And then onto itself. So Bitcoin is exactly this is a better version of gold. It's very easily transferable. As you said it is easily and cheaply stored. When compared to gold. And this has shifted the narrative for transactional for transactions on a daily basis. You will have to utilize something like Rob sorry to hear about the Nexus offering where you can pay with your card and keep the crypto assets that secures your loan at the same time which is the best of both worlds.

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Bitcoin Foundations are Firm, says Nexo's Antoni Trenchev

Antoni Trenchev, Co-Founder and Managing Director of Nexo, explains why he views this Bitcoin rally as "fundamentally sound". He speaks with Anna Edwards and Matt Miller on "Bloomberg Markets: European Open." (Source: Bloomberg)

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