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00:00First off we understand you were approached by Do Kwon and backers of Terra USD asked for to support the currency. You declined. Tell us about it and why. Well there's only so much I can say about details of a rescue plan which are still ongoing. And I don't want to intervene in any way. I do wish them best of luck. We made the decision at the board level that we didn't think prudent to get involved at this stage. If they come around with another proposal that we think makes better sense we might reconsider. But for the time being we're staying on the sidelines. All right. So this collapse and I realize it's an algorithmic stable coin and not the same as an asset backed stable coin like tether but it's been described by some as possibly the Lehman moment for crypto. We're looking at billionaires from S.C. to Mike Novogratz to Sam men freed who have lost 70 80 90 percent of their wealth in the last few weeks. Is it a concern for the industry at large. I don't think it's a Lehman moment. You know obviously not the previous. The fact assaults but we get one of one to two of those per year. And remember last year we had the China ban. The previous year due to Covid we had up to 50 percent declines. So this time I think what is different is that you have a limited number of sellers. What I'm seeing on the next oil platform and we have close to four million retail users and a very sizable institutional clientele. I don't see them selling any way the way they did in 20 20 or 20 21. I think the pressure that Bitcoin is seeing right now it is the unwinding of the huge BTC reserves that the terror foundation had accumulated. And this is what is putting pressure on the market. I'm curious to see whether 25 is going to hold. If not we might very well revisit 20. The previous all time highs of the 2017 2018 will run but I think by dammit it's very late. This large scale buying will come in. At what point do you think that would happen. I think around 20. Well first of all when the selling of this fund patients stops which you know from our estimates there should be near sell twenty five thousand dollars per bitcoin or 20. Worst case scenario should be the turn around points.

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Crypto Not Having a Lehman Moment: Nexo’s Trenchev

Nexo co-founder and Managing Partner Antoni Trenchev discusses the potential for a stablecoin rescue plan as the crypto complex suffers a broad plunge driven by the collapse of the TerraUSD stablecoin. He speaks on “Bloomberg Surveillance Early Edition.” (Source: Bloomberg)

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