Live on Bloomberg TV

00:00So given this will this change the game. It's definitely a game changer in terms of a software update. It is the most significant thing to have happened to Interior. To your question about the flip inning whether it's Shery Ahn will become bigger than Bitcoin. I do have my doubts. I'm incredibly bullish on both bitcoin and interior in my personal portfolio. I hold both for the long run. This means for at least 10 years from now. I do hold a degree on right now around the world because I've got some super bullish around the efficiencies that you guys pointed out right now. But you know anyone who is writing off Bitcoin I think that's too soon. OK. Would this be a vote then almost a referendum on what's better than if this goes to plan if the merge goes successfully of course it's the second half of the process. What does it mean then for the future proof of work. I mean I me these are not necessarily competing concepts but they're different in the sense that bitcoin is more akin to gold. It is also the biggest and largest cryptocurrency having been around the longest you know performed very well in anticipation of the inflation that we're seeing right now. So a better version of gold. And then you have A.M. which is useful for a number of different things is building out the decentralized world of finance which makes what does also play a role. So it is very different in terms of narratives and concepts. And I think both are useful and with with with the merge and now the moving to energy efficiency you know where we are now having this asset class be prime time ready for large institutions that previously did not via their mandates to invest in only ESG compliant protocols in companies. You know now they have this entry point to crypto which is sizable. So to me are things in parallel now not necessarily competing. Well what do you think this means for the price of ether. Has all of this emerged from baked in. And how do you think that's going to impact other coins and block chains. Listen I bolded around one thousand three hundred dollars. Rolled it all the way up to thousand to two thousand. Now it's around 1600. But there is a case to be made that a large effect of the large amount of the hype is already priced in. So there might be a coming down a little bit. But I think ultimately once people see the benefits play out though the fact that we are now moving from essentially an inflationary type of assets you know up 4.5 percent the circulating supply got increased every year and now this gets slashed in half making this close to a deflationary assets as possible. Unlike the Fed and what they have been doing you know I think this ultimately will play a very bullish role in the short the mid and long term. I want to just see the fallout from three arrows and terror. Here is is that now over with. It sent chills through the whole crypto world. And of course it was called the crypto winter for a while. Is that what's behind this now. I think the worst is behind us right now because you know all of that is already priced in. You know we sold almost having on of pricing in the various crypto assets a lot of blood on the street a lot of retail getting hurt. And we have been then more or less steadily trading for bitcoins around 20000 with you know short variations to deep on the site. And the downside. But I do like to think that this has been flushed out of the system. Obviously very important what the Fed will be doing. You know this hawkish tone that we have seen in the past few months doesn't bode well with risk on assets which crypto quite frankly still remains so. But in terms of the internal dynamics and some of the downside risks I think that it has been priced in. And quite frankly they have you know crypto has weathered the storm collectively well in my opinion. And maybe this merchant can add a bit more optimism into these markets that up. And so you know crushed in a way. Anthony just talk about your operations. You mentioned really this morning there's been a pause in both your theory and polygon networks. There's been an effect. Any indications how long that pause is going to be and when you can actually resume operations again. Well we are expecting the merger and I think about four hours is not an exact science depends on on the block chain system. We have taken all security measures to ensure the integrity of the system just like any other large providers. I think we should be up and running shortly after the march if there are no glitches and this really is an upgrade to your iPhone type of procedure. I am hopeful that this you know having been in the making for a number of years now will be a smooth transaction and we can you know operate even more efficiently from henceforth.

No schedule data available.

Too Soon to Write Off Bitcoin, Says Nexo’s Trenchev

Antoni Trenchev, co-founder and managing partner at Nexo, discusses the historic upgrade of Ethereum blockchain, what it means for Bitcoin and the future of “proof of work.” He speaks on Bloomberg Television. (Source: Bloomberg)

More From Bloomberg Markets
All episodes and clips