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Bitcoin lost almost a third of its value Friday capping off a tumultuous week for the cryptocurrency coinbase one of the world's largest crypto currency exchanges disabled all trading during the day's plunge the move follows a recent spike in transactions causing delays in processing transfers and verifying new customers so is Bitcoin the way of the future or is it entering a bubble jason rahman is a managing partner for Lido Isle Advisors Jason thanks for joining us Bitcoin has seen some big swings in the past but what is behind this most recent volatility you know I can identify several key black-and-white factors that have all caused I would say this basically the biggest Bitcoin sell-off all year which is really two days before Christmas number one charlie lead ok the creator of kind of the mini Bitcoin which is called light coin he sold every light coin that he owns and probably that was hundreds of millions of dollars so that's kind of like you know insider selling in a sense why is this top guy selling everything does he know something that we don't does he think prices are too high he even said get ready for a bear market so that's just one out of numerous things the other thing is that coin base launched Bitcoin cash but the hours and days before that launched Bitcoin cash went up like 50% and they're being looked at for insider trading to sharing information before they should have so ultimately right now my point is this it's really still a confidence game it's not a con game but it's a confidence game and whenever there's a crisis of confidence people rush for the exits like crazy and that's what we're seeing now let's talk about long-term then because we know that the Commodity Futures Trading Commission agreed to allow trading in Bitcoin futures at the beginning of this month Goldman Sachs says it's working to have a trading desk up and running by June do you expect other banks to follow suit or is Wall Street in a holding pattern after this recent sell-off no I don't think this yeah that's a good question I I do not believe at all that this sell-off is going to affect anybody's future plans in a meaningful way whatsoever even though this is the largest sell-off all year it's probably only beating the next one by a few percentage points at the end of the day there's been so many instances of fear and concern about bitcoins future Bitcoin goes down 30% and then a month later it's right back up because I think this is a movement I think this movement is not just about Bitcoin it's about the underlying technology of peer-to-peer of blockchain of a public ledger of non-sovereign business models in a sense that are not really controlled by governments or central banks so I think the future is going to be a long healthy expansive one for this whole industry not just Bitcoin well so then are you saying this is a buyers opportunity sure absolutely I mean there's you know there's over a thousand crypto currencies and tokens and and decentralized applications out there yeah I think if anybody's looking to get involved I would say stick to the top 20 the top 30 that's where the multi-billion dollar market caps are but I would say this is absolutely a buying opportunity if you have a multi-year time frame absolutely all right well listen the original appeal of crypto currencies seemed to stem from its immunity from government manipulation right but with this kind of activity we've seen in recent months don't you think that regulators will eventually step in well you know the thing is they already have I mean you know we can't just look at a United States perspective Japan is regulated it but Japan has legally declared that Bitcoin is legal tender so that's a that's a positive regulation from an you know the only if I ask myself well what would be a constraining regulation what would be a negative you know regulation and that would be basically the government trying to control exchanging these crypto currencies for for example US dollars or or or other type you know we haven't really seen that I don't think that that will happen that would just be too big of a suppression it's like prohibition like you can ban alcohol during during the roaring 20s but guess what people are going to do it it's going to get more expensive so you got to somehow legalize it and and make it work and kind of on the train because the government's can't stop it they've tried before and they can't so for people involved in this space mom-and-pop even big banks out there you just have to face the volatility but there's some of the sprite investment Minds that I'm aware of who are behind a Bitcoin but don't you thank your tablets Tim Draper etc that this is true but don't you have to have a pretty big appetite for risk right now I mean without regulation there are still dangers in investing in encrypt occurrences there are numerous dangers number one you could lose everything so I would say you know if somebody has a hundred grand or or a hundred million write any number and they say hey Jason I want to get involved in Bitcoin how much should I invest the common number that was circulating around investment circles earlier this year was 1% of your portfolio all right so think about that how many how many investors are putting in more than 1% of their portfolio I would say it's a pretty good amount which was you know caused cause the huge rally this year so I think if you stick to the basics of portfolio diversification you should be okay alright but be prepared to lose it all right Jason I don't think it's gonna happen but but you know you gotta be prepared be prepared all right Jason Rotman thank you so much for that
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