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bitcoin has started the second half of the year in resurgent form has it as it okay rebounding 12% after falling below 6,000 bucks last week arjun joins us on set um I'm slightly skeptical well where's it coming from look at look at that what was it twenty thousand dollars yeah it's about seventy percent off so all that rabbiting desperate to buy it and told us we were idiots at 15,000 16,000 seventeen consumer li they are mortgaging the house on it and it's frying everything they've got at it because it was never about momentum it was all about this being the best product ever that's well Steve we take your point absolutely it was all about one mentor at that point when you look to what was happening last year in the Bitcoin market there was huge optimism that this was going to be approved by the regulators that there were going to be all sorts of financial products like ETFs and all sorts coming onto the market for institutional investors to buy that actually hasn't happened what you saw was some tepid actually interest in the futures that came to market towards the end of the year actually not huge interest from the wider investors immunity why when this product every time I see a headline it's going to have greater regulatory scrutiny it sells off I would have thought that any investor who invests in bonds equities currencies ETF derivatives you name it actually likes the regulator having an oversight over a product so do investors in Bitcoin want regulation or not I think the majority do but there is a core perhaps that you could call them fanatical who have been in this market before people even knew the word Bitcoin who don't want regulation that is there's a lot of I'd say philosophy around Bitcoin d the real advocates were there from the start I think this is something that should not be touched by governments there should be no interference from governments or any kind of central authority or when I when they hear the word regulation when they hear the same people who go on the dark web and trade drugs tell me this summer no doubt I'm just right now there are there is some of that but you have seen regulators try and clamp down on some of those sites as well the FBI in the US for example closed a very famous one called Silk Road a few years back but at the same time there's a philosophical point here for many but actually regulation touches but if there is to be a resurgence in price and interest in Bitcoin there does have to be regulation I think we've seen some of the regulators get involved in that they've looked at some of the exchanges and said well we want to see how you're operating and a lot of your documentation about how fish you are and the FCA does want to get involved in the UK the SEC in the US I think some of these regulators are taking a very good view in it and saying look we like the idea of this technology there could be used for it but we need to do a lot more to see how it's working there's many what you would typically call unsophisticated retail investors in the space people who have never bought a stock or a bond probably don't have a mortgage so I've never had a mortgage product have gone after Bitcoin because they've seen it rally I'm curious about what this means now for the mood music say even Millennials who might fit into that category because they're a big investing space that has potential to get into the markets better haven't but have some for some reason been attracted to Bitcoin I think it's because it's been rallying back-to-back rallies suggest that you've got some upside in a way to make money but of course the reversal what does that done to confidence do you think for people who have never really had any form of our investing portfolio yeah I think if people were looking at the Bitcoin space if they're looking at cryptocurrency space as a whole and they look at it and see what's happened from that near $20,000 price of Bitcoin and a huge crash I think that there'd be no confidence investing this the volatility in it if people are saying well this is some advocates of Bitcoin say this is the next digital gold this is where it is going to be a store of value for the long-term but if you look at the volatility and how it's traded I think it's really difficult I think why you saw a lot of people get into it was the ease of it it was so easy to download an app and then just buy some Bitcoin and this was something virtual it was something that that seemed cool at the time and that was going up and that's why you saw that initial interest like huge spike from a number of people I mean anecdotally I've said this before a lot of people I knew around my age were just downloading apps and buying things they'd never even heard of and I was like stop to him I say do you know what this is or what it doesn't know but it was going up and that was really the the mentality that happened last year and that that of course is was very dangerous no doubt lots of people lost some money there you can imagine if a bank went down that pathway the amount of fines will be lobs against that bank or that lender if they launched a product without any of the disclosures like the pages and page of documents that you have these days of you offering a financial product that you have to sign so it's quite a different ballgame for the lenders versus a Bitcoin very very different yes and I think what we'll see this year potentially is some more regulars to regulators getting involved and potentially launching some new products that seems to be the hope right now for many in the cryptocurrency markets that actually we might see some ETFs come to market but it's yet to be seen whether that could boost any institutional investor interest in the product - I mean the moment this feels a little bit like religion you either believe or you don't believe as I look at the web the Winklevoss twins are still out there saying bitcoin is gold it's in fact it's better than gold it's better gold than gold so so the zealots are still telling people they should own this stuff but it seems to me back to Steve's point that it's almost being strangled by regulatory neglect and every time we talk to an official in government that has anything to do with financial markets and oversights they yawn or they sigh when you ask them a question about Bitcoin and fold their arms defensively and the system just doesn't want this alternative currency you got to look at a country-by-country basis there's been a few FinTech and tech conferences i've traveled to this year when we spoke in to certain countries and cities that have been you know big advocates of this technology you look at somewhere like Switzerland which has its own little area called crypto Valley where there's a lot of blockchain startups there the regular is there are very open to it you look at perhaps Abu Dhabi and Dubai those are again places where they're looking at this isn't in quite a positive way so there are a few smaller countries that are looking at this and potentially looking to bring this into the regulatory fold but actually at the same time some major countries are not interested if your crypto currency or is it the DLT that they're actually excited about actually both most regulators are very interested in video 2 the blockchain underlying technology of this but there are a number of regulators are actually involved in the cryptocurrency and happy to bring in some of these initial coin offerings and new i ce o--'s as they're known into the regulatory fold and actually regulate some of this crypto currency trading and use of it as well hey everybody its Hadley gamble from our new CNBC Middle East Bureau in Abu Dhabi thanks for stopping by now to watch more you can try one of the videos that just popped up on your screen and don't forget to subscribe
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