why do I want to be short because it's declined it has no fundamental value we are in the middle of this great unraveling of this colossal bubble and I think that people are gonna the only thing that they have going form that there long is hope and Jackie we know that hope is a horrible strategy him saying basically Bitcoin goes to zero is crazy you know the target of 5950 if we do break that 6,000 level I I'm definitely concerned about that then we go down and we push even further through that target that would be a little concerning to me but I think we're in inning three or four here of a bonding process from the bubble that Scott talked about that pop and bursting came back down when you look at the value of what a currency means it's the number of transactions that take place and the size of transaction and when we have overstock.com calm accepting Bitcoin when you have places like Subway Starbucks coming online accepting Bitcoin McDonald's may be doing that the number of transactions will be increasing over the next year or so I think close to lava reaches old high so we can longer today there's not even 50 million wallets that use crip do today name yeah I don't think twenty thousand can be problem this coin is no longer or at least last December wasn't usable for commerce at all the fuse became high the transactions became slow and unreliable and people like myself and everybody else that was trying to actually use it for commerce stopped and switch to something else and that's something else looks most likely to be Bitcoin cash for the most number of people and very very clear that all the adoption in the merchants and all businesses are being built on top of Bitcoin cash at this point so for the future I think Bitcoin cash is the best investment standpoint and but I I don't recommend anybody don't put all of your investments in the cryptocurrency and open all your first investment into one single cryptocurrency so what is your what does your crypto portfolio look like right now Roger I hope more Bitcoin cash than anything else but I have to meet there I have somebody cashed of Bitcoin the Monaro sand - BTC as well extreme euphoria in you know member in December and we got way ahead of ourselves in terms of like this is the same tulip like spike everybody realizes that what I think's happening now is is all this infrastructure is being built for institutional investors to come in to crypto currencies all these lingering issues around how do they manage custody how do they deal with certain SEC regulatory issues and other investment rights issues in the u.s.
Those issues are being worked out now and I predict that as institutional money makes its way therefore into the crypto space watch out right it's not gonna take a lot because it's still a relatively new asset class when was the last time planet Earth had a new asset class I can tell you just anecdotally the institutional herd is starting to move their feet a little bit they've taken a lot longer than I expected I'm a little blue in the face from holding my breath until they get here but it's starting to happen when you take a look at the volatility I mean the up-and-down movement of the price of Bitcoin we've really seen it comes down last year a year ago that thing was trading twice as much twice as fast up and down as it is now and when you look back to 2016 the level of volatility was actually normalized near that of an investment in the equities market I think if we continue to get that subsided society and volatility down towards what it's like to trade an equity I think people will get behind Bitcoin and I think you'll see it rally just like it did two years ago you're seeing lots of activity in private markets matter of fact it was a complete bear market in coins a disastrous bear market in coins put in privates you would never have known it was a bull market it's been a bull market and talent and it's also a bull market and institutions building the infrastructure needed for real money investors to start investing in coins and so I think three to six months from now it will be the all-clear sign for people to start you know big institutions and pensions to start investment my greatest concern is that the u.s.
loses competitiveness I mean I've spent the last year flying around the world and I can just tell you the US is already behind I don't think they're fatally behind but we are already behind there's much more adoption going on in Asia what I think is interesting what you're seeing here and what we saw from the coinbase announcement is that they are both struggling with the clarity around the US and we have trouble figuring out what if something is or is not as security so I think right now that's our first challenge is to get some clarity on that because once you figure out if something is or is not a security then you can figure out all the different rules and regulations that apply for us you know we go in the way that I think the entire group at the roundtable today views most of these assets as they're not securities and should not be regulated with the same type of regulation that the SEC brings to the table .
