Jalak Jobanputra, managing partner at Future\Perfect Ventures, says despite Bitcoin's selloff, there's still global demand for the cryptocurrency. She joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech."

London

The article discusses the resilience of Bitcoin demand amid recent market selloffs and macroeconomic challenges. Institutional involvement in crypto has increased since the launch of ETFs, but price behavior now closely tracks other risk assets, leading to heightened volatility and downward pressure.

Despite short-term setbacks and uncertainty, particularly around interest rates and global economic conditions, there is continued optimism about the long-term role of blockchain technology and stablecoins. Retail interest in crypto remains high, and experts anticipate market conditions and sentiment will improve in the coming year.

A persistent demand for Bitcoin amid selloffs

For you you're about the builders and the companies that are trying to use the underlying technology to lack. But just paint the macro picture right now. What does bring institutional retail money back into the ETFs or to the crypto as they stand. Sure. I mean your previous guests have mentioned the Bank of Japan news which was significant for Bitcoin as well as the broader crypto markets. And we've seen crypto since the ETFs have been issued and we've seen more institutional involvement move more in line with other risk assets before. You know we saw a decoupling of the price behavior. But but now you know we're looking at the macro outlook and it's challenging for risk assets right now. We also have the added challenge of the Bitcoin treasuries that have been built up. And if we start to see selling as you know strategy mentioned they may do that's going to create more downward pressure. However you know we still believe that there is great global demand for Bitcoin specifically. And we're going to continue to see ETFs and new products develop on Bitcoin. That's just going to happen in the next year or so. I mean you're all about the ecosystem. But what kind of block chain dot com bit go. Also thinking of course how you've been in Moon Pay. But when you see worries around stable coins or when there's a broader macro downward pressure does that impact those that are trying to build or do they shake it off. Well it certainly impacts in the short term. But a lot of these entrepreneurs have been building for years towards a rewiring of the financial system that is faster cheaper offers broader access to different types of financial assets. And we have seen over the years that that trend is not going away. There's going to be short term blips as we're seeing now. But stable coins are going to be an important part of the new financial order. And we're seeing companies like Stripe and others start to adopt access to stable coins. That that is the state of play that you've just summarized. Everyone is bullish on the long term about the role of these technologies in the global financial system. And in the near term we're in risk off mode because of worries about interest rates and the direction for interest rates. And that in the moment is moving markets. How long does that carry on for. Well there's a great amount of uncertainty I think through the end of the year. And we're I'd say I'm looking towards the early next year to have that certainty back. We have several companies in our portfolio lined up to go public on NASDAQ. We're probably going to see some of the short term delay on that until market conditions improve. But I do believe that they will improve early next year. I just can't help myself. What is your 2026 year end Bitcoin prediction. Well I don't believe we're going to see massive price movements. I've been invested in the sector as you know since 2013 specifically in Bitcoin. And we see massive upswings downswings. What we're seeing now I think there'll be some tight trading. I can see it go up to 200. I'm not one of those that's going to predict that's going to go to a million. The reason I asked I was trying to marry those two points the long term bullishness on the underlying technology and the short term price volatility. I did find it interesting reading the Bloomberg terminal that the data set that is giving most concern is lack of inflows into the ETFs which you you've discussed. What would change the psychology of people to push inflows in a positive direction. Yeah I think it goes back to certainty. We want to see where the interest rates are headed on a global basis. You know the October sell off in the crypto sector was due to the tariff uncertainty around China. We also saw people taking profits when when Bitcoin went up to one hundred twenty six thousand. So in the span of three months or less than three months we've seen over a 30 percent drop. That being said I don't see a downward spiral because there are going to be people who want to get access to the asset. I mean we just came off of Thanksgiving in the U.S. and dinner table conversation was was all around crypto. Of course I also but crypto was a big part of it. So there's still a lot of retail interest. And you know I think they get concerned when you just see these these big price drops. But we'll we'll start to see that reverse.

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