CS Labs 21 CEO and former BitPay CCO Sonny Singh joins Caroline Hyde and Ed Ludlow to discuss why he believes in the logic behind Bitcoin's halving, and how investors' mood has changed in the crypto world following the banking crisis.

Temple City

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

The logic behind Bitcoin's 'halving'

Let's go straight actually to the harbing or the harboring. What do you make of that. Yeah it happens every four years. You're a believer in the logic behind it. Yes it makes sure like central governments keep producing new currency which creates inflation. Bitcoin was created the other way to reduce the supply which makes it more deflationary. So it's a great mechanism they built in the system. And it happens every four years. And it's scheduled to happen next April 27th around roughly that date. And so right around a year from now. And you're going to start seeing a lot of media frenzy start happening six months to you know round that should start happening. And then you'll start seeing the price run up a little bit. Sunny did overall think about how much we've seen this torrid time within crypto whether it's actually the likes of Bitcoin. It's sort of taking up a lot of the oxygen in the room when it comes to allocation at the moment or at least where the rallies have been. Then there's also the question we were just talking about the fact that a lot of crypto players find themselves without the banking infrastructure that we used to the signatures the silver bank. So the overall silver gates as well. How difficult is it in the crypto space for you. It's very bad. So my company we just raised a four million dollar seed around. We did it in 45 days which is great from an all star team of crypto investors as well as traditional investors. But the mood has definitely changed. The banking regulations have become increasingly hard. Getting banks is increasingly hard. Everything that's could go wrong has gone wrong for the crypto industry. And yet the price of Bitcoin has rallied from 16000 to almost 30000 in the last six months which is pretty remarkable. And I wouldn't be surprised if Bitcoin hits 40000 this year. Can I just jump in on that seed stage. Just broadly speaking how difficult was that following the collapse of Silicon Valley Bank. I don't know how for how long you were negotiating the round but you're basically taking a crypto proposition to investors who are a bit more cautious than perhaps they previously were in that industry. Yes it was much harder. And we want to get a mix of crypto investors as well as Silicon Valley investors and the Silicon Valley investors might have loved the idea but they're no longer doing crypto investing anymore. A lot of teams said they're now doing a I pivoted. So it's much more difficult that way. And we were ready to wire our money the day before SVB had the issues and we're going to SVB to sway the delay that three weeks to. So again everything that could go wrong has gone wrong in the crypto space for the last year I would say. And that's not even talking about some of the overall regulatory headwinds that still everyone is very worried about when it comes to how people are going to analyze the SEC is going to look at some of these crypto assets. All these headlines you see Gemini thinking of a non US based derivative platform. We know that other key players are looking at licenses crypto licenses in Bermuda. How tempting is it to take whatever you're building out to the United States. Yeah. And again companies like Coinbase Gemini my previous company BitPay. We try to play by the rules work with the SEC. We all got near bit licenses. We're trying to do it the right way. I think the SEC is now really getting a little harder to work with and they keep changing their mind on things and become like Coinbase or Gemini. It's trying to keep growing during crypto winter. It's hard for them to get full clarity on what to do. That's why they're looking offshore. And again FTSE FTSE which went out of business was created because come to call BitMEX ran to issues. And now with FTSE gone there's really a void in the international trading markets that's going to buy instead. And companies like Gemini and Coinbase see a big opportunity if they can get this derivatives market and things like that that buy ins has been focusing on.

Britain's King Charles will return to public duties next week for the first time since being diagnosed with cancer as he makes good progress following treatment and a period of recuperation, Buckingham Palace said.

London

King Charles to resume public duties after cancer diagnosis

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Paris

Israel-Gaza War

Pro-Palestinian protesters still occupying Sciences Po campus

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Nairobi

Climate Crisis

Kenya flood death toll since March climbs to 70

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New York

U.S. Presidential Election

The Australian journalist caught up in Trump trial

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Council of the City of Sydney

Reserve Bank set to raise interest rates, expert predicts

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Marsden Park

Mourners farewell Bondi security guard Faraz Tahir

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Washington

U.S. Supreme Court weighs arguments on Trump immunity case

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Harvey Weinstein’s 2020 rape conviction overturned

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Jerusalem

Israel steps up airstrikes on Rafah ahead of ground operation

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Port-au-Prince

Haiti interim transition council to be sworn in

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Beirut

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Doha

Ukraine Invasion

Russia and Ukraine to exchange dozens of displaced children

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Geographe

Mass whale stranding in southwest WA

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Kokoda

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Wakeley

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Runaway horses cause peak-hour chaos in London

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Sderot

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Athens

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Thousands of veterans take part in ANZAC Day marches

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Pyongyang

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Berlin

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Bankman-Fried Guilty