Eric Golden, Canopy Capital founder and CEO, joins 'Squawk Box' to discuss the state of cryptocurrency, bitcoin price trends, future of stablecoins, and more.

Washington

Eric Golden, founder and CEO of Canopy Capital, shared insights on the current state of cryptocurrency and the increasing significance of stablecoins in global financial transactions. Golden explained that while Bitcoin is still far from becoming a reserve currency, stablecoins are gaining traction as a mainstream payment mechanism due to their efficiency and potential to support the dollar's global status.

Golden noted that stablecoins function similarly to money market funds or bank accounts but offer greater flexibility for everyday transactions. He emphasized that regulatory developments, such as the proposed Genius Act in Congress, could further legitimize and expand the stablecoin market, which is currently dominated by Tether and Circle. Golden anticipates that more players will enter the stablecoin space, making it integral to the future of payments and financial infrastructure.

Why Stablecoins may be the main transaction mechanism for all payments

Bitcoin are this morning and pretty much flat over the past month But still have 25% in the past three months join us now and what he's watching in crypto Eric golden canopy capital Founder and CEO Eric. Good morning. You you're a bond guy. You're At Fidelity for years and years that built a pretty large business there and decided to go Into crypto does that mean you think crypto someday becomes like a reserve currency? Joe thanks for having me back Yeah, I think as a fixed income guy Bitcoin has always been interesting as a way to think about markets You know when I first started in the bond business the US government had 20 trillion dollars of debt and we thought about what would happen if they issued more and we'd say what if there was 30 trillion What's this 40 trillion and as Bitcoin was emerging it started to act as a market indicator for what might happen When you ask about it being a reserve currency, I think we're a long way away I think that's why you have a lot of fixed income or credit professionals that are interested in following it Well, it has the possibilities of getting there. We're a long way away from seeing that happen what does Can you what can you tell us about canopy? I all I can find out is it's it's a venture-backed Firm that you're operating in stealth mode. I think that that kind of sounds cool to just say that so you Tell me what you're doing with you. Would you have to kill me? No, I love you And thank you it does sound cool So yeah canopy is an asset management firm and we offer tax individualized investing So what we're looking at is municipal bonds Treasury bonds corporate bonds and then trying to craft the best portfolios for our investors We were in stealth mode, but I think that title probably needs to shed today because just in the past several months We've raised over 500 million dollars in assets so How does crypto fit in? Sure, so when I first started the business my view was that the future of investing for wealth managers is taxed individualized investing I actually think crypto is a really fascinating vehicle that makes sense in people's portfolios. It's where we started. We wanted to have offer Professional management with institutional grade custody in the crypto asset class I actually started the company under the gunsler error Which made it extremely challenging if not impossible to get the company launched So we had to think about what was the best way to come to market we decided to start with fixed income But I do think that at some point it's possible that we're able to add crypto back into managed accounts for retail and high net worth investors stable coins Are becoming I think more mainstream in and we've had again and again people say instead of Being bad for the dollar it would actually probably help enshrine that they would help enshrine the dollars premier status around the globe and even help the bond market because it has to be backed with dollar base or if it's a dollar based Stable coin it needs to be backed with bonds Or something. Yeah, it's a hundred percent true I have been obsessed with stable coins since my time at Fidelity one of the world's largest money market funds I wanted us to issue one, you know years ago before it was even something that people really understood completely now I think you're seeing how powerful stable coins are to your point the way to think about a stable coin is It's somewhere between the way It's being proposed right now a money market fund and a savings account or checking account at a bank but it's so much more powerful think about you having to send a Venmo a Zelle a PayPal to a Swim instructor for your children or pay your friend for some event today You have to use an intermediary who holds that money and makes interest on it I see a world where eventually stable coins will be the main transaction mechanism for all payments throwing through the global economy And I think that's a huge innovation the what we're seeing today Hopefully the Genius Act will be voted on in Congress and passed And that will lay the foundation for more regulated stable coins right now stable coins is a 250 billion dollar Industry tether and circle have about 90% of that But I wouldn't be surprised if over the next 12 months you see many more players Entering the space because of how critical this is going to be to payments and financial infrastructure

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