David Buick from LBC asks Jonny Fry who was CEO of a UK based asset management firm for over 20 years, and now writes Digital Bytes each week, focused on how, why, where blockchain and digital assets are being used globally – www.digitalbytes.substack.com
1) Cryptos, as I understand it, have been around since 2013. In the past two years we have seen considerable turmoil in the crypto-currency space, with unbelievable levels of volatility in many of the products, the most well known probably being Bitcoin, which hit its zenith at circa $62k in September 21, fell back to $16k in November 22 and is now just short of $24k. Most recently we have heard of the collapse of Sam Bankman Fried’s FTX with allegations of fraud. I know there are a wide-ranging number of crypto instruments. Billions of Dollars and other currencies have been lost by many investors – fund managers and retail investors alike - either trading or spivving these instruments in blind ignorance. Is that a fair assessment?
2) Jonny, we are very lucky to have the benefit of your experience for our podcast. In the past year you, more than any other professional I know, have expressed your displeasure at the lack of regulation. It sounds as if HM Treasury and our regulatory authorities are about to rectify this anomaly. How will the progress of crypto products benefit from regulation. A naive question, but it is important to understand how strong regulation will improve trading conditions as well as understanding them. Surely, the entire global investment community will benefit?
3) Can you please explain how and why crypto currencies will play a significant role in financial society in the years to come, apart, of course, from being a trading instrument? They are wide ranging, aren’t they?
4) Which sort of operations are the best people to provide professional advice for retail investors?
5) There are a number of banks issuing debt instruments, asset managers looking to create digital share classes of mutual and PE funds BUT do they have the infrastructure?
6) Is there one real use of blockchain technology in the financial sector that has any real adoption at scale and will affect our listeners?
7) Is it true that Apple is going to use similar cryptographic tech as has been used by cryptocurrencies?
8) Custody of digital assets is a challenge for regulated firms. Do you have any thoughts on this?
9) There has been a court case in the UK involving software developers allegedly behind bitcoin. Why could this prove to be important for the UK?
LBC MONEY PODCAST'S David Buik engages with Jonny Fry, CEO of TEAM BLOCKCHAIN on all matters cryptocurrency including forthcoming regulation and legal action on software - Fascinating and informative