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KQED's Forum

After a Rocky Year, What’s the Future of Cryptocurrency?

KQED's Forum

KQED

News, Politics, News Commentary

4.2726 Ratings

🗓️ 16 December 2025

⏱️ 52 minutes

🧾️ Download transcript

Summary

2025 was supposed to be crypto’s year. President Trump began his term by announcing a strategic Bitcoin reserve and promised to back the market for the currencies. But Bitcoin is down nearly 30% from its all time high and crypto companies and investors have been hammered in the market. All this while Trump’s crypto czar, David Sacks, operates under accusations of conflicts of interest, and the Trump family continues to enrich itself with crypto-related enterprises. We talk about the year in crypto. Guests: David Yaffe-Bellany, reporter, New York Times - who covers cryptocurrencies and fintech Vicky Huang, reporter, Wall Street Journal - who covers the cryptocurrency industry Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

If you had the smartest Wi-Fi, it'd be Xfinity. It would boost speeds to the devices that needed them most, and to protect you from threats at home and online.

0:11.7

Xfinity. Imagine that. Restrictions apply.

0:15.2

Think about cheese. Make your thoughts cheesier. Now add 100% chicken breast fillet, Chipopla sauce and ameta cheese melt,

0:23.6

and it's giving the new cheesy chicken stack at McDonald's.

0:27.6

Did we mention it's cheesy?

0:29.1

Cheese!

0:31.0

Available until the 4th of Jan, 226 from 11am.

0:33.4

Plus and participation may vary.

0:34.4

Subjects availability.

0:36.5

From KQED.

0:39.2

Welcome to Forum.

0:40.5

I'm Alexis Madrigal.

0:42.5

You know, crypto's like an obscure sport.

0:44.4

If you care a lot about Futsal or Australian rules football,

0:48.8

you can find a whole set of people who share your terminology and way of thinking about the game.

0:55.4

But if you're outside that group, it all seems like a confusing jumble. Myself, I've drifted in and out of thinking

1:01.9

about crypto, and each time I come back, the industry's been in a totally different place,

1:06.7

whether that was the very, very early days back in the 2010s or the heady days of huge price increases in the early pandemic or the crypto winner of 2022, it's just hugely volatile, hugely confusing.

1:19.2

And, well, now we're in another new place here at the end of 2025.

1:24.9

Here to help us understand it, we're joined by David Yaffi Bellany, who is a reporter

1:29.0

with the New York Times who covers cryptocurrencies and fintech. Thanks for joining us, David.

1:32.7

Thanks for having me on. And we've got Vicky Wong, who is a reporter with Wall Street

...

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