Money Talks: The future of crypto, part two
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 26 October 2023
⏱️ 44 minutes
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Summary
Last week, we spoke to the author Michael Lewis, who was embedded with Sam Bankman-Fried, as FTX, the crypto-trading empire he built, came crashing down amid allegations of fraud, which Mr Bankman-Fried denies. Mr Lewis credits Changpeng Zhao - the boss of Binance, a rival exchange - with bringing Mr Bankman-Fried to prominence. But CZ, as he’s known, may also have played a role in his downfall. This week, we speak to him about what the future holds for crypto.
Hosts: Alice Fulwood, Mike Bird and Tom Lee-Devlin. Guests: CZ.
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Transcript
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| 0:00.0 | This episode of Money Talks is supported by IDA Ireland. |
| 0:03.9 | With the highest share of STEM graduates per capita in the EU, |
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| 0:11.8 | Visit IDAIlon.com to learn more. |
| 0:18.9 | The Economist. |
| 0:21.8 | A quick announcement before we get started with today's episode. |
| 0:25.6 | Economist Podcasts Plus, our new subscriber service is here. |
| 0:56.1 | But for now, let's get on with the show. |
| 1:02.0 | It feels like crypto is on trial. |
| 1:26.1 | Lawyers for SBF, as he is known, have yet to present his legal defence. |
| 1:31.2 | But in his tweets, in testament he prepared for Congress, |
| 1:34.8 | and on his sub-sec, Sam has laid the blame for the collapse of FTX on a few people, |
| 1:40.8 | including Changpeng Zhao or CZ, the boss of rival crypto exchange, Binance. |
| 1:50.0 | That is Michael Lewis, the author of Going Infinite, |
| 1:52.9 | a book about the rise in fall of Sambankment Freed, who he interviewed on last week's show. |
| 2:08.4 | But over time, relations soured between the two men. |
| 2:12.1 | SBF ultimately bought CZ out of FTX. |
| 2:16.5 | According to testimony by Caroline Ellison, who ran Alameda, |
| 2:20.7 | the hedge fund to SBF controlled, SBF spent much of his time in 2022 trying to get regulators |
| 2:27.3 | to crack down on Binance. You know, it's hard to know how mistrust happens, but |
| 2:34.2 | everybody's on pins and needles by November about crypto. |
| 2:37.2 | Sam has been playing this role of the last man standing. |
... |
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