al jazeera, marilyn's, french fashion designer, he mcglenn, has died at the age of 73, although he officially retired from the fashion industry in 2002 light went on to collaborate with several high profile celebrities. he also continued to design fragrances after ah, i don't want you to stay with me the whole world, the reminder of all top stories, the united arab amber says it's intercepted and destroyed ballistic missiles, find by who the rebels in yemen. last week, 3 people were killed in a heathy drove the tank on the you a capital hit the specs and said it's a warning of further attacks on the u. e. on it go out. there was a lot in response to the belligerent escalation by saudi arabia and the u. s. e. and there are crimes against or blocked people. the missiles and thrown units of our armed forces carried out to successful large military operations. shopping at

our armed forces, stress, its full preparedness, to widen the scope of its operation and the coming period of time and to meet escalations with further escalations, our armed forces renewed warning to the foreign companies. investors within the u. s. e to leave as the u. e is declared an unsafe country and the target of our future operations, so long as it's belligerents and siege against him and is not halted. also attempted to appears to be underway in the keenan, faster reports from the capital. one could do go say the president has been detained, that the military base soldiers are taking control of the main television station. european foreign minister say they're ready to impose never before seen sanctions. if russia attacks ukraine, that meeting in brussels for the latest round of christ talks, western nations are concerned by the build up of russian forces. while moscow is worried about native expansion, taiwan says china flew 39 war plains near it's as space and what's been described

as the largest operation for 3 months. the time when i force issued radio warnings and activates defense massage systems. as you know, immediate coming from china, which considers the island a breakaway province. lebanon's prime minister is meeting his cabinets for the 1st time in 3 months. the government has been divided since october about the investigation into the 2020 bay route port explosion. has paula and it's alive about movement. while the judge leading the inquiry removed, the stand of happened as the countries economic crisis wesson's. the u. k. quarter's rule. that wiki nick saw the julie, the soldier couldn't challenge a decision to extradite him to the united states. now that means he can appeal to the supreme court. us wants to try a song on 18 charges, including espionage. we follow the stories on our website at amazon dot coms, updated through the day. more news in half, nar with peter. but next, it's inside story to stay with us. ah.

is the bubble avow to burst for bitcoin? it lost half its value. why day of our crew to currencies are dealing in the bad and weld markets are indic line. what does that say about the global economy? this is inside story. ah hello and welcome to the program. i am hasha, marbella, bitcoin, the mother of war crypto currencies has lost half its value in just a few hours. it reach an or time higher,

more than 65000 dollars last year. but on friday it dropped below $35000.00 for the 1st time in months. and it's not just bitcoin. some of the biggest names in the block chain have been trading a read some blame russia center bank, which proposed on friday a ban on the trade and mining of grip to currencies. a band by china last september had a similar effect. but a u. s. federal reserve decision to hike interest rates was already having an impact before the russian announcement. let's take a quick look at bit coins, short history. it was created in 2008 by an an unknown person or group of people under the name of santo. she like a model, it began circulating a year later as an open source software, which means anyone could access it's blue, print and make their own type of coin. the digital currency was intended for people

to send money online and avoid the global banking system. but value fluctuated sharply as people experimented on how to use it. now, bitcoin can be used to buy anything from property, electric cars, and even drugs and weapons, without leaving a trace. ah, less bring in, i guess in london name asked lamb chief market analyst at eva, trade in singapore, selling capron, director of corporate asia and all thought chomping of the bitcoin past, present and future bitcoin in china from dublin, professor bryan lucy, professor of international finance and commodities trinity business school. welcome to the program name. do we know exactly what's behind the crypto currency for thanks for having me. there are a number of factors that are adversely influencing the prices. 2 of them you

mention, but the most important one is the risk of sentiment among investors, which triggered the big sell. how the seller really happened. that triggered that was triggered by the federal reserve and federal reserve started to talk to, to, to give more hawkish stance to the market. because last year everyone was anticipating 3 interest rate hikes. and fact was to increase interest rate to control inflation. and big coin is a national hedge to inflation. we know, throughout the world, inflation is getting out of control. now the federal reserve bank, which is the central bank in america, wants to control that inflation was to control, reduce the supply of dollar in the system. hence, we are seeing this little bit of a retreat in the price. i want to emphasize and one important thing over here. sure . with respect to point having is prices from where they are now. because last year

we saw the price action. great all the way 269000. now 34225000 bass. nothing new for this beast. big coin is known for all eternity, especially during the month of january over the last 10 years. we have seen plenty of quality because then and is it because of the fact that bit coins are kept or currencies are the best heads against inflation. the moment report started to circulate about the feather resort, starting to move forward past the past, past the cova decisions, particularly when it comes to stimulus and tackling inflation. there's been a panic reaction in the global stock market. and by definition that extend it to the crypto currency itself, and this explains why we the tumbling yes, i completely agree. i think, you know, the current is very volatile, obviously, as we know. and the reaction can be

a lot greater in terms of reacting to market use or a sentiment out there. and i think what we're seeing now is definitely a retreat. but as mentioned, you know, this is nothing new for crypto currency, whether that be the coin, serum, or any of the other many, all the coins that are out there is the solitary, is there. it is most likely, you know, on the historical basis a temporary i guess you would call it for a big coin. you know, we've seen this in the past where it's lost, 4050 percent of its value, and then creeped right back up. so it could just be the trend that we've always seen in january, that volatility, but who knows what all the future for brian. but the same time when you have the show of the crypt currencies, bitcoin suffering, this massive slide. could that be an indication that this is not just one of those old cycles of an or high and then a dive. this could be an indication that there's something completely or

intrinsically wrong with the very philosophy of coins or crypt occurrences. yeah, i mean the problem with crypto is, like any process, once you press or mark down on the says the top is in the bottoms and you know, they will make look foolish. so is this is this, we start with irrevocably trying and those w, i don't know, i don't think so. i think we currently have a role and we'll continue to play a role. and therefore, even though there is an argument that they have no fundamental intrinsic value, once we except them as a form of money, regardless of what they're being with us, then it will have a value as, as a form of money. the difficulty as the other speakers have mentioned is that the very nature of this beast is such that it is incredibly bollocks and it's, it's exposed to volatility across a very wide range more so perhaps the other assets. it's exposed geopolitical volatility. it's exposed to economic folks and it's exposed to sentiment volatility

. it's exposed to regulation, since all of these are moving in a bit of a perfect storm against and indeed some other assets. moments in particular, regulatory one is the one which i think is the biggest bare case. that's where for those, the very success of criminal currency showing that there is a market for a, for a anonymous just so monitoring transactions. products is one central banks will not let us be will, and they are moving toward central bank, the currency switch or not. and don't have the, the main events is that it's, it's not traceable. we use therefore, as you mentioned, bar, you know, go to real world in terms of purchasing central bank digital current seems to be really effective and have to acquire would not be centralized and will not be anonymous. okay?

but there is a market out there. most people, most retail best people, what really care that much like more of a you something once you go to look into their, into their systems, but they can do that any way to red mystery and attack. so, all right, now i am the decision by the russians. the chinese a to band cooked currency transactions is it is a justified in a fine answer work order. you know, i'm going to answer that question from a slightly different angle. if you are correct of labor and you are ready to buy big quite a price of a $69000.00 coin, why would you not buy it at current price, which is more than 50 percent discount? regulate re stance is always being tough, be re, had a over 15 different occasions when china sort of for now is crypto banning or

moving to us. now russia also is doing that the, even the republic of pakistan was also thinking of buying criptos over back. but i think for traders and for investors, especially wall street banks, the most important aspect is, what is the u. s. stance to us? correct us. now we all know what black rockies, the biggest asset management company in the world, black rock, was a primary dieter, and the primary advisor to the u. s. during the 2000, manage the crisis during the corporate crisis. now, black rock is a major stakeholder in crypto mining phones i. e bitcoin mining, that really says the narrative where bit quote is really going to be going on in our research. and what we believe is that this is the last time, perhaps we're going to see in retrace me, where the price will be trading below $50000.00. because the next bull riley.

whenever that will happen, no one can predict. and i'll be wrong if i will say that they, yes, we know. but that will run whenever that will happen. they'll take the prices of well above 100000 in maybe perhaps near 152200. ok. the correction on the plunge is going to bring, the price is back to $50.60 and add that time. you will call that a crash. all right? generally law 50 for the happen. ok then the reason why i brought the issue of the a clamp down by countries like russia and, and china is that weeks ago, the head of the u. s. a of america securities and exchange commission, gary gansler said the following. when he was talking about crypto currencies, it's a market rife with food scams and abuse, living many people to believe that this could be the beginning of the end over of

wiping business. yeah, i think you could say the same thing about any market around the world, whether that be, you know, us stock market, the us dollar, etc. i mean there's, there's plenty of examples in every market of abuse and fraud and everything else. but again, so it was kind of pointing out, so i think it's, you know, pointing at crypto. certainly it's happening more in the crypto space because it's a much newer market. but fundamentally, i think things have gone to foreign new. i mean, you have, i've been too far to be stopped at this point, may have coin base as an example. you know, it's a multi $1000000000.00, a company that's listed on the stock exchange. you have many other mining companies that are already being listed are lining up for the facts or i p. o. so i think the government really wanted to move around this and was really anti crypto. they would have had done that earlier because i think, you know, putting the genie back in the bottle at this point would be quite difficult for any of the regulators in the u. s. bryan,

is it fair to say that just the very nature of crypto currency, the fact that it's digitally encrypted based on blocked shane, not controlled by any central authority. it is been widely described for a political reason as a threat to the financial stability. and therefore we're seeing those, those dips yeah, the the history of, of money and history money in united states in particular is littered with private money. and this is what crypto is. and private banks, pro private money creating banks, and in the night $18.00 thirty's, 18 forties and fifties. we saw these come and go with a gleeful abandon, deduced it also has in its political dna if it chooses to reach out to us a fairly significant history of if it wants to an a master. the present mood is such that it would clamping down very hard and very fast and extremely large

corporations that are deemed to be in, in the consumer and in national and self interest. the other problem, the crypto is exposed to, however, is one that we can hinted on earlier on which is about sentiment. and the reality is that big coin is an incredibly dirty currency. it's. it's a small asset in global terms, and yet it's, you know, the way in which it is produced in mind, whether it's in turkmenistan or in anywhere else. it tends to naturally go towards the cheapest kind of energy production, which at the moment is still typically going to be heavily carbon intensive a waste and became uses more electricity than medium sized countries. here because is the netherlands, bitcoin is new mexico and you know, some, a global warming perspective. people get very heads up of those yoga camping down

on travel and worrying about whether they should just switch to a hybrid, you know, getting rid of criptos or not abdicating. that would knock a large chunk of the problem right out the window. now as anthropogenic global warming continues, as that becomes an existential thresh towards on trace. that's going to make the make it very least, a switch towards cleaner drip does. and there are keener all kinds of bolts mining and using criptos become, become a regulatory must. i think all right, now now you've listened to what bryan has just been saying. now this fall out, is it manageable? or what do you think crypt academy should be doing in the near future to win the hearts and minds of the people and of their we're going to to re, systems all over the world. sure. so i just wanted to make some comments. i was being said earlier, currency, our fear money isn't really green at all, is well, look at the amount of paper which has been circulated,

ink and everything which comes with it. secondly, with respect to the big coin mining, now over 55 to nearly 60 percent of that money is being actually use the my mining is done through renewable energy number 3. if you believe in matter us, which is the next future, 3. 0, then base currency is the future. digital currency is the future number for now. actually, regulators within europe and i'm speaking of journey. the. the comic engine of the unit has allowed hedge funds to have a location up to 10 percent increase of currencies. once the dust will settle and we come out of this particular storm that we are currently facing with respect to bitcoin, you will see barrage of headlines coming out and mentioning corporate hedge funds institutions, probably offices buying criptos at major discount. it is in their favor. what is

happening in the media, which is driving the price is lower a make no mistake. the money isn't really bad for failure to want to mentally friendly. well, i have to disagree. go ahead. go ahead. yes, yes, brian. first of all, you know, the amount of money like money in our pockets as a percentage of global money is infinitesimally small. so yeah, you're absolutely right. the best big paper works and, and stamping out coins is not particularly environmentally friendly. but the reality is, especially with coal, that we are moving towards a digital environment where money exists only as electrons. secondly, the amount of transactions and the amount of activity and the size of the entire crypto market is still incredibly small. by comparison to the global monetary environment and therefore, given i said, i just wanted new out. let me,

let me try to see i, if you don't mind i was just give, let's just give a brian, if you'd like us to continue, it'll be argument. people say, oh, you know, a crypto is just as dirty as goals, but the gold market is several times larger. so on he, you know, per dollar transaction basis. crypto is a dirty currency. no. what you said about digital currencies is absolutely correct . i think that is where we are going, you know, and i was a central banker for a brief period and you are not speaking as a central banker anymore. i have been for a long time, but central banks and governments will not allow private money in the end. the very success and the undoubted success of crypt occurrences and all of the issues you mentioned such as met, reverse and the new digital natives are, you know, our next generations are. mullins will step in and they will create central vantage to currencies, which will then, you know, perforce, either by force or buy, but by usage regulate, well, religous,

bitcoin and others to what it probably really is, which is a speculative asset class. rogan and ash manifests. right, well just for the sake of moving forward, i'd have to pick up from where you both of you agree, which is basically that digital currency is going to become a reality in the future. and now then, and in the meantime, this is a new speculative investment, and this explains why people are looking forward to see more history and data to be able to see how the can predict in the near future. i mean, to be able to do that. what do we have to implement? are we talking about regulations, 1st of all, traceability of the, of the, of the transactions themselves for this to be adopted by the international institutions? well, i think it's really, fundamentally, people believe, and if it has value to the math population, i mean, obviously now there's a, there's a certain subset of the population being both retail and institution leave that the

coin is worth the 35000 dollars at the moment then at one point it was worth $60000.00 until your, your mother or your father, your family believe in that as well. then we're always going to struggle with this . and that's one of the reasons that, you know, the us dollar is, is, is so fungible and everybody accepts it, but it's accepted as a medium and exchange. and so, you know, the volatility around the exchange rate, all the other effects tend to go with us dollar as a reference point. in terms of traceability. you know, when we look at critical currencies in general, there are some very sophisticated players out there, or they're able to track pretty much where any of the big coins or any of the other crypto currencies have been, are going, you know, the days of this being completely anonymous or even pseudo anonymous or are pretty much come in. and most of it is fairly traceable at this point. now, why is it taking government so long to cope with this near reality? that's true to congress is have to become part of the daily financial transactions

. i think it's for governments to react. and historically looking at these particular histories of money and how many different fietta currencies existed. it actually takes quite some time for regulators to get a complete handle on this thing. and if you look at, especially in the u. s, i think the fact that we have companies like coin base and a number of other companies being listed on the us exchanges. and then this training trend is highly likely to continue, especially meant war 3 giants like, goldman sachs, shaping morgan city bank. and all of these banks are actually offering this particular asset class, whether that's a speculative other that's considered as a store value really stems the case for the crypt occurrences to flourish from here onwards. brian, should we, there is another argument which is basically why don't we focus this time more on stable coins as

a bridge between the somehow stable assets like the dollar and the gold and the curb to currencies. and when we build that trust, it would pay the way for crypto currency to further thrive in the future and people to build trust, trust with it. so the problem with stable coins is not all stable coins are stable . there is different kinds of stable kinds. the, the big one we all know about his tether and there are, you know, persistent questions about the actual backing for tether. the way in which tether operates and its relationship with some of the larger players. this is well documented. there are other crypto stable kinds out there that are backed by commodities. and of course we know that there are commodity cycles and super cycles . if you have a crypto currency, which is fully transparently 100 percent, but by, you know, let's say euro's, it's a problem in search of the solution. what, what i just used euro's directly is sort of going through an intermediary. and so i

don't think stable coins are the are the solution. ok, they may help some people to mitigate there volatility. but they're not, you know, they're not the solution to are you know, why criptos are knocking adopted the criptos will be adopted. widespread, when you can pay your taxes in them, it's not going to get a coffee. ok then, and we've seen moments where, where in el salvador, you know, crypto, libertarian trash fans have said, oh, you know, just let people use crypto and you'll see step to peer currency is, will be abolished and the hunt. alright. there's that. and now when you look at most of the government, including the u. s. a thinking about the post cove with reality is in terms of how to tackle in inflation and also to how to move beyond the stimulus packages that was translated immediately with this are urged by most of the investors to look for new equities, the more attractive to high tech companies,

and this explains why somehow they are really staying away from risk and when it comes to risk. this explains why the crucial currency is paying the price. what should the cooked accounting industry itself do to be appealing to the investors? i think to a certain extent, the fiscal policy and monetary policy of the us government is, is outside of the control of everybody besides the us government and the regulators . i think, you know, what we've seen in the crypto industry over the past few years has been relatively impressed. impressive for 2 significant areas. first of all, there's a lot more professionals that are getting into it. i mean, here in singapore constantly, we're hearing of bankers that are working for large financial institutions and shifting over to triple crypto. so it is professionalized and quite a bit. and that's the effecting the 2nd part which is the solutions that they bring into market. i mean, a lot of these are, are developed by industry professionals who have a very clear idea of what's happening in market. so i think the sophistication of the platforms that are coming out and the crypt occupancies that are coming out is,

is quite a bit different than we saw the last run up in maybe 20172018. so i think it kind of signals a new market for a crypt on a new level of maturity for the industry. but at the same time, it is, as you mentioned, a very high risk asset, so long with tech stocks and other other asset classes. we've seen them take a beating over the past couple of months as a government in the us has gotten more hawkish. certainly fiscal and monetary content that we'd be interesting to see how that could cause who was able to manage this dramatic slide. and i am a slam and then an capron. brian, lizzie, i really appreciate your insights and looking forward to talking to you in the near future. thank you to for watching. you can see the program i got anytime i visiting our website and just the dot com for further discussion. cuz our facebook page at facebook dot com forward slash a j insights for you can also join the conversation on twitter. all 100 is at a j insights photo for me. how sure about the entire team here in doha bye. for now,

the news i lose the wild, the weaknesses design is are making serious effort and destruct the trend we need use making stories done and americans are increasingly saying authoritarianism might not be so bad. there were

several steps along the way where the chain of command, the key, like tried to covered up what's your take on why they've gotten so wrong? that to me it's political malpractice, the bottom line on us politics policy and the impact on the world for now does era me hold him in the city in vietnam? once so i gone the old capital of sunk at his heart, his lamb. so square were journalist diplomats, military staff, and spies, rub shoulders in its famous hotels. during the vietnam war, i was assigned to yet by the associated press and i arrived june at 1962. the caravel hotel burst under the headlines in november 1963. when there was a number to recruit a time which led to the assassination of the president and his brother. over 24 hour period, the center of saigon was zone. the press retreated in effect

that the caravel hotel and many of the story is mentioned we were saying was from the caravan. ah, hello again, peter will be here in doha, with your top stories on al jazeera, the u. e has intercepted ballistic missiles fired by who's the rebels. it's retaliated by launching air strikes in yemen. last week 3 people were killed in a drone attack on the us capitol, who the spokesman is wanting a further attacks on the you a, on a, go out. tell him a lot in response to the belligerent escalation by saudi arabia and the u. s. e. and there are crimes against our beloved people. the missiles and drone units of our armed forces carried out to successful large.