jeremy allaire, the ceo of circle. thank you for joining us.th its new radio and podcast upturns -- options, spotify is going head-to-head apple. is it ready to go up against tech giants as it prepares for an ipo? this is bloomberg. ♪ selina: as spotify preps for its ipo, it is working on new ways to fear listeners away from into the radio and podcast space. we are joined by lucas shaw in los angeles. how much of this is a selling point to investors ahead of the ipo? >> spotify has tried very hard to convince people that its profit margins are going to improve. the big challenge for them, as successful as they've been in creating this market for on-demand music, and really lifting the record industry up after years of decline, the company itself is not profitable because it pays so much to rights holders. all this other types of programming like news, podcasts, culture, are ones where if they are successful, they can bring in new customers, sell advertisements, and they don't have to spend as much and it will improve the margin picture, which i

us now is jeremy allaire, the ceo of circle, that helps customers instantly sent digital currency payments now from boston. germany, i want to start with the falling value -- jeremy. the rising regulation, which of these currencies is actually going to have utility and staying power moving forward? banks. if you have been in this market for a while, for our five years, 20% is normal. if you are in a public stock market, 20% moves are normal. this is highly turkey lysed by hi and volatility. yet the look at the charts over a week, over a month, over a year, over five years to get a bigger picture of what is happening with these assets and how they are going in value. a lot of things going on. on the regulatory side, this is really a market that is maturing. four years ago there were no regulations, it was the wild west. there were no exchanges. we are now in a world where this is regulated in the united states by multiple regulators and mainstream investors are involved in it for you there is more retail products. .apan has embraced this they embraced it by regulating it, and so relations i