i will get into it all with spencer bogart.hat is driving the declines and also this modest recovery today? spencer: fundamentally, i think this is a macro driven selloff. the recent pullback undervalues the progress, the attraction, and the opportunity happening in crypto. is that part of a late surge later in the trading session? maybe. it is a long-term sector. emily: let's talk about short term because that is what investors are concerned about especially if they are thinking about pulling out. do you see these losses, the crash extending for a significant period of time or within a short term period, do you see more upside? spencer we think about upside in : terms of basically five to 10 years. what is going to happen in the next year or two remains to be seen. plain and simple, crypto is both disrupting and creating new opportunities in multiple trillion dollar markets. let's talk about just finance and gaming and social. that's just three. that stuff is not going to go away. the attraction is real. we are seeing progress

we talk about that and more with spencer bogart next.his is bloomberg. ♪ emily: bitcoin dangerously low, snapping a five-day fry in the late rally. investors are retaining some degree of risk appetite. bitcoin back up to now about 37 thousand dollars after hitting a low of just below $33,000. i want to get into it with spencer bogart at blockchain capital. what do you think is driving the declines and maybe this modest recovery today? >> fundamentally i think this is a macrerhe hood, this recent pullback undervalues the progress and opportunity for everything happening in crypt though. is that part of a late surge later in the trading session? maybe. it is really a long-term kind of sector, not short-term. emily: let's talk short-term because that is what investors are really concerned about, especially if they are thinking about pulling out now. do you see these losses extending for a significant period of time? or within a short-term period, do you see more upside? >> we think about upside in terms of basically five to 10 years. what i