Caroline Hyde

But when you see worries around stablecoins or when there's a broader macro downward pressure, does that impact those that are trying to build or do they shake it off?

Well, it certainly impacts in the short term, but a lot of these entrepreneurs have been building for years towards a rewiring of the financial system that is faster, cheaper, offers broader access to different types of financial assets.

And we have seen over the years that that trend is not going away.

And we're seeing companies like Stripe and others start to adopt access to stable coins.

That is the state of play that you've just summarized.

Everyone is bullish on the long term about the role of these technologies in the global financial system.

And in the near term, we're in risk off mode because of worries about interest rates and the direction for interest rates.

And that in the moment is moving markets.

How long does that carry on for?

Well, there's a great amount of uncertainty, I think, through the end of the year.

I just can't help myself.

What is your 2026 year-end Bitcoin prediction?

Well, I don't believe we're going to see massive price movements.

I've been invested in the sector, as you know, since 2013, specifically in Bitcoin.

And we've seen massive upswings, downswings.

The reason I ask that, I was trying to marry those two points, the long-term bullishness on the underlying technology and the short-term price volatility.

I did find it interesting reading the Bloomberg Terminal that the data set that is giving most concern is lack of inflows into the ETFs, which you've discussed.

What would change the psychology of people to push inflows in a positive direction?

Yeah, I think it goes back to certainty.

We want to see where the interest rates are headed on a global basis.