WATCH: Where Is the Crypto Market Headed Next Week?

"I think over the last months, not just yesterday, you're definitely seeing some miners selling, which is causing some downward pressure. But the reality is, I think these selloffs are more about lack of money in the system right now. There's just not new money coming in at the moment."

"Well, you know, I think retail investors probably aren't spending a lot of time watching C-SPAN," he said.

The reality is, I think these selloffs are more about lack of money in the system right now.

You're not seeing that rotation yet, so until that until that starts to happen, I think moves up and down are always going to be exacerbated.

I think what will scare them away is not understanding where the volatility is coming from, and I think that's where a lot of the due diligence is going through right now, trying to figure out how it's happening, how they can prevent against it what kind of managers or that they can trust to actually manage that risk for them.

BK: What were your thoughts on Mark Zuckerberg's testimony yesterday? And I'm curious if there's any way that sort of maps back to how people think about bitcoin?

I think it's a good thing that regulation is going to happen, and I think it is a good thing that for good or for bad, the Libra and Facebook project is forcing this into the public narrative faster than maybe it would have otherwise.

In terms of price action, I think a lot of people were excited about Facebook and Libra, which probably contributed to the run-up earlier in the year.

I don't think in a vacuum that that one testimony or anything else that's going on with Libra is really the main driver of crypto.

If we go through here in the U.S. because of a global recession, it will wake people up to how important this is that you do need to start thinking about safeguarding your assets again, right? The last time this happened in 2008 there wasn't an alternative.