Colin Lambert is on the defensive from the start of this week’s podcast thanks to another disastrous prediction in the previous edition of In the FICC of It, so listen in to enjoy his discomfort as he and Galen Stops discuss the return of volatility to bitcoin and while doing so decide for yourself – does he double down on his prediction?

In an effort to divert attention, Lambert also wants to get Stops’ thoughts on the market structure in cryptocurrencies – how does a retail, and “herd driven”, market effectively reach up to the institutional world? What will that world make of this latest burst of extreme volatility?

Perhaps in sympathy for his fellow podcaster’s plight (but more likely because he runs out of difficult questions to ask), Stops then takes the podcast back to more familiar territory by asking Lambert if he thinks the recognition of the FX Global Code by the UK’s Financial Conduct Authority, is significant?

The podcast closes out with a chat about the trend of VC and PE firms moving into the FX fintech space, during which Lambert manages to surprise Stops with the suggestion that while it’s not a bad idea, perhaps these investment vehicles are looking in the wrong direction?