The price of Bitcoin, after falling to as low as $3,400 in February, has rebounded to reach $7,800 yesterday (May 13). While it’s still a far cry from the $20,000 level last seen in December 2017, Garrick Hileman, head of research at Blockchain, a crypto trading and data company, sees it as evidence the worst is behind us.

Hileman, also a research associate at the London School of Economics, concedes the current ecosystem is fraught with challenges. Still, he’s generally optimistic about the future of cryptocurrencies. Private Key talked to Hileman about the regulatory environment for cryptocurrency, the value of stablecoins, and why Warren Buffet isn’t an unbiased observer. (This interview was been lightly edited for brevity and clarity.)