

I think last time we were on the interview, Scott, we said that this halving cycle will be the political and geopolitical cycle, and I think it's going to play out that way. I think Bitcoin is a political event. That was something we theorized on. I think it's always been political. Whenever you want to disrupt banking, and it was originally us versus the banks, that takes you through all the different disbelief, laughing, but now we're at the stage where the banks are on board and there is a Bitcoin lobby, and now the Bitcoin lobby is having its play on terms of getting votes and everything. That cycle is definitely playing out. Now, we've got a much larger market cap up here. Gone are the days of when Wave's cafe says that we're putting a Bitcoin Robocoin ATM in our cafe, and that shoots the price up. I think there is a degree of manipulation in the market short term, as there always has been, never has ever changed. You've now got all the hedge funds and all the different game players that wish to play games with Bitcoin, and that's what we've always seen, but now it's done at a larger scale. I love that you said it was always us versus the banks. The entire point of Bitcoin was to opt out of the system. Now it's us and the banks versus the regulators and legislators. We had the rejection of SAB 121, of course, the veto by the Biden government, but that was effectively the big banks lobbying to say, we want a piece of this. We want to be able to custody these assets. We want to be able to participate. Sometimes I don't know if I should be cheering for or against all of this, but it seems like any adoption is a good thing. Yeah, and again, it is still us versus the banks, which has just changed to the self-custody versus custody argument. So you either leave your coins with Coinbase or Fidelity and trade them through the stock market, or you have the ability to own your own money, spend your own money and get the benefit of any of the price action and inflation protection that comes from that. So I still think that argument is there. It's just a question of how many people want to custody it with the banks and how many people want to self-custody and a lot larger number of people are probably going to choose custody over time. We now got over a million bitcoins locked up in ETFs. And so we shall see how that trend works. But it doesn't really change anything because these are just bitcoins held in custody with financial institutions. Now if they can start doing stuff with those bitcoins, then we can get a little bit more shenanigans. But also that might be the very same thing that causes banks to blow up and create the next systemic crisis because shorting Bitcoin or borrowing client Bitcoin and all that type of stuff, it not only uproots FTX, but it also uproots financial institutions that try and do the same thing. The only difference is taxpayers are on the line and FDIC bails out. So there's not much difference. We just see the same trends.