Andrew Parish

So what role does some of Citadel subsidiaries play in traditional financial markets?

It's this specific role.

So Robinhood upsetting the apple cart, Coinbase upsetting the apple cart.

And here's the thing that most people don't realize.

Most people that are, say, my age or older, 50 or older, they think to themselves, JP Morgan is the biggest bank in the world, Bank of America, other banks across the globe.

They've got millions upon millions upon millions, tens of millions of customers.

Well, the reality is that Coinbase has 125 million customers.

JP Morgan has 82 million customers.

that that's a scary reality for traditional players in the markets.

Like at some point there's a demographic shift.

And so people say, well, what do I, what do I need JP Morgan for anymore?

I mean, if I'm just going to custody some assets, build up a four or five, $10 million portfolio, I can do everything at one place I can lend.

And I could get yield at the same time, do everything that you want to do, um,

but I don't have to be accepted into this club.

There's 125 million of those people that are already started at Coinbase.

The shift will be fairly swift and it's on its way.

When you have the larger playing field moving to a different model,

then the Coinbases of the world have an advantage.

They really do.

It's going to be fascinating.