Andrew Parish

I mean, listen, JP Morgan, there's a lot of people that are smarter that work at JP Morgan, really, really smart people.

They hire a lot of smart people.

JP Morgan has done two different deals where they're finding a way to bolt themselves on to Coinbase's customers, whether it's the wallet deal that they did or the tokenization quote-unquote deal that they've done.

Interesting that JP Morgan is trying to do deals with Coinbase as opposed to Coinbase doing deals with JP Morgan.

Very, very interesting.

Yeah, let's do a bit of a word picture real quick.

So 20 years ago, Google or Grok or ChatGPT, what the floor of the NYSE looked like in let's call it 1996, right?

There were five to 7,000 people on the exchange taking and giving orders.

There were computers in the background that were facilitating those orders, but there were still a lot of people there doing a lot of work.

Today, the NYSE has about 50 people at 9.30 in the morning on the floor that are just making sure the computers work.

Most of the people on the floor are also facilitating newscasts.

for the likes of Cheddar and CNBC and Yahoo Finance and Fox Business, whatever it happens to be.

So the shift towards algorithmic trading and the removal of that staff is fairly complete at the base layer of finance.

Right now, 77% of all trades that happen on the traditional side of markets, so stocks, bonds, all that stuff, is algorithmically driven.

It's done by computers and facilitated by computers.

On the crypto side, the Bitcoin side of things, the larger crypto markets, it's way, way, way lower than that, right?

So the algorithmic trading has not made a meaningful dent into the crypto side of things based on all the data that exists out there right now.

That will change, right?

There will be a change to that as time goes on.

In the same way that the New York Stock Exchange went from 7,000 guys and there was a dip in the middle of the day because everybody went to lunch and everybody came back and volumes came back, huge volumes at the open, huge volumes at the close.