Anthony Pompliano

And now it's like a complete scatter, right?

It's like the lights got turned on.

Everyone's going in different directions in terms of strategy, performance, all these different stuff.

What's kind of your read as an investor?

With cash.

I had to get the cash.

But – No, but I think this is important actually.

We have never bought a Bitcoin and then sold it.

Now, does that mean that us or others will not sell the Bitcoin to fund share buybacks?

Like from a pure mathematical standpoint, if you sell Bitcoin at a dollar and you buy back at 60, 70, 80 cents, it is accretive to your investors, right?

The one thing that I think over time I have learned in the Bitcoin world is you never know

what will happen in the future.

When you think it's going up, it may not.

When you think it's going down, it may not, right?

And so for us in particular at ProCap, when we got the convert funding at close, we did not take that and buy Bitcoin.

So we sat on a bunch of cash.

Now it happens to be that that was a pretty good decision.

It could have been a bad decision if Bitcoin had ripped higher and the whole thing.

And so I do think that what you're seeing is across the industry, not just our company, but others, is like this maturation of

Do you always want to be 100% max risk taking, full allocation, et cetera?