Ed

Look, I think it's one thing that we have a market that is predicated on assets that have no underlying or fundamental value. And for the sake of this argument, let's just like, let's ignore Bitcoin. And let's just focus on all the other stuff, the $1.2 trillion worth of non-Bitcoin crypto assets that are floating around out there that are being traded on Coinbase.

So Ethereum, Tether, Ripple, but also the meme coins, Dogecoin. which is the eighth largest cryptocurrency by market cap, one of the most traded coins on that platform. Trump coin, Pepe coin, Comrocket coin, which I know you love, Fart coin. All of these things exist on Coinbase. And the way Coinbase makes money is it takes a little fee when you trade this crap.

So Ethereum, Tether, Ripple, but also the meme coins, Dogecoin. which is the eighth largest cryptocurrency by market cap, one of the most traded coins on that platform. Trump coin, Pepe coin, Comrocket coin, which I know you love, Fart coin. All of these things exist on Coinbase. And the way Coinbase makes money is it takes a little fee when you trade this crap.

So Ethereum, Tether, Ripple, but also the meme coins, Dogecoin. which is the eighth largest cryptocurrency by market cap, one of the most traded coins on that platform. Trump coin, Pepe coin, Comrocket coin, which I know you love, Fart coin. All of these things exist on Coinbase. And the way Coinbase makes money is it takes a little fee when you trade this crap.

So look, it's one thing to have a marketplace for these assets, and I don't have a real problem with that. I think it's dumb, but I don't think it's wrong. I don't think it's morally wrong. It's an entirely different thing, in my view, to push that marketplace and those assets into the retirement accounts of practically every investor in America. I mean, no one doesn't own the S&P 500.

So look, it's one thing to have a marketplace for these assets, and I don't have a real problem with that. I think it's dumb, but I don't think it's wrong. I don't think it's morally wrong. It's an entirely different thing, in my view, to push that marketplace and those assets into the retirement accounts of practically every investor in America. I mean, no one doesn't own the S&P 500.

So look, it's one thing to have a marketplace for these assets, and I don't have a real problem with that. I think it's dumb, but I don't think it's wrong. I don't think it's morally wrong. It's an entirely different thing, in my view, to push that marketplace and those assets into the retirement accounts of practically every investor in America. I mean, no one doesn't own the S&P 500.

Everyone owns the S&P 500, which means everyone owns Coinbase. Not a lot, but a little bit. It's gonna be around 0.1 to 0.2% allocation, which is gonna translate to around $10 billion in net purchases by these index funds. Now, the reason I think this is such a problem

Everyone owns the S&P 500, which means everyone owns Coinbase. Not a lot, but a little bit. It's gonna be around 0.1 to 0.2% allocation, which is gonna translate to around $10 billion in net purchases by these index funds. Now, the reason I think this is such a problem

Everyone owns the S&P 500, which means everyone owns Coinbase. Not a lot, but a little bit. It's gonna be around 0.1 to 0.2% allocation, which is gonna translate to around $10 billion in net purchases by these index funds. Now, the reason I think this is such a problem

It's really reminiscent to me of the 2008 financial crisis, because if you look back at what happened there, the problem wasn't just mortgage-backed securities and these mortgage-backed security derivatives and these CDOs. Those were actually like in real terms, it was just a very small slice of the economy. The problem there in 2008 was the institutional adoption of those bullshit assets.

It's really reminiscent to me of the 2008 financial crisis, because if you look back at what happened there, the problem wasn't just mortgage-backed securities and these mortgage-backed security derivatives and these CDOs. Those were actually like in real terms, it was just a very small slice of the economy. The problem there in 2008 was the institutional adoption of those bullshit assets.

It's really reminiscent to me of the 2008 financial crisis, because if you look back at what happened there, the problem wasn't just mortgage-backed securities and these mortgage-backed security derivatives and these CDOs. Those were actually like in real terms, it was just a very small slice of the economy. The problem there in 2008 was the institutional adoption of those bullshit assets.

It was the fact that the banks were embracing them and aggressively marketing these CDOs. And that's what led to the investment world building this giant infrastructure around these shitty assets. And that's what caused all the pain in the end. It wasn't the assets themselves.

It was the fact that the banks were embracing them and aggressively marketing these CDOs. And that's what led to the investment world building this giant infrastructure around these shitty assets. And that's what caused all the pain in the end. It wasn't the assets themselves.

It was the fact that the banks were embracing them and aggressively marketing these CDOs. And that's what led to the investment world building this giant infrastructure around these shitty assets. And that's what caused all the pain in the end. It wasn't the assets themselves.

It was the fact that we built all of this up and we got all these retail investors and these regular people tied to these assets. So I look at what's happening here. I look at MicroStrategy entering the NASDAQ, now Coinbase entering the S&P 500. I really see no difference. I mean, these are like highly financialized, highly derivative assets that offer no real value in the real world.

It was the fact that we built all of this up and we got all these retail investors and these regular people tied to these assets. So I look at what's happening here. I look at MicroStrategy entering the NASDAQ, now Coinbase entering the S&P 500. I really see no difference. I mean, these are like highly financialized, highly derivative assets that offer no real value in the real world.

It was the fact that we built all of this up and we got all these retail investors and these regular people tied to these assets. So I look at what's happening here. I look at MicroStrategy entering the NASDAQ, now Coinbase entering the S&P 500. I really see no difference. I mean, these are like highly financialized, highly derivative assets that offer no real value in the real world.

Again, we're just going to exclude Bitcoin for the sake of the argument, still $1.2 trillion in assets there. And now you have these institutions embracing them, which means that the rest of America is coming along for the ride now. So if you own the S&P 500, you now own Coinbase. And that's very similar to 2008.