Jay Jacobs

All of those things tend to be

providing tailwinds for an asset like Bitcoin.

And we live in an environment where I think those are very real risks.

So increasingly, very traditional portfolio managers are looking at Bitcoin as a way to hedge out some of those risks in their portfolio.

Well, it's likely to evolve.

Right now, what we largely see is tokenized cash or stable coins, and that's where the massive amount of volume is occurring today.

There needs to be a market that develops around this.

When you have tokenized assets, you need to have the infrastructure behind it.

You have to have the market-making capabilities.

There needs to be sensible regulation around it.

So there's a whole ecosystem that has to develop around it, but there's certainly the promise of

Tokenization that could allow for the 24-7 trading of assets, trading around the world, instantaneous settlement, perhaps easier access to decentralized finance tools like lending through smart contracts.

So there's a lot of promise through tokenization, but it's also about really having an ecosystem develop around it to support it appropriately.

First of all, I would say I think there's a lot of durability to the themes we talked about today.

Yes, we call it the 2026 outlook, but in reality, these are things that we see multi-year, if not decades long, horizons behind.

So we are not trying to immediately pivot away from our interest in things like artificial intelligence or geopolitics or tokenization and beyond.

What I will say is I think the intersection of those themes and how they evolve in the next few years will be really interesting.

One of the areas we did not talk about is the intersection of artificial intelligence and healthcare.

This is one of the sectors that you could see both revenue acceleration through artificial intelligence.

Think about developing revolutionary new drugs that could hopefully treat various different diseases or ailments.