Jeff Walton

They're not underwriting Bitcoin.

They're allowing us to underwrite Bitcoin and they're underwriting us and our ability to underwrite Bitcoin and manage a balance sheet and keep good credit quality into the future.

This is the biggest idea in all of finance.

I mean, the scale of these things is moving incredibly fast.

The total addressable market is the biggest on the planet.

This is going to eat the lunch of, you know, crypto number four through five thousand.

These instruments, right, like you think about money going into the crypto ecosystem and

it's difficult to move money into the crypto ecosystem.

It's like, what do you, like, what, like, I got to buy this thing that I don't know what it is.

I got to trust these, you know, it's, it's difficult to do.

And a lot of, a lot of the population has a brokerage account.

A lot of the population has a savings account.

If you're talking about accessing a brokerage account or a savings account, okay, that's a lot, that's a lot easier, lower friction in order to bring capital in the door.

this is going to exist on Bitcoin, right?

We've got digital credit.

It is going to expand.

It is going to continue to grow.

As the track record improves, the interest in these products is going to expand.

I don't think that any other crypto asset is going to be able to issue credit against it at scale.

And I think that's a bearish position for most other cryptos.