Jordi Visser

And you also have endowments.

You have other places that have made significant investments in private equity, private credit, VC.

Well, all of a sudden, the entire long duration asset market has been

It's been questioned.

So what is happening with software?

You're starting to read stories about how it's impacting private debt, private equity.

Well, there's also hedge funds.

And you know what?

If hedge funds want to hedge, how do you hedge all of your illiquid private investments in SaaS?

Well, if you want to do something liquid that's very correlated, I think Bitcoin is your best alternative.

So I think there's a lot of that happening too.

So in the equity world, and this happened with,

Bear Stearns, it happened with Lehman, it happened with the oil companies.

You have to go back to the cap structure.

And if you're in trouble with an illiquid asset, okay, you're hoping for an exit strategy.

Well, if that thing is being marked down and it's being dragged down with the public equities, if you wanna hedge that risk to have something offset it for whatever reason,

Bitcoin is part of the cap structure of this because it's related.

People look for hedges.

So when the energy market was falling back in 2015 and 2016, the debt's sitting there, the equity is going down.

So people had to find something to hedge and they were using the equity.