Matt Cole

When you zoom out and you look at Bitcoin from any four year period, nothing has changed.

First off, I loved Jeff's recent article about Bitcoin row.

And so that's why I was saying, well, you just wrote a great article on that.

And I kind of think about the world the same way.

And so first off, when you zoom out and you look at Bitcoin from any four-year period, nothing has changed.

We are in the business of underwriting volatility.

And so what I mean by that is,

I don't know about you guys.

I didn't predict that Bitcoin was going to be where it is today, but I did expect 50% drawdowns still as a regular occurrence in the forward-looking view of what we expected Bitcoin to do.

And in our company view, and this is just kind of coming from a pension background, is if I can underwrite time and direction, then I don't have to forecast

an individual quarter, an individual year.

And so my thing is, has the fundamentals changed?

Is the U.S.

still taking out debt at an unsustainable rate?

I think the answer is yes.

I don't know if you have a view that the debt crisis will be solved in the near future.

I think it's going to be worse.

I think it's going to be worse.

And so if that's the view, then really this drawdown is nothing to be

out of the ordinary and the fundamentals haven't changed and so we just write it out i think warsh had something to do with it which we can get into but i think nothing has changed and so we just write it out and question if the fundamentals have changed and i don't think they have what what do you think uh warsha's impact or having warsha as the uh fed chair next is that good or bad for bitcoin or agnostic