Matt Cole

I think understands that the Fed is not independent, which, I mean, in this group, it's like, that's almost like a laughable thing.

What a genius.

But, you know, just coming back from my old seat at CalPERS, like, a lot of institutions...

still tended to fall to that bias of the perception of fed independence that you would have you know janet yellen like swear to the core the fed is independent and and that there's not some you know kind of backdoor you know quasi handshake dealing that and to just say like look like there's going to be an accord between the fed and the treasury that we're going to be thinking together we're going to be thinking forward looking not backward looking

I say like, that's about the most bullish thing that I could possibly.

It's kind of crazy though.

So maybe taking my old seat at CalPERS for a second and talk about kind of a few different ways to view digital credit.

So one, digital credit's been around for just over a year now.

For an institution, you need anything that you're going to invest in, unless you're just going to invest like a couple dollars just to watch it, to have a track record.

track records are a minimum of three years.

And that three-year period is not typically, I'm going to cut you a multi-billion dollar check at year three in one day.

It's that once you have a track record, we can start to assess what the risk and return opportunity of this asset is.

And so I think sometimes people think, oh, when is CalPERS going to buy SEDA or Stretch?

They might buy it tomorrow.

I mean, I have a lot of friends there, but I think the real conversation is they need to see a track record.

And so what helps build a track record?

There's nothing better to build a track record than a bear market, actually.

And if in a bear market where a lot of the people that are watching this from the outside are expecting the issuers of digital credit to have to sell Bitcoin to not be able to meet their interest payments, if they don't have to sell Bitcoin and they made interest payments, then you get a three-year track record.

That's the best three-year track record that you possibly could have.

to say this is how it performed in a bear market.