Phil Hellmuth

But $183 billion in circulating USDT, that's a ticker symbol right now.

$135 billion of that's in treasuries.

And then another like $10 billion in Bitcoin and gold.

And land.

Well, and that means they're throwing off whatever 5%.

They were making $7, $8 billion a year just on the holdings.

No, they said it's a 500.

The word on the street is a $500 billion market cap, which would be roughly 50 times their...

price to sales ratio if they're making $10 billion.

Stripe bought a stablecoin provider.

It's pretty well known.

Stripe, Visa, everybody's going to have their own stablecoin.

So Tether will not have the market all to themselves.

And obviously, Jeremy Laird and Circle is a very viable competitor.

And if the margin, if the interest rates go down, which we'll talk about that as well, that's going to be headwinds for that whole space.

All right.

We've been talking a bit about Brad Gerstner personally deciding to blow up the AI bubble and then destroying the stock market.

I'm joking.

Shout out to Brad Gerstner.

My gosh, this short Bitcoin thing has been a bonanza.