Rachel Warren

We're in the beginning of the lifecycle for the potential of this industry.

It's very exciting to think about.

Yeah, I think it's an interesting point you make because there has been, I think, this idea that's still really widely debated amongst a lot of people in the crypto world of whether Bitcoin and other assets like that can be a hedge against inflation and some of these other macro concerns.

I think we've seen, at least in recent times, that that hasn't necessarily been the case.

Bitcoin's price dropped as low as about $89,500 on Tuesday.

That's a

significant decline from its all-time high, over 126,000 in early October.

And I do think this decline is part of a wider retreat from speculative assets, both across traditional markets and the digital asset world.

I think we're seeing that at play right now.

And as you noted, during periods of economic stress or even market crashes,

crypto has often demonstrated a correlation with more traditional high-risk assets.

Obviously, crypto can be accessed and transferred globally with an internet connection, so there's a high degree of liquidity and accessibility, but still that correlation remains.

I think we're seeing that connection between real-world events and how crypto and stocks are performing.

I think we're seeing that now.

Could a crypto winter be coming?

I'm not really ready to call that.

But I think we do need to be realistic about how these assets perform in volatile market environments as compared to stocks.

Target's been dealing with a myriad of its own challenges for several years now.

I think in an environment where certainly consumers are under pressure, but they're also being very selective about where they put their money to work, I think we're seeing that play out.

Their Q3 earnings, there was a year-over-year drop in net sales and profits.