William Quigley

But this particular happening was unexpectedly subdued compared to others.

And that that should cause people who do speculate in crypto.

It should make them pause and say, OK, have we has the sort of speculative era of of

Altcoins ended and now we're shifting towards stable coins, real world assets.

And, you know, we've we've left this era of really exciting, you know, 100x returns in a year for new coin type of phenomenon.

We don't know.

But my guess would be the until utility becomes a strongly desired asset and it hasn't been right.

Utility has

was a thing we talked a lot about but for the most part no one has built a giant business in crypto other than for things like exchanging your crypto right so yeah exchanges are the biggest businesses in our world yeah right the exchanges are are big they've been profitable businesses but even if you look at like a coinbase coinbase's uh market cap it moves

in relation to Bitcoin.

So it would be difficult for me to come up with a thesis where if I was negative on Bitcoin, I would still be investing in Coinbase, you know?

And if I was very bullish on Bitcoin, I would own native Bitcoin.

I wouldn't own a proxy of it, which is why things like MicroStrategy and Coinbase

which are two very well-run companies, but they're really just dressed up proxies for Bitcoin.

And you can compare that to Circle, which is really different.

Circle is about the utility of stablecoins.

So that to me is, it's sort of unexpected in the sense that I thought

2024, you know, April 2024 is when the last halving occurred.

I thought that next 18-month period would be super exciting because that's what had happened in the past.

And so we're in a different era.