Talking about what this Bitcoin having means, how do you think this cycle differs from previous ones that we’ve seen in the past? There are a couple of combinations. There are a couple of big factors, actually. There’s really sort of setting this halving apart from the rest. Aside from just the whole industry itself maturing every four years, we see incredible building and innovation that continues to sort of accelerate regardless of whether media attention is on the price of the coins themselves. The building continues unabated. But the real sort of differentiator, I would say, in this whole thing is the entry. For the access for institutional investors to come in in a meaningful way. And the way that they’re able to do that is through the new spot Bitcoin ETS that we saw launched in the US in January. Now there’s an easy compliant way to get exposure to the asset class. They don’t need to be concerned about the operational risks of how to custody these Bitcoin. And so it can become a long-term play for institutional asset managers, but it can also become a trading tool for prop traders, for hedge funds. And really it’s just deepening interest in the market and and maturing. Effectively the whole Bitcoin ecosystem. So and also of course the ETF’s are going to enable retail to have easy access. So this new entry point for these key players I think is, is is quite an incredible moment and we’ve seen the demand in just the first few months of launch. We’re into the billions now of flows and in the words of Larry Fink himself, it’s the fastest growing ETF in history. And so do you think that’s having, I mean is, is that’s what’s been driving the Bitcoin price, was it more the ETF story? I’m just wondering, you know, does this having have you know prompt more gains to really lift Bitcoin a bit higher or do you think a lot of this been priced in already? So the halving is an anticipated event. It’s programmed into the software. We know that from day one it’s a, it’s a feature of Bitcoin and the way that the network works, the way that it controls inflation. And so it’s priced into the extent that we’ve seen the the patterns. But what’s different on the pricing front with this car being is actually we’ve seen Bitcoin reach all time highs before the halving and that’s somewhat unusual bearing in mind we’ve only had three halvings and we’ve got 64 more Harvings to go. So you know as we go along we’re going to be able to see more patterns. We’re still very early innings here in terms of sort of looking too much. In the past price movement action but but also you know we’ve seen it reach all time highs but again Bitcoin softening price wise as we’re coming into the halving. So you know nothing too out of step with what we’ve seen in previous cycles.
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