So we all know theres two times to take risk. One is when youve got nothing to lose and one is when youve, when you can, when you can afford to do it so when youve got nothing to lose, that was march 2020 into september, theyve been given a check 1200 bucks not going to change their life. Theyre stuck at home, they dont need to spend it, so they go on robin hood and they discover call options brilliant and guess what it worked. And suddenly 86 million millennials got financialized all at the same point, but theyre risk takers. They understand crypto, they understand risk. Taking from gaming its very different, we were taught different things and the parents of the boomers were the silent generation um, and they were much more risk averse because of the back of two world wars. So now weve got a group that have never seen stuff like that before who are who have a lower wealth of their age than any previous generation in history and theyve. Seen an opportunity so theyre going to swing from the fences and thats changed. The structure of the option market makes me laugh because everyones like the option markets crazy, look at this complete exponential, um use of auction options. This is a bubble. No youve just bought 86 million millennials and probably i dont – have 50 million 70 million gen z into the investing base and give them robin hood options, and they cant lose more than they put in yeah for it right.

Why the hell not, we all, have to learn the hard way and we also need a few victories and that way they might be able to speed up that process, because you can lose money pretty quick, but you can make some good money quick, too, and whats Really interesting is these: people are all coalescing on a platform like reddit and talking about their losses. Keith, our industry is built around excuse. My french built around people who dont want to talk about losses because it makes them look weak. These guys are laughing at their losses and saying i learned from it. If we get the younger generation to treat this like 401ks, that we were forced to do, which is bear market bull market, just dollar cost average yep that actually works to generate wealth. If an assets going from 2 trillion to 200 trillion right, you should do very well, so you dont need to trade. You dont need to do anything and you shouldnt care about the boulevard markets. Now some people want to trade. It theres a lot of leverage in the space, not in the us so much in asia, and it tends to be pretty short term leverage and whats interesting about crypto leverage. Is you cant? It essentially works like an option because it it gets liquidated. So you cant end up with with unlimited losses, so its actually quite interesting um. But i think that you know theres going to be periods when we hit the goldilocks point in the economy.

The central banks, arent printing um and its that extended mid cycle period and crypto shouldnt, do that well, and people will will start to look at other assets and diversify and you know thats. What i will do is you know over time, im 100 crypto now. Will i remain 100 crypto without question, not because im out to maximize my returns, um and minimize my downside? So, but if youre young, you can just keep dollar costing averaging and you actually want the bear market. You actually want, if youd a dollar cost average, which none of us did because were all gen x cynics if we dollar cost averaged the nasdaq um over that sell off in 2000. Weve done pretty well, but we didnt because were two miserable old cynics who say well, there was a bubble and that taught you all everything didnt teach anybody anything. As you said, google apple microsoft. They did just fine, they didnt get to new highs as quickly. But if you look back now considering were talking about dollar cost averaging, so you you looked back 15 years later, suddenly youve outperformed everything all over again. So we need to be careful of our gen x cynicism but im as im a cycles guy, as you are um and i will trade the cycles its as simple as that, once you add a system of money in a community, what youre doing is is youre Youre youre incentivizing everybody in that community to grow that community and to benefit in that community.

This business model is gigantic and i have spent time speaking to the worlds biggest music, artists, media companies, um membership, clubs, everything and everybody goes. Oh, my god! I get it now yeah, the nfts are just part of this yep, so everything is going to tokenize disney will tokenize all of its franchises and disney itself. Therell be a disney token, and disney will essentially be a digital, sovereign state, because youve got huge community. Billions of members you own the disney token so youre now part of that network and youll, probably have the token of lets, say the marvel con, comics or or mickey mouse, whatever sub communities. So these are tokens as well and therell be nfts, which are scarce, digital assets, which we can collect and all of that ends up being into the metaverse, which is the kind of the more broadly digitalized world that we live in as opposed to it. Being. You know one game owned by somebody in the current state of affairs. Equity holders make the money and everybody else gets monetized. This community model means that everybody shares, and so you can actually think of this as investment becoming a culture. Okay, so lets say you invest in rihanna, rihannas token and rihanna has another hit album and a massive tour and everybodys talking about her social media. Her tokens going to go up youre a fan, youre, creating videos around it doing content because youre really involved in the community and the more you do.

Maybe you earn more tokens or maybe the token goes up because youre helping the community. What youve made is investment in culture? Culture has now become an investment which it wasnt before youd have to just buy goods, and that was it and you felt good because youre part of that community, whether its you know, nike trainers or apple phone, whatever it was. Whatever community, you thought youre part of this way, youre actually part of that community and you create universal basic equity. Yes, thats a big concept, thats a huge because so a gen, z or younger can be a can discover a new game which none of you and i will never discover because its its, not our generation theyll discover a new game. Theyll go! Oh my god. This is amazing, they will own the tokens in it. Theyll want to own more tokens in it because they think its amazing and they will make money that is already happening. As you say, whats going to happen is institutions are going to rebalance every quarter yep if its gone up a lot or gone down a lot, theyll be taking opposite flows that actually gives market depth and liquidity. As we know, it may dampen volatility. So over time it lowers the expected future returns, because the risk reward, if youve got less volatility, youre likely to get less upside over time, but thats a function of network adoption effects anyway, and you see the curve go less exponential over time as theres more adoption.

So uh youre dead right people are gon na have to get used to it, which is why ive kind of made that potential call that this market will probably elongate longer. Based on this very fact, because institutions going into a new asset class will say you know what were going to do this in 2022., so theyve made the decision, theyve been onboarded by fidelity or coinbase and theyve done all their homework and theyve had their trustees accept It theyve done all their paperwork january is about the time. Theyll start investing.