Look, i think what happened with voyager today is not particularly surprising, not that voyager was clearly a company that was destined to fail, but you know the industry got too expansive too big too creative, with too few kind of fundamentals, and just like weve, seen generally with Private tech startups that get way overvalued, then the market cuts them down considerably. You know this is another version of that so whats. The issue here is it that that it it just wasnt a mature industry. Is it that there wasnt enough regulation like people are losing money theyre not getting it back? No look, i think, thats a few things, but the biggest problem is crypto is an asset class thats based on nothing but momentum and ideology, which is totally different than any other commodity or stock or anything else, and with 2500 different tokens, theres literally nothing to distinguish The good from the bad, the valuable from the less valuable and, as a result, people end up making choices that feel almost kind of random and they can lose a lot of money. So what i would like to see – and i get that therell – be some antitrust issues around this, but is why do we identify the currencies, the tokens that have some kind of intrinsic value right? So it could be a bitcoin where theres a finite supply of how much can be mined and therefore that creates some underlying value or ethereum, where you can build new applications and new protocols on top of it.

Um that could have real value, but you know, find the tokens and find the the currencies where theres actually bitcoin, that bitcoins gone from almost 70 000 in a matter of months to under 20. yeah. But i think that part of that is because theyre theyre suffering from the entire industry collapsing – and i think, if you didnt – have 2500 different tokens um each with sort of its own totally different story narrative. It would be a lot less volatile. So i think the the the vast number of it, combined with the lack of regulation completely, is what creates the volatility, and i think the way to limit that going forward is fewer tokens, make sure theres some sort of intrinsic value to them and then, as the Sec and the cftc and whoever else start promulgating regulations around crypto. Take that into account. You know they could say. Yes, normally we wouldnt, let exchanges come together and decide. Here are the only companies that were going to offer, but there are anti trust exemptions in other industries, and maybe there could be one here too. So it sounds like youre not losing conviction, and you see this almost like in a in the dot com crash where something stable is born out of it. So what opportunities are there? Are you? Are you investing around things that you think will stick around in this crash to me its at this point, its its the really basic, fundamental uh tokens and currency, that that makes sense right now, um, look overall, if you take a half a step back.

One reason why crypto really took off um other than sort of people being bored during covert and not knowing what else to do with their time and money is theres. A fundamental lack of trust in institutions all across this country and all across the world. Thats been happening since the vietnam war. So if you look at every poll to trust in government in the church in wall street, in the media, you know theyve all plummeted and that trust has to go somewhere and so one of the places that it went to is bitcoin and ethereum. And basically, the notion of i would rather take my chances with like minded people than with some central bank who rigs the game against me. I dont think that trust in institutions is increasing anytime soon. I think its just going to get worse and worse. If you just look at our politics its pretty clear that it continues to degrade by the day, if you agree that that lack of trust is going to continue, that means that fundamentally cryptocurrency and some of the key tokens are going to be fine long term. Theyre.