Latest / The Paul Barron Crypto Show / Michael Saylor Selling Bitcoin?🔥$STRC Dividend Day Incoming

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Michael Saylor Selling Bitcoin?🔥$STRC Dividend Day Incoming · The Paul Barron Crypto Show

0:00
Speaker 1: Is Michael Saylor selling bitcoins. Today we're going to be
0:02
Speaker 1: breaking it down. I think you do not want to
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0:45
Speaker 1: so let's get into it today. I want to start
0:47
Speaker 1: off with a fud clip that came in from Patrick
0:51
Speaker 1: bad David.
0:52
Speaker 2: Look at this one, What do you mean he's entertaining
0:54
Speaker 2: selling bitcoin? Isn't he the one that micro Strategy keeps buying, buying, buying.
0:58
Speaker 3: You got to give it to the critics here because
1:00
Speaker 3: I think they it's the numbers are not adding up
1:03
Speaker 3: the way that they're supposed to, and this is potentially
1:05
Speaker 3: something more substantial than of course he's going to want
1:08
Speaker 3: to downplay it.
1:08
Speaker 2: And it was that sustainable. That was the argument.
1:10
Speaker 3: It was not sustainable. Now it's you have to wonder,
1:13
Speaker 3: is is the crack starting to show?
1:15
Speaker 2: I agree, at some point in time the music has
1:17
Speaker 2: to stop. So look what happened to the dot com bubbles.
1:19
Speaker 3: I mean, I think a similar thing's going to happen there.
1:22
Speaker 2: It's a look just like that. You think he's going
1:24
Speaker 2: to have that big of a drop off.
1:25
Speaker 4: Yeah yeah, They're sitting there at their board meeting and
1:28
Speaker 4: it's like having Princess Leah there.
1:30
Speaker 2: Help me, Obi wan Kenobi, you're my only hope. Only
1:32
Speaker 2: it's helped me. Kevin Walsh, You're my only hope. Yeah
1:36
Speaker 2: all right, So what a what a clip this is?
1:38
Speaker 1: I mean that essentially was looking at a situation where
1:42
Speaker 1: they believe that micro strategy is toasted. And I think
1:45
Speaker 1: this is the issue right now. A lot of people
1:47
Speaker 1: don't necessarily understand the strategy that they've put in place
1:51
Speaker 1: with Stretch, and we've had them on the show explaining it.
1:55
Speaker 1: I know there's a lot of people that will argue
1:57
Speaker 1: it one way or the other, but it is an
1:59
Speaker 1: interesting concept going into what I think will be one
2:02
Speaker 1: of the biggest gains we'll see in digital assets in
2:05
Speaker 1: the future. Here's a tweet right here. Strategy has acquired
2:08
Speaker 1: another five hundred and thirty five bitcoin for another.
2:10
Speaker 2: Forty three million.
2:11
Speaker 1: This is currently pricing in and around eighty k so
2:14
Speaker 1: as he is possibly selling to pay some of these rewards, dividends,
2:19
Speaker 1: whatever you want to call them, he's also purchasing as well.
2:22
Speaker 1: I want to go to a clip real quick, because
2:24
Speaker 1: this is Sailor himself talking about it.
2:26
Speaker 2: Take a look.
2:27
Speaker 4: I'm very famous for saying never sell you bitcoin, and
2:30
Speaker 4: that's why the internet went crazy when we said we
2:33
Speaker 4: might sell it. But if I was being more precise,
2:37
Speaker 4: i'd say never be a net seller a bitcoin. It
2:39
Speaker 4: just wouldn't have been so viral or so catchy to
2:42
Speaker 4: say never be a net seller a bitcoin. I think
2:45
Speaker 4: that in these periods, even if we were to sell
2:47
Speaker 4: one bitcoin, we'd be buying ten to twenty more bitcoin,
2:50
Speaker 4: So you're really talking about a situation where we buy
2:53
Speaker 4: ten bitcoin, sell one bitcoin, buy nine net bitcoin, and
2:57
Speaker 4: continue to create bitcoin be a non issue after people
3:01
Speaker 4: understand it.
3:03
Speaker 1: All right, So first of all, I would look at
3:06
Speaker 1: this and probably say that this was a marketing campaign
3:10
Speaker 1: for Stretch, and the reason is is to his point right,
3:13
Speaker 1: there is never be a net seller of bitcoin, meaning
3:17
Speaker 1: you're always acquiring, but yes you are selling some to
3:19
Speaker 1: handle and maintenance operations of your new financial instruments out there.
3:23
Speaker 2: So a very big one.
3:25
Speaker 1: Here is another clip that kind of explains it a
3:27
Speaker 1: little bit further. For many of you that are thinking,
3:29
Speaker 1: well sailors selling bitcoin, take.
3:31
Speaker 3: A look book comment how do you sell on bitcoin
3:33
Speaker 3: and buy ten?
3:34
Speaker 4: The number one bitcoin accretion engine is Stretch. We sold
3:38
Speaker 4: three point two billion dollars of STRC in April, so
3:43
Speaker 4: we bought three point two billion dollars a bitcoin. The
3:46
Speaker 4: dividend is about eighty to ninety million, So in the
3:51
Speaker 4: month when we're raising three billion, where we need to
3:54
Speaker 4: come up with eighty or ninety million dollars to pay
3:58
Speaker 4: the dividend, so you would be, in essence, you would
4:02
Speaker 4: be buying thirty bitcoin selling one bitcoin.
4:06
Speaker 2: So there you have it. I mean, that's the explas explanation.
4:09
Speaker 1: The argument I think would always be at some point
4:12
Speaker 1: that rotation of capital has an end because it's self rotation.
4:16
Speaker 1: And I think that's the real question mark that everybody
4:19
Speaker 1: has been asking. There's another clip that goes into the
4:22
Speaker 1: dividend date and why it's very significant if you're watching,
4:27
Speaker 1: and I'll show you a chart here in a second,
4:28
Speaker 1: or what stretch is doing has a lot of real,
4:32
Speaker 1: I think evidence of how this may end up being
4:35
Speaker 1: one of the darlings of Wall Street very soon.
4:37
Speaker 2: Take a look at this.
4:38
Speaker 5: So some traders have noted that whenever STRC issues a dividend,
4:43
Speaker 5: the ex dividend price trades below par for some period
4:46
Speaker 5: of time, maybe a day or two, and then once
4:49
Speaker 5: it reaches part that's that's when Strategy goes and buys bitcoin.
4:53
Speaker 5: So they started front running that pattern.
4:56
Speaker 4: What happens as we approach the dividend data is there's
4:58
Speaker 4: a massive demand and to buy STRC because there's like
5:03
Speaker 4: a ninety cent dividend after that record date. So there
5:07
Speaker 4: are billions and billions of dollars of trading and STRC
5:11
Speaker 4: leading up to it, and then the day after that
5:13
Speaker 4: record date, it trades down sixty cents or seventy cents,
5:17
Speaker 4: and then it gradually recovers back to par over the
5:20
Speaker 4: next week or two. So that's normal. Those are arbitrageers.
5:24
Speaker 4: Their ideas. I want to commit a million dollars of
5:27
Speaker 4: capital for one day, and I'm effectively I'm capturing forty
5:31
Speaker 4: two percent annual yield a year by having my capital
5:35
Speaker 4: tied up twelve days a year or something. And they've
5:37
Speaker 4: got their math. That's fine. It's good for us because
5:41
Speaker 4: it creates liquidity and engagement and that will continue.
5:47
Speaker 2: I think he hit it right there.
5:48
Speaker 1: It creates liquidity and engagement. Engagement is the thing that
5:53
Speaker 1: moves a lot of these markets. And if you just
5:56
Speaker 1: remember when the ETFs launched the ability for distribution, but
6:01
Speaker 1: more importantly marketing, so it was the first to market,
6:04
Speaker 1: always won. That's why black Rock is leading out in
6:06
Speaker 1: terms of the Bitcoin ETFs. But I think Stretch is
6:09
Speaker 1: kind of in the same really same family of what
6:13
Speaker 1: they've been able to do with his vehicle. And if
6:14
Speaker 1: you look at this tweet right here back above one hundred,
6:17
Speaker 1: this is after the April fifteenth dividend, dip took eighteen
6:21
Speaker 1: trading days to his point right there.
6:23
Speaker 2: To recover to park. If you look at that, and
6:26
Speaker 2: I'll go to the chart right here.
6:27
Speaker 1: These are all the dividend days right there. I'll go
6:29
Speaker 1: back to January. So yeah, January, you see it dip,
6:33
Speaker 1: there's the big dip. Then you see another dip, then
6:36
Speaker 1: you see another dip, and then here we are looming
6:39
Speaker 1: in on our first one, which is the fifteenth of
6:41
Speaker 1: this week, which is why we've seen stretch starting.
6:43
Speaker 2: To go back to park.
6:45
Speaker 1: Hence that trading arbitrage that is occurring, and traders, yes,
6:49
Speaker 1: have figured it out, so a lot of traders are
6:51
Speaker 1: looking at it. On the other side of when this
6:53
Speaker 1: dividend is paid, is that the opportunity to repurchase at
6:57
Speaker 1: the best time when you look at inc mental growth
7:01
Speaker 1: and then also the dividend payout in the next cycle.
7:03
Speaker 1: So that's why this is a unique asset. It is
7:07
Speaker 1: one of those that I think will continue to do well.
7:10
Speaker 1: And really what starts to make this even more unique
7:13
Speaker 1: is the DeFi component that's starting to play into this.
7:16
Speaker 2: Take a look at this clip.
7:17
Speaker 4: And here's the cool news, Scott. We didn't really understand
7:22
Speaker 4: the DeFi space, and we weren't heavily steeped in stable coins.
7:26
Speaker 4: In DeFi and crypto, we were always focused upon bitcoin
7:30
Speaker 4: and trad file, but a bunch of digital assets innovators
7:35
Speaker 4: like Apex and Saturn and Pendle, they all started thinking
7:41
Speaker 4: about this and they built yield coins and they built
7:45
Speaker 4: they built tokens that were back by stretch that generated
7:49
Speaker 4: yield because from their point of view, they're saying, am
7:53
Speaker 4: I going to power a yield with a real world
7:55
Speaker 4: asset like a T bill which page of three and
7:59
Speaker 4: a half percent? Or am I going to power my
8:02
Speaker 4: yield with digital credit at the page eleven and a
8:04
Speaker 4: half percent? So that becomes a competitor to, you know,
8:08
Speaker 4: other forms of yield and DeFi they started building that
8:12
Speaker 4: and and that entire complex went from zero to three
8:15
Speaker 4: hundred million dollars in a matter of weeks. Week. It's
8:19
Speaker 4: just doing this and and uh, there's going to be
8:22
Speaker 4: a thousand interesting things to do there, I can't you know.
8:26
Speaker 4: And it's very creative and it's very uh forward thinking
8:29
Speaker 4: and progressive. And they move about twenty times faster than
8:34
Speaker 4: trad fi.
8:35
Speaker 1: All right, keywords there, twenty times faster than trad fi.
8:39
Speaker 1: And I think for many of you, you're probably saying, well,
8:41
Speaker 1: is this the right time? You know, I would look
8:43
Speaker 1: at it, at least for me, you know, I look
8:45
Speaker 1: at this strategy. If you are looking at dividends as
8:48
Speaker 1: a part of this as one of your Bitcoin plays, yes,
8:50
Speaker 1: I would consider that.
8:51
Speaker 2: On the other side of that dividend. When you go
8:54
Speaker 2: back to that chart real quick.
8:55
Speaker 1: That's coming up, so possibly within the next week or so,
8:59
Speaker 1: we could see a little bit of deviation, which is
9:02
Speaker 1: the perfect time to grab that. So when we had
9:05
Speaker 1: the CEO Funally on the show a couple of weeks
9:08
Speaker 1: ago and we were talking about this very issue, the
9:10
Speaker 1: key was the growth of the ecosystem, and back then
9:14
Speaker 1: it was even, you know, considerably lower than what we're
9:17
Speaker 1: looking at here on the stretch yield ecosystem right now,
9:19
Speaker 1: which is over one hundred and thirteen bills. So this
9:21
Speaker 1: is starting to grow pretty significant as we see this,
9:26
Speaker 1: and to Sailor's point, this could get very, very creative,
9:30
Speaker 1: so be on the lookout for this. There's the variable
9:33
Speaker 1: X stock that is also growing. Even though holders haven't exploded,
9:38
Speaker 1: the value of the asset is continuing. This is just
9:41
Speaker 1: getting going. So watch this one as well. If you're
9:43
Speaker 1: in the X stocks and then if you look further
9:45
Speaker 1: into rdba's you've got the ondo side of it, which
9:49
Speaker 1: is where they're tokenizing this of course mostly sitting in
9:52
Speaker 1: within the B and B chain, but also on Salana
9:54
Speaker 1: and ethereum. We've talked about this before. This is another
9:57
Speaker 1: factor that we'll continue to grow. This is the early stage.
10:00
Speaker 1: If you look at these markets right now, there's looping
10:03
Speaker 1: markets right there, you can kind of see what APEX
10:05
Speaker 1: is doing. Then you've got the standard fixed apy markets,
10:08
Speaker 1: which are very similar to what we're seeing in the
10:11
Speaker 1: yield and dividend components. The other thing you get beyond
10:15
Speaker 1: the dividend is now you're getting the potential air drops
10:17
Speaker 1: of these new and upcoming tokens. This is APEX and
10:21
Speaker 1: what that looks like. This is just on poly markets
10:23
Speaker 1: saying that it's going to be over fifty mil. That's
10:25
Speaker 1: very possible, you know, with the with the marketing that
10:29
Speaker 1: stretch is getting right now, Patrick Bett, David futting It.
10:32
Speaker 1: You get David Lynn coming out wanting to know how
10:34
Speaker 1: this works. You got Melcher over there from Wolf trying
10:37
Speaker 1: to figure out, hey, how is this really applicant applying
10:40
Speaker 1: to new and really interesting investors of what they're going
10:44
Speaker 1: to go into, whether they get exposure directly to bitcoin
10:47
Speaker 1: or do they go this route, which in some people
10:49
Speaker 1: would say this is the safer route.
10:51
Speaker 2: So let me know in the comments.
10:52
Speaker 1: Which would you do today if your brand new to crypto,
10:55
Speaker 1: will just go out and buy direct on coinbase or
10:58
Speaker 1: in exchange and get bitcoin directly, or would you possibly
11:01
Speaker 1: go get something like a Stretch product that's publicly.
11:06
Speaker 2: Traded over on the SMP. Let me know.
11:09
Speaker 1: I want to go to a clip real quick, because
11:10
Speaker 1: this is a Hunter Horseley from bit wise talking about this.
11:13
Speaker 2: Because this and to his point, and I'll.
11:17
Speaker 1: Comment afterwards, but there is a very unique position that
11:20
Speaker 1: this product is in right now.
11:22
Speaker 2: Take a look.
11:23
Speaker 6: Most breakthrough products discover a benefit that appeals to the
11:29
Speaker 6: first principles of what people want, but is unusual in
11:34
Speaker 6: some way, which is why it hasn't been done yet.
11:36
Speaker 6: I think Stretch is kind of similar. So you saw
11:38
Speaker 6: them iterate through a number of different preferred instruments, and
11:42
Speaker 6: I think that they like much great innovation honed into
11:46
Speaker 6: the first principles of people want this stable nave, they
11:50
Speaker 6: want a yield greater than ten percent, and people think
11:55
Speaker 6: that Bitquinn's a great store of value, so they think
11:57
Speaker 6: that it's a great collateral for the nav It's kind
12:00
Speaker 6: of surprising, which is why it hasn't been done before.
12:02
Speaker 6: We actually just had a large holder of Stretch to
12:05
Speaker 6: a teach in for about twenty bitweisers who are trying
12:09
Speaker 6: to develop views on Stretch.
12:11
Speaker 2: But yeah, I think it's extraordinary.
12:13
Speaker 1: So you can see it that the likelihood of this
12:17
Speaker 1: getting some big groundswell support on traditional finance is going
12:23
Speaker 1: to be a reality, and that will only seed the
12:26
Speaker 1: DeFi ecosystem, which most likely many of you guys will
12:29
Speaker 1: probably participate in. And it also brings back the whole
12:33
Speaker 1: question of is micro strategy a ponzi we'll take a
12:36
Speaker 1: look at this clip.
12:38
Speaker 4: There are also trolls on the internet that continually complain
12:42
Speaker 4: that this is a ponzi scheme because we sell equity
12:45
Speaker 4: in order to fund a preferred dividend. We what we
12:48
Speaker 4: want to do is we want to reinforce the business
12:51
Speaker 4: model is we sell credit to make a comp door
12:53
Speaker 4: investment in an asset, bitcoin, digital capital. The comp door
12:58
Speaker 4: investment of creates over time, I'm faster than the dividend.
13:02
Speaker 4: We then monetize the capital gain and we pay the dividend.
13:05
Speaker 4: We think that the best way to punctuate this, to
13:08
Speaker 4: make it very clear, is to make the point that
13:11
Speaker 4: the company doesn't have to sell common stock ever, we
13:14
Speaker 4: can simply sell highly appreciated bitcoin. I think the analogy
13:20
Speaker 4: is like a real estate development company raises capital by
13:25
Speaker 4: issuing a credit instrument, buys land to ten thousand dollars
13:27
Speaker 4: an acre, develops it it's worth one hundred thousand dollars
13:30
Speaker 4: an acre, and then they monetize that capital appreciation. You
13:35
Speaker 4: could sell the land at one hundred thousand dollars an acre.
13:38
Speaker 4: You could rent the land after you fully developed it.
13:40
Speaker 4: You could refinance the land, but nobody questions a real
13:45
Speaker 4: estate development company that makes a capital investment with credit income.
13:50
Speaker 4: What we're doing is the same thing with bitcoin, and
13:53
Speaker 4: we want to make sure that the market understands that,
13:57
Speaker 4: all right.
13:57
Speaker 1: So to my point, I just want to make sure
13:59
Speaker 1: that you guys under stand that. To be very clear,
14:01
Speaker 1: this is not something I'm condoning off. I'm not standing
14:05
Speaker 1: behind this product out there. What I'm trying to get
14:08
Speaker 1: out there for you guys is a way to really
14:10
Speaker 1: analyze how these new things are working.
14:13
Speaker 2: Now, will it be a winner. It's quite possibly it
14:16
Speaker 2: could be. Could it be a loser?
14:17
Speaker 1: Yeah, there's always that Those who think that are guys
14:21
Speaker 1: like peer Shift, so Sailor says. He says Sailor Dodge's
14:24
Speaker 1: argument about stretches a posi. Peter thinks bitcoin is a
14:27
Speaker 1: Ponzi scheme. Peter is really not a lover of anything
14:29
Speaker 1: except gold, And of course you could say this about
14:32
Speaker 1: gold as well. As the early adopters are now selling
14:36
Speaker 1: into this. So Saylor also admitted stretches being bought by
14:39
Speaker 1: retirees whose primary objectives are low risk, wealth preservation and income,
14:44
Speaker 1: which sounds exactly like the gold demographic.
14:48
Speaker 2: So that, as well as others out there, I.
14:50
Speaker 1: Think you'll continue to see. Listen, there's going to be
14:53
Speaker 1: a lot of different products that go to market, especially
14:57
Speaker 1: as we get clarity coming through. You look at this
15:01
Speaker 1: innovation that's happening in Wall Street right now, with black
15:03
Speaker 1: Rock pretty much leading the way. This is just the beginning,
15:06
Speaker 1: I think it really is. And if you look at
15:08
Speaker 1: Stretch general, you can kind of see this thing has
15:11
Speaker 1: absolutely just exploded in a very short period of time.
15:15
Speaker 1: So to Sailor's credit, he has created a demand for
15:19
Speaker 1: a product that I think is going to be copied
15:22
Speaker 1: here in some way in some other ecosystems or possibly
15:26
Speaker 1: even within bitcoin.
15:27
Speaker 2: Who knows.
15:28
Speaker 1: But the key here is as we are seeing the
15:30
Speaker 1: birth of a new asset coming out there, well last
15:34
Speaker 1: point on Shift, because this is something that really if
15:37
Speaker 1: you look at the gold bugs out there, they could
15:38
Speaker 1: have probably done something very similar to what Sailor has
15:41
Speaker 1: done is create a yield bearing asset around this as
15:44
Speaker 1: a credit instrument. The problem is is the volatility. That's
15:47
Speaker 1: where Bitcoin wins, and in reality, I think it pretty
15:50
Speaker 1: much puts it in a position where this particular asset
15:53
Speaker 1: has already won, especially around what we're dealing with right now,
15:57
Speaker 1: which is yield starved investors. And think about this as
16:02
Speaker 1: we see interest rates come down. When they come down,
16:06
Speaker 1: look at all that capital that's going to be looking
16:08
Speaker 1: for a new home and they're going to get creative.
16:10
Speaker 1: So that's just another thing that plays into it. Now
16:12
Speaker 1: here's Fong Lay, the CEO of Strategy who was on
16:15
Speaker 1: our show, and he breaks down the math versus the
16:19
Speaker 1: ideology because you need to understand it. I know they
16:21
Speaker 1: were out there using this almost as a marketing play
16:25
Speaker 1: for Stretch in general, but take a look at this.
16:27
Speaker 7: One, and ultimately I believe in math over ideology, and
16:32
Speaker 7: at the point where selling bitcoin versus selling equity to
16:35
Speaker 7: pay a dividend is better for our bitcoin per share
16:38
Speaker 7: and for our common shareholders, we'll do it. Look at
16:40
Speaker 7: what's happened to our equity holders since we entered this
16:43
Speaker 7: strategy almost sixty years ago. Right We've outperformed bitcoin by
16:47
Speaker 7: about fifty percent, So Bitcoin's been up forty percent, we've
16:50
Speaker 7: been up sixty percent, So we've clearly been positive to
16:53
Speaker 7: our equity holders. And now if you look at our
16:56
Speaker 7: preferred holders, somebody who otherwise couldn't get access to yield
17:00
Speaker 7: is getting eleven and a half percent paid monthly in
17:03
Speaker 7: cash tax deferred. So I think we're providing an important
17:07
Speaker 7: service to bitcoin to common equity holders and are preferred holders,
17:11
Speaker 7: and they're all quite happy right now.
17:13
Speaker 1: So one last point here, because many people would say, well,
17:17
Speaker 1: do you know the ogs a bitcoin? Do they participate
17:19
Speaker 1: in something like this? Are they going to be selling
17:23
Speaker 1: into this? There's all kinds of situations. Bal should has
17:27
Speaker 1: asked a question on this most recent earnings call by
17:30
Speaker 1: strategy that I think is worth listening to listen.
17:33
Speaker 3: It why was the question that you asked a controversial?
17:37
Speaker 8: I just believe in bases, you know, I've I was
17:40
Speaker 8: just reading about Star Wars and how it's just gone
17:42
Speaker 8: down that shitter. Star Wars was like the greatest thing,
17:46
Speaker 8: and Kathleen Kennedy made all these like sort of unstar
17:50
Speaker 8: Wars in sequels and they lost the base. Whereas if
17:54
Speaker 8: the bass is like I'll screw this, I'm going to
17:56
Speaker 8: go find something else, then you only have sort of
17:59
Speaker 8: new bees who are using it through like an ETF vehicle.
18:03
Speaker 8: And I wonder, you know, does that make the commitment
18:08
Speaker 8: to it a little less strong and secure? And so
18:12
Speaker 8: that to me is an important question, could almost be paramount,
18:17
Speaker 8: And he answered it.
18:18
Speaker 4: The cryptogs are not going to put bitcoin on every
18:21
Speaker 4: iPhone and every Android phone in the world. That's going
18:25
Speaker 4: to be corporate actors. And so the corporations are doing
18:29
Speaker 4: their part, the cryptogs did their part. Everybody's in the system.
18:34
Speaker 8: And like I said, I just think anything that's such
18:37
Speaker 8: a that is going to be cool and remain cool
18:41
Speaker 8: and interesting. I think you need the base to be
18:44
Speaker 8: part of it.
18:46
Speaker 2: All right.
18:47
Speaker 1: So I'm kind of split on the two positions there
18:50
Speaker 1: With Eric, you know, Eric and I have had many
18:53
Speaker 1: conversations about this, and I think the question mark I'm
18:57
Speaker 1: not necessarily believing that the.
18:59
Speaker 2: Base is has to be fulfilled to be the future.
19:03
Speaker 1: I think what you have is there was a time
19:06
Speaker 1: when his example, there was Star Wars. There was a
19:09
Speaker 1: time when that was the evolution of really sci fi.
19:13
Speaker 1: But the evolution started to change and shift, and with
19:17
Speaker 1: that came new audiences and new bases, and I think
19:20
Speaker 1: that's what we're going to deal with with products and
19:23
Speaker 1: potential instruments like what we're seeing right now, whether it's
19:26
Speaker 1: de five, what's happening in stretch on the trad fi markets,
19:29
Speaker 1: or even the extended products that are going to come
19:32
Speaker 1: out of this.
19:33
Speaker 2: That I think is building a whole new base.
19:36
Speaker 1: Sure, there's always going to be the Star Wars fans,
19:38
Speaker 1: the Bitcoin owners that are probably going to still dabble
19:41
Speaker 1: in that, but the likelihood is the growth is going
19:44
Speaker 1: to come from the newbies that are going to continue
19:47
Speaker 1: to grow this market. So that's just kind of the scenario.
19:50
Speaker 1: I don't think you need a ridiculously strong base to
19:54
Speaker 1: be able to make this become something else in the future.
19:58
Speaker 2: But that's just my take.
20:05
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20:08
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