00:00So, Mike, the crypto industry is definitely having a moment right now.
00:03There's a listing of your company, Galaxy Digital, Coinbase joining the S&P 500.
00:08You also have the debut of eToro and, of course, the price of Bitcoin itself on an upswing today, hitting a record of $108,000.
00:17Do you think the news around the crypto ecosystem is helping to drive the price of Bitcoin?
00:24What's wagging the dog here?
00:26I think, listen, it started with Larry Fink when he got orange-pilled and the largest asset manager of the world said this is a real asset, at least Bitcoin, that everyone should be part of.
00:37And lots of other companies, Invesco with us, followed suit, right?
00:43And so that was kind of round one of institutions coming in.
00:46But really it was the change of the shift of approach from the Gary Gensler SEC to this Trump administration, which has just embraced our industry.
00:57And that freed up the animal spirits both here and abroad, right?
01:01I've had conversations with heads of large sovereign wealth funds that said, if America's buying Bitcoin, we're buying Bitcoin.
01:08And so you're seeing like the snowball is rolling downhill.
01:11The one thing that could have held it back some, at least the Bitcoin price, would have been if Scott Besson and his team and Congress could have really knocked that deficit from 7% of GDP down towards 3%, which was his plan.
01:31Right now it looks like it's going from 7% to 8%.
01:33And, you know, I like Scott Besson a lot.
01:35I think he's as competent and capable as anybody.
01:38We're in a really hard position as a country.
01:41And when you have this kind of debt and you're seeing it with long ends of interest, yield curves are selling off everywhere, the dollar's under pressure.
01:50And that all is very good for Bitcoin and crypto assets as well.
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