00:00This is still a speculative asset. When people talk about it being a storehold of value or a diversifier, it may become that over time, but it's not that yet.
00:11So if you're going to buy it, you need to understand what you're buying it and how it's going to affect your portfolio. That's one takeaway.
00:16This is not your inflation hedge. This is not your dollar hedge. The second point I'd make is the contagion risk.
00:22So when Sam Bankman-Fried's efforts exploded, there wasn't much contagion because it was a pretty contained ecosystem. That's changing.
00:30And I think micro strategy is sort of the tip of the iceberg of that. January 15th, I believe, is when MSCI is going to decide if they stay in the index or not.
00:41Now, that is contagion, right? That's part of what pulled crypto down, Bitcoin down so much in the recent month or so.
00:50If they stay in MSCI, they continue to get passive investor capital. If they're taken out, they lose that support.
00:58Some of this is already discounted in the market, but it could bring you another leg of Bitcoin downside.
01:03To me, that's the thing to watch. How much are traditional financial firms getting involved in public market companies getting involved with crypto?
01:11The bigger crypto gets and the bigger this inclusion, the bigger the contagion risk that we just need to be aware of.
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