 What cryptocurrency is really this idea of a decentralized network that you can verify, value transfers and ownership globally, instantly, without any intermediary, you know, has tremendous potential. And it actually highlights how broken the legacy system has been. So, you know, you've heard some examples of how long it takes just to transfer between your own accounts at a bank. You know, you've had news articles come out talking about how, you know, when you send money from one country to another, it's hopping through different bank networks and you're not, everyone's taking a little slice, everyone's converting, but you don't quite know what happens on the other end and it takes days. And there's no need for those kinds of inefficiencies in the system. You know, we can send an email across the internet instantly today. We should be able to do the same with our own money. I think it's a very elegant, technical, computer science-oriented solution to a problem that doesn't exist. Do we need something called money that we can use so we can go and buy a bagel without having to find something that the bagel shop owner wants to trade with me? Absolutely. We have that technology. It's called the US Dollar. And so really what we have is a competition between two technologies. The US Dollar, managed by Janet Yellen, Bitcoin, managed by a computer algorithm. And if you think about what's going to help one technology beat the other, what are some things that you're going to want? You're going to want the technology that's most widely accepted. This is a network good. Currently, that's the US Dollar. You're going to want to hold your wealth in a currency that's stable. Currently, the US Dollar is remarkably stable and Bitcoin is not. All the wrong you can do with traditional currencies, traditional financial services you can do with cryptocurrencies and some of them work a little faster, are a little bit better for criminal behavior. But to a great extent, money laundering, the drug laws, etc., etc., are doing more harm than good. Those laws are causing more problems than they're solving. I think the rise of cryptocurrencies is a political challenge and in this kind of democracy, I think that's extremely healthy. I'm not worried about the competition. I think people should recognize that it is a very political debate we're entering into. The problem is everyone has a different concept of privacy. Some people hear privacy and they hear anarchist anonymity. And some people hear privacy and they realize, okay, this is actually really important to preserve privacy because the network is really transparent. So depending on what your framework is of how the network works, is it transparent? Is it anonymous? Your reaction to how that network should be modified to address public policy concerns will be very different. Partly it's the crisis of 2007, 2008 and the money and credit led to that crisis and came under pressure subsequently. That led to a lot of dissatisfaction. There's various alternative currencies that have been established and Bitcoin has managed to get some traction and managed to get some powerful backers from the venture community. So attention is now focused on this and we start to have competition between alternative business models and between these new cryptocurrencies and the existing monetary system. There's a new product arises because everyone really, really wants a smartphone that will fit in their pocket, for instance. It turns out that most of us are pretty happy with our wallets stuffed with probably not quite enough US dollars using that. So it's a technological innovation. The question is whether it's an innovation for which there's any market demand. So why did it come about now? One part of the answer to that is there was some difficult computer science problems that were solved in putting this together but just because you solve a technical problem doesn't mean you solve a real world problem. I think there's also a real sense of libertarian zeal around some issues. The idea that the US government runs anything, including our monetary system, some people find just too hard to bear. So they want to set up a competitor in some sense they have and we'll see how that competition works out. Bitcoin was released, I think, we can only guess, with that in mind that people were going to be looking for something better. It could be something better or at least something that makes things a little safer by giving people an outlet to a different money, to different forms of financial services. It's essentially competition to a number of different existing societal infrastructures. And competition is good. Even if Bitcoin fails it will strengthen the existing financial systems and monetary system. I don't give an investment advice for a good reason. I think people should look at the full range of investment opportunities available to them and they should be very careful about things they don't understand. So always try to understand fully what you're going into and on that basis look at your options that are very broad these days. I make it a policy to never give investment advice because I don't even trust myself with that. I think that there will be enough time if another paradigm comes in to take Bitcoin's place. I think that if Bitcoin is a fraction of what we think it can do, one Bitcoin will probably be worth a lot someday. That being said, I wouldn't tell my mom to put her life savings in it right now. Personally, I hold Bitcoin but it's not something that I hold on for retirement purposes or anything like that. People should move their fund money into Bitcoin and cryptocurrencies. It is fun to hang on to, to understand how it works, to pretend to invest in, but hold only the amount that you're willing to lose. That's where we are now in the cryptocurrency realm. It's not mature enough that you should rely on any cryptocurrency as an investment of any significance in your portfolio.