 So my name is Nick Cowan. I'm the CEO of the Gibraltar Stock Exchange and we got involved in the crypto space about a couple of years ago We were asked to help a company structure and launch the world's first as a back security match the performance of the Bitcoin So we had to sit down with our regulator We had to go on a bit of a journey took us some time, but we got the product away We launched it and that really took us into the space then in 17 We saw the explosion of the the ICO market the government's bringing in regulations from January to regulate distributed ledger technology operators So we thought as the stock exchange of Gibraltar We should try and bring some leadership and governance to this whole ICO space So we've opened the Gibraltar blockchain exchange which kicks off in January in terms of being open for business and GBX is simply this we're bringing governance and best practices to the ICO space using a rule space system So we are we are now fully engaged in the crypto space When the government announced in May 17 a framework for regulations there were nine principles I don't think anybody in Gibraltar quite realized how much interest Demand from companies looking at Gibraltar that they would be and we've just been you know overwhelmed by the interest in us So with our wrecks coming into place in January We've already seen a number of applicants looking to get licensed from January ranging from Exchanges fellow exchanges cryptocurrency exchanges banks asset managers players in the space custodians So we see I think Gibraltar having an incredibly exciting few years ahead of it being one of the first movers So for us is the exchange well, we've got two things GBX will be the utility token exchange which we're launching in January and then during 18 We're gonna be looking to put Gibraltar stock exchange the main exchange Completely on the blockchain using distributed ledger technology. So if you're a security you can come to GSX Effectively be a digital equity. You can trade securities on a digital exchange Your utility token you can come to GBX. So we believe we have extremely exciting and attractive opportunity but also offering to help stakeholders, issuers, investors meet in a digital marketplace 50 years ago my granddad used to get paid in cash on a Friday and then they started to say You know what? We're gonna actually give you a check and there was just what are you talking about? This is paper and then 10 years later. We're not gonna give you a check We're actually gonna put the money directly into your bank account You can imagine that sort of transformation. I think wherever whatever happens in the future There's a transformation probably over the next five to ten years because cryptocurrencies at the moment They are not mainstream. They're not available. My mom doesn't know how to open a wallet I'm only just learned how to open a wallet It's gonna take I think another 10, 10, 20 years But you know what? I do believe there will always be fiat because until I think the technology supports The cryptocurrency space and the volatility starts to slow down Then I think there will always be an area of suspicion particularly from you know The older generation about what is this new digital currency that basically comes with a code So I think I don't think you'll have one of the other But I do believe they'll blend over time and it'll become a lot more acceptable and mainstream For a method of payment. I think that there has to just be more acceptance of it You know, I think what you're seeing now is you know, my background is trading So I've lived through a bubble an 89 in Japan I lived through a bubble in the dot-com boom in the States and for something when I said earlier that the Bitcoin asset back security When we launched that asset back security, that was August 16. It was $400 now as a $10,000. I think it touched 10,000 yesterday. Correct me if I'm wrong That is not sustainable. You can't have something go up 25 times in a year. So what you're seeing now I think is in terms of the demand for Bitcoin You're seeing a fear of missing out and people are saying, you know what? I was stupid to miss it at $500 I was stupid to miss it at $5,000. I now have to pile in I think in terms of the protocol It's an I'm not a tech guy, but I think because of the in some ways there are limitations of the protocol I think what you'll see is fellow Ethereum based blockchains where you've got the ability to smart contract I think that they will continue to emerge over the next 10 years But I think it sounds a Bitcoin, you know, I keep saying I've missed it It's probably gonna be $100,000 in a year's time and I'll just be kicking myself and saying I'm an idiot But 25 times sustainability per annum. I can't see that carrying on We sold 25% of our business this year to a Asian fintech company and they're Singaporean, they're Hong Kong and They're younger, fitter, better-looking and wealthier than I am. They keep saying you're so old What do you know about blockchain? Why are you in this space? You're just an old trader What are you doing? And that's been I think the the most interesting thing that actually I used to say listen I always try to learn from people older than me I'm now that old person and in fact it's turned around because actually now I'm having to learn from people younger than me So I kind of missed out on both counts. I clearly haven't taught anybody anything but it's a what what I think is amazing over the last few years is The transformation from fintechs being young to actually as you're seeing a Development going more mainstream. I was in a country in Asia last week I spoke to 500 people and the average age was 60 and they were all cryptocurrency traders So I was the youngest in the room. So that's a that obviously something's changing