So why would I reenter dollar the system to make investments and be subject to the mutability of the dollar, even though I think in the long run Bitcoin will do better than dollar. I didn’t want that. So now you see a difference between their strategy and our strategy and you also further see, if you forget about our strategy for a second, how reasonable all those strategies remember, it’s the majority of people, I’m not criticizing them, I’m saying that those strategies ex-postulated the way I just ex-postulated them, they’re entirely reasonable. They’re even defensible, but they’re embracing a risk that I chose, I have no intention of ever undertaking that risk and I won’t do it and I didn’t do it. So you can see why the majority of people felt otherwise because they treated the currency of Bitcoin as if it were the Euro or the Yen or some other type of currency and it’s not, because those are investments.
You could have undertaken an investment in Europe or Asia or somewhere else and you can make reasonable assertions, although they might be wrong, but how other currencies will operate, because they’re all fiat currencies. Bitcoin is not a fiat currency. It operates in accordance with certain strictly defined rules. So in the, in a finite time period, you don’t really know what’s going to happen to crypto, especially if people are incognizant of the effect of their focus in having, which they weren’t. So anyway, but I’m sympathetic to what people did. I just don’t agree with it, but it’s entirely reasonable. Just because something’s reasonable doesn’t mean it’s right, it’s reasonable, it’s defensible. It was just the wrong thing to do and we didn’t do it.
But that’s what makes a market, I guess we do different things, but I’ll never criticize it on grounds of unreasonability. It was reasonable. So all companies did that and I think they’ve learned their lesson and it just going to take varying amounts of time to work through those problems and we’ll see what happens. So what’s next?
Thérèse Byars: Okay, what does management make of how the FTX contagion is affecting Digital Currency Group and its subsidiaries, Genesis and Grayscale given the FRMOs and Horizon Kinetics funds main Bitcoin exposure comes from GBTC?
Murray Stahl: Okay? It’s not, FTX is not impacting it. FTX is very simple. FTX is just embezzlement. So there’s a certain amount of money FTX, whether it’s currency or fiat is irrelevant, it’s just purloined. FTX is very simple. The problem that you’re referring to is, what is the discount to net asset value of the Bitcoin Investment Trust? So there are people who believe that the liability at Digital Currency Group could theoretically be accelerated and they’ll have to pay for the asset and they’ll have to, their biggest asset is the shares they own at Bitcoin Investment Trust, which in theory, they could be forced to hand over the, I don’t believe it’s likely, but if you want to paint the gruesome scenario that some people paint, so in relation to FTX, well there’s liability, you have to pay it and you’re going to hand over shares of the Bitcoin Investment Trust, which of course the people get it don’t want.
