Three Arrows Capital

And so in terms of the businesses that you banked, I'm obviously asking about these for a reason and we're getting to that.

But obviously FTX, were you banking with them Alameda as well? And was it like the Three Arrows Capital, like all the people that end up getting caught up in this sort of crypto

contagion? Sure.

Okay.

That was the last time anybody sold you a Bitcoin super cycle.

In February 2021, Su Zhu, the co-founder of Three Arrows Capital, said a super cycle top could take Bitcoin to $2.5 million.

Less than a year and a half later, Three Arrows had collapsed.

That super cycle call was built on borrowed money.

That is no longer the case.

We've learned a lot from the failures of FTX and from Celsius and from Three Arrows Capital.

We can't just trust people to say that they are safe or liquid or that they have all the Bitcoin.

We have to then now legislate and also include things like proof of reserves, and then also ensure that there's no rehypothecation and no lending going against those assets.

And so it's a, it's kind of a big deal 'cause it takes a lot of evidence for them to change their mind.

The last time I was talking to Mike on the TDR, uh, we really talked about comparing the last bear market to this one, and the last bear market was, you know, we had the Terra Luna collapse, followed by the Three Arrows Capital contagion, followed by FTX, like one, two, three sucker punches that created just so much pain and pressure, downwards pressure on the market, followed by the Gary Gensler era of j- Operation Choke Point 2.0.

Pretty bad time.

Yeah.

Uh, and f- during that time, you had Bitcoin not at the 200-week moving average, but below the 200 m- week- moving average for almost two-thirds of a year, and then again for another third of a, a year later, and so m- a meaningful amount of time below the 200-week moving average, which was unique, idiosyncratic in Bitcoin's trading history.

And then, so when I was on the TDR with Mike last, we talked about how we are at the, Bitcoin is at the 200-week moving average.

But also, we had no Three Arrows Capital.

We had no, uh, SBF.