EP 32 - January 8, 2025 - Coinbase Interlocutory Appeal
Welcome to another episode of the weekly crypto check-in recorded on January 8, 2025. I'm your host, Robert Swartout. I'm with you and my cohost, Andres Sanathe. How's it going, Andres?
Andres Sandate:Good. Happy New Year. It's
Robert Swarthout:good to Good
Andres Sandate:to hear. Be back here. 2025 is here, and, man, I'm excited. I think it's gonna be a eventful year.
Robert Swarthout:Yeah. We, we haven't recorded a while. I was looking. I I couldn't remember the last time I recorded. It was it ended up being December 18th.
Robert Swarthout:So it feels admittedly longer than that, but, but happy to be back at it.
Andres Sandate:Yeah. Did you have a good few weeks?
Robert Swarthout:I did. You know, we stayed in town, for both Christmas and New Year, so that was nice. It was a little low key and, all the good stuff. So we had some family in town, but, otherwise, pretty quiet.
Andres Sandate:Yeah. And we're expecting, here in Georgia at least a rare event, this week, maybe, the potential for snow. So, I know that, around the country between the wildfires out in California and, you know, the major blizzard like storm that hit really where I'm from Kansas and sort of moved across the country. Yeah. Welcome to 25.
Andres Sandate:Mother Nature's having fun with us right now, and, thoughts go out to everybody that's being impacted.
Robert Swarthout:Yeah. Absolutely. You're right. It will be you know, I'm never a fan of snow in Atlanta because it's never a good thing. So I'm hoping we get the minimum, whatever that ends up being.
Robert Swarthout:I don't think we but it it's looking like 5 to 7 inches. So I guess some people will find it fun. Well, the
Andres Sandate:kids are all hoping for it. I can let you know that, in my house, they're all excited. So we, and my wife is, conveniently leaving for a work trip to, Belize, tomorrow. So she's gonna be in warm those warmer temperatures just in time. Yeah.
Robert Swarthout:Yeah. Well, my my wife's out of town this week because it was her birthday. She went out of town with some friends, and, she's gonna miss all the snow. There may be some on the ground when she gets home on Sunday, but so it's, I'm I'm doing horse chores in the really cold and, soon to be snow. So I
Andres Sandate:Well, we've got a lot of headlines, geopolitical headlines, and obviously some some news with, what's going on in in crypto, in terms of ETFs and SpaceX and the UAE. So it's just like a geopolitical, crypto check-in today in in some respects.
Robert Swarthout:Yeah. You know, it's you know, I think I was actually had noticed that too when I was gathering the topics. And I think part of it has to do with you're just having a winding down in the Biden administration, and just kind of we're in that lame duck period. Well, actually, for the president at least, we do not have to have the new Congress in place at this point. So anyways, well, let's jump in.
Robert Swarthout:The first topic is El Salvador is forced to ditch Bitcoin, And I guess we have to kind of define what ditch means here, but at the same point, I I think it is a bit of an about face for them. You know, I I don't know how much mainstream press, if any, this was receiving the last couple years, but, their their president, I believe, or whoever runs the country, I I think he's the president. But he, has been pro Bitcoin for a while, had you know, he always likes to trumpet when they're making money in their Bitcoin, but never talks about when they're down on their investment, that type of situation. But they, took a financing package from the IMF, and part of the agreement was they had to ditch Bitcoin, basically having it as legal tender and had to delete the company's assuming the country's approved, Chivo Bitcoin wallet. So they couldn't use it as tender.
Robert Swarthout:I it it's I guess when the rubber meets the road and you really need funds,
Andres Sandate:you know. That's right.
Robert Swarthout:Your opinions may change. I don't know. I'd love to
Andres Sandate:see that term sheet. Right? And just how they how they actually preface that. But, sort of a, anybody that's ever borrowed money in the business context, you know, you get the term sheet. Is it binding?
Andres Sandate:Is it indicative? In this case, I'm sure that was probably part of the initial round of of, terms that went out. And and so well, it was an experiment. And It was.
Robert Swarthout:You know, in part of what was called out that I I think is worth sharing is when they talk about digital assets in the agreement, it goes on to say the potential risk of Bitcoin that the Bitcoin project will be diminished significantly in line with the fund's policies. Legal, reforms will be, will make acceptance of Bitcoin by the private sector voluntarily. So, basically, the government can't accept and all that stuff. So Bitcoin's not going away per se in El Salvador, but, I can't imagine we see any more tweets about how well their investment's doing by their president.
Andres Sandate:Yeah. Yeah. Well, I know, in the letter we put out for December for the fund, one of the things that I am paying attention to in 25, speaking of, you know, treasuries and holdings, is the number of larger US companies that are publicly traded who, add, you know, Bitcoin to their corporate reserves or treasury, management strategy, if you call it that. And, we saw some big companies, you know, back away, but without into their shareholders in 24. So that's just something I'm gonna be paying attention to.
Andres Sandate:We've covered MicroStrategy and their approach to Bitcoin, which is on the far extreme in terms of aggressive buying and, you know, probably pay paving some new ground, if you will, from the standpoint of corporate governance and shareholder rights, etcetera. But, more of the mainstream companies, you know, call it the S and P 500 companies. I'm gonna be watching to see their approach to to digital assets in particular, you know, how they and if they do, like to buy Bitcoin or other Mhmm. You know, cryptos.
Robert Swarthout:Yeah. You know, it's funny you mentioned this because I was texting with a friend over the break about how I just been wondering to myself, like, why why Bitcoin needs to be on the balance sheet of of companies. Like, I I'm a bit of a skeptic in that sense. And I was and I was trying to figure out, like, an analogy of how I feel about it, and I had come up with, is this the 2024, 25, 26 version of ESG, where everyone was also claiming could they caring about it? Now no one seems to, you know, BlackRock doesn't seem to be selling it anymore.
Robert Swarthout:So, we'll see how it all, shakes out over the next, really, year, year and
Andres Sandate:a half. But Well, there has been, you know, over the last not to get too political, but in the topic of ESG and sort of in one of the same themes is, you know, there have been some notable, I would call it retrenchments by big corporate public companies around their DEI, efforts or DE and I efforts. Right? So Mhmm. You're seeing I think McDonald's was in the news recently, maybe earlier this week, about they're gonna continue to focus on, some aspects of what was their former DE and I strategy.
Andres Sandate:But, yeah, I mean, there's a lot more activism from investors or pushing companies, and particularly boards through public campaigns. With the proliferation of just information through, you know, not only the mainstream press, but just things like Reddit and chat, chat rooms and Twitter, or now x, like, it just there there really is no, agenda or issue that's particularly off the table. So Bitcoin or digital assets, like, included. Right?
Robert Swarthout:Mhmm.
Andres Sandate:Pro or con. So it should be a lot to watch. Yeah. You know, if you're gonna be a director of a public company these days, or an officer, like, probably, you know, the first thing you're probably gonna get recommended to do by your, your attorney is to get some good insurance. Agreed.
Robert Swarthout:Yeah. So the insurance guys are gonna be real happy. So what's
Andres Sandate:Right. Always somebody.
Robert Swarthout:Yep. So moving on here. Our next topic, I was excited to see. I had wondered when this was gonna happen. It hasn't launched yet, but, Hashdex, is a issuer that has applied to create a crypto index ETF.
Robert Swarthout:Mhmm. And I would imagine that that's Bitcoin or Ethereum. I was having trouble finding details on what the mix what the makeup is. But over time, or over time when the Trump administration's in place, I mentioned this stuff changes pretty quickly.
Andres Sandate:Yeah. I would agree. Yeah. No. I mean, I think it's it's yeah.
Andres Sandate:I think we're gonna be talking a lot about ETFs in 25 on this show. I know that one thing another thing that I'm watching for 25 is we saw a lot of ETF activity in crypto in 24, and I think that 25 is gonna continue to be, another this is gonna be another big theme. I feel like the ETF's approval, in 24, you know, was a lot of news broadly across the whole crypto space. And and then I feel like the the insiders in crypto, really moved on to other things, you know, tokenization and stable coins, etcetera. But I think for advisers, certainly, I'm in that camp and the mainstream, like, investor community.
Andres Sandate:I think ETFs and crypto is still very much like where they're focused. I think that's just understanding the technology. But I I see ETFs continue to play a big role and be a big part of the narrative across all private markets, including crypto. Cool.
Robert Swarthout:Yep. Agreed. Next topic is, SpaceX has been using, stable coins in foreign long tail markets, to hedge, FX risk and deal with, without having to send wires, which I this is kinda like a no duh. Like, this was gonna happen. But when I first read them, like, oh, that's cool.
Robert Swarthout:Like, actually a decent sized company doing this, and it wasn't the company talking about it, admittedly. It was Chamath. I don't know do not know how to say his last name, but,
Andres Sandate:he just said Chamath.
Robert Swarthout:Yeah. Chamath. Yeah. We'll we'll call him mister Chamath. And he was talking about they use using the long tail, like I mentioned, and then they swap back this USD once they get stable coins.
Robert Swarthout:And I was just like, it just makes so much sense. And they get to do it 247, and, again, they don't have to deal with the wires and the delay and the FX risk, which is the point.
Andres Sandate:Right. Right. Yeah. For sure. Well, again, SpaceX is working across all these markets with large governments, right, small governments.
Andres Sandate:I mean yeah. So, I mean, this would be the exact type of company that you would think would take advantage of the technology and the art.
Robert Swarthout:Right. You know, and it's at first, it didn't it didn't click, but then I was like, absolutely. Because to your point, they're in a lot of countries. A lot of them small. Yeah.
Robert Swarthout:And they they certainly don't need to be storing in, for long periods of time, whatever the local currency is in those markets. So
Andres Sandate:Yeah. My my question is, the epics desks. I mean, having worked in the capital markets, like, I know that that was a p and l at 2 of the banks that I worked at. And I was part of the p and l, not in FX, but in other capital markets products and services. So, like, my my question would be, I'd love to pick the brains of these FX folks.
Andres Sandate:Like, probably reach out and talk to them and just ask them, like, what impact will stablecoins have on your business, over the next, like, year to 3 years. Like, I don't even wanna look out 5 because it might completely change.
Robert Swarthout:For sure.
Andres Sandate:That's what they do. Right? Like, they help Mhmm. Their clients, which are, you know, medium to publicly traded companies, hedge and, make, you know, in you know, sort of informed capital markets decisions around interest rate risk, currency risk. Right?
Andres Sandate:F you know, FX is certainly a part of that. So, yeah, a lot lot, of impact here we're gonna be seeing. Like you said, we we thought that would happen, but it's cool to see, you know, companies that we all can sort of identify with and relate to actually doing it.
Robert Swarthout:Absolutely. And, you know, to your question about, you know, talking to those people at those desks, like, they have stable coins approaching from one side and they have AI from the other. And, like, like, they may be, like, wondering what is my what is the job that I do anymore?
Andres Sandate:Yeah.
Robert Swarthout:Because I could see one of those 2 or both of them just totally swallowing that job.
Andres Sandate:Yeah. I mean and it would be fascinating to really understand, like, where, like, the nexus of AI, crypto, and data, particularly, are coming together. Right? If you go look at any bank, today on Wall Street, and Wall Street being everywhere. It's in Nashville.
Andres Sandate:It's in Atlanta. It's in New York. Right? Mhmm. But the the the nexus of all of that, 10 years ago up until maybe 3 years ago was probably the Bloomberg terminal.
Andres Sandate:Right? And you just that's what you use to transact and all this stuff, and that's where you got your data. It's and that's always been, like, the the ideal business to be in. Right? If you could buy a business, it's like you'd wanna be in the Bloomberg terminal business because everybody subscribed to it.
Andres Sandate:And I just wonder how that how that will evolve. Does it go away? I don't know. It's not the point of our podcast, but just definitely, that that nexus of those three things, you know, data AI and blockchain and crypto, it's it's it's here to stay, and I think they definitely have to have a strategy around it.
Robert Swarthout:Yep. Our 4th topic, I'm gonna put a big asterisk on this one. Either it's true and they didn't want people to know or it's untrue. So CZ from Binance, fame, he's out of prison. He's doing his whole Google Academy thing, which I you know, I don't know if it's making him feel better about helping the world or what what the point is, but he tweeted out, towards the end of the year that, the UAE holds $40,000,000,000 in Bitcoin.
Robert Swarthout:That's a big number. And I mean that's not quite as big as IBET, the ETF, but it's pretty close. I mean it's within certainly 80% of that.
Andres Sandate:Yeah. UAE being the United Arab Emirates. Right? The the Middle Eastern country, like, one of their sovereign funds, you'd think
Robert Swarthout:So you so you can either take this as he tweeted it, had a link to a source, and then everyone's like, no. No. Make that go away. We we do not wanna talk about this, or it was somehow incorrect. With the tweet being gone, I tend to think that it's they they actually hold it, and they, you know, don't want it want it known.
Robert Swarthout:So, you know, if the US is gonna do a a strategic Bitcoin reserve, which I'm a bit of a skeptic of personally, you know, I would imagine some other countries will follow suit. I'm potentially trying to front run it too. So
Andres Sandate:Well, I say this in jest and only because, you teed me up is we we could have an alts portfolio, and I would raise my hand if if the US decided to start an alts fund and diversify. And we could have crypto as as part of the holdings. We could have the Panama Canal, then we could have our land play in Greenland. Right? That that wouldn't be a bad way to start because you got infrastructure.
Andres Sandate:Right. You know, you've got land and real estate holdings, and then you'd have, like, crypto. So I'm just saying. Yes. Man, we could go down a lot of rabbit holes.
Andres Sandate:Well, like, it like, we've said this a lot on this show. I mean, these are things that that's why this is important to do this weekly because who knows, in a week or 2, we may be able to dispel the rumor or we may be able to verify it. So Absolutely. Check-in in a week.
Robert Swarthout:For sure. Next up in the list, and this is more of like a public service announcement. The IRS, came out and said that crypto staking is taxable. Yeah. No.
Robert Swarthout:Duh. The IRS is gonna taxable it. Even if they don't feel like it's taxable, they're gonna make you prove that it's not. But it truly is. You're making an income, like, pay your taxes.
Robert Swarthout:And I guess the public service announcement here is pay your crypto taxes. Don't be that guy that, makes money. Let me ask
Andres Sandate:you to continue with that public service announcement for those of us that are not currently doing staking. Explain the 101 of crypto staking to people out there listening or that could come across this portion and are thinking, oh, I've got crypto. Maybe I wanna stake it. Because income and taxes, right, nobody wants to pay more taxes than they have to, and it does make sense they would tax it. But explain why would there be income from crypto staking and what is it?
Andres Sandate:Yeah.
Robert Swarthout:Is that yes. Crypto staking, maybe the first backup and just kinda refresh. So Bitcoin is proof of work.
Andres Sandate:So Yeah.
Robert Swarthout:Peter is basically playing in a number guessing game, burning a lot of, compete time to do that. I guess generation 2 of most crypto networks is what they call proof of stake, basically where individuals within the network hold their tokens within a wallet, and they're coming together to, quote unquote, secure the network by everyone, contributing capital into the network and it, and keeping it there effectively. The staking is you can think of it as interest. It's very akin to that. So it's it's built into the network that, is typically, at least, it's it's a certain inflation rate, and the staking comes from that.
Robert Swarthout:That's without getting too far in the weeds, I think that's a pretty close answer, to kind of suffice at this point. So
Andres Sandate:Yeah. Great. K. Did our education for today. Yeah.
Andres Sandate:Check mark. Alright.
Robert Swarthout:So our next topic, and I kinda just rolled my eyes when I saw this one. Russia came out and said that they are using Bitcoin to avoid sanctions. Okay. Everyone that was probably, like, the rumor that everyone assumed was the case. They didn't wanna talk about it.
Robert Swarthout:I'm sure they're doing other things than Bitcoin to avoid sanctions. So, like, it I can't single out crypto here. Right. But this was they kind of started talking about this around the time towards the end of the year when the, the news cycle is bubbling up about a US strategic Bitcoin reserve. And I think it was just in some ways, whether it's true or not, I don't know, but it could be, Putin decided to kind of, like, needle at the US a little bit.
Robert Swarthout:So
Andres Sandate:Yeah. I just yeah. I I don't I I don't have a lot to say here other than does not paying your sanctions the same as avoiding them or using Bitcoin to evade them? I don't know. I don't understand all of the things that go into sanctions.
Andres Sandate:I'm not minimizing the the importance here, but I but just I would love to know who's behind this news headline. Like, is is it is it, it's an important headline for crypto Right. From the standpoint of it it is something that we could see proliferate, or is it something that we could see lead to more regulation?
Robert Swarthout:Well, we oddly enough, we want regulation. Right. But we don't want regulation around this kind of side of stuff. So it's it's not because I think crypto needs to be used to break the law, but just
Andres Sandate:Like you said, it could just be needling us.
Robert Swarthout:Right. I you know, I who knows with Putin? He he is a bit of a character for sure. So but but, yeah, this news came from Axios, so Gotcha. Could be could be false, could be could be true.
Robert Swarthout:We'll see. Yeah. I would imagine as the US tries to figure out regulations and we get into what I believe would be critical thinkers within Washington around crypto, critical positive thinking, we start to hear more rumors like this kind of, thing just to kind of be the other side of the news cycle. So Yeah. So our second to last topic is around USDT and its drop in supply.
Robert Swarthout:This is the, 2nd biggest drop ever. The first one was around the FTX collapse, and there was all that liquidity crunch and all that all that mess that we probably don't wanna have to think about anymore. But at the end of the day, this one is likely driven by the NECA regulations going to into effect in the EU, and exchanges like Coinbase Europe are delisting USDT on their exchanges. USDC is there, and then you have rlusd from Ripple starting to kinda come in the scene. This is an interesting time, and we've talked a little bit about this in the past.
Robert Swarthout:It hasn't lost its peg, which is the important part, for everybody for that matter, because that would be a bit of a bad day if it happened for long periods of time.
Andres Sandate:So Yeah. The supply drop, I think I saw some other headlines around this. Was it a temporary drop per se, or was there a spike that, like, one day sort of volatility?
Robert Swarthout:This tweet that I've, I'm reading from from Blue Chip, which you can find them at bluechip_org on Twitter. You know, this was on 6th, though. It was only 2 days old. I Mhmm. I don't know the answer.
Robert Swarthout:My guess is that we're gonna continue to see some drop because as regulations go in place, people get out of trades in Europe, I think you're gonna see some supply drop. Yeah. And, you know, not not that the drop is big enough. I mean, it's we're talking like a it doesn't say percentage, but I'm looking at a graph. It's probably like a 1 and a half percent drop in total, I guess, AUM not AUM, market cap.
Robert Swarthout:At the end of the day, it's early, but I'm not I wouldn't be surprised to see this one draw down a good amount. You start to have that. And if the US gets regulations around, stablecoins, I can't imagine that Tether is on the inside looking out. I imagine they're gonna be a little bit on the outside looking in just because they've where they decided to domicile in in the Caribbean, but also specifically, they to my knowledge, and I hope I'm not spreading FUD here, they still don't do, 3rd party, audits and assessations. Like, it's purely just, they have their in house accounting team publish something, which is not an audit.
Robert Swarthout:I don't I don't by any spirits imagination. So
Andres Sandate:Right. Yeah. Interesting. Something to watch. Yep.
Robert Swarthout:And our last topic, is around the lawsuit that, the Coinbase and the SEC have going on. The SEC see Coinbase saying they were selling some under interest securities.
Andres Sandate:You know,
Robert Swarthout:we've we've gone over this. The news item here is, Coinbase won a motion that they filed, to pursue an interlocutory appeal. And what they're appealing is whether transactions that are happening on their exchange and there's no contract between the buyer and the seller, does it actually, constitute a security sale? Everyone in crypto is gonna say no. I would agree with that.
Robert Swarthout:The SEC is saying, oh, no. No. That's definitely a security sale, obviously, because that's the hammer that they have. But it was a big deal because this is now going up to the Court of Appeals. This is the same level now that the, the Ripple SEC case is gonna be at, and they are literally fighting over the same topic as well.
Robert Swarthout:That's one of the things Ripple would be, doing their appeal about. And today being 8th, we're gonna record next, on 15th. And the what's interesting about 15th is that is the date that the SEC the final date the SEC has to file their motion to say what they're appealing in the in the Ripple case, which obviously is not a topic here, on our on our list, but will be for the next one. My guess is some, low level attorneys having to write that motion knowing that it's likely they're gonna be this whole thing's gonna be dealt with with the Trump administration in a totally different way. So it's a bunch of busy work, but it is, it is the job of that person at this point.
Robert Swarthout:So
Andres Sandate:Yep. Yep. The well, there's, yeah, there's obviously a change in the administration that's coming in a matter of weeks. So a lot of strategy happening behind the scenes. A lot of, change is gonna happen at the SEC as we've talked about.
Andres Sandate:So, yeah, there's you know, it's hard to predict, but, you know, we can see both cases go away in, you know, marital issues.
Robert Swarthout:Absolutely. Right. Right. My my guess is the cases that go away versus the cases that don't is a very clear line for fraud versus no fraud. The ripple case, no fraud.
Robert Swarthout:The Coinbase, no case, no fraud. I imagine all the non fraud cases quickly get, swept away or or dismissed or whatever, needs to happen in those respective instances. So, one thing I didn't put on here that I think I'm gonna quickly share is as I'm researching these topics, people may wanna know, how do I learn more about a particular topic? Right? Mhmm.
Robert Swarthout:And I have found actually quite helpful lately, and then obviously, a lot of this is coming from Twitter, and that's where crypto lives. But I go into Grok that's AI, and I asked the question, and it's pulling all that real time data in. And it is amazing how good of a job it can do at summarizing, like, the Coinbase case. I asked it, and I got, like, 7 paragraphs back I could read about. And it took all the different news sources and tried to bubble up the parts that, at least from my perspective, were quite helpful.
Robert Swarthout:So if you're looking for ways to learn more about crypto and just ways to not have to read a 1000000 different tweets, may be your answer. So
Andres Sandate:Yeah. It yeah. That that was actually one thing that I found fascinating when you and I really started collaborating more, consistently and talking about crypto more regularly together is you'd said this when we first met, you know, several years ago about crypto and that it really lived on Twitter at the time. And there's still there's still a lot of, you know, news analysis coverage that lives off of Twitter. But so much, of what you and I would call the breaking news and, certainly, a lot of perspectives are offered on developments and news on Twitter.
Andres Sandate:Do you think that it stays that way, like, for the long term? I mean, if you think about stocks and you think about real estate, you think about other just asset classes, if we called crypto an asset class. Mhmm. You you know, you certainly are now using other forms of media, social media included, to Mhmm. Get news.
Andres Sandate:But just curious if if Yeah.
Robert Swarthout:Yeah. I would say that there's I only obviously can speak for myself personally here, but I have such a level of distrust in the just general main mainstream media to, like, get just general topics right or not have some agenda. And I have to figure out what the agenda is to figure out what what I really should be knowing here. Yeah. I I think we're a long ways away from it ever swinging back if it ever does.
Robert Swarthout:I I I think it's a bit of, like, a a a tight tide change of sorts where, you know, you know Well,
Andres Sandate:like, the major newspapers are more the what I call the broadcast news. Right? So I remember growing up, you watched there were 3 networks. You know, Fox became a big network, like, later in my, you know, upbringing, but it certainly it was it was Dan Rather. It was Tom Brokaw, and it was Peter Jennings on the nightly news.
Andres Sandate:And then as I got older, I realized that that's broadcast news. Like, that's to reach the broadest audience possible. And and so these being, like, super deep niches and areas of finance and crypto, you know, have their own communities within a specific token and all that. Like Right. Twitter or X as they call it now is the better medium for keeping up with what's going on.
Andres Sandate:But I just was asking the question of, you know, will the, quote, unquote, mainstream broadcast news ever get crypto? Because we saw an attempt to do a piece on 60 minutes, and you and I did a analysis on that. We kinda felt like they didn't really get it, or they didn't really Right. Do the whole article and the whole news item justice. And, you know, maybe this whole space just needs to be, in a much more, crypto needs to be in a much more community based, you know, out in the forum of of an x to to really get to the truth.
Robert Swarthout:I think I you know, for the foreseeable future, it's on Twitter. I'll say that. And that and that's probably measured in, years. Yeah.
Andres Sandate:And it sounds like AI can help to filter, though, through some of the news. Like you said, you just talked about Grok. I'm using 2
Robert Swarthout:different 22 different LLMs or models. So, and I've even played with it asking it because I have a good amount of things that I try to read on Twitter each day to kinda stay up on news. I've asked it to summarize my news feed for me until basically, like, an executive summary of sorts. And and then I went and read my feed and tried to compare it. I'm like, it it might save me a lot of time.
Robert Swarthout:Like Yeah. It is pretty cool what it's doing. So Yeah. We will find out. Yeah.
Robert Swarthout:So thanks for joining us.
Andres Sandate:So long as you don't get ads in that in that, AI feed, I think you'll be a satisfied customer because that's one thing I I don't like is you still can't get away from the ads. Right? They gotta make money in these platforms. For sure.
Robert Swarthout:Thanks for joining in this on this episode of the week crypto check-in. To stay updated on future episodes, you can find us any podcast player by searching Teton Crypto Capital or the weekly crypto check-in. Take care.
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