In today's episode, Kip breaks down the latest Q1 earnings reports, highlighting Tesla's monumental strides in the auto and tech industry. He also covers an exciting new development in cryptocurrency, including the tokenization of real estate assets. Tune into another exciting episode of the VRA Investing Podcast

Don’t look back because the market is closed. Good Wednesday afternoon, everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day today. Kind of a quiet day in the markets today. And then we had the close happen. And after the close, guess what happened. We had earnings from two big tech companies, IBM and Meta.

We’ll talk about that a little bit. Both misses, both stocks down pretty bad on the day. I’ll cover that just a little. We don’t have positions in either one of these. I don’t really care for the company being honest, but Facebook, of course, why would you? But it does matter, of course, especially in the AI boom that we’re in. I’ll talk about that. Talk about Tesla. Just want to cover that because it’s a core holding of ours.

It’s from VRA ten baggers. And I want to cover a few points there because I think what’s happening with this company has always been fascinating to me, and I think the story is getting even more compelling. And I’ll just repeat what I’ve said for a long time. I do not care if the stock goes down in the short term. I know that it sounds bizarre to say, but allows me to buy more stock. That’s what I’ve been doing. I think I speak for Tyler, too. That’s what we’ve been doing during this decline of 42% just from the beginning of this year.

[00:01:13]:
But I’ll walk you through that a little bit because the future of this company is so fascinating. I think it’s compelling story from here, and I apologize. This is a late podcast, getting it out today. We had a meeting this afternoon after the market closed, and there’s just so many exciting things that are happening in the world of cryptocurrencies, specifically tokenization. That’s what our meeting today was about. Meeting with. This is another remarkable, potentially remarkable setup here. A company that has some major real estate assets in the midwest that has made the decision to tokenize all of the real estate holdings, put it into a new coin, issue, that coin to investors, and then have a rev share split with investors and in a new token.

[00:02:08]:
Because, folks, this is the future. This is. Know this. This is the future for all financial assets. Everything will be on the block. This is important people understand this because this is, this is happening. This, this is, there’s no if, ands or buts about this. This is happening.

And the amount of money that can be made in this area, especially when very few people are aware what’s going on. This is when you make your money. We may have an opportunity here in the near future to introduce to our VRA clients here in the near future. So we’re doing our due diligence right now. But just to give you from a 30,000 foot view of this, and I’ve talked about this on a few podcasts over the last year or two because it’s an area that I have a lot of interest in because I think the future is clear, that the blockchain will eventually house most all financial assets, certainly all major financial assets, all stocks, bonds, anything of size will be listed on the blockchain, including real estate assets. You want to put your home on the blockchain? It will be on the blockchain. If you want investors to be able to invest in your home, not to have a piece of your home, not ownership, they can’t come and stay there. I guess you can set up a timeshare if you wanted to, but the key being it was on the blockchain.

[00:03:27]:
What do you have? You have complete transparency. What does transparency bring? Trust. It breach trust. What else does transparency bring? Liquidity. And what does that bring? Increased asset valuations. So this is why the blockchain is, course, bitcoin 24/7 trading. That’s everything in the blockchain will have that as well as do all these other thousands of cryptocurrency currencies that are out there. But again, the next phase of this is going to be real estate.

It’s going to be commercial real estate and residential as well. That will be on the blockchain. And I think that represents, I think a lot because remember, the housing market is, we have a housing recession, not that home prices are being hit, because they’re not, they’re only going up. They’re only going one way and that’s higher because we do live in inflation. These are inflationary assets. These are the assets we want to invest in to beat inflation. They’re the ones that will benefit most from inflation. Inflation has its upside.

[00:04:24]:
This is it. But we want to be early in this game because this is when the real money can be made. And so these are the deals that we’re looking at. And again, we’ll stay on top of this. And if you’re with us as a VR, remember we may have something for you very soon. We’re going to be in meetings all week on this and we look forward to seeing if this is something that looks as exciting as it does. Because again, this looks very exciting and it’s just going to spread like wildfire. That’s the key.

Okay, so let’s start with the markets first. We’ll come back to some of these things. Dow Jones today, as I said, kind of a quiet day. We opened higher. Next thing you know, Dow Jones is down 150, but Nasdaq held its ground. Now, Dow Jones did finish down 42 points again, down one tenths 1%. Not a lot. There s 500 was higher on the day, only by a point, but it was higher.

[00:05:17]:
Russ 2000 was down 16th to 1%, and Nasdaq was up 16 points, up one 10th of 1%. The semis were up on the, they actually closed higher on the day, and then after hours got hit. They’re now down after hours, eight tenths of 1%. But that’s because of what’s happening with these two stocks I just mentioned at the beginning of the podcast, Meta and IBM. Here’s the story here. Meta, last quote here. Meta, otherwise known as Facebook, is down 16.7% after hours. They actually beat, they actually beat on earnings, but they gave weak revenue guidance and that it doesn’t take a whole lot to hit a stock.

But I would caution anyone from, I would not be surprised if we saw a reversal. Meta has been red hot stock has been a fantastic stock to own over the last couple of years, even this year until today. Now you got this big red candle to deal with. I caution anyone from saying this indicates we have a problem, either in the tech space or in the AI space. Of course, again, meta is one of those stocks, not one of my favorites. Don’t own it, don’t care about it. Wouldn’t want to buy it. But again, it’s, of course, it’s a magnificent seven.

[00:06:34]:
So we have to pay attention to it for that reason. IBM, everyone knows this company. I don’t own it. Don’t care to own it. Stocks down 7% on earnings, but again, they also beat on earnings, but they had a slight revenue miss. So the market’s pounding right now. Down 7% again. IBM’s also been another stock, had a very sharp move higher.

So that tends to be the case here. If you miss and then you have, even if it’s a slight miss, but if you have weak guidance, it’s all about guidance. It’s all about how a company presents itself. And a lot of many times, companies will do this to manage expectations, to manage the. Because again, if you’ve got a stock that’s been red hot, you know that can’t continue, right? In most cases, you’re going to have at least a wave move, you’re going to have a decline in a stock. You’d rather manage that, you’d rather get that out of the way on your terms. This is pretty common that companies do this. They play the earnings game, if you will.

[00:07:33]:
So, again, does this bother me? No. And I’ll tell you why it DOesn’t. Because I think the tone was set for this earnings season and for this innovation revolution season, which, of course, is a multi year, bullish investment cycle, an economic growth cycle. The tone was set yesterday by Elon Musk and Tesla, and I’m going to go ahead and cover that with you a bit. Now, I wrote this up this morning for our folks, and first of all, the bad news. As you PRobably have seen by now, TesLA missed on both the top and bottom line. AgAin, this is a vra ten bagger. We have a.

This is a core holding for us, so we pay close attention to it. Earnings fell 55% from the first quarter of 2023, missing analyst estimates. Also, revenue was down 9%. That’s the first time in years they’ve missed on revenue and had actually lower revenue year over year. And revenue was down 9% to 21.3 billion. Again, that mis forecast. So, agAin, on the surface, this is Ugly, but if you saw the stocks reaction immediately, we’re sitting HERE watching. All of a sudden, the stock, which had closed up about 2% on the day yesterday, after hours immediately, was at 5%, then 6%.

[00:08:40]:
Next thing you know, it’s up 15%. Actually, Tesla today finished up 11% on the day to 160, just, just under dollar, 161 a share. But Tesla, more than any company, the person that I follow, encapsulates where we are in this AI innovation boom, because musk gets it. He always GOTTEN it. That’s how he’s able to have been helped, be able to have so much success, because he doesn’t live in the past, he lives in the future that he creates, and he does create it. This is a guy that’s a problem solver. He doesn’t have problems. He has opportunities.

This is who he is. And I also, I know him well ENOUgH, don’t know him personally, but I know I’ve followed him long enough, I should say, to know that this is when he’s at his best. I expected this. I actually wrote this up the day before they announced. Musk is at his best when he’s being challenged, when he had, when the doubters are out in full force, when the short sellers are shorting the stock aggressively and buying puts in the company. This is when he’s at his best, when people are doubting his vision of the future. And of course, there’s a lot of those people. I know a lot of those people.

[00:09:55]:
They hate Musk. They hate TEsla, and they really, if I’m being honest, because I’ve talked to a lot of people to try to understand, you know, why is it that you dislike this company and this person so much? Look, he’s a showman. I get it. That’s not everybody’s cup of tea. But I think, and I’m being candid here about this, and I don’t want to offend anyone, but look, I’m a boomer, okay? I’m almost 62 years old. And I understand that change isn’t easy. Change is scary. I get all that.

But I also worked and lived the 1995 to 2000 dot bull market. I remember it as one of the most exciting times of my life in business, because deals were happening so fast. It was all about.com. It was all about making revenue, monetizing the Internet with your business, and everyone latched onto it. Companies changed their name so that it had.com in it. And so that was, that was the thing. And it was just red, red hot for several years. But.

[00:10:57]:
But we have an important distinction here, folks. And I think this is, if I could draw your attention to one thing that’s really, really important, in my opinion. We are so early in this AI. Again, we call it innovation revolution, because I think that’s what it is. It’s not an AI boom. This is an innovation revolution. It’s happening not just in AI, it’s happening in multiple sectors, industries again, most of it tech driven, of course, but it’s innovation and a disruption. That’s really what’s taking place here.

And the point is, we’re so early in the cycle. We’re so early in this cycle. I’ve said that we are akin to 1996, okay? Which means we’d have at least four more years to go. However, I think that with this cycle move and this revolution cycle boom is going to be much longer. This innovation is deeper, it’s broader. These companies that are doing it now are real. They’re not doing it on a hope and a dream by adding.com to their name, believe me, that was what was going on. We had companies going public with no revenue.

Kip Herriage [00:12:09]:
They were coming out with multi billion. That was a big time. Then multibillion dollar valuation from scratch, right from IPO. And again, back to back years, we had more than 100 stocks that went public. 100 companies went public where their stocks jumped more than 100% on day one. Day one we had back to back years where more than 50 companies went up more than 300% on day one. Now what’s the difference? You can tell you we haven’t entered this at all. We’re not even, we haven’t even with this yet.

We haven’t even got a sniff of this yet. We barely have an IPO market that’s alive. It’s essentially dead now. They are starting to come back. This is the point being, again, you get the point. We are so early in this cycle. Again, that’s the biggest distinction. Besides the fact that timing, point of view, we are early.

We haven’t gotten to red hot IPO market. The mergers and acquisition market is yet to get hot again. These are things that are building. They are happening. It’s just behind the scenes. The framework is being put into place. The other thing that I think is really the difference here. Again, these are real companies.

[00:13:20]:
Even as much as I don’t care for Meta or IBM, these are real companies. They have a trillion dollar plus valuations for a reason, because they have the revenue and the earnings to back it up. Again, big distinction from 1995 to 2000. That’s why I believe this is going to go much longer than.com did. Cathie Wood this is been one of their macro themes. This is different. They think this is going to go on 1520 plus years. In our book, the Big Bribe, we just said bull market through 2030 ish.

That’s only six more years. Frankly, I think we are conservative. I really believe we were conservative in saying that the Dow Jones is going to 100,000, Nasdaq is going to 40,000. I think those are conservative. But again, we want people to buy the book without just laughing at what the claims are. By the way, it took us about a year to write that book. We were researching it, right? We had a business around the same time, and Todd and I were enjoying the process. But when we first wrote the first draft of the book was Dow Jones 75,000.

[00:14:23]:
But by the time we published the book, the market had gone up so much that Dow Jones 75,000 didn’t seem like a big deal, so we raised it to 100,000. That’s just how that happened. But again, I think those are conservative numbers. I really do. And so this is a very exciting time, as you can probably hear the atonement voice here. It’s a very exciting time to be an investor. There’s never been in my lifetime. It’s as much insanity as we’re surrounded by in the political world, right.

And geopolitical world, as much craziness is happening there. You know, if you live online or on social media, you know exactly what I’m talking about. I can barely do it anymore. But even with that in mind, I’ve never been more excited. There’s never been a better time in my life, a more exciting time in my life to be an investor, to be part of this economy and this american experiment, because what’s happening, I believe what’s going to happen. All driven by technology, mostly all driven by technology. To me, again, it’s fascinating. And we’re locked in, folks, and that’s been our advice, as you know, for a long time.

[00:15:28]:
You’re listening to us. This is time to stay locked in. And then, it’s not a mystery is why I’m a huge fan of Elon Musk. Again. He’s a great showman, but at the end of the day, he delivers. And so the sexiness of yesterday’s earnings call, and Tyler and I are both on that call. First of all, you notice, but yellow must right away is, he knows who his enemies are. He knows who motivates him, and he knows who his friends are.

And it’s fascinating to hear the analysts listen, you know, ask the questions. And, you know, I know these. I know these guys. And so they ask the question, and you already know that Musk has an adversarial relationship with them. And so their questions come, and his answers are like five words, you know? And then when he gets a friend on the call, not someone that’s, you know, kissing his butt or anything, but someone he believes, he believes understands the Tesla story and what they’re trying to accomplish, he gets a much more relaxed and recent answer. So they’re always fascinating. A call. I’ve used that word, like, five times in this.

[00:16:30]:
They’re always interesting calls to be on when Musk is doing an earnings call. But again, we’ve written this up. For so long, we’ve been talking about where this company is going. Okay. Pretty much got it memorized. FSD, full self driving. It’s here. Version 12.3 of their software made that a reality.

It’s now here. People are using it all over the country, which means they’re building up even more mileage and data, which, of course, they have a lead time that is insurmountable when it comes to FSD, certainly what’s happening with robo taxi, which, again, these cars have no steering wheel and they have no pedals. You could not physically drive these cars if you wanted to. These are completely driven by AI, completely driven by, frankly, a satellite connection and their software, again, which has no match, no company. 51% of all EV cars on the planet are Tesla. You add them all up together, add up every EV company, and they still don’t equal the number of cars on the road that Tesla has produced. I think it’s pretty clear the guy knows what he’s doing. And frankly, I’m not afraid of change.

[00:17:49]:
I think change is exciting. I think this change is really exciting. It’s why we’re pounding the table on this stock, especially at these prices, because I believe the stock is a ten bagger inside of five years. The robotaxi, they’re going to be everywhere. But what Musk said yesterday, and I’d heard rumors about this, but I didn’t really know if it was true or not. So these robotaxis, and again, he announced yesterday, Tesla’s entering the ride hailing environment. They’re going to be competing with Lyft and Uber. I never take a look, I always take an Uber.

Not sure why I said in that order, but they are going to be competing with both Uber and Lyft. You know, again, these things take time, but they even share the app. You own your Tesla app that he showed with the app. They’ve already built the app. So this is happening, and I think sooner than most people think. Wright’s law, which is essentially the speed with which technology advances, that’s a very simplistic explanation, by the way. Apologies for that, but you’ve got a doubling that’s taking place in the world of AI. In other words, machines are becoming sentient.

[00:19:01]:
That’s really what we’re talking about here. Closer and closer to it. That means they’re teaching themselves, and that means the AI and the technology that controls these vehicles and the software is learning exponentially. And this is why things are happening much faster, which is why they’ve already announced the robotaxis going to be unveiled on August 8. That’s just a couple, three short months away. And that’s exciting because at the same time, this ride hailing functionality that’s going to be used for robo taxis, it’s also going to be used in existing Teslas on the road today. You will, if you drive a Tesla, you own a Tesla, you will be able to connect your Tesla to the robo taxi environment. And then your car can be used either for friends and family and children to take them where they need to go.

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Again, completely without a driver. You have your own private Uber or Lyft service that you control, and you can allow that to be rented out. In other words, people that you don’t know could pay you to take that car when you’re not using it. I mean, just. Just think about the possibilities here. Okay? Right. And you can control, by the way, you can control the facts behind this. And the early information is fascinating.

That word again, I gotta find another word. But you can decide, for example, you’re only going to allow your Tesla or your robo taxi if you buy it for this purpose. You’re only going to allow your Tesla to be used by people with have a five star rating or that over a certain age, all kind of quality, or their family or their friends. It’s in your network, right? You pre approved them, in essence, so you know your card’s not going to get junked. There’s going to be nobody in the car to kind of watch people in it. I guess you could probably have a camera in it. Again, a lot of questions aren’t answered, but this is going to revolutionize the auto industry. The other obvious solution here is that with robotaxis available everywhere, you’re not paying a driver anymore, folks.

[00:21:17]:
Your driver’s not being compensated or being tipped. You’re just paying for the ride. So it’s going to be incredibly cheap. Yeah, Uber and Lyft, they’re in trouble, okay? They are. They’re ride sharing companies are in trouble. The future is going to happen faster than they wanted to. But the interesting thing about this is that most many people, okay, are not going to own a car anymore, or at least they do. Maybe you’ve got a family and maybe you’ve got four cars in the family, or two cars, whatever.

Maybe you’ll keep one combustible engine car in your family, right? And it’s just there for emergencies. Right? Keep it. Keep it in the garage. What do you need? Otherwise, you wouldn’t. You don’t need any more cars. This is going to bring down. It’s going to be so fantastic for people that need to save money or want to increase savings. You no longer have to worry about making car payments, no longer to worry about upkeep on your car.

[00:22:18]:
Insurance costs have skyrocketed, right. No longer have to worry about this. Those costs are gone. I just read the average family. This is a Tesla produced statement. The average family, or may been, I think it was actually produced by Arc research, Kathy woods firm. The average family can save over $5,000 a year per vehicle. So let’s say you have two cars, you know, you’re no longer going to use anymore because robot taxis are everywhere.

You just save $10,000 a year. This is real money. This is the future, and it’s happening soon. Now it’s probably going to be a couple, three years. Robotaxis are already on the road. They’re already on the road, already being tested already. It’s already out there. There’s probably going to be three years before it’s mass produced.

[00:23:00]:
Knowing Musk, it may be two, it could be four. Some people are saying five. I don’t think that’s the case. But regardless, again, the future is going to be here faster than we know it. And I think you’re getting a sense of why we are so optimistic and excited about this company. And believe me, have any talked about the Cybertruck yet? Which sales have been slow on that, but if Musk is right about this, I think he is. The Cybertruck will be big all over the world, and that’s not really a major part of their business. But I want to read, to wrap this segment up here, I want to read some of the quotes from Musk on the earnings call that caught our attention, because I think this is.

But on he says Tesla should be viewed as an AI and robotics company rather than a car company. He said that before, but he is old. And Goldie, he said it again, this was new. He said, autonomous is happening. It’s already happening. And we are putting the auto in automobile. That’s an obvious one, but I never thought of it. This was, I think, significant.

[00:24:10]:
This is very significant for other car companies. In the near future, all cars will need to be smart cars. We have smartphones. The Tesla’s cars will be smart cars again, driverless, fully autonomous. If not, consumers simply won’t buy them. Would you buy. Look at what happened to BlackBerry after Apple came out with their iPhone. There’s your example, right? You got to have all the bells and whistles or why would you buy it? That’s the Tesla.

That’s what put. That alone puts Tesla in the driver’s seat right there. This is why the robo taxi. And, you know, this space is worth so, so many trillions of dollars per year in revenue to Tesla going forward. This is why the stock is cheap here. That’s why I don’t care if it goes down. That’s why, hopefully, I’ve explained that to you. It allows me to buy more.

[00:25:05]:
We use monthly dollar cost averaging for what we call our variety, ten baggers. And every month we have a certain amount of money. This is what we recommend anyway. So what we do, put a certain amount of money on that same day every month that goes into each of our favorite investments that we don’t worry about trying to time the market, time the investment, it removes the emotion from the equation. Big, big game changer. Try it for a couple of months, you’ll be hooked on it, I believe, as well. Finally. Oh, by the way, it’s back to the point about all automakers will need to make smart cars.

He then threw in this quote, we’re working on licensing agreements now. In other words, Ford, GM, Toyota, we can keep going. If you don’t have a licensing agreement with Tesla to make your cars like theirs a smart car, then you’ll be left in their desk because these other companies are, again, there’s an insurmountable lead that Tesla has. And everyone knows this. Ford just got out of the business. So again, these companies are making massive mistakes. Tesla’s going to own the industry. They kind of already do.

[00:26:15]:
They’re going to own the industry going forward, folks, final quote. Everyone thinking about owning Tesla shares should first drive full self driving FSD. I think you put that out to his, to the short sellers and the folks that just are maximum angry at Tesla because they just always hated it for whatever reason. But yeah, I’ve not yet used a bit of a Tesla with 12.3 FSD software but I’m looking forward to doing it again. We think the lows are in the stock. Had a good day today. I do think it’s just the beginning. I do hope it goes lower so I can buy more at a cheaper price.

That’s the Warren Buffett school of investing and it works for me as well. Okay, let’s get inside the internals now. We’ll get get you back to your, to your, to your busy day. First of all, internals were not bad today. We’ll see what happens tomorrow. You know what, futures just opened up. Let me take a quick look here. Again, getting a late start with this podcast.

[00:27:12]:
I am curious so how bad this is after hours we are all right. This is actually it’s pretty bad for Nasdaq. Nasdaq futures as just open for trading down 191 again. That makes sense with meta and of course the IBM mess. Dow futures only down 65 again. I’d be surprised if tomorrow represent look like this at all. But as far as the close today with our internals, I’ll save you some time because there were slight misses, Beth. Just slight negatives, but just slight negatives.

Bids decline slightly negative both for Nasdaq and NYSE. Volume actually was positive for Nasdaq today, which I thought was kind of interesting. And only slightly negative. Nyse and pretty much the same thing. New physic highs, lows, just slightly negative. We’ll leave it at that for today. Intersected watch. We actually got a slight victory here today.

[00:28:10]:
We had. Here we go. Seven sectors finished higher. Four finished lower. Led the upsell by consumer staples up nine tenths, 1%. That was really it to the upside again. Kind of a quiet day here. Industrials down eight tenths 1%.

Healthcare down a quarter percent. That’s it there. And a commodity watch. Pretty quiet here, I will say. And I’m working on a new update now for precious metals and miners. Of course, we’ve been very long. This group continue to recommend that investors save your money in gold. I save in gold, but we own silver, too.

Save your money in gold instead of fiat currency. Thank me later, okay. That’s what we’ve made a career made of. Career out of doing. And it’s just a habit in my life, and I think it’s one of the best decisions I ever made, frankly. Gold today up $1 an ounce at 23.30. Right now, a silver up two cent an ounce at 27.22. You know, this actually is a carryover to futures trading for tomorrow.

[00:29:12]:
Gold was down like $7 an ounce today. It’s okay. Last trade, 23, 30. What about 100 something bucks below the all time high in gold? Why is that? Well, guess what? The war. More risk. War premiums have been removed from the market. That’s why oil sold off. That’s why, of course, precious metals sold off.

It’s an opportunity. It’s a gift. This group got extreme overbought. Extreme overbought on steroids of your investing system, and now they’re working off that. We’re very close to once again, going back to a full buy for precious metals and miners again, we don’t like buying anything that’s extremely bought. That is when bad things happen over and over and over again. So we just pause our buying. We’re about to go back to full buy recommendations on gold, silver, and the miners.

Very near. Probably a couple more days. Copper today right now, down a penny at 444. Of course, it’s been on a tear. It’s trading at two year highs. Tyler’s covered this in some detail. Doctor. Copper is telling.

It’s the global economy. Is in pretty good shape. Crude oil, ten cents a barrel right now at 82.90. And finally, bitcoin. Let me get a fresh bitcoin is down today. And frankly, I’ve had one of those days that I have not really found the reason for this. But frankly, I look at bitcoin as you know, if you heard me before. I look at bitcoin like I do Tesla.

[00:30:29]:
I hope it goes lower so I can buy more. But it was down today. Last trade now 64,189. That’s down about 3% on the day. We were trading at just over 67,000 overnight. So about 3000 from the high of the, of the last 24 hours. I saw there’s some potential legislation going through Congress again. I’ve got to dig more into this.

Seven. A chance to do it. Look, bitcoin is. It is acting top heavy, but you never know with this, with this thing. You know, it trades kind of crappy for a week or two or three weeks, and then it just explodes higher. This has been the history. What we know is this is a confirmed breakout. Bitcoins never hit all time highs into a having, which of course, it did this time.

So it’s doing things it hadn’t done before. But again, in a week, bitcoin will be trading. The ETF’s will be trading and available in Hong Kong, where about 10% of all global assets are domiciled. And the. They’ve already selected the companies that will be able to market it. The, if you will, market makers of record. Those are set. And again, within a week, April 30, bitcoin will be trading in Hong Kong.

[00:31:42]:
And again, you’ve got, after that, South Korea. Throughout Asia, you’ve got the Mideast, of course, throughout Europe. And 80%, roughly 80% of financial investment firms in the country, us have yet to approve the purchase of these ETF’s. So that demand is coming. We don’t have to worry about the demand side. Of course, the halving helped us as well. And again, people don’t talk about this much, but about 80% of people that own bitcoin just aren’t selling. They’re hodlers.

That’s where it came from, of course. And so you’ve got a scarcity value that continues to get sexier and sexier, better and better. And that’s why, again, these dips are simply a buy. And that’s how we’ve treated it for a long time. It’s how we continue to treat it. All right, folks. Hey, always appreciate you listening. I hope you had a great day.

And you’ve been a night. We’ll see you back here again tomorrow after the close.