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Are You Doubling Down on Your Conviction?
We tempered a few assumptions. We thought led by Tesla and Block, formerly Square and MicroStrategy that more corporations would put coin on their balance sheets. That is that we've dialed that one down considerably. And the same thing with nation states, El Salvador has, they're sticking to their guns on this one. They actually are doubling down in terms of bond issuance backed by Bitcoin. But other countries will probably not move as quickly as they might have if El Salvador had had,. you know, a grand swoosh right off the bat. It's just we've pushed it out a bit. So I think our base case going now is in five years, I think roughly 670