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What Happened to Crypto?
What matters a lot in the world is nominal rates. Higher nominal rates mean that buyers have to pay more money. And it will put, if you raise interust rates but by a couple of percentage points, the outstanding debt is going to get re- priced. So there will be defaults. What happened to crypto is just the first. I'm actually really a surprised we haven't had a crypto question. Let me ad something to cut. Ah, Ah, this is the period that we're in. The quantities will shrink there too,. Because there will be defaultes.