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Nolan Bauerle 2

You definitely earned it. You definitely earned it. So let’s jump right in. We’re talking about bitcoin in the world today, and the first question I have really is around whether or not you see bitcoin as a true macro asset? Is it there? Is it in the main stage? Is it in the side stage somewhere? Is it in the wings? Or is this really something that can be thought of as the macro today?
Meltem Demirors: (02:19)
I think for most people in the world right now, particularly in the world of investing and finance, bitcoin and crypto assets are not yet an asset they think about. It’s a very small asset class. It’s around 200 to 250 billion right now. That’s very small, and so for most investors looking to allocate capital moving even 5 to 10 million dollars into the coin creates a lot of price movement, and there are not really efficient ways to do that today. So that’s one concern I think certainly.
Meltem Demirors: (02:55)
I think the other piece to think about just on a macro level that’s really relevant is macro investors sort of define the world in the context of specific assets in markets, and so I think as an investor you look at sovereign debt, and you look at debt generally as an asset class, corporate debt funds, you look at equities, and then a lot of people like to lump crypto under the alternatives category. Alternatives is sort of a growing part of the investment world, and I think it’s challenging for a lot of investors, even in the alternative space, to really try to figure out where bitcoin fits in.

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