Banana Zone PHASE 2 ft Raoul Pal: ATH Next or Correction First? | OSF ft Raoul Pal | REKT VISION

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1:34well hello everyone welcome back to ret vision mando is unfortunately away this week but we do have probably the best possible replacement um which is ral pal himself ral welcome back to ret vision your your uh your usual um resurfacing once we're approaching all-time highs is uh your track record continues i think i know but we don't it's not like we plan this in advance it kind of happens so i'm i'm the lucky mascot i think yeah i think you are actually i think you are um so hopefully we this is more of a common occurrence as we trend higher here but we'll we'll see what we're always willing to come on let's do it don't get booked enough we'll see what happens in weeks to come um before we start i just want to shout out um our affiliate partner arch public um take the emotions out of your trading with algorithmic trading if you guys you can register for their free tier on realvision.com forward slash arch.

2:32If you guys want to ask us questions throughout the show, feel free to ask us in the live chat. We will do the usual 15 minutes at the end of the show to run through the questions. And before we start and before we talk about markets, Raul, I know there are some big changes coming to Real Vision. Do you want to spend a couple of minutes talking about them? Yeah, I mean, I put a town hall out yesterday on Real Vision. And we've taken a lot of feedback as we're building out the future of Real Vision in what it looks like. And what we've realized is that the current tier structure with the plus and pro probably are out of date versus people's needs.

3:09And as the platform starts scaling towards a lot more user generated ideas, the trade ideas, trade competitions, research notes, all of that. and people want to connect with each other because what we built is the kind of premium community for finance and crypto, we decided to change how the tiers work and simplify it. So those people who were Real Vision pro-macro and pro-crypto subscribers, we've kind of pioneered the idea that macro and crypto are the same thing. And so we're actually merging those two tiers into one. So it's an all-singing, all-dancing pro tier. So that's me and Julian Battelle from GMI, Andreas from Steno Research, and Jamie Coots from Real Vision itself, putting it all together.

3:53So you're going to get the full 360-degree view over everything. What was, and within that, what makes it different is we've given people access to us and now we bring people on stage to ask questions. We get to know everybody in the community so we can act as people's mentors. So it really adds value to people because you get your questions asked, not just in a chat, but one-on-one with us. And I think that helps a lot of people. The feedback's been amazing when we've done that. In the plus tier, that's been renamed Alpha. And really what that's to do is give people the extra tools and understanding that they need.

4:27So that includes the MIT macro investing tool that people love that Julian Bittell and myself put together. In addition, Jamie's building crypto dashboards so we can understand the space, the on-chain, the off-chain stuff, and then drill down into sectors. He's built out sector analysis. That's coming. I think Andreas is going to have some business cycle dashboards coming. So that's going to give people the understanding of really how to apply stuff. And then we're building a new tier out, which is Real Vision Connect, which is where people get access to the trade ideas, stuff like that. That's the kind of entry tier.

5:05There's the free tier still. But the entry tier is the world has changed. It used to be when we all started Ovi, even though you're a lot younger than me, it was all about education first right it was like how do you educate yourself how do you learn what economics are everything else it flips on its head is now show me the fucking trade i'll figure it out i'll lose some money i'll make some money and then i'll try and figure out and we realized that the world has changed that way and so our reconnect is to get you to the ideas all of that stuff first and then you can move up the knowledge curve as you get confidence we're also rebuilding our entire platform, which will be out probably the end of June, which is all going to be based around community interactions, trade ideas, and it'll be a whole different look and feel, but it will really empower people.

5:53There's going to be an AI layer as well that's going to help disseminate all the information held within the network. There's a lot coming. There'll be a big announcement about what we're doing with blockchain as well, because we've got a partner that we're doing something pretty big with as well. Lots happening in the Real Vision tiers. So anybody who's on Real Vision, you'll get an email on Monday saying how it affects you. But basically, the idea is to massively add value to everybody and to create an experience that gets you to the idea faster and then gets you to the knowledge and eventually the access to me and Julian and everybody else.

6:26I often get asked on Twitter and just in general, like, what resources I use to keep up with the market or just read about stuff. and I'm not a big reader. I'm definitely, I'll be the first hand to it. I'm definitely not a big reader or a big watcher of anything really. I just like to get a snapshot of something quickly and then move on. But the content from Real Vision is the only thing that I actually do read. And I have to say like, when I left Barclays, you kind of lose all your research resources, right? Like you lose your Bloomberg terminal, you lose your desk analyst, you lose your publishing research house.

6:58And I think me, this is the closest thing and probably to be honest with you better than some of the resources I had at Barclays because I think the content put out is by people who take risk and by people who put on trades, right? It's not just like, hey, here's Goldman Sachs' new S &P 500 update, which has changed based on things that have happened in the past, which is doing no one a favor. So it's that the only, and that's kind of for somebody who doesn't consume a lot of this information. It's the only thing that I actually read and listen to that I found as something that has predictive quality within markets.

7:31And I guess it's just a good segue into what's going on and stuff. But yet again, it's worked. I mean, yeah. I mean, I don't read other people's research because, you know, I write GM and I want it to be unique. But I do watch stuff on Real Vision because the quality of thinking is really high. And so it just gives you different perspectives. And I'm not plugging it because it's Real Vision. It's just because it's a fucking great platform and the community is amazing that you just get to learn a lot. So I even think through all the trade ideas all the time, what are people noticing? I mean, there's some people like nail trades well before anybody else.

8:05And that's really helpful because on X, there's so much noise. So trying to find signal is actually hard and it's exhausting as well. Being on X is exhausting. But on Real Vision, it seems to be much easier to get a bit of signal as opposed to noise. And, you know, stuff like what Julian and I did with MIT, I think it's really helped people. It's just like, here's how the business cycle works. Calm down, everybody. It should all be fine. Hi, Raoul here. Listen, I think we've got until 2030 before the economic singularity arrives. Now, it might not be the exact date, but it's around then. So we have about six years to figure out how to unfuck our future.

8:42I've put together a report to help you called Prepare for 2030. It's going to help you take the first steps in that journey to make sure you're secure past 2030. So just click on the link below and start your journey now. so first question i have for you leading on from that is the global money supply chart has it has it done it again has it has it once again done the same thing and is everyone who doubts it left scratching their heads thinking surely not surely not again and lo and behold it's happened it was that easy and it's i mean it was that easy and and really what people what what's funny to me is we've kind of proven that liquidity is 90 % of the price movement of crypto and 97.5 % of the NASDAQ.

9:33So it's the dominant macro factor, but people don't want to believe it. And because like Global M2 leads by three months, what happened is in Q4, global liquidity was draining because the dollar went up and rates went up and et cetera. And so that has the knock-on effect in Q1. and then what everybody does is apply narrative in q1 it's the tariffs the world's fucked we're going to the recession it was nothing to do with that it was just the liquidity so it's kind of like yeah it was this easy now what it will do it will decouple at some point and normally it decouples in the bull phase of the cycle and then the full bear phase because that's when fear and greed take over and like the the the fomo part of it is when network adoption increases massively um and it starts breaking away from m2 which is why it only has a 90 correlation not 100 so i think we'll see that now and it's just saying now is if this continues to play out it's just banana zone from now until july and then we've had if we we've got to think three months in advance so what we've had is the dollar correct in the last couple of weeks uh rates correcting so we should see the market correct in august yeah and maybe it's as simple as that and that will be very consistent with previous cycles as well it's a good point on the fear and greed thing because i feel like this time around very clearly we had that point where the global m2 chart was signaling that bitcoin would go a lot higher but that seemed to happen right at the point where it was like peak fear and tariffs and everyone thought the world was over um and actually similarly last time um when global liquidity actually started to fall which i think was sometime in 2024 that's that's that was the mama right timber period yeah it was miserable and it was the same thing and it's the exact same thing that we when the when the m2 chart started to drop i think we were right at that like max greed point in spring of last year i think it was and you know no one knows oh why would you ever sell any risk in your right mind right here despite the global m2 chart you know trending lower and you know this time is different and all that and um it seemed that i never thought about it that way but both times it seems to be like the fear and greed part of it is the thing that causes that lag i guess because people just don't have that propensity to add or to sell risk the other thing we found out that you'll find interesting is like everyone's scratching their head saying why why's gold been doing so well and crypto has and i thought and i know there's going to be a simple answer to this it's not going to be some complex thing and in the last gmi i figured out that all gold does is follow financial conditions which lead so it's kind of real time and then crypto follows with a three-month lag so it's like oh i get it now so gold is just representing the fact that financial conditions, and we define financial conditions as the dollar rates and oil.

12:39Those are the kind of big daddies of it. Once they start moving, gold moves. So gold has been correcting somewhat because they've started to correct. And so gold is actually leading this because it just is real-time financial conditions while Bitcoin and crypto and NASDAQ is just lagged by three months. It's as simple as that. I can't believe it. I was reading the post that Real Vision put out on Twitter the other day, and it was on April 7th, you guys shared the greatest alpha of the year. And since then, Bitcoin is up 40%. Ether's up 85%. Sol's up 87%. Sui is up 135%. And we're talking about just a month ago, really, I guess, five weeks, maybe six.

13:23But it's a really short space of time. And looking at the chart, it looks like, if we just overlay it, it looks like it means that Bitcoin still has room to push beyond all-time highs through to 120, 130, 140K potentially through the summer. And you alluded to that being a view. There seems to be like a big part of crypto Twitter calling for, once again, calling for a potential alt season and Bitcoin dominance falling. And we've maybe started to see signs of it. Bitcoin dominance is kind of off the highs. I put out a tweet of the actual peak of Bitcoin dominance and said, I think dominance is peaked.

14:03I think it has. It's the right point in the cycle. It's this part in the banana zone when it happens. It usually happens after this first correction. So if that's right, and let's say Bitcoin goes from 100K to 150K for easy maths, then if you look at the performance of the other tokens, you can kind of impute what happens is that sui probably does 3x that yeah yeah exactly so technically speaking we haven't truly entered phase two of the banana zone yet we've just we've just picked up the banana again that's right it'll be when bitcoin breaks its new highs probably next week because we get to the top we consolidate a bit and then it goes and then everything goes you know and the banana zone really won't kick in in in the terms of the way that people think where everybody's getting hilariously rich and all sorts of stuff probably until solana breaks all time highs because that's people's biggest bag really is solana and that needs to happen then risk gets recycled out the curve because people do simple maths and everybody's going to do it oh they start saying okay maybe bitcoin goes to 300 000 this cycle let's say.

15:14So therefore, it's got a 3x from here. And then they're like, oh, but Solana could do a 5x from here and Sui could do a 10x from here. And before you know it, everybody rushes out the risk curve because it's later in the cycle and they want to capture as much gains as possible. Yeah, exactly. It's funny, I was reading the first comment on the street when someone mentioned, interesting that the BTC dominance tops you mentioned were both all market tops, but that's not actually the case, is it? Because when it topped in 2021, that's when I'd entered crypto, So that's right when we had this insane move in alts.

15:47And I think dominance dropped all the way down to like towards 50 or 40 % even maybe I want to say. That's right. I mean, let me have a look at the chart. I've got the chart somewhere here. Yeah, dominance. 40 % in summer. Summer 21 dropped 40%. Yeah, exactly. So big wing dominance, generally when it falls, it is the start of the silly season. Yeah. Have you ever wanted to trade Bitcoin but haven't dared try? With Plus500 Futures, you can trade crypto without the hassle of opening a wallet. With just a few clicks, you can register and start practicing with their free and unlimited demo. See a trading opportunity?

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17:00Trading in futures involves the risk of loss and is not suitable for everyone. Not all applicants will qualify. Plus500. It's trading with a plus. I mean, that's, you know, obviously, I mean, by definition, it means that other tokens are outperforming Bitcoin. And if Bitcoin's going up, which we're still going up, then what we should see is that. So I think, you know, we've had a little correction in Bitcoin dominance, went from 62 back to 63. It'll top out again and then move lower. And that next move, people will really start to see it. And I think that's the move when Bitcoin goes through all-time highs and everything else goes completely bananas.

17:37I wonder if we can get a chart of this in 2021 because this decline in Bitcoin dominance in the first half of 2021 is quite something to behold. I never really appreciated how steep that flip-off was. If I go to the weekly chart. Yeah, that's mental, isn't it? Look at that. So here's the same kind of period in 2021. So it happened in Jan that time around. That drop went from 70-something percent down to, what, 38 % in a few months. That's crazy. That's alt season. We saw it here back in 2017, which I think is a very similar one. It started like in Feb 17. I mean, that went from 95 to 35. What's interesting is Bitcoin dominance over time is falling.

18:36so the peaks are always less low yeah the lows seem to be roughly equal but it it suggests to us that we should come somewhere back down here and it happens fast and it happens in two three four months so what's your current construct and how you want to play the next two or three months with a potential for like a we never really got an alt season last year in my opinion nothing to the extent of 2017 no i mean my bet has been as you know has been free because it's outperformed everything it just keeps going up correcting going up correcting going up correcting so just it does all the right things it outperforms all of the time um and i don't see any reason why that's going to stop i mean people argue a lot about well low free flow vc tokens people don't understand the simple fact is that a low free float in a bull market goes up more.

19:32Anybody who's ever traded in emerging markets knows this. And that's what happens. And in a bear market, they get killed more. It's as simple as that because you've got less available supply and a lot of demand because there's a lot of attention on SWE and other things like this. And so it tends to work really, really well. It's also one of the factors why nfts do well in bull markets because there's a limited supply and a lot of attention drives to it and so prices go stratospheric um you know it's a very similar construct so that's my main bet now it's pretty simple to me because if i look at the um this is the solana swede chart probably look at it on a weekly basis it broke out of this basing pattern it flagged consolidated my guess is the next move breaks through all of this and so that tells us that suey is still the fastest horse in the race yeah you know each different question because i think can play catch up but if we look at this it just looks like it's flagging here again and the next move is again the move where we should see dramatic outperformance of suey versus soul and that's i really simplify everything because if we've got one dominant factor and the dominant factor being liquidity.

20:51Therefore, everything is correlated. So therefore, just do one chart against the other and choose the strongest asset without going too far out the risk curve. Because sure, we can go to memes and stuff, but it becomes a harder game to play. Yeah, I think once you dip down that far down the risk curve, I'm sure the total meme market cap is going to go a lot higher. But what you're not betting on is that, you're betting on what the construct of that is. and that's where I think people trip up. It's not like you can buy any single meme coin and it will go up. You have to kind of buy the right ones and the right ones often change.

21:25I think the composition of that index changes. In this current environment, it feels like it changes on a weekly or even daily basis. So it's hard, I think. I think it's much harder to play that game now. We spoke a lot about meme coins in 2023 and there were probably just like a handful of coins then, but there are so many now. it's much harder for me to advocate playing for that game um on like a low touch portfolio level i think and i find it apart from i guess maybe the big stuff like doge and pepe etc is hard i find it hard to find things that i can hold and just forget about or underwrite yeah yeah exactly right um i tell you there's another chart after you can bring up this one yeah i know you guys mentioned it last week is that xrp chart is something to behold yeah it really is i mean you know none of us have really been involved in xrp but that chart is something to behold it's like that's going to another big leg higher at some point and that obviously helps the bitcoin dominance shot the other one which i think is the best chart in the world is um I don't know if I've got it on this one is Doge Bitcoin I've got the Doge chart but Doge Bitcoin looks like it's going to continue and Doge Bitcoin would suggest that it's going to outperform Bitcoin again in which case it'll have been the hardest asset in the world which is the funniest outcome but Doge itself That looks like a full sort of breakout mode doesn't it?

23:02Yeah if I go to the monthly chart I mean, it kind of can't be better than this chart. Yeah. It just does the same thing every time. Consolidates, consolidates, does nothing, does nothing, old season, every time. Yeah. And so this looks like a rocket. And before you know it, Doge is somewhere up here. I mean, that's a very interesting chart, I think. It really is. And it's the same as XRP, essentially. so it's telling you that's the retail participation would they come on look down the top 10 15 tokens what looks cheap in price yeah what's not bitcoin exactly what's not bitcoin what's cheap in price have I heard about it go for it so what do you think Mando and I have spoken a lot about ETH in the last few weeks and it's usually gone with me saying is ETH cheap here and Mando saying don't touch it don't touch it until last week and he had a good call on it he finally came around to actually owning some ETH.

24:04What do you think in terms of ETH versus other alts like perhaps Solana, perhaps Suri, but also ETH BTC? I mean, I can tell we can say ETH BTC because it fits into the old season thesis and I presume that you also think that's going to go higher. But what about its performance versus other altcoins? Like it's been a huge laggard over what feels like almost two years now or whatever it is. would that be in your basket of altcoins that you would potentially play? I mean I have all of my ETH exposure via NFTs so I've got the beta on top but if I let me see if I can find the chart I'm looking for one second and I'll share it the the long term chart of ETH is a thing of beauty I've never kind of lost the faith in ETH I just haven't invested in it much except by the longer term thing I think the entire financial system builds on ETH I think there's no other chain that they will build on top of to the death that they will here but this chart we'll get rid of all this DMARC indicator stuff that maybe understands except me I can't definitely do not understand for some reason I can't get rid of it but basically this is a flag pattern when this goes, ETH has its next move up wherever it goes to.

25:31That's a shocking chart if this plays out because it will change everybody's narrative again about ETH. I still think ETH from here, could it outperform Solana? It's possible. It's possible. Just because what I think is coming is as the financial system comes, you don't get fired for building on ETH. My idea is ETH is Microsoft. I've never been to a bank, an insurance company, a large corporate that has Apple Macs. It's all on Microsoft. Why? Because it's an operating system that everybody can use. And you can hire people, fire people, bring in new people, and they don't have to learn something new.

26:14But if you were to build the entire financial system on Sui, everyone has to learn a move language. There's less number of developers. it's not had the Lindy effects that ETH has. Now, also the banks love a layer too, because they feel like they've got control over certain things, but it still has the finality of settlement to layer one. So I think ETH is probably going to shock people going forwards. But, you know, XRP looks like it will too, and so does Doge. So it's kind of like everything's correlated. Yeah, but if we can break that high, If we can break that, let's say, 4 ,300 high, it's going to really explode.

26:55Yeah. I guess it doesn't have, when you look through the top 10 coins, etc., it doesn't have that low unit bias that I think, I mean, I don't know how truly important that is. Maybe it's something we shouldn't underestimate. Maybe there's two different users, right? Yeah. Maybe this has driven my activity. Because I went and asked Grok and ChatGPT about the usage of blockchains. And ETH is so dominant by almost every metric. And people forget that. On-chain activity has been less in terms of number of transactions because of the throughput, etc. Even if you include all the layer twos. But by every other metric, it just dwarfs everything else.

27:43In fact, it's larger than all the others put together for most things. So people forget this because we're a very fickle bunch in this space. But the reality is, don't fade it. So let's talk about NFTs then, because I know you've been slowly accumulating a very handsome portfolio of NFTs over the last couple of years now. And things, at least quality assets at least, have moved off the lows. and I think there's been a lot of two-sided trading and stuff like X-Copies and Peoples and, you know, on-chain, Derrins of Heart, etc. Do you think we see, I have no doubt that that stuff will continue to appreciate and value.

28:27And I think generally speaking, most people agree with that thesis. It's just people are trying to outperform that and try and roll it back in, whatever it is. But do you think we ever, do you think we have we will have another nft season so to speak and will that occur on ethereum or is that likely to happen perhaps on sui or something else um i think we do have an nft season yeah somewhat different than the last i think what we're seeing is a current bifurcation one is web free consumer based brands being built and you know we'll talk about what you guys are doing but you know that's doodles pudgy penguins all of that right and that still seems to be capturing mindshare um then we've got the art side which seems to be doing well then we've got the pfp side which you know there are a few projects that will survive and punks you know going to the hands of mickey malco is a good friend of mine is amazing news um i managed to get the head of the suri foundation over drinks one night in dubai at 11 o 'clock at night to get a punk i said you and the reality is is you cannot be in the space and having been reasonably successful without owning a punk right it's like that's a rite of passage and so you know i think punks probably get to a floor price of half a million this cycle um just because there's a lot of ogs who haven't yet bought them um you know i was speaking to a bunch in dubai you know really well-known people they don't have them yet i'm like how can you i mean i've been speaking to vlad tenner from robin hood in fact the last question of my interview with vlad because i've been talking to him privately, he's like, when are you buying this fucking punk?

30:20You can't be in the space and pretend you're in crypto without a punk. And then, you know, what is the spillover effect from that? And though we've talked about this in the past, I think crypto dick butts is another one. You're either an OG and understand it or you don't. And there's only 5 ,600 of them there. they're one ETH, one ETH 25. I just do not see a world that these are not 10 ETH because they're so important to the space because you kind of know, right? Everybody's got a dick, but you're like, yeah, you get this space. It's like a mini punk. So I do think we'll see PFP projects maintaining value, certain ones that have Lindy effects.

31:01And I think that's good too. I think what XCopy has done is so amazing because he's got such a broad spread of assets that people can buy from Max Payne and Friends as a PFP, which is cheap, through to the one of ones. And people can participate throughout his ecosystem. So I do think the art stuff continues as well. And then we're going to see somebody do something breakout, which is somewhere between, I still think, a hybrid idea behind memes and what NFTs actually use as technology. people aren't using nft technology much yet they're just using it still for pictures but there's a lot i think will happen so i i think the nft space is going to get interesting and i think some of it would be on solana we've seen a bunch of stuff migrate across to sui as well um because they're faster throughput so they're more like means in that way um but we'll also see stuff accrue on ETH.

32:00So I think it's a broad mix. It's hard to know. What do you think about NFTs? Are you even looking at them anymore? Yeah, I mean, I actually sold some NFTs to buy liquid stuff back in April, which was a good trade. And I've now monetized some of that and I'm looking to reacquire some NFTs. But I'm just, the thing that I'm trying to figure out for me personally is should i be running the liquid stuff a bit longer to capture a bit more return there that is a hard battle right that's a battle showing these great x copies i'm like i have the part with my sui to do it exactly exactly and then the problem is is by the time sui's at 10 these fucking things have gone up as well it's like it's really hard to know how to do this it's hard to know what to do and so i'm just since i'm in two minds like i would like to i own one punk i think i would like to purchase another punk because i think if you go to bet on this space that is just the it's the bitcoin of nfts right it's that's the one thing that will definitely go up will it be the best performer perhaps not but it's a safe bet and i just for me with nfts i think i have to buy something that i at least feel some sort of sentimental attachment to otherwise you know because then worst case scenario is like cool i had this cool collectible i had this cool picture but the worst thing is when you buy i mean i remember i got fomoed into buying a founder crypto kitty 2021 and i just like i have no connection with it at all it's just yeah sure like it's an early 2017 ft and man don't i actually still own it but i just i hate to see it in our wallet because it's like i just hate this thing i'll never display it i've never here's a run by you so using how we view markets it's like the knock-on effects the macro implications if i think that if i look through what's just happened mickey's bought and put into a foundation punks yuga's just been given the cash from that and our friend sergio had bought me bits of them so what it's telling me is the yuga guys are going to be ultra concentrated on getting board right yeah board ape is like the red-headed stepchild of all of this right now and i just have a feeling that the next leg they will participate because they're going to deliver something outside of i don't care about the other side stuff what i actually care about with board apes is that bloody miami clubhouse yes you know we want somewhere that we can call our own we're all in miami now and then and maybe that ends up being one in new york and one in hong kong or whatever that would be amazing because if you think of the kind of people that will will be around that space they're interesting people people have made some money people are doing interesting projects the partnerships and opportunities that i think people are sleeping on board i still own mine which i vastly overpaid for but if i were to do anything today if i wasn't worried about suey outperforming everything i would actually buy a bunch of avos yeah big butts would be my two things that I think you know what, they could outperform punks.

35:15It's a good point because they've divested that Legends of Mara thing they have, they've divested their heavy metal thing they have, they've divested Meebeards, they've now just divested punks. So it just does really leave them with apes. And other side, I guess. And other side I'm actually quite constructive on. I think that can be quite big because when they do these sessions on them, they have like thousands of people turn up and actually play this thing. And I mean, I'm not a gamer myself, but I've long believed it's interoperable currency with games and crypto. That's just something that makes sense.

35:50And I was kind of betting on these guys to crack that puzzle a couple of years ago, which maybe didn't happen because of all the other things they did. So that I do think is interesting, actually. But apes are now like a half-feet floor. They're very cheap. I also think what Sergio is doing with mini-bits. I mean, I have faith in Sergio. He's one of the nicest people we all know. He's also very passionate about it. And just seeing what he's just done with Meebits, being used in the game as a character, and then having add-ons like a backpack, there's like a Banana Zone backpack, and all of this stuff, I'm like, okay, he's moving fast and doing the right things.

36:30And Meeb's are, they have a place in the folklore. So that's another project that's probably still well underpriced, I think is interesting. Yeah, so MiBits are at 0.7 ETH. Yeah. Which is pretty obtainable. You know, this is the other thing. Like, people always say, well, I can't really afford a punk. What can I go out there and buy? And if punks move a lot higher, MiBits will move a lot higher. Like, it is the A to the punks, you know what I mean? Yeah, MiBits, A to Crypto Dig Barts probably are the ones that really benefit. They've all got folklore. Yeah. and they've got a reason to own them that drives a bit of passion as you say people care do you think the nft season happens as a result of alt season as a result of bitcoin dominance dropping and we just see the same thing as we saw in 2021 play out i feel like in 2021 part of the big nft rally was because it was it felt new and everyone thought this thing is going to change the world and you know you had the people sale and everything and it was it was this like hot new thing, whereas now it's not a new thing anymore.