I would say since inauguration, Bitcoin specifically has become a risk asset, whether you're like it or not.

Bitcoin's done very well in periods of monetary accommodation, but I think at some level was, in many ways, it's a victim of its own success.

I do think it needs to get to a point where it has a more currency-like volatility.

Hi, everyone.

Welcome to another episode of Bits and Bips, The Interview.

I'm your host, Steve Ehrlich, and I'm here today with a repeat guest, Steve Sosnik, the chief strategist at Interactive Brokers.

So, Steve, welcome.

And why don't you briefly introduce yourself for any of our new listeners.

Sure.

Hi.

First of all, great to be back with you.

Thanks, once again for the invitation.

My name is Steve Sosnik.

I'm the chief strategist at Interactive Brokers.

I apparently just completed 30 years with the firm.

That came out like an internal email, and I've been getting bombarded with congratulations.

Not a gold watch, but congratulations are nice.

I joined the firm, having been on the sell side for a few years before that with some of the bulge bracket firms.

At the time, Timber Hill, which was the firm I joined, was an options market making firm. We were just getting big into equity options trading. And they hired me as someone who understood the risks of both options and individual equities. And so for many years, almost 25 years, I was an options market maker.

Along the way, I somehow got the opportunity to talk to people like yourself,

and I became a talking head and then a writer.

And as we moved away from options market making, which we don't do anymore, you know, strictly became a

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