Welcome to the Crypto 101 podcast presented by Gemini, your bridge to the future of money.

All right, everybody. Welcome back to another action-pack, high-caliber episode here of the Crypto 101 podcast. I'm your co-host, Bryce, as always, joined by my buddy across country. Staying dry, I hope, during, well, I guess hurricane season's passing, but Brendan, how are you doing, my man? It is passing. Staying dry over here. Staying warm. I'll tell you what. I've talked to a lot of people.

We're entering into chili season. We're staying warm. But man, you know, here for another exciting

podcast, Bryce. I mean, we've had some bangers here recently. I don't want to like pat our own

back too much overhype ourselves. But shout out to Super Producer TiVo for bringing all these guests in here.

Because this is another one that we're really excited for, definitely a name that I think a lot of the listeners have heard of.

Yeah, man, just another good interview. Absolutely. Now, speaking of winter, I'm curious. We're going to be talking to our guest today. Cosmo Zhang, who's the general partner, one of the general partners of Pantera Capital. We're going to be talking about if this is crypto winter or have we been in crypto winter that might thaw into spring. You know, tough questions, but we're going to dive into it. But first, Cosmo, we'd love to welcome you to the Crypto 101 podcast.

How are you doing today?

Hey, great, man.

Really nice to meet you guys, Bryce, Brendan, excited to be here.

Sweet.

No, it's been a volatile ride in the crypto market, but nothing really out of the ordinary, like the way I think about it.

Like, you know, you've had 20 drawdowns of 30% or more over the course of the past

handful of years, seven, eight years. So this is just kind of par for the course. But, you know,

before we dive into a little bit about your background and what Pantera's up to, how are you,

how are you thinking about this, this crypto correction

that we're in again, recording this end of November, markets have had a lot of volatility.

I think it's really, it was always really important to put things in context. And Bryce, you said

the exact right stat, which is that Bitcoin, Eats Salana, these have all seen 30% plus pullbacks multiple times during any uptrend.

And so this is within the realm of reasonable volatility when it comes to this asset class.

The reality is that you don't get the, you know, since we first launch our first Bitcoin

fund in 2013, since then, Bitcoin is

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