Part of it is we have a great team, we work really hard.

But I'll be honest, part of it is just crypto is such an amazing space. And so it is so much less risky than the press kind of makes it seem. And so that's why I think, you know, getting exposure now versus five now, it's still so important.

Let's get to the first guest of the day, a pioneer who launched one of the first crypto funds in the U.S. back in 2013, Pinterra Capitals founder and managing partner Dan

Morehead, Dan. Hello. Thanks for having me. It's great for you to be here. How are you doing?

I'm great. It's a great conference. It is a great conference. Now, Sam and I were just talking

about markets this morning, sea of red out there. I love that we have you at the desk as our first guest

because Pinterra first launched its crypto fund in the U.S. when Bitcoin was just at $65 a coin.

You've been through the ups and downs. What should folks, advisors, institutions, and even retail

traders who are looking at what's happening in the markets and trying to make sense of it

before they maybe dive in for the first time.

What should they be thinking about?

Sure.

Hey, I'll admit if we sat down on New Year's Day 2025 and listed out all of the very positive developments that would happen with the SEC and Congress passing stable coin legislation, all those things.

And you would have said, hey, crypto up or down?

I would have said up.

And crypto was down 9% last year.

I think it's a function of this, the hype cycle.

Crypto is going to change the world, and anything that important gets a little too hypey. And it also does have a four-year cycle.

And when I got into this in 2011, someone mentioned it to me and I was like,

hey, if we all know it's going to happen, it can't happen, right?

But it does happen each time.

And after Taraluna and FTX and Bitcoin was at about 20,000, we did all our work on previous cycles

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