Well, this is Current Yield, Grant's interest rate observer of the air, and I am Jim Grant,

and with me, as always, is the great deputy editor of Grant. Evan Lorenz, he's sitting here

to my right, and there's Harrison Woodrow right down the table. Evan, a lot of what we do is rather improvisational here.

We're just taking a cue from the Federal Reserve.

And today we'll be talking to Dan Zwerin, who was the chief executive officer of Rina.

And then we'll be talking about arena investors at length in just a moment.

But Evan, I heard something astounding before we got on the air this morning.

And that is that J.P. Morgan and Co. is going to accept the collateral of ether and

Bitcoin as good collateral for loans.

I'm not sure about the terms, whether you have to have like 300% of Ether and 1,000% of Bitcoin.

That might make sense.

But is it a sign in the credit cycle, you suppose, or is it just one of those darn things that keeps on happening?

It's a sign of something i mean

i remember jamy diamond the CEO of jp morgan calling like bitcoin trash just a couple years ago

but now it's uh trash you can borrow against uh assuming an appropriate lTV yeah well it's uh

markets do fluctuate said jami's predecessor at jp morgan what was his name? J.P. Morgan, right?

Yeah.

Also, markets make opinions.

Yeah, I'm not sure that was Mr. Morgan himself.

Certainly, that was a wise words.

Now, turning to my left, here is Daniel's word.

And Dan is a co-founder of arena investors that happened in 2015, with a mandate unconstrained

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