Dan, as ever, fantastic to get you back on Real Vision. How are you?

Quite well, thanks very much. It's always fun to see you.

So listen, you know, you're at heart still a macro guy. So first I want to get an update and what you think the macro is right now,

you know, particularly pertaining to what it means for

crypto currencies. And then we'll talk about some of the really interesting research you guys have

done recently as well. Yeah, as a global macro investor,

just been looking around the world all these decades

looking for trades, they're asymmetric,

you know, not correlated with everything else and I still think

Bitcoin's by far the biggest one of those trades I've ever seen and it's been

around for 10 years so you know it's had some movement but I think we still have

a couple more decades and everything that's happening in the fiscal and monetary stimulus arena is just unambiguously very good for cryptocurrency pricing and so it's a really exciting time to invest in this space.

So what do you think, how do you think the macro plays out over the next year,

in terms of fiscal and monetary stimulus?

Because everyone's trying to get their heads around it.

It inflation, is a mix between one and the other? How are you thinking about it right now?

Well I think it's massively inflationary for things that can't be quantitatively eased.

And I think that's where some people get confused.

Most of the items in the CPI basket can be eased, right?

It's mainly consumer goods and flat screen TVs and things like that and you can make as many flat screen TVs as you want and actually the world has a huge amount of excess capacity right now so

CPI inflation is probably not going to do very much.

But inflation and things that can't be eased, like gold or Bitcoin,

...