On The Brink with Castle Island - Weekly Roundup 01/28/22 (Putin warms to Bitcoin mining, Wonderland's Quadriga connection, Libra/Diem shutters) (EP.279)

Episode Date: January 28, 2022

Matt and Nic return for deals and news of the week. In this episode:  Fidelity's Wise Origin spot Bitcoin ETF is denied Putin walks back the central bank ban on mining NY isn't processing BitLicense applications Facebook is selling their IP being Diem/Libra to Silvergate Ripple buys out their Series C Investors Google's cloud division makes a blockchain push A DeFi protocol founder is revealed to be a former Quadriga executive Are anonymous developers the future? Ark comes out with their Big Ideas for 2022 Content mentioned:  Ark's Big Ideas 2022 Bloomberg, Putin Backs Crypto Mining Despite Bank of Russia's Hard Line Sponsor notes: Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

Brought down by bad mortgage investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more into Britain's ailing economy with a new round of Conchurchase. You're printed a couple trillion dollars, and all of a sudden, people start to worry. So out of this worry, we have something called a Bitcoin. Bitcoin.

Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. And this episode is brought to you by Fireblocks. More on that company later in the episode. Fireblocks is in the news this week. Big, big fundraise. Huge round that they raised. So this week on the show, we had two asset management related episodes.

We weren't going to release the Will Peck episode. he, of course, being the head of digital assets at Wisdom Tree. I think we're going to do that next week or the week after, but I'm so glad we did because we talked about the Bitcoin ETF, and it got denied this week. So more to talk about later in that episode. But really enjoyed having Will-on, Wisdom Trees up to a lot of things in the digital asset space.

So that was a lot of fun. Yeah, just a brutal time with the denials here. And then we also, John, on the brink, occasional contributor. did an episode with Chris King of Eaglebrook. That was a great episode. So Chris, of course, the founder of Eaglebrook, and they announced a Series A that we co-led. So it's always exciting to have announcements on the show.

Yeah, so why don't we just hop into our deals? That's actually your first one. So Eagle Burke advisors, the leading digital asset SMA platform, they raised 20 million in a Series A, led by us and Brewer Lane, with participation from Gemini Frontier Fund, Avon Ventures, Jump Capital, Sybil, and others.

It's just, it's continuously amazing to me how far behind financial advisors are in the crypto space. And so just think about, do a random sample and ask someone that you know that has a financial advisor to ask their financial advisor something about Bitcoin and Ethereum and you're probably not going to get a very educated answer

is the truth story there. And also, if you ask how to buy something, more often than not, they'd say, well, you can't do it here, or maybe they'd even go tell you to open up a Coinbase or a BlockFi account or something like that. So having a separately managed account platform where the financial advisor can plug in and actually get paid on those assets, that's going to be a big story, I think, over the next year here. So speaking of BlockFi, you see this.

This is a BlockFi hat. You have a BlockFi hat on? Yeah, I see that. Wagmi is what it says. We're going to make it. We're all going to make it. Sometimes it doesn't feel. that Gary Gensler is going to make it with us, but that's all right.

Some of us will make it. Yeah. Well, speaking of making it, FTX, US, which is, of course, the U.S. division of FtX, they raised $400 million at an $8 billion valuation. It was from SoftBank, Tamasic, Paradigm, and Multicoin. So it feels like FTX is in this podcast a lot for raising money. And deploying it. Yeah, another enormous round fireblocks. Of course, you guys know Fireblocks, sponsor this show.

They raised $550 million at an $8 billion valuation from D1, Spark, Capital, G, and others. Next up, we have a fund. So blockchain founders, which is a blockchain venture fund. It's based out of Singapore. They raise $75 million. So great to see new funds launching. Then we have Maple Finance, a leading under-collateralized defy lending protocol. They acquired AVari, which is a competitor.

in the Solonit ecosystem. I love seeing these protocol M&A deals, kind of a sign of things to come, I think. Yeah, I think, I feel like there have been, was it a stable, one of the decentralized stable coins got acquired or there's a merger recently, do you remember that?

Yeah, there was recently a merger, pretty high profile merger. I don't know how exactly that works. I feel like there's a whole, like, boutique, investment banking practice that's going to emerge around. protocols merging with each other. Tony Skidari, at Empiri, he's doing it already.

This is already a category. There we go. The next one up, we have Swing. This is a cross-chain liquidity protocol. They raise $6 million from Republic Capital, Morningstar Ventures, seller, and Bitcoin.com. Then we've got Voltage, which is a Bitcoin infrastructure company. They raise $6 million from Trammell Venture Partners, Kraft,

GV, Stilmark, Fulger, and others. Next up is Shake Pay, a Canadian crypto brokerage. They raised $35 million from QED, Golden Ventures, Broadhaven, and others. Then we got the graph, which is a Web 3 querying protocol. They raised $50 million from Tiger Global, FinTech Collective, Van Bouchy Capital and others. Interesting to see Tiger getting more and more active on those token deals. Speaking of token deals, Project Galaxy, which is a credentialing data protocol, they raised $10 million. It was a round that was led by multi-coin and Dragonfly Capital. Then we've got BCB Group, which is a banking as a service company. They raised $60 million from Foundation Capital with participation from Circle, backed VC, and North Island Ventures.

Next is Cleoverse. This is a company that's building a talent discovery platform for Web 3. They raised $1.2 million, and it was from Fermion. Then we've got Aver, a decentralized betting platform on Solana. They raise $7.5 million from Jump Capital, Marana, Susquehanna, and others. Next is coin tracker, a crypto tax company. They raised $100 million. It was a round that was led by Excel.

A lot of people are going to pay their taxes. Going to have some pain this year, I think. Cryptospace. Yeah, pretty brutal situation. If you trade it a lot and then market sold off and now you have a tax liability that exceeds your balance sheet in some cases. Next up. Lastly, we have blocked damage. which is one of the probably the largest blockchain node infrastructure company.

They raised 207 million from Tiger Global, Sapphire, SoftBank, Bold Start, Galaxy, Stepstone, Matrix, and others. Concrettegrats to Black Damon. So busy deal week, always a busy deal week around here. I'm sure it will be next week as well. Why don't we talk about the El Salvador story this week? So they bought more Bitcoin. So they bought 410 more Bitcoins this week, bought the dip. Apparently, the IMF, not very impressed.

So they're urging the country to drop Bitcoin as legal tender. Not exactly sure what type of leverage they have there. But President Naid Buckele was basically just tweeting and making fun of them and saying, we're not going to take your advice on that. Yeah. I mean, I think the IMF does have some leverage over the El Salvador, actually, given that El Salvador is interested in obtaining financing from them. Have you read Confessions of an economic hitman?

It seems like they do have. You haven't read that? No, you'd like it. Yeah. So, yeah, that said, El Salvador is resisting so far. They're not taking the IMF's advice. Naiba Kelly on Twitter posted a Simpsons, Jeff. He's really good at the IMF.

He's really good. He's highly engaged. Dare I say better than Mark Andrew. Dresen at memes. Yeah. Mark and Dresen in the Jack meme, I don't know. It wasn't the best. His meme game is not good, if we're going to be honest.

I also appreciate that Naïbe Kelly's Twitter bio is CEO of El Salvador. He actually does the thing that I do, which he changes his bio all the time. He's very online person. He's extremely online. Yeah, he's the first Zoomer president. at least in terms of his attitude to these things. He used to say his bio used to be dictator of El Salvador. Well, not too far from the truth, to be honestly, right?

Tongue and cheek, sort of, yeah, sort of half-joking, half-reality. Well, it would be interesting to keep an eye on that. I mean, I wouldn't be surprised if we see some more dip buying out of El Salvador. Yeah, the geopolitical embrace of Bitcoin is a theme this week. I also want to talk about this Russia story. So Russia's central bank was proposing a total ban on crypto mining, kind of similar to the Chinese ban, total ban on trading. Russia is a pretty big miner. They're the third biggest, according to Cambridge.

And then Putin himself came out and walked it back or effectively said he didn't support a total ban on mining. He said we have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and well-trained personnel available in the country. So could well be the case that mining persists in Russia. I think there's good reasons for that. Do you think he would ever ask Vatelic to just keep Ethereum proof of work? They're buds. They did meet.

That's right. I think there was a lot of conspiracies about that back in the day. But here's the interesting thing. So Russia is facing exclusion from Swift over their punitive invasion of the Ukraine. That hasn't happened yet, but it seems any day now, right? Yeah, one has to imagine if they do, then they would be disconnected from Swift. And then who knows what they're going to do, but they've been de-dollarizing. So Russia has been actively looking to reduce their reliance on the dollar.

They've been de-dollarizing. They have been buying a lot of gold. Remember that old thing. And as an energy-rich nation, Bitcoin is an interesting intersection of all those interests, transacting outside of the swift dollar system, owning a hard asset which can't be compromised by the U.S. and is effectively a commodity like gold. You're putting your energy resources to use. So it makes all, that's, that's the middle of the Venn diagram of things that Russia is interested in.

So it makes all the sense in the world that they would actually not ban Bitcoin mining, which is totally material in the country. It's fascinating. You know, you've seen them take some pretty hostile views against privacy coins and things like that. But yeah, from a geopolitical perspective, you know, it actually would make no sense to ban Bitcoin mining. And if you think about the crypto industry generally, it's also probably a wealth transfer from west to east, so to speak, because there's lots of sort of highly technical folks in Eastern Europe, especially, you know, the Soviet education system was very mathematical.

And there's tons of great engineers in Eastern Europe and Russia. And so for the first time, you know, something like Defi allows someone who's smart, but has no capital to effectively make money. and I wouldn't be surprised. I don't know if anybody's been able to actually audit this, but I wouldn't be surprised if specifically the defy ecosystem meant that you had a wealth flow from the U.S. to some of these talented but capital-strapped, you know,

engineers in Eastern Europe and Russia. Yeah, that wouldn't be surprising in the least. So also in geopolitical news, The Biden White House is looking to release an executive order on the crypto industry. We don't know what's in it yet, but we know that something is coming. Well, and let's use this maybe as a dovetail into the Fidelity Bitcoin ETF was just denied a couple hours ago. So there's something going on here. And I can't really put my finger on it.

And I sound like a tinfoil hat person talking about it. But the SEC has denied Fidelity's Bitcoin ETF proposal. I haven't read through the full, full order and kind of the rationale for the denial, but I assume that it has a lot to do around the spot markets, like the previous denial. And the SEC kind of taking this posture that the spot markets need to be regulated and surveilled in the same way that like an ATS venue would be. And so that just seems incompatible with how the law actually works, right? I mean, that's not the case for gold, and we have a gold ETF.

And I thought Fidelity had some great arguments around the role that the futures play, and driving the actual spot price. So I haven't seen if there's a dissent. There should be. I would be surprised if Hester Purse was on board with this decision. But to me, the bigger story is what is exactly going on here at the SEC? And is Gary Gensler acting on the orders of some other person, albeit the White House or some senator or some group of senators?

Because it doesn't really make a ton of sense to me that this keeps on getting denied. Certainly he has political aspirations for. for treasury, so maybe there's something there. I don't know. It's a head scratcher. Well, I don't think it's complicated at all. I think it's just a naked desire to keep Bitcoin's price for appreciating. I think it's very simple. The more Bitcoin goes up, the more the powers that be in charge of the dollar are embarrassed, right? You know, it's an index and mistrust in the dollar. I mean, you, yeah, you don't have to look too hard, I guess, to connect the dots. There'd just be this administration does not want to be the administration that let Bitcoin

completely blow off top, which would probably happen if you had a Bitcoin ETF. Yeah, a spot ETF would obviously place us in the six figure range. There's no question of my mind. But, you know, the interesting thing is that it's not a matter of Bitcoiners versus the banks. It's actually Bitcoiners and the banks versus the state. Because the large financial institutions here want to create ETFs. Yes. Like these aren't just like rinky dink little operations here.

These are the largest asset managers in the world that are on Bitcoin side, right? So eventually the pressure is going to be too great and Wall Street's going to bring their influence to bear. It might be the case we have to wait for another administration though, 2025. Well, I think you hit on a great point. I mean, you have Fidelity has built an crypto asset management arm and they've built a crypto-custodial arm and they have a brokerage arm. and now you have Bank of New York Mellon building this as well. So they have a custodial arm. It's not live yet, but it will be soon.

And a lot of banks are doing this. And so eventually you're just going to get to this point where the lobbying arms of these financial services firms are just saying, hey, we need this. And the calculus here for Gensler is a little bit puzzling because you would think that he would be aware of that in the fact that he's going to need these people if he has broader political ambitions,

but maybe he's just responding to the first order here. Yeah, I mean, maybe, you know, I mean, this seems to be the case with a lot of things. Like, stable coins are going to pit the financial sector against the state with their desire to create CBDCs. So it's a private versus public sector debate. And the current trends in Washington are the private sector should be marginalized, we should grow the role of the state. And so, you know, Bitcoin ETF underwritten by a large financial institution typifies that. And yeah, I think it's just going to be a matter of patience and waiting until the leadership at the SEC changes, which is another three years. So be patient.

I think it's at least three years, but I'm sure. Well, at the earliest, right. Yeah. So we'll see. I guess keeping on this regulatory front, so there's a lot going on in New York right now. And entrepreneurs are just in my DMs all day about it, really. So the New York State Senate has officially confirmed that Adrian Harris, who's been acting as the superintendent for the NYDFS, she officially has the role. So she's had the interim role since August.

And basically what's happening in New York right now is that the bit license is just like closed. So no one can get anything done. No one can get a new bit license. It's really difficult to do anything, really, in the state. And no one's really talking about this in the industry, at least publicly. but it was interesting to me that in this confirmation hearing, she was asked a question about it, and she basically said, I'm going to study this.

Yeah, I'm going to study the fact that there's a ton of backlogs here. It's like, yeah, that would be great, because we have this bit license and you're just not giving pit licenses to people. I don't understand for the life of me what's happening in that state. Are there any theories on why that they've not been processing these applications? No one really knows. I mean, it's puzzling.

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So one of the longest burning, kind of slow burning chapters in the crypto industry has effectively come to an end here. Facebook is looking to sell their IP behind DM slash Libra. the most talked about and least launched product in crypto history. Yeah, this actually just came out that they're selling the intellectual property and probably some engineers, I would guess, to Silvergate for about $200 million. So this is kind of, you know, I'm never one to feel bad for Facebook, but the original ambition for Libra was pretty awesome.

And it's too bad that they never really got a shot at launching that thing because I thought it would have been a great experiment. Effectively, you remember the original vision was just to create a non-sovereign currency, really, and it morphed into a stable coin, and they couldn't even get that done. Yeah, it was very hyacian in a way, you know, private companies issuing

their own units of account. So, meanwhile, circles, USDC is enormously large and continues to grow. So stable coins are picking up the mantle. I mean, Facebook raised a bunch of money for this too. So it's good that they get a soft landing here. Looks like investors will get their money back. So speaking of payments, Ripple, of course, currently embroiled in an SEC lawsuit,

has bought back its C investors, including the lead of their C-Tetrigan, who had previously sued Ripple. Yeah, so Tetragon did that deal and then they were somehow surprised that there was like an illegal securities offering there. It was a little bit strange. You'd think that that would have come up in diligence?

It might be the first question. They got their money back and then some, it looks like. So I'm sure they're happy. I'm sure Brad Garlinghouse is also happy not to have whoever did that deal from Tetragon in the board meeting just staring at that person over Zoom knowing that they just sued you and lost. They paid your legal expenses. So it shows you how much XRP they have. I mean, it sounds like they have a billion dollars on the balance sheet.

So they could buy back all their investors with that. So that's just another chapter in the Ripple saga. Who's going to write that book? It really deserves one. You know, it's been around for a decade now, Ripple. It's kind of incredible to think about. I was around when that thing was discovered in the West, when Michaela was just, he was mining for that thing.

He just discovered it. Blue gold, they called it gushing out of the hills. He came gushing. He caught it. He caught a lot of it. Incredible visual. Yeah, the thing is discovered, not created. Discovered.

But I don't know if you saw this. He was making the rounds on Twitter that Jay Clayton, the former head of the SEC, made some comments about the Hinman test and said, check out the Hinman language on our website. And there's a suggestion. by folks in the Ripple community, who knows if this is true or not, that that's a good basis for Ripple in this case against the SEC, that Clayton effectively said Ethereum is sufficiently decentralized,

and that's guidance. So maybe Ripple's going to win this. I don't know. Yeah, there's a whole subculture of like SAC truthers in the Ripple community that will like analyze, you know, every single last statement trying to crack the code on like, what constitutes a security and sufficient decentralization. This is underground movement.

Did you see this news? So YouTube is exploring, adding NFTs for video creators. I didn't see a lot of details, but certainly an interesting one to keep an eye on in a world where Instagram is also exploring NFTs and Twitter obviously has the NFT integration. Yeah, I think they're going to be ubiquitous. You know, creators make a good portion of their income from merch. and NFTs can be understood as digital merchandise. So it makes a lot of sense.

Next one up is Google. So Google's Cloud Division is making a big blockchain push, as they call it. They're going to hire out some developers. They're going to scale up their support for blockchain applications. Wonder if they're getting in the node in for a business. Yeah, so they already had been putting blockchain nodes into BigQuery. And so that was a really efficient way to query. blockchain data, but they are scaling up their ambitions, which really does make sense.

Although, I think it might raise some questions about the architecture of the new internet here if Google is one of the largest node providers. Yeah, I think we might get another Scott Galloway right up on that. It's like meet the new boss, same as the old boss. Yeah. So this one was fun. So there's a thing called Wonderland. have you

this is quite the saga I do know Wonderland this is a crazy story I was actually really looking forward to talking about this this week so there's a D5 protocol

on avalanche called Wonderland and it is a fork of Olympus Dow Olympus Dow is like basically a Ponzi scheme I mean I'm not going to mince words

okay no I don't think that's controversial It's a it's a Ponzi scheme. Okay, so we're allowed to say that. Okay, great. But it's a Ponzi scheme. It's everyone knows that it's a Ponzi scheme. And it's just, hey, well, I'm going to get out first.

So whatever. Right. Yeah. So it's one of those sort of like crypto auto Ponzi's where, you know, I guess in theory, it's code that's in charge of the Ponzi, you know, a code version of Bernie Madoff. But anyway, so there's a whole. ecosystem of these forks of Olympus style Wonderland is one of them.

And actually this thing achieved real scale. I mean, at one point, apparently, there was a billion dollars in its treasury. I don't know if it still has a billion dollars, but this thing was really big. I just went to the app and, you know, apparently you can earn 83,000 percent API if you stake this thing right now. I mean, if it sounds too good to be true, it's too good to be true. I mean, who knows? So turns out one of the leaders of this Wonderland project is Michael Patron,

who was the co-founder of Quadriga. Which might not be his real name. There's a whole, this is like a radical. Yeah. And so the other co-founder, of course, is Gerald Cotton, who, depending on who you ask, is dead or faked his own death. India, but anyway, Kodrigo was a monster exchange failure, effectively insolvent for a long period of time. And they tried to gamble with the customer funds to make the money back.

It was an enormous mess. Michael Patron, if you look into his past, had been active on these sort of like internet Ponzi sites since the early 2000s. I think that's where he met Gerald Cotton. Yeah, so there's a well documented relationship there. So the guy's been engaged in sort of, I don't even know how to describe it, but insolubrious behavior on internet money platforms for two decades. And so he was anonymously leading this defy project. And now people have realized that, you know, the cute cartoon avatar is actually this fraudster effectively. It's such, it's a crazy story.

So first of all, someone needs to write a book about this quadriga thing. There's so many books that need to be written in the crypto industry. But Gerald Cotton's probably living on a beach somewhere, is my guess. That was the shadiest exit scam I've seen in a long time. But, you know, this kind of highlights a bigger thing to me, which is that there's a lot of anonymous developers here in the defy space. And, you know, obviously, Satoshi is anonymous. Like, we don't know who built Bitcoin.

But there can be a pretty ugly side of this. stuff. And so particularly when you think about the just the risks to some of these defy projects when you think about the treasuries and who actually has control over the keys, you know, like this guy had control over the keys. Yeah. And, you know, there's this like strain of thought that the, you know, next economy, the economy of the future is going to be pseudonymous and you're going to have your on-chain credit and identity. To be clear, this guy had stellar on-chain credit because he had like hundreds of millions of dollars of crypto assets that were tied to his address.

But in terms of his real world credit, you know, it was abysmal. I mean, the guy was literally connected and implicated in this massive crime effectively. So I don't know if I necessarily buy the idea that we're going to strip identity, real human identity out of the commercial system of the future, because maybe you actually deserve to know that your counterparty is a felon. You know, I mean, I feel like... You think?

This veil of anonymity just gives people the ability to rebrand themselves. And I'm sure there's many more, you know, people with, you know, skeletons in their closet running around with these cute anime avatars. Like, I don't know, call me old fashion, but I sort of like to know who I'm doing business with on the other side there.

This is a, the other developer that's associated with Wonderland is also involved in like sushi. He's a pretty prolific developer. So this will be interesting to see how this plays out. Well, we know how it's going to play out. I mean, it's a fork of home. So, you know, people very,

charitably call OEM an experiment in monetary policy, which is like really glamorizing it to an unnecessary degree. I mean, it's an experiment in, you know, obtaining short-term liquidity from DGens with a lot of capital to throw around. But there's no, it's not a stable coin. There's no innovation there. It's, it's, you know, it's not going to, it's not going to make it. It's, um, You have to know what game you're playing, though. So there's some people that are involved in that project that actually believe that it's the stable corner of the future. There's other people that understand that this is a Ponzi scheme that maybe you can front run a little bit. It's just there's two different conversations happening in that community.

I mean, I really hope that there's nobody that authentically believes these things are sort of radically interesting monetary experiments. I would prefer to believe that everyone involved is cynical about it. They're not. They're out there. They're out there. I'm telling you. Well, speak about defy. This is kind of a small story, but JPMorgan Chase has apparently de-platformed Hayden Adams, the founder of Uniswap. So apparently they don't like Uniswap. Well, yeah, and, you know, refer to our Operation Shug Point 2.0 series, which we should actually do some more episodes on that. But yeah, I mean, this is a well-known tendency, the bank sector,

even if there's no official mandate to de-platform disfavored industries, they've unofficially taken that into account. And so that's just a feature of the U.S. banking system now. Yeah, it's unfortunate. So did you read The Big Idea's 2022 report by ArkInvest this week? Yeah, it was very good. It was very good. Apparently we're going to a million dollars of Bitcoin.

As usual, stellar work from our friend Yassine. We'll link this one in the show notes. they decompose Bitcoin's value into various sort of use cases and explain how it could reach a million dollars a coin. They compare its settlement value to visas. Spoiler alert, we've surpassed Visa in settlement, which is, you know, I would say kind of apples and oranges. I try not to compare Bitcoin to Visa too much, but still noteworthy.

And they pointed out the 8% of the supplies. by exchange traded products, countries, or public or private companies. So this asset is definitely getting institutionalized. No surprises there. Yeah, definitely getting institutionalized in a hurry. And then the other thing that I thought was pretty fascinating this week. So Cynthia Lumas is coming out with a crypto bill. There's a YouTube clip of one of her staffers out there talking about what's going to be in it.

And it sounds like it's going to be a really positive bill for the industry. It talks about everything from codifying crypto assets under the UCC. Also talks about exemption, securities lending style exemption that would offer custodians the ability to do these interest accounts and things like that. So if this bill is as advertised and as previewed, then I think people will be pretty happy about it. I just don't know if it's going to have any political legs. So I don't know if legislation is ever. or something which is anticipated, but I am certainly anticipating this legislation. It's like a new iPhone launch.

That's what we get excited about over here in the community. So we have a couple of good episodes coming out next week. We have a big backlog right now, actually, on this show. So we might go to a two-week cadence here. So we're three a week. So anyway, more on the brink is coming your way. We're just out here grinding. No days off.

yeah seriously we have so many shows recorded some really great ones i don't even know which ones we're going to publish this week yet but i assure you they're very good well no brady and no patriots this weekend so football's not going to be as exciting but it was those are four amazing games last week they're incredible i mean that bill's chiefs game might be the greatest playoffs game i've ever seen in my life uh yeah it's up there with i mean 28 to the was pretty good and the Russell Wilson pick was also pretty good. But yeah, that was a great game.

Unbelievable. All right, everyone. Well, that's it for the week. We'll see you on Monday. Have a safe and healthy weekend and we will see you later.