Unpacking the $61B Bitcoin ETF Surge

James Connor 0:05
Hi, and welcome to Wealthion. I’m James Connor. And today my guest is Anna Stone, a web three specialist at eToro. And eToro is a trading and investing platform built around a global community of investors and has over 35 million users worldwide, on his focused on cryptocurrencies, and given the massive move that we have seen in Bitcoin of late I thought I should sit down with on and have a discussion, and whether or not I should have exposure to this asset class, or not. Thank you very much for joining us today. How are things in New York?

Anna Stone 0:35
It’s a beautiful day here, beautiful weather spring is around the corner, and we see it in the markets too.

James Connor 0:41
That’s good to hear. Anna, I am a traditional investor. And when I say that, I mean I invest typically only in stocks and bonds. And so I want to learn more about the whole world of cryptocurrencies. And the whole sector is relatively new to me. And when I look at a new industry or a new sector, I always like to take a top down approach. And why don’t we just start here, maybe you can tell us how large the crypto market is and how many different types of Cryptos? There are?

Anna Stone 1:10
Sure, my pleasure. So if we’re looking at crypto as an asset class, we see that today, as of 2020, for Kryptos, hovering around the 2.7 trillion to 3 trillion market cap, that’s a result of the price of Bitcoin and Ethereum and a few other tokens increasing over the past three, four months. But I’d say to back up even more, you know, crypto is crypto is a new form of digital assets that as an asset class has only been around for approximately 10 years, right. And we’ve seen a tremendous amount of financial innovation and proliferation of cryptocurrencies, even within that relatively short timeframe. Right. So as of today, you asked me how many cryptocurrencies there are, there are 1000s, if not hundreds of 1000s of different cryptocurrencies that have been out there. Part of what makes cryptocurrency so interesting is actually it lowers the barriers to entry as to who can create a crypto token, right. And so, for better or for worse, that has resulted in a proliferation of different types of crypto tokens that are linked to different different platforms, different theories of change, of course, the one that probably most people in this podcast have heard of, are Bitcoin, and Ethereum, which takes up approximately 75% of that market cap. Right. So those are the two big tokens that have really proliferated, I’d say, the capital markets and are held the most widely by retail investors and many other tokens kind of fall, fall in line behind that composing, you know, are on 500 billion in market cap.

James Connor 3:03
And just to clarify, when you say there’s 1000s, or hundreds of 1000s of Cryptos, is that because the the sector is unregulated, so anybody and everybody can go out there and start up their own crypto?

Anna Stone 3:14
Essentially, yes. Right. So this is this is one of the features of cryptocurrency is actually it’s a decentralized nature, if you will, which is enables anyone to use blockchain technology to actually launch their own cryptocurrency. Now, of course, there’s been a lot of debate from regulators around the world, particularly in the United States regarding what are the boundaries of this and how can this be done in a way that is, protects the retail consumer, right. But the what this is also one of the core most exciting innovations in the cryptocurrency space is really this. I want to say framework shift around who has access to create and capture value and capital formation at large.

James Connor 4:14
You mentioned that 75% of the value of all Cryptos are basically comprised of two names Bitcoin and Ethereum. And I just want to touch on these two before we move on, but earlier this year, the SEC approved Bitcoin ETFs I believe there’s 10 of them. Can you just give us an idea of how much money has flown flowed into these new Bitcoin ETFs?

Anna Stone 4:37
Yeah, sure. So one of the things that I’d like to do before we get started is actually like, talk a little bit about why why Bitcoin ETFs actually matter and are exciting, right? And I think one of the challenges that’s really plagued crypto and crypto adoption, has actually been the that getting access to cryptocurrencies, historically was out actually quite challenging for retail users to access, right? So it’s only in the past five or six years have you that you’ve really had, let’s say, more trusted names such as Brooklyn such as eToro, Coinbase, others that actually are able to offer Bitcoin or Ethereum to retail investors in a simple, easy to use way. However, we also know that many, many, many investors are outside of crypto native platforms right there outside of the types of digital wealth providers that are actually offering Bitcoin to people on chain. And so one of the things that’s actually made because holding Bitcoin custody in Bitcoin, it remains one of the challenges that actually keeps I think a lot of people from putting digital assets or crypto specifically as part of their portfolio. And so one of the things that’s actually been really, really exciting, if you will, is that the that the launch of the Bitcoin ETF actually enables more both retail and institutional investors to begin to access Bitcoin, as an asset and cryptocurrency at large as an asset class and more comfortably make it a part of someone’s portfolio. Right. So to give you a sense of the numbers, because what we’ve seen is actually that this, the Bitcoin ETF has been very widely and rapidly adopted since it was first approved in January. So we’ve seen I’m going to give you a bit of a bit of context here. So bitcoins market cap, as of today is around $1.39 trillion. Okay, that’s the market cap of the of the currency at large. Since the Bitcoin ETF was approved in January, there’s been over $61 billion of capital that has flown in over the past several months, which is approximately 5% of the market cap. Right. Even as recently, I think it was like, as of a few days ago, there was actually a record high of inflows into bitcoin ETFs, with one day seeing, I think, over $1 billion of money flowing in to the BTC ETF. So this is, you know, by many metrics, this has been a huge success, right? And has really expanded the number of people that are holding crypto or have exposure to crypto through the ETF product.

James Connor 7:52
Yeah, you raised some very good points here. Because I as an investor, I did look at it at one point, I thought this was way too complicated for me. But now that it’s an ETF, I can buy and sell it at ease. And I think that’s what’s really important for any sort of asset classes. It’s got to be frictionless, right?

Anna Stone 8:08
Yeah, absolutely. And I think that, you know, there’s a range of studies that have been done, which, you know, suggests that around a quarter of investors have had the same experience that you have where, you know, around 20%, say that they haven’t invested in crypto but are much more likely to get exposure or interested in crypto want exposure to crypto, and are much more likely to actually explore the asset by way of the ETF. So you’re not alone there.

James Connor 8:37
And just to add to the point that you made about the amount of money going into the Bitcoin ETF, so I read recently that Blackrock CTF was the fastest ETF to hit $10 billion in value. So it just gives you a sense of how much money is flowing into this sector. Now, who do you think is investing in these ETFs would these be retail investors or institutional investors?

Anna Stone 9:02
Um, I’d like to say that I think it’s probably a mix of both. Right, which is that, you know, we see that around. You know, just to give you a sense of sense of scale, it’s been reported that as of now, between 30 to 40% of Americans own some crypto, right. It’s difficult to understand how much of that is actually held through the asset versus now how many new entries are actually happening through by way of the ETF. But I would say that the the speed of the adoption is a real indicator of the, I think, how many how much capital and how many people have been waiting on the sidelines that have actually been waiting for exposure to crypto exposure to Bitcoin to come in a simpler, more easier, trusted, regular Latest way that they feel comfortable with. I think the other thing, there are a few other things that are interesting regarding the Bitcoin ETF is actually the level of user understanding around what they’re actually buying, right. So one of the things that we’ve done a eToro is do some surveys regarding how many people actually understand what Bitcoin is. Right. And one of the things that the most interesting that one of the things that I found was the most interesting, right, is that 60% of retail investors could actually define the term crypto, but they could not define the term ETF. Right, which I think is a great indication of just how much Bitcoin in crypto at large has kind of captured the imagination of a new generation of investors that are really eager and believe in the concept of a digitally native financial future, but haven’t yet had the right products that enable them to do it as a way that makes sense in terms of their financial life. Right. So I think that’s a really fun statistic to look at. I think another statistic that’s interesting is actually the diversity of people that are holding crypto, whether that comes through what you know, whether that’s through the asset itself, or through the ETF, right. And so crypto is actually the most widely, the most diversely held asset class. And one of the things that we see is like women, for example, are actually more likely to invest in crypto than men. Right? So I think all of these different mega trends are reflective of these bigger macro trends that are related to who is investing, what type? What are their projections for how the future is going to look like? And what is really the role of digital money and digital assets within that projected longer term future.

James Connor 12:00
That’s an interesting stat, that you just threw out about women being more inclined to invest in crypto than men, I thought it would be the other way around.

Anna Stone 12:09
It’s actually one of the things that shifted over the over Kryptos. short lifespan, right, which I actually think is a really strong indication of how the market adoption of crypto might be different than how we’ve seen different financial instruments or asset classes develop in the past, right. So you know, the rate of crypto ownership has actually searched since the start of 2024. That’s among women themselves, right. So I think what we really started, and that’s just within the US, right, when we’re looking at the US context, obviously, when we look outward globally, at crypto adoption, we see adoption rates increasing across the globe, you know, really, minimum 10% year over a year, right. And so, I think when we when we start to think about all of the billions of people out there that actually are really eager to have exposure to capital markets, so much of which we take for granted being in the US or being in in Canada that we actually have like, real comfortable, trusted access to the markets. Bitcoin Ethereum cryptocurrencies at large are seen by billions of people who are underbanked or unbanked around the world as a pathway to actually get exposure to those markets. And these are all people who, you know, it’s not so simple to just sign up for an account on eToro and just buy 50 bucks of Apple stock, right. And so when you really start to think of the macro context within crypto adoption, and the fact that any single person with a smartphone is going to be eager to enter into this digital asset class, and now it’s actually a reality because of the nature of the blockchain, and that anyone can have a digital wallet, and anyone can hold that asset. It really puts the macro demand for crypto in a much bigger, much bigger scale. Right.

Speaker 1 14:10
And

James Connor 14:11
And just to clarify, now that you can buy it as an ETF, I can buy and sell it like any other stock like Apple, or Amazon or Tesla.

Anna Stone 14:20
Yeah, essentially. Yes. And so I think this is the user experience around what you’re what you’re driving at is actually what’s the user experience around interacting with ETF? Right. And I think one of the, one of the the strong parts and why people are so excited about the ETF, I think 46% of Americans say that, you know, the ETF adoption is going to be good for crypto at large, is because it means that the user experience both as a retail investor but also as a financial advisor or institutional advisor means that you can you know, just as you’re going through and designing your portfolio and creating a mix of stocks equities ETFs cetera. Now you can actually wrap, you know, have an ETF that provides a representation of what’s happening with Bitcoin, within the same interface that you use to manage the rest of your assets.

James Connor 15:14
Anna, you mentioned earlier that one of the benefits of owning bitcoin is because of decentralization. And this is also one of the reasons why investors invest in gold or physical gold. And many people refer to Bitcoin as digital gold. What are your thoughts on this?

Anna Stone 15:29
So I actually think that this is a really teachable example as to why Bitcoin is referred to as the digital gold of the future, if you will, is because there are some nice parallels between Bitcoin and gold that, that kind of show how gold is a representative asset that plays a particular function in the old physical world. And by extension, why Bitcoin would be a nice extension of that asset property, if you will, in the future. So I think first and foremost, it’s based around limited supply. Right, so bitcoins known for having a limited supply, there will be 21 million Bitcoin, that’s the monetary theory of the currency. That’s actually like a key part of the trust. And as you mentioned, decentralization that it’s outside of state control, right, so that this is actually an asset class that is not Fiat. It’s not controlled by a particular treasury, it’s actually outside of that system, and therefore create some sort of global consensus around, you know, a global market for valuing this particular asset. Right. And so I like the way that I like to think about it is actually that, you know, the same way that gold is simply a mineral out of the ground. Bitcoin is simply just computer code, right? The question is, what are the properties of the mineral? What are the properties of the code that actually make it perceived as valuable, right? And I think that one of light, and then we mentioned limited supply, and we’ll talk about the halving in a minute, because I think that’s actually really relevant to driving bitcoins narrative around limited supply. And also the fact that both gold and Bitcoin I think, are incredibly malleable, right? They’re actually very liquid, there are many ways where you can actually both use them, sell them and value them. And so now, when we’re thinking about comparisons of Bitcoin, and gold, one of the things that I like to think about is actually where the demographic trend is bringing, bringing the adoption rate and where the market is going to trust, not just today, but in the future. Right. And so one of the interesting things that I like to think about, is, if you ask someone who’s 20 years old today, would you rather hold Bitcoin or gold? Their answer is always Bitcoin. And why this is interesting is because you’re taking two different, let’s say, two different assets, or stores of value, that share many of the same properties, if you will, that are described as making them valuable. And actually, what we’re doing is we’re adopting it for where value will be perceived in the future, right? And if young people universally around the globe recognize that Bitcoin is perceived to them, as more valuable than gold, then that psychology is going to continue to infuse itself into why Bitcoin is seen as valuable, right? And as the supply of Bitcoin actually reaches its max point, right, so we talked about Bitcoin being limited supply, as that actually happens, over the next 1012 years, there’s going to be a massive, I want to say knowing cultural knowing around a, the deep understanding around Bitcoin as limited supply, which is going to drive continue to drive the psychology of younger people around the world, wanting to have a piece of that digital gold, right? And as our whole world becomes, you know, as everything moves on to the internet, as everything becomes digitized. It makes sense why we will eventually over time value our our digital gold more than our physical gold, which has all these other externalities and expenses. And quite frankly, when you talk to too many young people, well, they see it as old fashioned, right. So I think these are some of the interesting comparisons mapped out against like the demographic and macro trends. And that that put gold and Bitcoin kind of in a shared context.

James Connor 20:05
Now, one of the advantages of gold over bitcoin is it’s been around for 1000s of years, and it doesn’t have the same sort of volatility that bitcoin does just recently, Bitcoin, and this has this has happened numerous times, well, it’ll hit an air pocket every once in a while, right, and you can drop seven, eight 10%. Why is that?

Anna Stone 20:27
So I think that, you know, Bitcoin is is history is known now for actually playing a particular role of being crypto in general plays the role of being, let’s say, the highest risk on asset class available out there. I think that that over time, and when I say time, I don’t mean the next year or two years, I mean, over the next 1520 years, I think we’re gonna start to see those, those bumps of of 10% in a day really start to, to even out, right. But I think what’s Oh, if you look at what’s happening in with crypto today, you do see a market that has, you know, peaks and valleys in very shortly after immediate Val valleys. And I think there are a few reasons why, why this is happening and why we can continue to see that this happened even through a bullish cycle. First and foremost is, you know, crypto within a macro context is going to be responding and is following the trends of the overall market. Right. So as we see macro economic indicators that make people excited about risk on assets, we will see an outsize number amount of that value go towards crypto the same way when we receive market signals that you know, are basically risk off, Bitcoin is going to feel an outsize Bitcoin and crypto in general is going to feel an outsider swing from those types of events. The second part is that, you know, cryptocurrencies have a very active investor base, right, which is that as soon as tokens hit up high, you have people putting sell pressure on right, so there are many people who are actually actively monitoring the markets really looking to take profits as Kryptos reach all time highs, and that’s part of what’s driving the volatility right. So I think the I think the third part that, you know, we can keep in general for investing, but it’s definitely true when it comes to crypto, is that, you know, the old saying, buy the rumor sell the news, right. And so, one of the things that we’ve seen in many crypto cycles is actually um, different market narratives that are really driving price action in certain crypto tokens, whether it’s the halving in Bitcoin, or the merge or the den Kuhn update in Ethereum, different, you know, different stories of stuff that’s happening within the currencies ecosystem, that actually kind of create these little hype cycles. So I think these are a few of, you know, a few reasons that are that drive that volatility, but I believe over a longer time horizon, and particularly as Bitcoin reaches its max supply of 21 million, we’re going to start to see this rain cloud.

James Connor 23:24
So you mentioned halving a couple of times, and I’m reading a lot about this, tell us what it is, and what does it mean to the price of Bitcoin?

Sure.

Anna Stone 23:32
Sure. So the halving or the halvening actually as a referral to Bitcoins, monetary policy, and the event itself actually refers to the moment in time when mining rewards are reduced for Bitcoin miners, right? So just you know, Bitcoin, the way bitcoin is created, is there’s a mining network of different organizations, companies that are operating computers, they need to do complex mathematical proofs in order to mint, bitcoins into existence. Right. And part of bitcoins core original monetary policy is that this becomes less and less over time, right? So the currency is actually fixed supply. In the beginning, miners could mined many more Bitcoin over time, since over time, that has actually been reduced, where the mining rewards are haft, right, therefore, the term that happening and so the last havening, I believe, was actually in May, May 2020. That was another season that was correlated with high Bitcoin prices. And the next Bitcoin halving is likely to think it’s supposed to occur occur April and this next month, right? And so this is interesting, because, as the as there were effectively decreasing the rate that which Bitcoins are released into circulation released into the market, it creates, you know, much more focus on the fixed supply nature of Bitcoin, and how your share of a Bitcoin today is going to be projected to be much more valuable in a future where the total number of bitcoins mined is capped at 21 million.

James Connor 25:31
You mentioned that the second largest crypto is Ethereum. Tell us about Ethereum what exactly it is and how does it compare to Bitcoin?

Anna Stone 25:40
So I like to think, you know, if if theory if, if bitcoin is digital, gold, if you will, I actually see Ethereum as the world’s global computing platform, which really enables people to it’s the blockchain ecosystem that enables companies to create their own applications and create their own currencies. Right. So Ethereum is actually the second largest cryptocurrency by market cap, I think, as of today, it’s sized over $500 billion. But Ethereum also a global computing ecosystem, right? So there are over 10,000 companies today that have been built on the Etherium ecosystem that build on the Ethereum blockchain that use the US ether, which is the token that’s associated with Ethereum in order to actually operate their businesses on that blockchain, right. So just for context, over 105 million people today actually have wallets on Ethereum and hold Ethereum. So it’s a very widely used platform, when when you hear about blockchain businesses or crypto startups, right, they need to be building on a particular open blockchain and Ethereum is actually the biggest of those blockchains. It’s the place where most entrepreneurs have gone to start companies and build businesses. And I think one of the most interesting things that’s happened around Ethereum, is that because of its platform nature, it’s actually enabled an entirely new type of parallel financial system to emerge alongside it, that now is currently running in parallel with, let’s say, what we can truly consider to be traditional finance. And this is actually called decentralized, finance, or defy for short. And what this actually means is that there is a whole ecosystem of billions of hundreds of billions of dollars operating on chain, where actually you have computer code, creating and recreating the same types of financial instruments that we see in our traditional financial system, right. Savings and Loans is probably the most popular example where actually you rather than having to go to a bank, in order to ask for a loan, you actually can go to a smart contract, prove assert that you have a certain amount of collateral and automatically take a you know, take a loan directly from a smart contract. Right. So this is a whole new way for people to organize capital for capital to be organized through computer code that actually is running in parallel to our traditional financial ecosystem, and really begins to show how you know how the financial innovation and the future of new types of financial services are going to be built on top of public blockchain networks such as Ethereum.

So I just want to understand, see if I understand this, ether is the actual cryptocurrency. And Ethereum is the network. That’s exactly right. Ethereum is the network and then ether is the token that powers that currency.

So just did the most basic example is that if I want to execute a transaction on Ethereum, if I want to send you money, then I need to pay for that transaction using Ethereum. Right. So that is actually the token that powers the network. And the market application of that is that as we see more businesses building on top of Ethereum, or building as part of that ecosystem, it’s going to drive usage of the ecosystem, it’s going to drive demand for ether the underlying token, as there are more and more ways that ether becomes a critical part of operating businesses.

James Connor 29:55
And can I invest in an ether ETF the same way I can invest in a Bitcoin ETF?

Anna Stone 30:00
Not

Not yet. Although, you know, that’s one of the major events that the market is tracking towards, right. So with the approval of the Bitcoin ETF in January, the next I guess ETF that’s being tackled is actually an ETF, which will make exposure to the theorem access, you know, as simple as possible for a wide range of investors. However, this is still under review by the SEC, and I think the spring will know and understand more about when and if an ETF is going to come into being. It’s definitely something that the market is excited about and talking about, and a key event that people are tracking for this spring.

James Connor 30:44
So I can’t buy it on a recognized exchange. But if I do want to invest in it, where can I go?

So

Anna Stone 30:50
So you know, you can you can buy Ethereum on a platform such as eToro. Right? So the question is, you know, and you can do so in a regular, I would say, in a simple way, right? Where you actually are able to log in, deposit money, allocate it to Ethereum. The question is actually around the ETF itself, right? So whether or not the way that you’re investing in Ethereum, is through holding the asset itself and actually acquiring the asset and holding it as part of your portfolio, or whether you’re, for example, just saying I want to allocate 200 bucks to this ETF, in which case, it’s actually done through the ETF issuer.

James Connor 31:29
So we touched on Bitcoin, we touched on ether. What about blockchain? You mentioned this a couple of times, can you just provide a basic overview of what the blockchain is?

So

Anna Stone 31:40
So blockchain is actually the category of technology that both Bitcoin and Ethereum fit into, right? So both Bitcoin and Ethereum are examples of public blockchains. There are many other examples of public blockchains, some of which are currencies as well. Right. And so when we talk about cryptocurrency, one of the one of the things that we’re looking at is actually the adoption of blockchain technology into the greater context of goods and services and how that relates to the currency market. So for example, a lot has been made about different banks that are actually looking at blockchain technology as a key way to improve the efficiency of their own operations. Why? Because blockchain has a bunch of properties that make it cheaper to send a like they actually it actually makes it cheaper to send $1 than $1. Right. So the efficiency of blockchain is something that many, many traditional financial institutions are looking at, in terms of how can it actually improve and out efficiencies to our existing financial financial system, if you will, in parallel, we have, you know, the crypto native blockchains that also have cryptocurrencies and markets that are operating on top of it like Bitcoin, like Ethereum that we talked about. So when we’re thinking of a longer term, 510 25 year projection of what’s going to happen in crypto, what’s going to happen in digital assets? There’s both looking at what’s happening with the cryptocurrencies today. And also looking at what’s happening with the larger technology segment of blockchain technology, where it’s being used, how it’s being adopted, where are the synergies with all the AI innovations that are happening, etc. It’s it’s a different framing of how to evaluate the asset class and what’s happening with the trends at large.

James Connor 33:51
Fascinating discussion. There’s so many different aspects to this. And I think I’m going to have to get you back to have another discussion to dive deeper into and you just touched on AI. And that’s something else I want to learn more about. Now, we mentioned at the onset, that eToro is an investment platform based around this notion of a global, global community of like minded investors. And one of the services that you offer to your users is this ability to see what the community’s doing and where they are investing. And I’m just curious, where do you see eToro investors investing their money at this point?

Anna Stone 34:27
Sure. So I mean, I can share with you that eToro investors are paying attention to many of the assets that many retail investors in the market are excited about. Tesla, Nvidia, Amazon, Apple Mehta, these are great examples of stocks that are thriving on eToro. And I think in general, people are bullish on the market in general, right. So holding a range of different ETFs that are representative of the ETF of the s&p and really holding them with conviction. Regarding other asset classes, I’d say, you know, options have become very popular on eToro. And, of course, crypto right, so we see eToro investors really exploring not just Bitcoin and Ethereum. But some of the more fun and exciting new cryptocurrencies that are coming out that, you know, where people are really looking to learn more about what’s driving crypto culture, and get exposure.

Speaker 1 35:36
Yes,

James Connor 35:36
Yes, this whole notion of social investing, I find quite fascinating. And this is something that’s very new. And I wish eToro was in Canada, because I would definitely get on that. And I would love to check it out just to see what other investors are doing on it. As we wrap up. If someone would like to learn more about you, and eToro, where can they go? And what platforms are you on.

Anna Stone 35:58
So as we wrap, I would just like to say that it’s, it’s always the right time to learn about crypto, right. So it’s never too late, you haven’t missed your moment. This is really a once in a generation asset class. And we’re really still in the early days. So for anyone who’s listening, and whatever I’m saying still sounds completely foreign, or confusing or out of context, I really encourage you to just begin your learning journey. And this is so much about what we’ve tried to do at eToro is actually create a social community where people can learn by watching others and watching the investing of others and really get used to learning by doing right. So of course, start with the eToro Academy. And then one of the nice things about eToro is that you can actually open up a virtual account for yourself. So you can actually begin to experiment without having to pay to play right and actually watch what other investors are doing sample your portfolio. And I really encourage people to just not be afraid to start to learn and not be afraid to get started. Because this is actually how we become good investors, right is through being in the arena. As for myself, you can find me on Twitter at @TheRealStone and I talk a lot there about different web three innovations and I’d say the the macro opportunity for blockchain and cryptocurrencies to help us build a more connected, fairer financial world. So that’s where you can follow me.

James Connor 37:37
Well Anna, that was a great discussion. And I want to thank you very much for spending time with us today. And I look forward to our next discussion

Anna Stone 37:43
. Me too. I hope you guys have a wonderful, wonderful weekend and everyone who’s listening enjoyed it.

James Connor 37:49
Well, I hope you enjoyed that discussion with on a stone. You might not agree with the whole concept of cryptocurrencies, but it’s becoming more and more mainstream, so you can’t ignore it. If you need help in understanding cryptocurrencies and other aspects of the financial markets, and where and how to invest, consider having a discussion with a Wealthion endorsed financial adviser at Wealthion.com. It’s a free service at Wealthion offers to all of its viewers and there’s no obligation to work with any of these advisors. Don’t forget to subscribe to our channel, wealthy odd.com and also hit that notification button to be kept up to date on future events. We have some amazing interviews coming out in the coming days and weeks. I want to thank you very much for spending time with us today and I look forward to seeing you again soon.