So joining us now is the author of that note, Alex Saunders. He is city's head of quant macro research. It's great to have you on, Alex.And let's start right there. What is the bullcase for crypto. Yeah, I mean quite simply the bull case is based on flows.Um we've seen a huge amount of flows in the last year. Um and we continue to expect those flows to to to be realized. Um so flows into year end and then flows for the next 12 months.that is really the key determinant of the of the bull case but even the ba ...

Bitcoin Adoption Trend - MicroStrategy's adoption of Bitcoin as a reserve asset has proven successful, with Bitcoin's market cap increasing from $200 billion to over $2 trillion [1] - The trend of adding Bitcoin to corporate treasuries is expected to start small and gradually increase to a majority percentage [2] - The adoption of Bitcoin will progress from individuals to corporations, starting with smaller market cap companies, and eventually to central banks [3][4] Rationale for Bitcoin Adoption - Bitcoin is considered sound money for a digital world due to its provable scarcity [5] - Increased demand for Bitcoin's capped supply is expected to drive its US dollar value higher [5] - Institutional investors, large corporations, and governments entering the Bitcoin market are expected to accelerate adoption and USD price [6] Macroeconomic Factors - The macro environment is accelerating the adoption of Bitcoin as a tool to protect wealth [6] - Corporations and central banks are recognizing the value of Bitcoin, similar to individual investors [7]