비트코인, 달러, AI까지…미국의 진짜 설계 와 비트코인의 다음단계 | 서동주, 김동환 캐시우드, … — Transcript

네. 크립토플러스 2부 시작했습니다. 오늘 굉장히 특별한 날이죠?

아, 그렇죠. 저희가 이제 방송한 지 한 3개월 정도 됐는데 가장 좀 유명하신 분이 저희 스튜디오 찾아주셨습니다.

지금 아무래도 글로벌 자산 유동성이 다 AI로 또 몰려가고 있고 또 동시에 비트코인이 글로벌 자산으로 자리 매김을 하고 있는데,

이 두 가지하고 모두 다 조금 이제 특별한 인연이 있는 그런 이제 투자 유명한 투자자분이 지금 저희 스튜디오에 오셨는데요. 아크인베스트의 캐시우드 그리고 프랭크 다우닝 리서치 디렉터를 모셨습니다.

네. Today on Crypto, honor to welcome the two of the most influential voices in disruptive innovation investing, CEO of Ark Invest and Frank Downing, Director of Research. Welcome to Pro TV. We're really, really honored to have you guys both.

Well, we're thrilled to be here. We've enjoyed our time in Korea incredibly. It's a very warm country.

Thank for us. Thank so much.

네. 아크인베스트먼트에서 나온 빅 아이디어스 2026이라고 하는 보고서가 있는데요. 여기 보면 이제 AI, 로보틱스 그리고 이제 에너지와 블록체인이 앞으로 이제 굉장히 융합이 기대되는 그런 핵심 분야다라고 제시를 했습니다.

2026년이 이제 벌써 절반 정도 지났는데요. 지금 투자자들이 가장 과소평가하고 있다라고 생각하는 변화가 무엇이라고 생각하십니까?

2026 highlighted the convergence of AI, robotics, energy and blockchain as the next major wave of innovation. Now that we're entering the second half of 2026, what do you believe investors continue to underestimate at this moment? Well, I'll start. There's

been a very big difference between the performance of the first three and blockchain technology. So, we believe there's a lot of bearish sentiment on blockchain technology for a number of reasons.

One of them is the so-called four-year cycle. We're in the downwing now and I think institutional investors have been trying to figure out, okay, how deep will this cycle be, and they're going to pick their spots. We

know they're moving into this new asset class, but they're going to move carefully because they've heard about this four-year cycle.

There are two other reasons. We went through something called the flash crash in October last year, 10/10.

thinky 최근 어 시장에 관심이 굉장히 AI에 집중이 되고 있는데요. 투자자 입장에서 AI와 비트코인은 그 유동성을 나누어 가져야 되는 것인지 아니면은 같은 혁신 사이클 안에 투자 기회인지 궁금한데요.

Investor attention today is heavily concentrated on AI. From an investment perspective, are AI

and Bitcoin competing for the same investor pool? Or do you see them as complementary opportunities within the same innovation cycle?

Yeah. So, in some ways they are competing right now.

Um, and I think you can see that clearly with the crypto mining companies that are taking their data centers and starting to repurpose them for AI data centers, right?

Um, so that is a direct kind of

competition for both the physical infrastructure and investment in those companies. But over time, we see them being actually more complementary.

One example is the use of, say, blockchain technology generally versus Bitcoin specifically for internet-based payments that could be used by AI agents. That's a concept that's really interesting to us, but we take some time to

develop. And then another dynamic that maybe Kathy would want to elaborate on is we could be entering an age of abundance with AI.

And Bitcoin, in contrast, is a very scarce asset, one of the scarcest.

저희가 이제 사실 크립토플러스지만이 3프로 TV를 보시는 많은 시청자분들께서 테슬라 투자를 아크인베스트 때문에 시작한 분들이 많은 걸로 이제 알고 있습니다. 그래서 테슬라 관련한 질문을 조금 드려보면 어 지금 많은 투자자들이 테슬라를 전기차 기업으로 여전히 인식을 하고 있지만 아크인베스트 같은 경우는 굉장히 오래

전부터 이 본질이 AI와 로봇시 뭐 FSD 같은 그리고 이제 로보틱스 측면에서의 가치가 훨씬 클 거다 요런 이제 어떤 뷰를 많이 보여 주셨거든요. 지금 캐시우드 님이 생각하시는 테슬라의 본질적인 가치가 또 어떻게 달라졌는지 좀 궁금합니다.

Tesla is just an EV company but we understand that AR has long been emphasizing the value of AI and full self-driving and robotics. So in your view, what is Tesla fundamentally becoming? Tesla is showing us today

the idea of the convergence among technologies that is going to, we believe, generate significant growth, exponential or super exponential growth. So it is the convergence of robotics, energy storage and AI.

Autonomous vehicles are robots. They will be electric and they'll be powered by AI. So we've got three different S curves associated with three technologies that are going to start feeding each other and that's what causes the

surprisingly rapid growth that we see ahead. Network takes off and then beyond that we have Optimus and then beyond that we have Terap and even more interesting there is speculation that SpaceX will someuture because now ising about this

conver and has even himself been surprised how many of his companies are converging. So we're pretty excited about this because that stream of companies and growth rates could extend for a very long time.

Elon believes and it's almost necessary innovator is creating a new way of doing things. Vertical integration is very important, and I think what we seeing at Tesla is vertical and see it even further in SpaceX with 수직통합이라는 표현을 쓰셨는데

비터자산 투자자들이 들이 많이 기대하고 있는 부분이 뭐냐면 어 수천만 대 로봇택시가 결국에 돌아다니게 될 거고 그것들이 이제 AI 기반으로 사업을 시작하게 될 거고 그러다 보면 이제 자동으로 택시에 사람이 없는데 결제를 하고 또 택시가 알아서 돌아다니는 이런 어떤 미래 사항이

오지 않겠느냐라는 그런 생각들을 많이 하는 것 같아요. 그러면 이 결제를 하는 단계에서 블록체인을 사용한다든지 이런 부분도 제가 볼 때는 일종의 수직 통합이라고 보이는데 요런 것도 가능할까요?

So you just talked about how everything's connected vertically eventually and if millions of robo taxis and AI agents eventually begin transacting and settling value autonomously, how do you evaluate blockchain's potential role as the infrastructure behind that economy?

I think that over time we will see more and more of the world's financial assets move on to blockchain networks and more financial services be developed around them and we think of that as an upgrade to the financial

system that will remove traditional intermediaries and lower costs. We think that presents a great opportunity for blockchain networks that are underpinning this new financial system, so in particular smart contract networks like Ethereum too, that's where the

most assets are now. We think is also interesting and then there's a new wave of blockchains that are more corporate in nature created by companies like Circle that seem like tritates operate more regulated.

네, 비트코인과 관련한 질문을 좀 드리고

싶습니다. 인베스트먼트는 빅 아이디어스 2025 모델에서 비트코인 2030년 목표가로 세 가지 시나리오를 제시를 했었거든요. 그래서 약세 시나리오, 그러니까 베어 마켓 시나리오에서는 한 30만 달러 정도 갈 거다라고 얘기했고 기본 베이스 시나리오에서는 71만 달러 정도가 예상된다. 그리고 상승 시나리오, 부시나리오에서는 150만 달러라고 하는 목표가를 제시를 해서 사실 굉장히 화제가 됐었습니다.

어, 이후에 활성 공급량을 이제 반영해서 모델 업데이트를 한 후에는 약세, 기본 그리고 상승 시나리오가 각각 50만, 120만, 240만 달러로 더 늘어났어요. 그래서 한국에서도 2030년에 아크 인베스트먼트가 비트코인 가격 240만 달러를

예상하고 있다라는 부분이 굉장히 화제가 됐었는데 지금도 그 전망에 대한 확신이 유효한 상황입니까? In Ark's Big Ideas 2025 model, Bitcoin's 2030 price targets were approximately in the bear case 300,000, base case 700,000 and in the bull case 1.5

million. Later after adjusting for active supply metrics those projections were revised up a little bit to 500,000, 1.2 million and 2.4 million and that was big news for the Korean investors as well. So do you still maintain

confidence in those projections today? So we build our valuation model for Bitcoin by adding together different use cases. The first and the biggest is digital gold, and you've seen gold up in value a lot

recently. But also a nation state asset, corporate treasury. We actually have had payments as a use case for Bitcoin for some time and we see stable coins taking some of that role.

All of these use cases, and I should mention also institutional investment as part of a diversified portfolio, are the main contributors to our model and result in the 710,000 base case, the 1.2 and 2 million. We

take all of these market sizes and we divide them by the number of bitcoins, 21 million for the first number.

And if you account for tokens that are lost or locked up like the Satoshi tokens, that's how you get to the 1.2 million number. But I think generally when we think of the market, it's really the

710,000 that I think is the right base case. And 1.2 million as a base case was reported on that thought experiment as our main base case. So, I would think of 710,000 but keep in mind these

market sizes are changing and the price of gold going up impacts our model. As does market generally influence of portfolios.

어, 추가로 그럼 이 부분 꼭 여쭤 보고 싶은데요. 어쨌든 지금 베이스 케이스가 71...

했었는데 지금까지 이렇게 들어왔던 부분이 기간 투자자가 초기 진입 단계였기 때문에 계속 늘어왔다라고 봐야 되는 것인지 아니면 앞으로는 또 이런 부분들이 좀 감소하는 수준으로 돌아설 수도 있다라는 것을 우리가 염두해 둬야 되는 것인지 그런 부분 여쭤보고 싶습니다.

TFs in the United States have recently experienced very extreme greater volatility in fund inflows and outflows especially you know May starting in May.

Uh so should last year's large inflows be interpreted as merely early stages of uh institutional adoption or should we view it as it has a substantial portion of the future demand already been priced in? Uh the way we're

looking at it is the big burst was when ETFs were issued in 2024. And if you look at the recent flows yes there have been some outflows uh but not as much as you might have seen from retail.

Institutional has been pretty steady. If anything, for the reason I cited earlier, institutions are taking their time moving into this new asset class because they've heard about this fourye cycle and they just want to perhaps average in. Uh so we do not

believe demand has been pulled forward uh in the last couple of years. If anything we believe that institutions have been very cauous and whenycle is complete and we do process.

네. 이번에는 DAT 기업 디지털 에세 트레저리 기업 관련해서 좀 여쭤 보겠습니다. 어, 최근 들어서 비트코인 투자자들 사에서 가장 많은 논란을 일으키고 있는 것이 바로이 DAT 기업인데요. 이게 가격이 올라갈 때는 굉장히 좋았거든요.

왜냐면 뭐 스트레티지라든지 이런 기업들이 비트코인을 많이 샀고 그래서 이익을 보는 투자자들이 많았습니다. 근데 또 하락장이 되니까이 DAT 기업들이 시장에 상당히 부담이 되고 있다. 이런 또 분석들도 나오고 있어요. 그래서 제가 여쭤보고 싶은 부분은 어 비트코인이 DAT 기업을 통해서 기업 재무 전략의 일부가 되고

있다라고 봐야 되는 것인지 아니면이 DAT 기업 자체가 이전에는 없었던 새로운 형태에 레버리지 머신 같은 역할을 하고 있는 것인지 그런 부분들이 좀 궁금합니다. Over the past year, digital asset treasury companies have uh rapidly increased in number.

The companies like Strategy have bought a lot of bitcoins and a lot of people made money from that. But do you see this as evidence that Bitcoin is becoming part of the corporate treasury strategy as a new form of uh leverage

machine? Uh in some ways it's both. Um strategy in particular has quite a bit of leverage which they call amplification. It's about 40% of uh um leverage relative to their assets. Um that's what has allowed them to outperform uh in up

markets but that leverage causes them to underperform in down markets. Uh so I think it's something that investors in digital asset treasury companies should be aware of. And the second part is that um very few treasury companies have been

able to scale effectively. Michel Tom Lee's bit. 네. 미국에서는요. 스테이블코인 및 디지털 자산 관련 규제 체계가 굉장히 빠르게 진행이 되고 있는데요. 이런 환경 변화가 아크의 크립토 투자 전략에 또 어떤 의미를 가지는지가 궁금합니다. The US is rapidly advancing regulatory

frameworks for stable coins and digital assets in general. And what does this evolving regulatory environment mean for AR's crypto investment strategy?

Well, uh I can reflect on one of our last answers. One of the reasons institutions have not one of the other reasons institutions have not been moving in aggressively is we don't have the clarity act pass.

Some uh are waiting for that. Uh so that's another answer to uh the question is it pulled we pull demand forward? No not at all. some institutions haven evened getting involved uh in in terms of the regulatory framework

it's a very healthy development uh and we do believe as more institutions uh evolve their crypto strategies that they will become more active in their approaches today we have a fund spot bitcoin ETF and we did that fund as

almost a public good We believe everyone should have access to a low price uh fund bitcoin. Uh so we have that one passive strategy but AR is an active manager and so we are going to use our research uh to

evolve portfolios going forward uh that we think are going to be able to capital on the various moves among theets world.

그렇다면은 그 민간 스테이블 코인이 전 세계적으로 확산이 된다면 전통적인 이제 달러 패권은 약해지는 건지 아니면 오히려 달러의 영향력이 온체인 강해진다고 볼 수 있을지 궁금합니다.

private stable coins continue to expand globally? Does that weaken traditional US dollar dominance or does it eventually uh strengthen the dollars influence on chain? Well, uh this is an interesting question because many people uh believe that Bitcoin in particular was

going to be a big challenge to the dollar. We have seen some dollar weakness but we actually think that stable coins are going to increase the dollars influence uh because they are backed primarily by US treasury securities uh and of course

dollars. So we see this as a way to export dollars to people especially in emerging markets uh whose currencies are extremely volatile and whose monetary and policy regimes are not in sync with maintaining the purchasing power and wealth of their own

populations. So we think the dollar is going to have increased influence uh and we actually have a contrari view. We think the dollar is going to move up as the returns on invested capital in the United States move up based on

deregulation like we're seeing with crypto and lower taxes better tax treatment some contrarian are maintainable이 이제 신흥국 중심으로 더 나은 돈 better머니로 자리를 잡는다고 하면 비트코인은 미래 어 디지털 금융 생태계에서 또 어떤 역할을 하게 될지가 궁금하 Bitcoin with

financial ecosystem so we we see people really wanting to see stable coins as competitive to bitcoin but I think it's important to remember that the purpose of Bitcoin in a key value proposition is that it is non-government and seizure

resistant money. So this is actually very different from stable coins which are an extension of government money. Um we actually saw this really acutely um in April when the US government actually used stable coins to uh seize funds from

uh Iranian linked entities. Um that is not possible with Bitcoin. Bitcoin is truly independent and you cannot seize it uh remotely. Um, so I think that value proposition still really holds and is even more unique now even as

we see stable coins being adopted for day-to-day payments uh which we think is one of uh the areas where they excel.

Yeah. And one thing I will say in addition to that is uh even in the Bitcoin community uh they are looking that the the OG bitcoiners are looking at stable coins almost as a a humanitarian kind of bridge into the

future of Bitcoin because Bitcoin right now is very volatile. been in a a bit of a bare market and people who in emerging markets who are living hand to mouth cannot afford the volatility that's why they are demanding stable

coins longer term as wealth increases around the world thanks to all of the technologies are that areolving we believe more and more people into bitcoined earlier 네. 아크 인베스트먼트에서 최근에 그 금융의 온체인화를 굉장히 중요한 투자 테마 중에 하나로

제시를 했었는데요. 향후 5년에서 10년 사이에 가장 먼저 그리고 가장 파괴적으로 온체인화가 될 수 있는 금융 영역이 어디라고 보시는지 궁금합니다. So recently emphasiz finance moves on chain as a major investmente.

over the next to 10 years which segment of finance do you believe will move on chain first and where do you see the greatest disruption occurring so we we can see nearly all types of financial services moving on

chain and there's a lot of examples uh from trading to lending to derivatives that are already taking place I think uh particularly in the US markets for really large use cases uh stable coins have been a great example of

something already uh taking uh dollars and making them internet native uh that's taking place and I think there's a new wave of uh interest in tokenization stable coins are tokenized dollars and have tokenized equities next and there's companies in the US

and관투자들이 비트코인을 넘어서 이더리움하고 뭐디파이 생태에 관심을 보이고 있다는 라는 평가가 굉장히 많은데 실제 월가와 미국 기관들이 디파이에 좀 참여하는 그 수준과 또 내부 분위기가 어느 정도인지 궁금합니다. So there is a growing discussion that institutional investors are beginning to look

beyond bitcoin toward Ethereum and defy ecosystems. How engaged are Wall Street institutions currently in defy and what is the overall sentiment internally? So I think that um some of the largest Wall Street institutions view uh blockchain ecosystems as both a

major opportunity and to some extent a risk to their business models. Uh so for example, Black Rock has one of the largest tokenized money market funds and they chose Ethereum to build that on top of. Uh JP Morgan is

building tokenized deposits as are a few other banks and uh we just mentioned the tokenized equity movement as well. Uh so these are all opportunities for traditional institutions to integrate into blockchain networks.

Uh but on the risk side uh we see companies like Visa and Mastercard, these large payment networks that are trying to figure out how to integrate into uh blockchains.

And they're trying to figure that out quickly because things like stable coins and new onchain payment networks could be a threat to their high margins. So they need to reinvent themselves or risk being disrupted by blockchain technology.

네. 지금 플랭크가 블랙롱 얘기를 또 해 주셨는데 지금 작년 말부터 우리 실물자산 토크화 RW라고 부르는 시장 자체가 굉장히 빠르게 커지고 있습니다. 그래서 지금 투자자들 입장에서는이 시장의 승자가 누가 될 것이냐 하는 부분에 대한 관심이 굉장히 많은데 뭐 대답하기 좀 어려울

수 있는 문제라서 제가 보기를 세 개를 드리겠습니다. 1번 퍼블릭 블록체인 네트워크 2번은 스테이블코인 발행사 3번은 전통 월가의 금융 기관 셋 중에 누가 승리하게 될까요? So with black rock beetle buidl and the rapid expansion of tokenized RWA who do you believe

will ultimately capture the greatest value if the RWA markets scale significantly? So will it be public blockchain networks or stable coin issuers or traditional financial institutions? the companies that are um uh building these financial services and using blockchain

technologies to uh reduce their cost and offer better products to their customers um likely have a an opportunity to capture a lot of value because they are serving the needs of their clients. That being said, uh the underlying

blockchains serve as a critical enabler and we think will capture value to. Um but we have observed as the number of blockchains have proliferated the average fees come down and we see more revenue going to the applications than

the underlying blockchains. So it's something that uh we watch. Um but an important note on the underlying blockchains is that it may be a winner take most opportunities. So even though they have a lower share of the total

economics, they can still be very big in terms of earnings. 현재 시점에서 아크가 가장 큰 확신을 가지고 있는 크립토 투자 테마가 무엇인지 궁금하고요. 어 비트코인, 시코인, 온체인 금융, 그리고 디지털 자산 인프라 기업 중에서 가장 주목하시고 있는 영역이 뭔지 또

궁금합니다. I almost feel like you you've been answering this question over and over again, but just wanted to make sure.

So, at this moment, uh, which crypto investment theme currently carries the highest level of conviction in at Arc among Bitcoin and stable coin, chain finance and digital asset infrastructure companies which area most focused on? In the long term, we think

there's opportunities across all of these areas as uh the digital asset economy grows. Uh but if if you think earlier, we were talking about the Bitcoin price target of over $700,000 uh that's more than a 10x from where we

are right now. Uh so we're clearly bullish on Bitcoin as an opportunity. Uh but if you were to look right this moment, it feels like stable coins are really hitting their stride and are at the right place at the right time

where you have the genius bill that's been passed in the US that has clear regulation that will come soon for the rest of digital assets but isn't here yet. And you have companies like Circle that are doing a great job at

proliferating stable coin adoption and helping bridge the cryptonative world with traditional financial institutions. 네. 지금 뭐 여러 가지 얘기 저희가 나눠봤는데 어 요즘에 특히 이제 글로벌 매크로가 굉장히 불확실성이 크고 지정학적 위기랑도 겹쳐 있고 또 이제 크립토 시장이 원래 변동성도

높기 때문에 사실 투자자들이 야 이게 장기 투자 너무 힘들다 이런 얘기들도 많이 하시거든요. 어 요런 투자자들한테 좀 전달하고 싶으신 메시지가 있다면 한 개씩만 좀 부탁드리겠습니다.

So this question goes for both of you um in a world filled with global macro uncertainty and high cryptoarket volatility. What message would you like to give and share with Korean investors who are focused on longterm wealth uh building?

Well it's interesting to be here in Korea as uh as you've just enjoyed a parabolic move in uh your in Samsung and SK Hix.

Uh remember Bitcoin felt that way and other crypto assets felt that way uh last year uh up until October. Uh and so what I would suggest as I always do it it's important to diversify.

Actually these these seem to be uh very complementary or or they inversely correlated at least recently. Uh so uh you're in two very important areas. AI related and blockchain related.

uh blockchain right now and Bitcoin all of them but Bitcoin specifically um is going to benefit as Frank mentioned earlier from the age of abundance that AI is creating uh so its scarcity value uh is why it will

become more valuable over time. So uh I would diversify average down uh on actually we've been talking about uh semiconductors quite a bit recently.

Um there's a correction now I can see someaging down there. It looks like Bitcoin is bottoming out uh testing a base. Uh our conviction in it has not been diminished.

Uh so I would definitely take increased I shouldn't say this. I can't say this. I would definitely consider um increasing exposure uh to Bitcoin as many are worried about the fourye cycle. Yes. Uh well, as always, um our

suggestion is to have a diversified portfolio and uh buy low, sell high. So Bitcoin is low right now. Uh I'm not saying it's at its bottom. never knows but it does seem to be basing and we are moving into more

regulatory clarity with the clarity bill uh and if we're right AI is going to keep uh booming moving forward but also creating this age of abundance uh meaning supply of everything is going to go up very rapidly which cannot

happen with Bitcoins scarcity value uh will shine through we think during the next few years. I agree with everything Kathy said um especially the concept of uh taking profits along the way, averaging out and then averaging back in on

the way down as a a way to not try to perfectly time the bottoms or the tops of the market. I learned that from Kathy. Um, and another piece of advice um that that I like or one of the

reasons why I like investing is that it feels like learning. Uh, and I feel like if you're going to be investing in the market, uh it's an opportunity to always be learning and teaching yourselves new thing, using AI to

teach yourselves new things. Um, and if you're really engaged, it can help you understand the market better and the technologies.

이 미국에서 아무래도 데이터 자산을 수용하는 속도가 굉장히 빨라지다 보니까 이제 한국에 있는 투자자분들이 많이 궁금해하는게 비트코인 이더리움은 내가 좀 잡아서 알고 있는데 사실 지금 그런 거를 사는게 맞느냐 아니면 뭐 코인베이스라든지 아니면 서클이라든지 이런 디지털에 특화되어 있는 기업의 주식을 사는게

맞느냐 이런 고민들을 또 좀 하거든요. 여기에 대해서 조언을 주신다면 어떤 조언을 주실 수 있을까요?

between direct uh Bitcoin exposure and investing in digital asset infrastructure companies such as Coinbase and Circle, which area does AR currently have stronger conviction in? Um it's interesting this group moves together both the public equities and the crypto assets. Uh so

it's hard to separate them. We know that Bitcoin tends to lead a cycle up. So if if we had to pick one uh probably starting there AI and fintech portfolios uh we have a larger waiting in uh Bitcoin right now

than we do in either Coinbase or circle. And the other thing that I would add on is that um we expect particularly a company like Circle that's investing in stable coins that performance should diverge over time or be less correlated

with the broader crypto market um because of the nature of stable coins. Um whereas Coinbase and Bitcoin will trade more correlated. And it has been interesting that circle has actually been more volide recently.

한국 투자자들은 캐시우드 CEO를 돈나무 언니라고 부르는데 그걸 알고 계시는지 또 한국 투자자들에 대한 인상이 또 굉장히 궁금합니다. In Korea many investors affer to you asy sister a nickname thately translates to the sister money tree sister who grows money.

Were you aware of this nickname? Uh, interestingly I was aware but I didn't know why I had that uh had that name, but I learned about it on this trip. Oh, great. Yes. And so I knew about the tree.

Tree is wood. would right I underst that I did not understand money until this time when someone explain to me that my first name the pronunciation here in in Korea is more like cashy yeah like cash cash okay I had

no ide where the money came from so uh yeah no it's been really fun to to learn more about it yeah so you're a money growing 저 개인적으로 캐시우드 CEO한테 물어보고 싶은게 있었는데요. 액티브 투자를 굉장히 오래 하셨잖아요.

그래서 굉장히 많은 상황을 겪어 보셨을 것 같은데 요즘 같은 변동성 높은 장에서 사실 이제 저도 그렇고 어 저의 지인들도 그렇고 굉장히 스트레스를 많이 받고 있거든요.

그래서 스트레스 관리를 어떻게 하는지 개인적인 노하우가 너무 궁금했어요. came here. Well, take our responsibility very seriously. Um it is based on really deep research. So I'm standing on the shoulders of uh directors like Frank and our analyst and

our research associates. And the courage of conviction comes out of real research. If if your research is deeper than most then you actually know more and are willing to withstand more on the downside. Uh you end up looking at it as

an opportunity. Wait a minute. People don't understand this. We will average down into this opportunity because uh we think we have a point of view based on research grounded in research that is differentiated and over time we believe

will be right. 이제 이해가 되네요. 저희가 공부를 좀 더 했었어야 되는데 forday and we hope that you guys have a great time in Korea.

Yeah, weve already had a great time. The welcome has been just wonderful and uh we be back. Thank you. When are you coming back?

Hopefully soon. Yeah. Really? 어. 네. 네. 크립토플러스 오늘은 여기까지입니다. 다음 주 월요일에 다시 찾아뵙겠습니다.