Transcript
Introduction
Matt
This is Matt Reustle and I'm back with Eric for another quarterly recap here. When we started this format, we thought it would be interesting to go back years from now and listen back to certain periods in time. Never did we think it would be so interesting to go back and listen to our recap from just a few months ago. But as you can imagine, the tone is slightly different on this go around. We cover all the volatility, bad actors, shakeup from the industry over the past three months and get Eric's thoughts on where we stand today, whether he's made any major changes to his framework and thoughts on the industry. Enjoy.
The Fall of Luna
Matt
Eric, we're back for round two.
Eric
Exciting. This one's going to be a little bit different than round one?
Matt
Yes. I thought the last quarterly recap was full of interesting things. I think this one has a much bigger list and a lot more interesting events that happened throughout the quarter. We're going to get to all of that but I think it's helpful to start high-level again. When you look at the first quarter, you had BitCoin down single digit percents, SNP was down five percent. Ethereum was the worst performing, it was down 10 percent. Flash forward to the second quarter, BitCoin down over 50 percent, Ethereum down over 60 percent, and the SNP and Nasdaq not performing well either. SNP down 16 percent and Nasdaq down 22 percent. But when you just at a high level look at the asset class and step back, is there anything that's happened here in the second quarter that caused you to have a major reversal in thought process? Is there anything that you used to believe that you no longer believe after the events of the second quarter?