Bits + Bips: Why Gold Still Dominates — And What Bitcoin Must Prove

I I would say since inauguration, Bitcoin, specifically has become a risk asset, whether you like it or not. Bitcoin's done very well in periods of monetary accommodation, but I think at some level was in many ways, it's a victim of its own success. I do think it needs to get to a point where it has a more currency like volatility. Hi, everyone. Welcome to another episode of Bits and Bips the interview. I'm your host, Steve Ehrlich, and I'm here today with a, a repeat guest, Steve Sosnick, the chief strategist at Interactive Brokers. So, Steve, welcome. And and why don't you briefly introduce yourself for any of our new listeners? Sure. Hi. First of all, great to be back with you. Thanks once again for the invitation. My name is Steve Sosnick. I'm the chief strategist at Interactive Brokers. I apparently just completed thirty years with the firm that that came out, like, an internal email, and I've been, getting, getting bombarded with with congratulations. Not a gold watch, but, congratulations are nice. I I joined the firm, having been on the sell side for for a few years before that with with, you know, some of the bulge bracket firms. At the time, Timberhill, which was the firm I joined, was an options market making firm. We were just getting big into in, equity options trading, and then they hired me as someone who understood, the risks of both options and individual equities. And so for many years, almost twenty five years, I was an options market maker. Along the way, I somehow got the opportunity to talk to people like yourself, and I became a talking head and then a writer. And as we moved away from options market making, which we don't do anymore, you know, strictly became a a customer facing business, we, you know, my role my role changed over time to whereas I became a full time commentator, author, strategist, etcetera. And as a firm, you know, this is a crypto oriented, discussion, and, you know, we we, I would say, are not one we've never been one of the pioneers of crypto. We, you know, we prefer to deal in, I would argue, some more, you know, environments with a bit more regulatory clarity, being a very heavily regulated firm on so many levels. Though over time, we we've recognized that, you know, while while we maybe were at the first, we we certainly need to be in the game, and we offer, I'm not gonna call it a full slate of crypto, but I would say a full slate of major crypto products, and we've actually just announced that you can now fund accounts with stable coins. So we're we we understand the potential, though, I would say. You know, we we we want to avoid some of the frothy or less regulated, less, transparent portions of the business, shall we say. Yeah. Well, I mean, that's that's …