going to discuss it with matt siegel. glad he brought your hat as well. it is a tough moment. we do not really know if we will get that approval but it is highly anticipated and expected. humor me. if we do not get that approval, what happens to bitcoin prices, given the run-up? >> indications are that we will get a number of these trading as soon thursday and if they are approved, we are optimistic that they will unlock tremendous demand given the cost savings that the investor will receive. we estimate that it will save more than 90% compared to retail costs on coinbase. when was the last time an improvement in accessibility cost did not catalyze a lot of new, incremental demand. the early demand is likely to come from retail investors and that is because financial advisors do not yet have the allocation models from the warehouses for discretionary purchases, but we can observe our counterparties doing that work, building models. we think that will power flows. >> you might get the liquidity or lower fees, but what you may lose his control of the actual asset. how important