>> we have seen so far from the crypto native shores is very much about bitcoin is the alternative tohe fiat system. that is a fascinating experiment because the crypto natives are undoubted and they are the non-fee at plate. -- fiat play. does that apply to dentists? -- appeal to dentists? maybe not. but to investors and will take a different message on focus and focus on the diversification rather than the alternative fiat. that is not anything an investment manager wants to convey to their client. banking fees, fascinating you brought that up, we expected it would be and we have to ask ourselves how are these asset managers going to cover their overheads as well as the trading fees that tend to be quite high in crypto? a loss leader for more diversification later? sonali: people do not talk about this, the idea that coinbase is the custodian for a lot of assets and at the end of the day, if something were to happen to assets it is immaterial risk for the investors and the etf's. is there too much concentration in terms of coinbase? >> we hope that coinbase is taking the necessary s

both from the crypto native community advisors and investors outside the u.s.ave access to these investment vehicles. that has been very interesting. we will see that, you see more interest, initially the largest ones. eventually done that longer chain as you get further into a more positive cycle for crypto assets. i think we will stay in bitcoin for a while longer but that will likely expand. ed: over the a snyder morning as we are only -- ophelia snyder warning us we're only halfway through a bitcoin dominated new cycle. thank you. we are going to dive deeper into that new cycle and the crypto landscape with chris dixon. this is a bloomberg technology --"bloomberg technology." ♪ caroline: we were talking about the dominance of crypto -- of bitcoin, but what about the broader with three space? where is the investment happening? chris dixon, the partner and founder of a16z crypto, also the author of a new book exploring the impact of blockchain's on the future of the internet called "read, write, own." it is a georgia have you on. congratulations. i'm sure a l