joining us now is the ceo and founder of pantera. along with sonali.i: the note you sent to investors talked about esg on top of all the other things crypto is facing. ray give me -- regulation among other things. why is there such -- this such a big deal with the regulatory scrutiny around the world? dan: esg is one of the last things that people want to talk about the letter on the website yesterday really goes in. sonali: it feels like the conversation is moving so fast past bitcoin and the theory is that it's really something to watch as it rises. where do you see it theory i'm going and do you think there could be a better solution then bitcoin? dan: we think there is room, as ethereum does things that coin cannot do. we have seen the crypto markets triple on average every year for 11 years and we think they will continue the rally. caroline: you are of course the co-cio and today they said of course that they were moving towards more it was in terms of the way that they mine it. still proof of work, as it's known, not yet proof of stake, but we d