If you look at the ETF holdings of the different regions, the US with 900,000, Hong Kong, which came after the US. They have, I think, 4,000, 500 or so now, Australia, 100-something. So those two regions waited for the US to come on board. Okay. And you know, they said go get the S ETF and then they launched theirs. But launching the 2nd and 3rd doesn’t do you any favors because they already have the lion’s share. And I think it’s going to be the same for nation-state accumulation because there’s not much left. So can Microstrategy grow their stack from 220 to 440? I don’t see that happening because there just aren’t that many. ETS can’t double their stack either. So once this incredible shortage of Bitcoin really kicks in and everyone starts to understand, I think the price is going to start to appreciate very quickly.
