Finally, you can easily access Bitcoin in a low-cost ETF with the VanEck Bitcoin Trust (HODL). Visit https://vaneck.com/HODLFG to learn more. VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/ __ Follow VanEck on Twitter https://twitter.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Use code FG10 to get 10% off Blockworks’ Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london __ Timestamps: (00:00) Introduction (00:15) Background in Relative Value Credit (02:25) Potential Trouble At Deutsche Pfandbrief Bank (15:03) VanEck Ad (15:45) Liability Structure of Deutsche Pfandbriefbank (18:42) The Pfandbrief Market (Different Than Bank Known As "Deutsche Pfandbrief" AKA "PBB") (21:56) Negative Marginal Net Interest Margin Is A Big Problem (23:54) Why Josef Does Not Have A Trade On PBB - Insufficient Liquidity In Options Market (25:23) Bail-in-ability of AT1 Debt (29:59) How This Might Play Out (32:47) Comparison To Greek And Spanish Banks (35:06) Silver Lining: Long-Term Nature of Many of PBB's Liabilities (40:21) Deposit Insurance In Germany & Europe (43:05) How PBB Might (Possibly) Overcome The Challenges It Faces? __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.