According to the conversation, Cathie separated what she called “cryptocurrencies” from “crypto assets,” and placed Bitcoin at the very center of her outlook. She described Bitcoin as a monetary system built on rules, where the supply is capped at 21 million units, with about 20 million already in circulation today. Cathie admitted that stablecoins had taken some of the demand away from Bitcoin, something her earlier analysis did not expect. Cathie rejects Ethereum surpassing Bitcoin and lists her holdingsWhen Wilfred Frost brought up Tom Lee’s belief that Ethereum could surpass Bitcoin, Cathie disagreed. So I can tell you our exposures are Bitcoin, Ether.