"A turnaround. He discussed his confidence with Bloomberg's Stephen Engle. Take a listen. Economies work where if there's enough miners going out of business that equilibrium is near. And would you look at how markets overshoot both up and down. You can probably say close to the bottom. So where do you see prices in the short term going? So it's very difficult to tell. Initially. I thought towards the end of the year they were always a run up. You could see that last year. See that. A year ago from a lot of people predicted that it would go back again later this year starting from November and December obviously November came in passing. And it was one of the worst months for bitcoin and December right now, there's nothing new. There's no catalysts that will potentially shoot it up. So I will look at it kind of flat. And then started from new year. That's when I think with a new sentiment and momentum. Okay. What is going to be though, the catalyst in two thousand nineteen because in twenty eighteen you had a number of high profile hacks here in Japan, especially coin check in earlier this year. You had a exposed Ponzi scheme a number of different issues and potentially new regulation coming down the pike. One thing in Japan is the Japanese regulators are starting to open up again. So they're starting to approve new exchanges. They're also going to approve new listing. All of these things will start from the new year. Now would also the FSA recently gave oversight. And regulatory oversight to the operators themselves. Yes. How is that going to change? Yeah. So almost every exchange. Registered in licensed in Japan received an improvement order from governance compliance security customer assets secretary's day, these are all to protect the end retail consumer and all of the exchanges are almost complete with their improvement order. So starting new era is going to be a new beginning. How does it really work with the FAA giving you more regulatory oversight? Does that kind of close the door a new entrance though? Yes. And no. So I. A lot of the exchanges. The people who start for the garage or a startup. That's very difficult to do. Now. New entrance is extremely difficult at the same time you need to keep up with what's happening. Global and innovation is key. Especially in this industry is started from cryptocurrencies it went to ICAO's. And now it's going to security token offerings like STO's all of these things. Innovation is an evolution died. You need to continue on and you need to have that. Right. Balance isn't the Versi as well. Looking at regulation on security, tokens, exactly. So the FCC Japan was the first global economic powerhouse to regulate cryptocurrency. Now, they're looking into security token offerings, and they will probably be the first nation to specifically look at security token offerings and put legislation in particular trends, are you looking at from your clients and your customers on your exchange liquid. Are you seeing more increase in institutional participation or retail, and what side shot to that question would be the implementation of high frequency trading? What impact is that having so liquid? We're open to casual traders too, sophisticated institutional investors as well, but our sweet spot are these professional traders, and these are all high frequency traders as in any any financial product from equities fixed income. The global trend is to accommodate these high frequency traders. And obviously we provide full API's for that. So our main customer base are these professional traders and November was our biggest month in our history. In terms of transaction volume in bitcoin and also US dollars does bitcoin of a chance of getting back to the record levels nineteen thousand five hundred and change. I think you will surprise surpass it by at least. Well, that's very difficult. But I would say by end of next year. I think it will surpass the all time high. Coin CEO, Mike Maury there with Bloomberg's Stephen Engle. Well, Microsoft is calling for new legislation to govern and facial recognition software in a blog post Thursday, Microsoft, president and chief legal officer, Brad Smith advocated for human review and"