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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.\nVanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/\n__\nFollow VanEck on Twitter https://twitter.com/vaneck_us\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n__\nUse code FG10 to get 10% off Blockworks\u2019 Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london\n__\nTimestamps:\n(00:00) Introduction\n(00:15) Background in Relative Value Credit\n(02:25) Potential Trouble At Deutsche Pfandbrief Bank\n(15:03) VanEck Ad\n(15:45) Liability Structure of Deutsche Pfandbriefbank\n(18:42) The Pfandbrief Market (Different Than Bank Known As "Deutsche Pfandbrief" AKA "PBB")\n(21:56) Negative Marginal Net Interest Margin Is A Big Problem\n(23:54) Why Josef Does Not Have A Trade On PBB - Insufficient Liquidity In Options Market\n(25:23) Bail-in-ability of AT1 Debt\n(29:59) How This Might Play Out\n(32:47) Comparison To Greek And Spanish Banks\n(35:06) Silver Lining: Long-Term Nature of Many of PBB's Liabilities\n(40:21) Deposit Insurance In Germany & Europe\n(43:05) How PBB Might (Possibly) Overcome The Challenges It Faces?\n__\nDisclaimer: 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.