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First Private Bank Joins Turkish Digital Asset Blockchain Network

Garanti BBVA, the second-largest private bank in Turkey with $104 billion of consolidated assets has confirmed that it will be the first and only private bank joining the Turkish Digital Asset Blockchain Network.

The Digital Asset Blockchain Network and crypto token (BiGA) project aim to transfer gold ownership freely online using gold-backed certified tokens while storing the physical metals in safe custody in the vaults of the Istanbul Stock Exchange. The network hopes to provide private and regulated digital gold markets available 24/7 using blockchain.

Garanti BBVA carried out the first blockchain transfers using the BiGA currency, 1 BiGA = 1 gram of gold, on the network working on three main transaction markets including issuance, repayment, and transfer. The system provides clearing, monitoring and reporting tools to aid all businesses running on the platform.

Digital gold markets using cryptocurrency tokens have been a long-running trial, with many other versions of digital gold already available on the market. Australian Perth Gold Mint introduced its own InfiniGold PMGT token, using the Ethereum blockchain earlier last year backing 1 ounce of gold to 1 PMGT.

Borderless gold and smarter methods of storage are certainly an appealing promise for investors, with 24/7 access and new security in the industry. But with any new technology, time and adoption can’t be so easy to judge. With gold having strong historical demand and markets, it continues to be one of the securest stores of value, as it is used in medicine, electronics, and jewelry around the globe. With adoption and users still forthcoming for new digital gold markets, it will be an interesting year ahead for gold-backed tokens, with multiple options and challenging industry with wealthy players.

Image via Shutterstock

Bloomberg Report: COVID Stock Market Shake-Out Accelerating Bitcoin Maturation Into Digital Gold

A new report from international news agency Bloomberg indicates that the COVID pandemic’s shake-out of the stock market may be accelerating Bitcoin’s maturation into a new kind of digital gold.

According to the April 2020 Bloomberg Crypto Outlook entitled Bitcoin Maturation Leap, the stock market’s volatility instigated by the coronavirus disruption has shaken up the entire crypto market and may have greatly accelerated Bitcoin’s transformation into a safe haven asset like Gold.

Per the report, “This year marks a key test for Bitcoin’s transition toward a quasi-currency like gold, and we expect it to pass.”

Source: Bloomberg Crypto Outlook:Bitcoin Accelerating Maturation

Although Bitcoin did lose almost 30% during the intense economic downturn in March, according to the researchers it only lost 6% in terms of its annualized basis. Analysing the increase of interest in option futures contracts and a remarkable decrease in volatility the report read, “Bitcoin is maturing from a speculative asset toward a digital version of gold.”

Bitcoin Accelerating into a Safe Haven

The research states that Bitcoin is becoming less of a risk-on asset and the researcher’s believe that Bitcoin’s price plunge will prove temporary.

Source: Bloomberg Crypto Outlook:Bitcoin Accelerating Maturation

The researcher’s explained, “When the S&P 500 declined almost 14% in 4Q18, Bitcoin declined about 45%, and both bottomed about the same time. Indicating the first-born crypto is still susceptible to the receding stock-market tide, but in more of a bullish divergent condition, Bitcoin remains up about 9% in 2020 and is hovering near its $8,000 support level, despite about a 20% S&P 500 correction. Our graphic depicts the spiking nature of the correlation between Bitcoin and the S&P 500, notably when equities decline swiftly.”

Noting Bitcoin’s on-chain indicators are remaining price supportive, the report reveals that the coronavirus appears to be accelerating Bitcoin’s performance much more than the broader cryptocurrency market.

With the upcoming Bitcoin halving the researchers believe good news is on the way, stating, “Cutting the supply in half in May will provide another price tailwind in our view.”

Bitcoin's Correlation with S&P 500 at a Nine Year Peak, says Quantum Economics Founder Mati Greenspan

Mati Greenspan, founder of Quantum Economics believes the coronavirus pandemic has brought Bitcoin closer to the S&P 500 than ever before.

During his presentation at Virtual Blockchain Week, crypto analyst Mati Greenspan explained that Bitcoin and legacy assets are increasing in correlation due to COVID-19. Greenspan incidentally also received high praise for his ability to deliver the virtual presentation while caring for his child under the unique lockdown circumstances.

Leveraging data from Coinmetrics as shown in the screenshot from the presentation below, Greenspan demonstrated that Bitcoin and S&P 500 now have a correlation of around 0.6 which is a new high from the previously recorded 0.3 in January 2011. Greenspan interprets 0.3 as having almost no correlation.

Source: Screenshot from Virtual Blockchain Week

Bitcoin Not Our Saviour, Cuban Agrees

Greenspan argued during his presentation that “nothing has emerged” that indicates Bitcoin or cryptocurrency will “be our saviour.”

Billionaire Mark Cuban also recently argued that the dependency of Bitcoin on fiat currency is one of the greatest barriers to its widespread adoption. He argues that at the moment, you have to convert Bitcoin to fiat currency to spend it.

In a recent interview with Kevin O’Leary, Cuban pointed out some challenges of cryptocurrencies such as difficulties in spending crypto, widespread understanding, and onboarding challenges as some of the reasons why he does not personally hold cryptocurrencies.

Risk Asset or Digital Gold

Greenspan also stated that Bitcoin is still considered a “risk asset” to most investors and is not a safe haven like gold which, “took thousands of years to build up.”

While he is correct that gold has achieved this status over a thousand years, a new report from Bloomberg indicates that Covid-19 pandemic markets have also greatly accelerated Bitcoin’s maturation to a new type of digital gold.

Per the report, “This year marks a key test for Bitcoin’s transition toward a quasi-currency like gold, and we expect it to pass.”

Source: Bloomberg Crypto Outlook: Bitcoin Accelerating Maturation

May 7: The Traders' War… New vs Seasoned…

Trading Crypto with Eugene is a series of daily commentary of market analysis and trading advice shared by Eugene Ng of Matrixport, a veteran trader with 10 years of experience in top-tier global investment banks. If you like the article, please follow us here on Blockchain.News so you won’t miss our future publications.

Bitcoin is now up close to 3% past 24 hours as it spiked through $9400 for a bit even as U.S. equities traded poorly, leaving me with the thesis that BTC is starting to break away from moving in lockstep with S&P 500 until and after the halving event. In fact, the 1-year rolling correlation between Gold and Bitcoin is nearing all-time high, so we could start seeing it behave more like Digital Gold. CME-listed Bitcoin’s open interest rose to almost $400 million yesterday, an all-time high. What does that mean? It basically signals that U.S. regulated institutions and retail (through their TD Ameritrade accounts) are pouring fresh capital into these futures contracts. Further evidence that retail is buying is that spot exchanges (i.e. Coinbase) generally show accelerated volumes while futures are not moving much. For example, neither the futures curve has steepened that much nor the term structure basis. Second, Square reported tremendous growth in Bitcoin purchases through their app.
We got the bull case. So what’s the bear case? The bear case is that the % of open interest of CME vs the global open interest of all exchanges is 15%, which isn’t exactly large. So we know the U.S. regulated traders and retail are in the recent fresh bulls vs leveraged and long-time/seasoned traders sitting on the sidelines. I wrote in my earlier notes that two reasons that may be holding leveraged and longtime traders back are as follows; (1) past two halvings were met with decline in BTC’s price post-event, (2) fresh memories of 12-March crash. Trade strategy this week? Stick to the same game plan; for those who heeded my advice in the past few notes on going long volatility through buying BTC calls, that has worked quite alright. In fact, a large player lifted 10,000 ETH 250 June calls yesterday. I would also start building some put positions if we do see BTC breaking higher to $10k or beyond. Gdluck and peace out. All-time high in CME’s listed Bitcoin futures open interest… U.S. regulated traders and retail are starting to build fresh positions, and likely are from the long side….

Rolling 1-year correlation between Gold and Bitcoin near all-time high…. Bitcoin back becoming digital gold?

$9,500 still an all-important key short-term level. Will the bulls be strong enough to break $9,500 today?

Bitcoin Dominance edging higher, 69% will be a key level, so looks like we still have further room in BTC outperformance in the digital assets space…

DisclaimerOpinions expressed are solely the analyst’s own and do not express the views of Matrixport the company.The views and opinions expressed in this article are those of the contributor and do not necessarily reflect the view of Blockchain.News.

Bitcoin Most Popular Crypto in North America, Market Experts Report

Bitcoin (BTC) has always been the most popular cryptocurrency on the global market, but the region that is most invested in BTC assets appears to be North America.

Cryptocurrency Trading in North America

According to a recent report by analytics firm Chainalysis that surveyed the key trends on North America’s cryptocurrency market, North America is the third region most active in cryptocurrency trading, trailing behind Western Europe and East Asia. However, what was interesting was that compared to their counterparts, professional and institutional investors in North America tend to favor Bitcoins over other cryptocurrencies when it comes to driving their digital assets forward.

The Chainalysis report indicated that in terms of investment strategy for North Americans, “the first thing we see from the data is that North American investors disproportionately favor Bitcoin.”

Source: Chainalysis

North American crypto holders were also reported to follow a buy-and-hold model, whereas East Asian investors preferred to trade their digital assets more frequently.

Bitcoin Leads the Crypto Market

In any given region in the world, BTC is the most popular cryptocurrency, valued to be north of $11,800 in market capitalization at the time of writing. After months of being in a slump, Bitcoin recently made headlines globally with a solid bull run, surging past the $12,000 mark on August 2 and reaching its all-time high in 2020. Market experts were quick to comment on Bitcoin’s surge, saying that the flash move should come as no surprise and that further gains should be expected of BTC. Many industry experts seem to think that Bitcoin reaching past the $10,000 after months of inactivity is just an anticipation of the next bull run, as the dollar is currently weakening with the Federal Reserve mass printing USD for stimulus relief.

Co-founder of Gemini crypto exchange and a huge BTC advocate, Cameron Winklevoss said that “not owning Bitcoin will be a worse investment decision than not investing in Amazon,” in this day and age.

High Risk, High Return?

With Bitcoin’s recent surge on the market, gold also rallied. JP Morgan Chase commented on this market phenomenon and observed that older investors seemed to prefer backing gold, while younger investors and millennials favored cryptocurrency and technology stocks. JP Morgan Chase strategists observed that those born between 1946 and 1960 leaned towards gold investments, as it is regarded as a safe-haven asset.

Saving for a Rainy Day with Bitcoin & Tech

On the other hand, tech and cryptocurrency investments come with higher risks, as evidenced by the volatility of Bitcoin on the crypto market. CEO of deVere Group Nigel Greem seems to think that Bitcoin will potentially knock gold from its long-held position of being a safe-haven asset. The founder of the financial consultancy firm backed his statement by pointing to how the trading market was “surging in tandem with gold on US-China tensions.” Other crypto experts looked at the depreciation of the US dollar as an indicator that Bitcoin assets were gaining popularity as an alternative investment.

In light of the pandemic, the US has been administering stimulus checks as part of their economic relief protocol, and it has been observed in the past that some of these funds have been redirected towards Bitcoin investments.

The US government has announced that the second stimulus payments are going to be administered sometime this month.

Gold’s Rally Isn’t Over—Here’s What It Means for Bitcoin

Gold faced its biggest daily drop in seven years last week, just shortly reaching its all-time high, over $2,000 per ounce at the start of August. So far, the precious metal is up 31 percent in 2020, and many analysts believe that gold’s rally is far from over. The metal surged to its all-time high as central banks including the Federal Reserve introduced another stimulus to support the coronavirus-wrecked economy.

Head of fixed income at Standard Chartered, Manpreet Gill believes that gold’s rally “hasn’t quite finished yet.” He said that one of the best explanations of why gold’s price has seen a huge surge this year is because of bond yields. He added:

“Net of inflation or what we call real bond yields, those have been sort of on a one-way tear and that’s sort of lined up very nicely with move in gold.”

As central banks continue to keep bond yields low, Gill said that it is “ultimately a great environment” for gold.

According to SkyBridge Capital, gold will extend its rally on “massive currency debasement” while the economy expects further stimulus, which was the recent push of exposure to the yellow metal. Co-chief investment officer and senior portfolio manager of the firm said:

“When you think of currency debasement the question is, what is the dollar going to weaken against, and when you look around the globe, it’s hard to be excited about alternative currencies. So gold is obviously a natural alternative currency.”

Wall Street’s astrologer Arch Crawford also predicts that Trump will win the election and that gold should continue to rally.

What it means for Bitcoin

Bitcoin (BTC) and gold have reached a monthly average correlation of 70 percent, an all-time high recently. According to data analytics firm Skew, it reaffirms that Bitcoin is a store of value, given the rising correlation of BTC and gold. The firm tweeted:

“Bitcoin/Gold 1 month correlation reaching new all-time highs, giving momentum to the store-of-value narrative for BTC in these ‘money printer go brrr’ times.”

The rising correlation between gold and Bitcoin further reiterates that BTC is a safe-haven asset, and is the best hedge against times of inflation and crises.

Bitcoin and gold have witnessed surges recently, while the cryptocurrency reached a yearly high of $12,000, gold saw a record high of $2,000. After Russia announced it has approved a vaccine for the coronavirus, both safe-haven assets plunged, Bitcoin’s price fell 3.9 percent and gold crashed 4.7 percent, witnessing its largest one-day crash in seven years.

Robert Kiyosaki, Rich Dad, Poor Dad author tweeted that the decline in prices should be a time for investors to buy hard assets and speculators to sell. He said:

“Real problem is massive debt and weak economy. Fed must print. I am an investor. Great time to buy more gold, silver, and Bitcoin.”

Wall Street veteran and billionaire Michael Novogratz recently made the statement that “Bitcoin is a better long-term bet than gold,” highlighting that Bitcoin is still more worth as an investment as it is more difficult to purchase than gold.

Another Wall Street veteran and CEO of Real Vision Raoul Pal believes that Bitcoin will be the best performing asset in the next two years. Although Bitcoin’s price has struggled to stay above $12,000 twice this month, he thinks that the world’s first cryptocurrency could rally to $100,000 soon, even mentioning the $1 million threshold.

“Bitcoin Has Depreciated in Half” Says Clueless Chechen Republic Leader Kadyrov

Ramzan Kadyrov, the Head of the Chechen Republic has a strong distrust of Bitcoin and cryptocurrencies, along with a profoundly confused and incorrect evaluation of the BTC price and Bitcoin’s ability to act as a store of value.

The Head of the Chechen Republic, Ramzan Kadyrov recently shared some harsh criticism, along with some ignorance of Bitcoin—as cryptocurrencies grow in popularity among Chechnya’s citizens.

In an article by Pravda on Aug. 31, Kadyrov was extremely critical of the media’s portrayal of digital assets, and particularly Bitcoin being represented as a digital gold. The dictator claims to believe that Chechens are being duped on “how to get rich quickly with the help of cryptocurrency.”

Kadyrov said:

“People take loans, save on themselves and their families, invest their last money in digital assets that promise incredible profits.”

While the dictator’s warning appears to have the Chechen peoples best interests at heart—it was clear that Kadyrov was hopelessly uneducated on the subject as he tried to warn Chechen citizens that excess profit always goes together with excess risk. He said:

“For example, over the past month, Bitcoin has depreciated in half.”

Although it may be unnecessary to disclose this information to anyone who has followed crypto at all this year, the Bitcoin price has in fact made tremendous gains over the past couple of months and is being widely accepted as a new form of digital gold by enterprises and educated investors.

The Chechen Leader believes that crypto offers high risks and fills the people he rules over with dreams of easy money and argues that he is more concerned about the moral side of cryptocurrency investment.

He concluded the piece:

“A person who invests in cryptocurrencies expects their value to grow many times. But why is he waiting for this? Did the person work hard to get this profit? Did the money he invested help other people? […] No, on the contrary, the price of such cryptocurrencies is growing only due to the greed of people who have invested in them, trying to attract new investors and profit from their greed.”

Kadyrov is the Authoritarian Leader of Chechnya which falls under the Russian Federation. The unelected dictator said that he will not support any projects which leverage digital assets and cryptocurrency.

The Russian Federation passed its first major legislation regarding cryptocurrencies on July 28. However, the country’s Central Bank continues to treat the crypto industry as a criminal field and thinks it facilitates illegal dark transactions.

Additionally, research from Paxful peer-to-peer Bitcoin marketplace has released some important data regarding the use of its p2p trading platform in Russia. The study indicated that Russians were increasingly leveraging cryptocurrency to escape the corrupt monolithic Russian banking system.

Bitcoin Price to Reach $100,000 in 2025 as BTC is Increasingly Becoming Digital Gold, says Bloomberg

Bitcoin could take five or more years to reach the price of $100,000, according to Bloomberg’s demand indicators. Bitcoin (BTC) has had a history of adding zeros to its price when Bitcoin first traded at $1,000, it took 4 years to add another zero, to reach $10,000.

Bloomberg suggests that for Bitcoin to add another zero, reaching $100,000, it would come around 2025, considering natural maturation. Bloomberg’s latest crypto report read:

“About four years after initially reaching $1,000, it added a zero. Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”

Bloomberg’s chart also indicates that the 260-day annual measure of volatility is heading downward, with most demand and adoption measures pointing to the fact that Bitcoin will stay on a bullish path. Bloomberg’s demand indicators suggest that Bitcoin’s price is on track toward the $14,000 Bitcoin resistance.

With Bitcoin’s unique finite supply, Bitcoin’s supply cannot be influenced by price. Therefore, the adoption of the world’s largest cryptocurrency is a primary valuation metric for Bitcoin. Bitcoin’s supply is also declining on an annual percentage basis, which could also increase its price and demand.

MicroStrategy invested an additional $174 million in Bitcoin in September, totaling 38,250 Bitcoins at an aggregate purchase price of $425 million. Bloomberg added that Bitcoin’s market is too small for many large institutions, at $200 billion, including for central banks. If the market capitalization of Bitcoin increases, BTC would increasingly be more like a digital version of gold.

Bloomberg stressed again that Bitcoin has increasingly become more like gold, as Bitcoin-to-gold correlation has reached a new high since 2010.

Central bank digital currencies are a matter of time

As the demand for Bitcoin is set to increase, like a digital version of gold, Tether may surpass Ethereum in terms of market capitalization. As the adoption of stablecoins is increasing, central bank digital currencies (CBDCs) “are a matter of time,” according to Bloomberg. The report added:

“It should take something significant to stall the increasing adoption of Tether, the top stable coin, which is on pace to match the capitalization of Ethereum in a bit less than a year, based on the regression trend since the start of 2019.”

Tether represents a stable form of payment, unlike other cryptocurrencies. The report explained, “The still deflating broad crypto-asset bubble from 2017 is migrating assets toward Tether.”

Why Bitcoin Should Make Up 5% of Your Investment Portfolio, According to Fidelity

Bitcoin has behaved unlike any other investment asset on the market and its stellar performance so far is only indicative of something greater. According to Fidelity cryptocurrency experts, Bitcoin (BTC) has not unleashed its full potential yet, and investors should capitalize on its current growth and consider diversifying their investment portfolio with BTC.

Bitcoin’s budding potential among all cryptos

Research from Fidelity’s Digital Assets sub-division demonstrates Bitcoin’s movement on the market is unlike any other assets such as gold or stocks. The mainstream cryptocurrency has experienced great gains, with Bitcoin being the biggest digital currency by market capitalization. In reference to BTC’s potential, Director of Research for Fidelity Digital Assets, Ria Bhutoria said:

“Bitcoin has a $197 billion market cap (as of October 7,2020). Bitcoin is a drop in the bucket compared with markets bitcoin could disrupt.”

Fidelity makes the case for Bitcoin investment

Through its Bitcoin Investment Thesis report, Fidelity Digital Assets found that Bitcoin had a low correlation with other digital assets as well. As Bitcoin (BTC)’s movement was decoupled from that of other hedges, financial services giant Fidelity suggested that it was a wise choice for investors to consider allocating 5% of their investment portfolio to Bitcoin.

The report from Fidelity demonstrated that not only was Bitcoin’s behavior decoupled from that of other assets on the market, such as stocks and gold, but that the cryptocurrency appeared to be unaffected by external social and economic conditions, having experienced surges despite “economic headwinds.”

This in itself made the case for why Bitcoin was an attractive alternative investment, according to Fidelity. Director of research Ria Bhutoria stated:

“Bitcoin is fundamentally less exposed to the prolonged economic headwinds that other assets will likely face in the next months and years. Combined with its multifaceted narratives and an interesting effect of persisting retail and growing institutional sentiment, it could be a potentially useful and uncorrelated addition to an investor’s portfolio toolkit.”

In addition to this, Fidelity Digital Assets elaborated on Bitcoin’s other advantages, which included liquidity, accessibility, and low fees. As most alternative investment packages came with a commission fee pocketed by financial portfolio managers, monetary gains acquired by investors may sometimes be lower than what was earned. The report read:

“Alternative investments may be accompanied by fees that reduce the net returns investors receive, such as management and performance fees.”

The only transaction fees associated with Bitcoin was the actual cost of the crypto trade, as well as “the cost to custody the assets,” making it a great alternative for investors wishing to diversify their financial portfolio.

Fidelity supporting Bitcoin comes at a time when numerous institutional investors have diversified their companies’ treasury reserve with Bitcoin. Recently, Square payments company bought $50 million in BTC, and this made pave the way for other investors looking to onboard the crypto asset.

Winklevoss says Bitcoin price to hit $500,000

Fidelity’s sentiments also echo that of Bitcoin billionaire, Tyler Winklevoss, who has long touted Bitcoin’s horn. He asserted that Bitcoin was headed towards a mark-up of $500,000.

For Winklevoss, the “digital gold” cryptocurrency was the only protection against inflation. With the US Federal Reserve’s stimulus package plans and the reserve bank actively printing money, the US dollar has greatly depreciated, consequently leading to investors flocking towards Bitcoin as a safe-haven asset. With Bitcoin’s maximum supply capping at 21 million, Winklevoss said:

“Bitcoin is ultimately the only long-term protection against inflation.”

The mainstream cryptocurrency has recorded bullish momentum this week. Currently, as of press time, Bitcoin is trading at $11,438.85 on CoinGecko.

Grayscale Bitcoin Trust Offers Public Access to BTC “Era of Digital Gold”

With Bitcoin back in the public eye after hitting a new all-time high last month and the BTC price gaining over 150% in 2020, Grayscale Bitcoin Trust is offering mainstream investors access to the newly proclaimed era of digital gold.

The Bitcoin price has been on a tear this year, pushed to new heights by the growing institutional investment narrative that BTC has become an actual store of value and can be used to hedge against currency devaluation. As public interest peaks, Grayscale is seizing the opportunity in the hopes of offering retail and professional investors a route into the era of digital gold.

With a link to their Bitcoin trust and services, Grayscale posted on Twitter:

“Be bold in the era of #digitalgold with Grayscale Bitcoin Trust, your route into #Bitcoin investing. $#BTC”

The Bitcoin as a digital gold narrative is becoming more and more prevalent. According to Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist whose recent report supports this position said on Twitter:

“In a World Gone Digital, #Bitcoin May Surpass #Gold — The past year has been a stepping stone for Bitcoin into the mainstream of investment portfolios and for the digital evolution of money, which should keep the benchmark crypto on an upward price trajectory in 2021.”

Is Bitcoin Digital Gold?

While there is growing consensus among institutional players like Microstrategy’s CEO Michael Saylor that Bitcoin can be a store of value, not everyone is convinced or quite as sure.

Banking giant Wells Fargo has, in the same breath, called Bitcoin this year’s top asset and labeled it a ‘speculative’ investment. In its report, Wells Fargo compares investing in crypto to the early days of the 1850’s gold rush – however, according to Gavin Smith, CEO of Panxora their research neglects various key facts about Bitcoin. Smith said:

“In the same way that the gold market today bears no resemblance to the ‘gold rush’ mentality of the 1850s, the Bitcoin of today has become a store of value that is used in times when people fear currency devaluation.”

As reported by Blockchain. News, Tom Jessop, President of Fidelity Investments digital assets arm, said last Thursday that his firm still uses the word “potential” when describing volatile Bitcoin’s ability to act as a store of value, although many investors appear sold on the BTC as a safe haven narrative.

While the Panxora CEO Smith agrees that Bitcoin still displays high volatility, he believes BTC’s classification as a speculative instrument as been dismissed. Smith said in an email to Blockchain.News:

“As recently as 2017 Bitcoin could be viewed largely as a speculative instrument but this is no longer the case. Bitcoin displays the high volatility which is characteristic of any emerging asset. But there is a growing acceptance among institutional investors that a strong use case exists for using Bitcoin alongside gold as a hedge against currency devaluation. This is evidenced by the growth of the Grayscale Trust and companies like Microstrategy parking a quarter of a billion dollars in bitcoin as part of their treasury management strategy.”