When asked what’s driving this year’s gains, Garlinghouse said: “It has definitely been an exciting year across crypto. I think one of the most important dynamics that is driving the crypto markets is the fact that many governments around the world are printing more fiat currencies—here in the United States, you see trillions of dollars of stimulus and that means we’re inflating the U.S. dollar. There are many people who want to hold non-inflationary assets. People are seeing crypto as an inflationary hedge.”