Channeling Monetary Energy Across Time and Space | The Saylor Series | Episode 5 (WiM005)

they're dominating because they're able

to

deliver force faster

harder stronger smarter

so if we ask the question what is money

money is the highest form of energy that

human beings can channel

bitcoin is channeling human

ingenuity into making it

better and and every commodity

is channeling human energy into making

it

worse the lowbrow or the the

the historic colloquial term is total

right hold on for dear life or just

total or save whatever

and the highbrow term would be adopt as

a treasury reserve essay

[Music]

hey guys so as you learned uh by

watching the what is money show

bitcoin is the single most important

asset you can own in the world today

and so this begs the question which i'm

often asked how does one build

their bitcoin position and the strategy

really is simple

i suggest first you decide on an initial

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and target portfolio percentage

allocation go ahead and establish

the initial position or the one-time buy

and then start dollar cost averaging

towards your target portfolio

percentage and you can also complement

this

by buying bitcoin price dips to further

increase that position and reduce your

cost basis

and finally i suggest to everyone to

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exchange is not bitcoin it's a bitcoin

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alright thanks

hey guys welcome to episode five of

the sailor series here on the what is

money show uh

super excited for this one this is

episode two

of us getting into bitcoin theory um

and just things are starting to really

heat up and get interesting at this

point

so it's a big episode i don't want to

waste a lot of time here i'm just going

to run through a few of the topics

uh that we'll be hearing today if you

haven't checked out episodes one through

four

yet i suggest that you do because a lot

of the foundation that we've been

building upon up until this point

uh really starts to throw off uh some

good energy here so

today we're going to talk about money as

power uh

also talking about one of my favorite

ways to describe money is as an

insurance policy on the uncertainty

or the entropy of the future

and then we'll also be looking at debt

and how it's actually a form of

anti-anti-energy excuse me

and then sailor delivers a really

interesting take

on fiat currency and that it's a way of

politically toxifying money um and he

draws some really interesting analogies

there that i think you're gonna like

and then we're gonna deliver a thought

experiment that i think

is a really simple way of clarifying the

value proposition of bitcoin

and its superiority as a store value in

comparison to all other assets

uh maybe something you can use in your

own uh arguments with pre-corners

and then we're going to talk about some

lessons of history um

and how essentially the most organized

group of people tend to win out

we're going to look at store value

versus medium of exchange in terms of

monetary functionality

we're going to look at the utility of

money and how that intends to drive

its market value we're also going to

look at the productivity of market

participants in a monetary network and

how that drives market value

and then finally we're going to look at

bitcoin as

you know what i've argued in past and

what we get into a bit here is

american is a i'm sorry bitcoin is

an american technology now i do not mean

america the nation state like it was

invented in america i mean the idea of

america

the principles of free market capitalism

bitcoin positively embodies them

and say they're not getting into a

unique discussion on that topic

and then we'll look at and compare and

contrast

the nature of fiat currency inflation

and bitcoin appreciation and see how

they're sort of polar opposite

forces and then we conclude by diving

into

some philosophy and we're talking a bit

about truth

and how bitcoin uh relates to truth

and and uh civilization's relationship

the truth so

big episode today excited for you guys

to see this let's jump in

we're talking about

about bitcoin the as the first digital

monetary network and

and um

i'm positing this uh this uh

thought experiment i have a hundred

million dollar

block of energy i i can generate a

hundred million dollars worth of energy

through

chemical processes kinetic gravitational

electrical atomic power

let's just assume that i did some amount

of work

in order to generate that energy i

converted that energy into money

money is the highest form of energy now

i've got a hundred million dollar block

of money

you can do a lot with a hundred million

dollars it equates to about three

thousand

pounds worth of gold it converts to a

hundred million dollars of currency and

it converts to

you know we could do the calculation in

bitcoin ten

thousand bitcoin right or

a little bit less than ten thousand

bitcoin i guess

at this point in time and now

now i want to do two things with it i

want to channel it through time

and i want to channel it through

space the beauty of bitcoin channeling

through time

is that there really is no loss over

time

there's no inflation you've only got the

21 million bitcoin so as a ratio to the

21 million

it's infinitely hard and

and so that's a big check and and uh

if we contrast it to gold and fiat

you're going to lose 99.5

of your energy in fiat you're going to

lose

98 of your energy in gold

you're going to keep all your energy in

bitcoin so

clearly channeling energy through time

is important

and and it's critical channeling it

through space

really refers to not just moving it

around the world but it means moving it

across domains as well

but from counterparty to counterparty

and uh

we can see the inefficiencies of fiat

counterparty to counterparty is your

you're locked into nine to five banking

hours you can't

do big transactions on a saturday

you're there are certain jurisdictions

where you can't do transactions at all

you're always working through a

counterparty which is its own risk

and um of course if we go to gold

fiat is faster but it's it's still got

complexities and the gold is slower it's

going to take a month to physically

deliver

gold and so super slow super expensive

and so neither fiat nor

gold make nearly so much sense for

channeling energy through time and space

i think that the best metaphor when i

think about this is

it it's like i want to cross from london

to new york city

and i need to cross the atlantic and

that's the journey

and if i'm gonna do it with fiat

currency it's like

a rubber raft with a leak in it maybe a

big rubber raft

and it's got a leak in it and i'm gonna

be continually

blowing up that raft every day

to keep it from sinking on me and i'm

going to get battered this way in that

way but it

it's a it's a bit of a venture on the

other hand with gold

it's like getting in a wooden ship and

it's

it's going to rot over the course of

many many years but maybe for the first

few

two three four five years compared to

the rubber raft

i feel pretty good but it's a heavy ship

you know wood is heavier than rubber so

it's kind of harder to get going and

it's harder to maneuver it but it's a

bit

more solid but ultimately it's organic

and it's going to decay

and then if i put it into a

a crypto container a bitcoin

it's like a steel vessel i have a steel

hole

a steel hole container ship really is

the best metaphor

thousand feet long 60 feet wide moves 30

knots

the thing that's special about steel is

steel is indestructible

as long as you maintain it

the maintenance means you have to keep

it from corroding

it can be attacked by a corrosion and

the way you maintain is you paint it

you sand it down every five to ten years

you repaint it

if you maintain it it will last longer

than you will last in fact

it's it will last essentially forever

hundreds of years

if you punch a hole in a steel hole

and then you weld it the weld is

stronger than the original steel

so it is an indestructible extremely

strong

repairable uh element and uh

it doesn't take a rocket scientist to

figure out that

if you're going to actually engage in

commerce all around the world you want a

bunch of steel container ships

you do not want wooden ships and you

certainly don't want

inflatables and that that's the

distinction

and that's why bitcoin is really such an

extraordinary

invention you know we talked about

getting out of the gravity well

the other metaphor is i have a hundred

million dollars worth of energy

if i can get it into a vacuum and vacuum

seal it

it's like vacuums when we want to keep

food forever we vacuum seal the food

we want to keep bacteria from attacking

it we want to

we want to keep natural parasites and

pathogens

from attacking our energy

and so the way that you protect your

food energy and stabilize it forever

is you vacuum seal it

and uh the way you protect your monetary

energy

from parasites and from decay

and from rotting is you vacuum seal it

and uh that is the genius

of bitcoin when i say the destiny of

money

is to be encrypted it's like

it's like vacuum sealing your food it's

you're taking monetary

energy in fiat that can decay

debase diffuse

and you're encrypting it in

in an encrypted container such that no

one else can touch it no one else can

screw with it

and uh when you think about

you think about all these miners these

miners are power

plants they're plugged into analog

energy

but they're modulating the analog

energy the physical energy the pure

energy through the sha

256 protocol to make it

a wall of encrypted energy

if not a cloud of encrypted energy and

and the rails of encrypted energy if you

want to pass

through that if you want to attack that

you have to go through that

wall of shaw 256 encrypted energy

and uh and all of our monetary energy

is protected and floating in the cloud

behind that wall

right and it's a fairly unique wall

right and and that's the the majesty

of bitcoin right already the most

powerful computing network in the world

we've never had something

as cryptographically secure as the

bitcoin network it's already

in its early stages already the most

powerful computing network humanity has

ever seen with still a lot of room to

grow

yeah and that and i guess that takes us

to our next

interesting question which is so how big

can the bitcoin network get

and how how is that how is it going to

absorb more power

i'm i'm measuring money is power by the

way the cliche

money is power right money

it's not a cliche it's a deep

reality money is the highest form

of power the super set of all power

every kinetic energy i can take bows and

arrows and guns club you to death and

take your money

or take your value with a war i can

convert kinetic energy

into power atomic energy into power

chemical energy i can burn and create

power right

gravitational energy like damn a river

and crate right and ultimately that

power becomes

money so but i can't do the uh

maybe i can do that i can take the money

and i convert it back into other things

but

but money is this amalgam of all powers

you know that mankind has managed to

collect

yes and so the question really is

how big how much money how much power

can flow into bitcoin

and uh there's a lot of debate in the

community for example the most famous

model is the stock to flow model right

and

and a lot of bitcoins talk about stock

to flow and it's like well

as bitcoin gets harder its price is

going up

well i mean the power in the network is

directly proportional to the price

because it's equal to 21 million

times the price right that's the power

in the network

you can almost look think of it as a

voltage or something too

the higher the voltage the more energy

passes through

electrical network so i see the price as

the voltage

and um i i think that

um that stock to flow

is is an interesting uh it's an

interesting trans

what is a transcendental model

where our particular model as we're

moving through a short period

early history of bitcoin where the

the rate of block rewards is falling

dramatically

but i think that as you look toward the

future of the chain as it asymptotically

goes to 21 million

and as the block rewards uh go to zero

and the entire network flips over to

transaction fees

then you start to think well that's just

because it's hard that's not going to

explain why it's valuable

it's it's hard to you know to synthesize

polonium or uranium but it's really hard

to create steel

really like steel power plants if the

steel overflows

it hits the concrete it blows up kills

everybody

it's hard to deal with nitroglycerin

there's a lot of hard things

in the world and there's some things

that are nearly impossible

i will probably never walk on the sun

impossible

but the impossibility of something

doesn't make it valuable what makes it

valuable

is is some other dynamics and i i have a

simple model

my and i tweeted this model the other

day i think

i i think the the success of bitcoin and

the network

power ultimately is a function of the

adoption

the utility the productivity and the

inflation

those four and they're they're big grand

concepts they're vectors they're not

like one number they're

ideas but the adoption

idea is a monetary network is going to

be as big

as as uh the amount of of assets

or the amount of asset holders that

adopted as their primary treasury

reserve

asset so for example if

a million people with a hundred dollars

each

decide to hold their hundred dollars and

they put a hundred million dollars into

bitcoin

the bitcoin network's worth a hundred

million dollars

if a company with a hundred million

dollars

decides to hold their hundred million in

bitcoin they're gonna and

the the lowbrow or the the

the historic colloquial term is total

right hold on for dear life or just

total or save whatever

and the highbrow term would be adopt as

a treasury reserve asset

same thing yeah if i'm filing an sec

statement i would say

as the treasury reserve asset and it was

if i was

just a bitcoin maximalist i loved it and

i got i was i'm huddling

yeah they're the same and that's why i

love the huddlers

that's why they're they're my people i

love them

right they're holy but and they and they

figured out before i figured it out

and i gave them credit they figured it

out and that's a genius

right but i'm not too proud to learn

right some some other you got to believe

if i lived a million years ago and some

dude comes out with fire

i like i'm not like i'm not the guy who

said i'm not doing that that wasn't my

idea

yeah yeah yeah yeah can i borrow some of

that fire sir

and thank you right thank you for

bringing life to me

so adoption the number of

individuals and the number of entities

that adopt

bitcoin as a treasury reserve asset not

measured in numbers

measured in monetary energy and you know

in whatever u.s dollar equivalents but

they're converting their fiat

euros yen pesos dollars

the total us dollar amount of

fiat that is converted into bitcoin for

the purposes

of holding as a treasury reserve asset

like

you see the the traders the speculators

they're short-term interesting but over

the long term

they don't really have any value to the

network right

someone that's going to to buy a million

of bitcoin today

and sell it tomorrow they're not going

to drive

network energy because they're going to

rob the network of energy

as fast as they fed the network they are

mercenaries

right you know the roman empire was

built on citizen

soldiers willing to fight and die to

protect what they believed in

at the point that you're hiring

mercenaries to fight

and not die as long as you pay them

your empire's over right right

so citizen the hodlers people that adopt

bitcoin is a treasury reserve asset

they're citizens

of bitcoin they're citizens and

the more if you decide it's 20 of your

treasury reserves

like this is it's a matter of faith it's

like how committed are you

if you're really committed like say

microstrategy you know

i had 500 million dollars worth of money

i didn't need

i had two choices i can buy the stock

back or buy bitcoin with it

well i bought as much stock back as the

as the shareholders wanted

to sell to us because that was the

appropriate respectful thing to do

right tender offer and then whatever's

left

we convert right the treasury is our

reserve

asset which is our reserve energy is our

life force

right treasury is life force you know

it's not

it's not unlike fat fat is nature's

organic battery

you carry 30 pounds of fat that means

you'll probably be able to live an extra

60 to 90 days without food when the

going gets tough

right no oh and so it's an organic

battery

a treasury is an organic battery or it's

it's a monetary battery for a family

an individual a company or country

right you have no treasury you're going

to die

very quickly you know when the crisis

hits

right you're going to be solvent in some

ways

through an economics lens we would i

often describe this as

cash a cash balance whatever you're

holding it in is basically an insurance

policy

on the uncertainty of the future right

because this cash

balance or this treasury reserve gives

you pure optionality in the marketplace

you're best able to contend with

unforeseen developments

right um and another thing just to jump

back to the

the power and money relationship

i think it's very uh interesting to look

at it

power through the physics definition

physics defines power

as work over time right which that's

what gold was it was reflective of our

collective work

over time and it was a claim on that

work over time in the form of capital

and the other thing you're drawing the

analogy to the vacuum ceiling to protect

it from parasites

i work we could all agree that work is

kind of the opposite of theft

right you don't create any value by

theft you just steal the value of others

work

and that's essentially what inflation is

so

money uh being power there's a big

incentive

to store it in a medium that is as much

protected from theft as possible

and i think that's that's getting to the

core value proposition of what bitcoin

represents

[Music]

yeah that is definitely the pro the the

proposition right it's

it's an an encrypted

energy crucible in which we store

the precious energy of life and

and we're we're insulating it via an

encrypted vacuum layer from all the

things that would bleed off

or steal that heat right heat you know

steal the heat steal the energy

right be it a political a political

exchange

or or just just uh physical right there

are a lot of ways to lose the energy of

life

you know and uh bitcoin solves that

problem

um now how do we get energy into the

system

right yeah there are a lot of metaphors

for heat exchange and

if you look at closed systems a closed

system and thermodynamics

is um is

mass cannot leave or enter only heat

so let's assume that 21 million bitcoin

is the mass

it cannot leave or enter heat can come

um if i'm buying bitcoin

at a price higher than the rolling

the rolling three year average or the

rolling 200 week average

i'm heating it up and if i'm selling it

at a price

lower than the rolling average

for whatever time frame you care about

let's say that four years

is your time reference frame if i'm

selling it

at a price lower than the 200 week

moving average

i'm cooling it down so

people see bitcoin trading day to day

and they're like oh it's lower than

yesterday that's not what i see

i see it if it's trading at 10 000 and

the 200

week rolling average was 7 000

i see it heating up i see it i

i see it as capacitor gathering

energy right and that's a very it's a

important uh way to think of it

now we come back to this issue of

adoption you can adopt bitcoin

with varying degrees of commitment this

it's like a adopt it's like joining a

religion right it's like

so i adopt bitcoin as my treasury

reserve asset

and then do i commit fifty percent

of my reserves to it or one percent

or 99 or 100 percent what is the true

adoption rate how much do you really

believe it is it a hedge

is it a one percent hedge all our paul

tudor jones

or is it a is it a 100 commitment

a la michael saylor right i said no

hedge

no speculation 100 commitment

just by the way just like your body is

100 committed to storing excess energy

and fat

100 commitment right there's no other

thing

uh you know i like your analogy of an

insurance policy

except that i would say an and

all powerful insurance policy with no

caveats because the problem with most

insurance policies is

i have an insurance policy on my

restaurant

but it doesn't cover pandemics

and so on like have you noticed how many

insurance policies are not paying off

in the pandemic because there's a car

valve

well we only insure against a

you know only if this happens and that

that happens and if you didn't do this

and if nobody said that and if the

government didn't do this

then in that case i will give you some

money right

if you were driving your car and you

were drunk i don't pay

the policy if you were sober i paid the

policy

unless someone says that you were

erratic and i don't pay the policy

where and so that's the problem by the

way with buying an insurance policy

yeah if i if i have a hundred million

dollars of energy

and i buy a million dollar insurance

policy that pays off 100 million

if it pays off well that's cheap and i

get to take the 99 million and buy

something else with it

but it's but i've assumed risk i've

taken a counterparty risk

in order to get the insurance policy

you could say you could say that a

hundred million dollars of bitcoin in

your treasury

is an insurance policy with no

counterparty risk

this i think brings up a very deep point

i actually tweeted about this today

there's a quote from carl schmidt that

says

he who gets to decide the exception

is sovereign right so there's rules that

we're all abiding by our protocols but

whoever gets to make exceptions to those

rules or protocol it really has the

power

to act as they see fit in the world

because they get to bend the rules right

and that's what is so deeply profound

about bitcoin is that it is a set of

rules that we cannot break it is an

exception

proof money supply and it's

unlike anything we've ever had and by by

eliminating that attack vector such that

any group

could be sovereign over the money it

it effectively makes everyone

individually

maximally sovereign and that's one of

the great breakthroughs

of bitcoin and that's why it should be a

treasury reserve asset

if you look at the the corruption

and the decimation the destruction in

our society

and the devastation in our economy there

are two

there are two things that everyone fears

individual bankruptcy

and corporate insolvency right

becoming insolvent as an individual or

as an entity

so how many times you've heard the story

that was a really good company but they

but they took on too much debt

and they couldn't make their interest

and they were broken up and

they closed their factories and they

moved away and

now we're eating i know manufactured

slop

from a machine because our favorite

vendor got destroyed

right there a lot of companies that get

destroyed how does it happen

well they're inve they have treasuries

in fiat the fiat's inflating

so the cfo thinks well i can't afford to

invest this

it's not politically acceptable to

invest in uh

stocks or equity that keeps up with

inflation

if i invest in bonds i can't keep up

with inflation

and so i start borrowing buying my stock

back

and i borrow money to buy my stock back

so they

if i have 100 million dollars in

treasury

and i borrow 100 million

and then i buy back 150 million worth of

stock

i get the stock up but now

my treasury is net

minus a hun you know what is it i got 50

million in cash

so i minus 50 million in that treasury

instead of plus 100 million right

right so i went from having a positive

a positive position it's like

you have enough fat to live for 30 days

without food

to a negative position you have no fat

you're in debt and there's a banker

that clicks on a feed you button every

day and if the banker decides to pull

the plug

on your credit line you're instantly

eviscerated

exactly and so so a company in debt

with no liquid assets has no energy it's

an energy debt

right so what that means is

maybe you generate a hundred million

dollars in cash flow a year

and you've got 500 million in debt and

or a billion in debt and you need 90

million of it as ebitda to cover the

covenants

that means you have a 10 million dollar

cushion that means you have a 2 million

a quarter cushion that means that in any

given quarter

if you were short three million dollars

on a 500 million

number that three million dollars kicks

you into default

on your debt and renders you potentially

it renders your capital worthless

right drive your equity to zero and it

can render you insolvent

and the creditor can take control you

lose your sovereignty the creditor takes

control of your company you lose

everything

that's right you lose ever by the way

it's the same

as i go on to an exchange and i'm

trading at 50 to 1 leverage or 101

leverage

the idea that i'm going to pledge one

bitcoin

and get control of 100 bitcoin and if it

goes down by 100 bucks

i'm going to be utterly wiped out it's a

pretty

silly idea i would not recommend it to

anybody other than an

addicted gambler you you literally

if your goal is i'm okay losing all of

this and that's just like going to vegas

or going to bitcoinville

if that's the what you want to do then

call it a gambling habit

but there's nothing rational about it

the leverage

the leverage could be thought of as

every entity

be it a government or a corporation is

draining their life energy

pouring it out right when you flip from

being

from having a positive treasury to a

negative treasury

i have drained my entity of my life

force and i'm living at the pleasure

of my creditors wherever and whoever

they may be or my counterparties i've

lost my sovereignty

absolutely and individuals do it too

right corporations do individuals do

absolutely and i think

you're plucking the threat of how the

incentive

schema related to fiat currency

fragilizes

the economy right in a systemic fashion

because to your point

there's no adequate store of value so

people are

forced into at the individual and

corporate level are forced into

the use of leverage right the assumption

of debt because the the

real debt load is actually eroding via

inflation over time so there's an

incentive to take on debt

but this is a very short-sighted

strategy because now

you are hyper exposed to the inherent

volatility of the future right so once

there's any form of shock

right covet or any other form of

economic shock you can go to zero

immediately and get wiped out

versus holding cash makes you

anti-fragile right you can absorb these

shocks you can actually capitalize on

these shocks

such that if price if things get priced

lower in the market

you can go and acquire things at a

discount

and in a simple world if you if you had

cash

that was non-inflationary if the

if if the politicians uh adopted

austrian economics and said we're going

to print cash with zero inflation

then this then it's simple for the

citizens of the society to save in cash

and and you want deflation and the cash

will actually be worth more

over time right and that's what jeff

booth puts up

points out but every technologist knows

this if there was no inflation

the cash would buy more over time right

and

and my entire simple monetary

uh strategy would be save cash

and over time i'll improve but in a

currency war

the political system declares war on the

currency

and makes the cash toxic and if it's two

percent toxic

that's like a that's like injecting a

mild

a mild drug into your veins when it

becomes 10

toxic is like a poison in your veins

when it becomes 20 toxic this is like

basically saying i'm going to put you on

chemotherapy

but actually it's like putting a healthy

person on chemotherapy

and i pump toxic chemicals through a

healthy

person's bloodstream because current

right current is is like like

blood current it's carrying the energy

of life the oxygen oxygen

is energy right your blood carries

energy to keep you alive

currency is carrying energy if a

sovereign nation

is injecting massive inflation

is into its own currency it's injecting

a toxicity

into its own circulatory system and it's

somewhere between

either one metaphors chemotherapy

another metaphor would be diabetes

type 2 diabetes i'm injecting so much

sugar

so much sugar into your system that your

you know your

insulin response is failing you know

and you're becoming insulin resistant

and your body becomes diabetic

and i inject i give you metabolic

disease because

i am just pumping the liquidity

or pumping that too hard into the

currency

which is the blood of life which is

possibly where we are today right i mean

the stimulative

responses by central banks don't seem to

be having the same effect

as they used to right yeah arguably like

if i pump enough sugar into your body

you become diabetic first and then the

pancreas fails and the liver fails

and you have organ failure cancer and

death

that's that's a that's what happens if

you if you overdose on pure sugar

right um i guess the equivalent

would be hyperinflation if i if i inject

enough of like

enough money money in this system

that the currency loses all of its

energy carrying

like oxygen carrying capability energy

carrying capability i just lose it

all at that point the organ failure is

now how do i buy electricity

how do i buy food right how do i get on

a bus

like all the transit systems the food

systems

how do i pay soldiers and policemen and

firemen that's

death of the society that happens in

hyper hyper inflation

that's a great point the other you said

it loses its energy carrying capacity

and it's also there's a connection here

to information right because the price

signals become totally

disrupted like the money means nothing

in that in that instance

so capital is not being allocated

efficiently whatsoever

because price is complete you completely

lose this economic

nerve signal that we call the price

signal so it's losing its energy

carrying capacity it's information

carrying capacity

and you end up with cash in the streets

like we have in venezuela today

the phrase the phrase toxic shock

comes to mind toxic shock of the

toxic shock of the system but let's move

back to our happy subject

how did the bitcoin energy network grow

well

adoption so a million people

adopt it as their 90 treasury reserve

asset and they have a million dollars

each

and now you've got a million

times a thousand is a billion a million

times a million

is a trillion right so

a million millions gets you to a

trillion

in the network they put the money in the

network and

and the network is the syndication of

all of the

energy all of the treasury energy of the

people that choose to adopt it as their

primary treasury reserve

so when a million people put a million

dollars in

it's a trillion dollar network when a

thousand

companies put a billion dollars in

it's another trillion network

so now you're up to two trillion when

when a hundred companies put

a billion in right or or a hundred

billion in

right you you go the next level so

as individuals families

com private companies public companies

government agencies

small governments mid-size you know

municipalities states

small countries mid-size companies big

countries

all the non-profit organizations right

as they adopt

this as their treasury reserve asset

they don't need to adopt it as their

currency medium exchange they don't need

to adopt it as a unit of measure

it's as it becomes their store of value

their treasury reserve

asset as they adopt it the network

syndicates all their energy you know and

the decision

of apple to buy a hundred billion worth

of it

would be would accrue to the benefit of

a million hodlers

that bought a hundred thousand each or a

million each or fifty thousand whatever

they bought

the beauty of it is that everybody is

pro

rata para pursue benefiting right and

it's in everybody's interest

to bring everybody else in right that's

right and uh and it's a network effect

right that as someone comes in someone

else comes in the price moves up

the people that were in it get get a

benefit

that and now we get to this next dynamic

right

but with me pausing to say without

adoption

right without people believing that this

should be their treasury reserve asset

without that you have nothing right so

right so it's not enough to say it's

just hard

you have to people have to love bitcoin

more than they love

gold silver apple stock amazon facebook

whatever

and by the way we didn't touch on it