Transcript:
(0:03) Thank you, BlockWorks, for hosting me, (0:06) and thank you to everybody in the audience today (0:08) for being here, I appreciate it. (0:10) I’ve followed the program for the past few days,(0:13) it’s been extraordinary, (0:14) and I’m happy to have the opportunity (0:16) to present in front of you today. (0:20) I have, could we go back one slide? (0:24) I have prepared a new presentation.
(0:28) A few years ago, I created one (0:30) called the 21 Rules of Bitcoin. (0:33) This one’s the 21 Truths of Bitcoin. (0:36) And preparing for this, I asked myself, (0:40) what is true today in the year 2025? (0:45) And perhaps, what are the truths that the mainstream world, (0:49) the mainstream media, traditional investors, politicians, (0:54) people that are just getting familiar (0:56) with Bitcoin, with digital assets, (0:59) what is it they don’t know that seems very, very clear (1:03) to me that I wanna share? (1:06) And so, I’ve gathered my favorite 21 truths (1:10) of Bitcoin today, and I’m gonna start with the first.
(1:13) Bitcoin’s an ideology, freedom versus slavery, (1:19) innovation versus stagnation, sovereignty versus dependency, (1:28) property versus poverty. (1:31) It’s a very powerful ideology.(1:33) It’s spreading the entire world, (1:35) and there would be no Bitcoin without the ideology.
(1:38) It’s capitalism versus socialism. (1:41) It’s the individual versus the collective. (1:44) It pops up throughout human history.
(1:47) We see these themes for the last thousands (1:49) and thousands of years. (1:51) You see these themes in the writings (1:53) of the Austrian economist. (1:54) You see these themes in the writings of Voltaire (1:58) and the intellectuals of the 19th, (2:01) the 18th, the 17th century.
(2:03) You even see these themes in the Constitution (2:06) of the United States. (2:09) The founding fathers had this ideology, (2:12) and you’ll see it echoing throughout Bitcoin. (2:17) The second truth of Bitcoin is Bitcoin is protocol.
(2:22) Satoshi created a protocol based on that ideology. (2:28) The 21 million coins, the block sizes, (2:34) the 10-minute centers, the SHA-256 hashing, (2:39) it was an integrated protocol.(2:44) It’s not the only way you could have done it.
(2:46) You could have base 10 math, (2:49) but you could have base two math. (2:51) You could have English as a protocol, (2:54) but there’s also French as a protocol. (2:56) Bitcoin’s a protocol for prosperity.
(2:59) It’s a protocol for economic success, economic empowerment. (3:09) That protocol lives on in the software. (3:13) Oftentimes people say, (3:16) well, what about this quantum thing, (3:19) or what about that technology thing? (3:21) And the point that I make to them (3:23) is that English language is a protocol.
(3:26) If you have to upgrade the software, (3:27) you’ll probably upgrade the software, keep the language. (3:31) Base 10 math is a protocol. (3:32) If you have to upgrade the software, (3:34) rebuild the computer, (3:35) you’ll probably keep the base 10 math.
(3:37) Bitcoin is a protocol. (3:39) You may change the hardware, you may change the software,(3:41) you may change the nodes. (3:43) The protocol is simple.
(3:45) A bunch of intelligent people everywhere in the world (3:47) would like to keep their money forever. (3:51) Once a trillion dollars worth of money (3:53) flows into that network, (3:55) they’ll be looking to figure out how to keep it, (3:58) and then when it’s 10 trillion or 100 trillion (4:00) or 500 trillion, you’ll have a bunch of people (4:03) speaking a language of economics, a monetary language. (4:07) That is the Bitcoin protocol.
(4:11) Truth number three, Bitcoin’s an asset. (4:15) One of those 21 million coins pops out. (4:20) A lot of people just focus on the asset.
(4:22) They forget the ideology. (4:24) They don’t really notice the protocol. (4:25) They think, do I have a Bitcoin or not? (4:28) What kind of asset? (4:29) It’s the apex asset.
(4:31) It’s better than cheese, it’s better than palladium, (4:33) it’s better than gold, it’s better than silver (4:35) or copper or land or goats or cattle or lumber (4:40) or pieces of paper that we call currency. (4:45) Bitcoin is the asset. (4:48) It is the asset based upon the ideology (4:53) and the protocol that results (4:55) in the greatest monetary premium in the world.
(4:59) Truth number four, it’s not just an asset. (5:04) Bitcoin’s a network. (5:06) Bitcoin is not just a network, it’s the network.
(5:09) It’s the most powerful computer network in the world. (5:12) It’s a global network. (5:14) Without the network, you can’t have the asset.
(5:18) The asset is stored in the network. (5:20) The network is a manifestation of the protocol.(5:25) The network creates decentralization, that’s true, (5:28) but it also creates fault tolerance,(5:31) mission criticality, redundancy (5:33) and all of the other technical, economic (5:38) and ethical qualities of the asset and of the movement.
(5:46) An ideology that spawned a protocol resulting in an asset (5:50) that circulates on a network. (5:52) That would be a simple articulation of what Bitcoin is. (5:58) It’s a truth.
(5:59) I would hazard to guess that the great majority (6:01) of people watching the price of Bitcoin(6:03) don’t think about all four of those things. (6:07) And they don’t think about this as much as they should. (6:10) Bitcoin is immaculate.
(6:13) Truth number five, it was spawned (6:15) by the immaculate conception. (6:17) A nameless faceless programmer gave it (6:19) as a gift to the world. (6:21) How do you create an immaculate thing? (6:23) It’s a God given thing.
(6:25) It’s a natural thing. (6:26) We’ve had it since the beginning of time. (6:29) No one took beneficial claim to it.
(6:32) No one asserts control over it. (6:36) No one expects to cash in on it. (6:39) The immaculate conception is an extraordinarily (6:42) important thing to the network.
(6:45) That combined with truth number six, (6:49) Bitcoin is ethical. (6:51) What makes something ethical? (6:53) What makes it ethical is you can take title to it. (6:57) You own it.
(6:58) No one can debase it. (7:00) No one can take it from you. (7:01) No one can corrupt it.
(7:03) No one can control it. (7:06) It’s a thing of natural beauty. (7:08) No country will ever trust anything (7:11) that another country can debase or control.
(7:14) No company will ever trust anything (7:16) another company owns or controls. (7:18) No person will ever trust anything (7:20) controlled by another person. (7:23) In order to reach this great plateau of ethical, (7:28) it has to be beyond the corrupting influence (7:33) of any human, any man-made institution, (7:38) any organization of people in the world.
(7:42) The immaculate conception was a necessary condition, (7:46) but the engineering brilliance of Bitcoin (7:50) was another condition. (7:52) Right, Bitcoin’s a perfect machine (7:55) made of imperfect components. (7:58) That’s the brilliance of the engineering.
(8:01) Can you make something that can’t, (8:03) can a human being make something (8:05) that other humans can’t corrupt? (8:09) Bitcoin’s ethical. (8:11) Truth number seven, that makes Bitcoin a commodity. (8:17) What is commodity? (8:18) An asset without an issuer.
(8:20) Gold’s a commodity. (8:22) Corn is a commodity. (8:23) Lumber is a commodity.
(8:25) Why is this important? (8:27) Because in law, commodities have a special status. (8:33) A company in the United States (8:36) can be capitalized on commodities. (8:37) It cannot be capitalized on securities.
(8:42) There’s actually a special carve-out in corporate law (8:45) for publicly traded companies.(8:47) But maybe more importantly, (8:49) I can stand here and I can tell you (8:51) that I think the price of Bitcoin (8:52) will go to 13 million over 20 years. (8:56) I couldn’t say that about a security, right? (8:59) You have legal immunity (9:04) to actually express your opinion about a commodity.
(9:08) That makes commodities politically superior, (9:12) legally superior, ethically superior, (9:15) financially superior to a non-commodity, to a security. (9:20) And it’s not just a little bit better,(9:21) it’s 100 times better, right? (9:24) And so Bitcoin is a commodity. (9:28) Bitcoin is actually the commodity.
(9:31) I studied commodities in my early professional years. (9:37) Every other commodity can be created with technology, (9:41) with capital, with know-how. (9:43) If you were gonna take your family’s life savings (9:46) and buy a commodity to hold for 100 years, (9:49) and you thought about it, (9:50) would you buy soybeans or corn or oil or natural gas (9:54) or lumber, coal, silver?(9:59) Well, no, they’re all awful.
(10:00) And you know why they’re awful, (10:01) because it’s pretty obvious to you that 100 years ago (10:04) it was harder to make those things than it is today. (10:07) And if the price of oil goes to $1,000 a barrel, (10:10) we’re gonna frack it, triple frack it, hyper frack it, (10:13) and we’ll drive the price of oil down. (10:16) Same with gold.
(10:18) There’s been hyperinflation in gold, (10:20) multiple times, you know. (10:21) The California 49ers found gold. (10:24) We created so much gold that we crashed (10:26) the economy of Europe.
(10:28) Every other commodity is going to actually explode (10:33) in supply with technology and with price. (10:36) That makes them all garbage investments (10:39) for a long-term investor.(10:42) They’re in fact the worst possible investments (10:44) as a long-term store of value.
(10:46) The king of them, gold, (10:48) still underperforms the S&P index (10:50) by a factor of two or more. (10:54) So there’s only one commodity in the history (10:56) of the human race that wasn’t a garbage investment. (11:00) The one commodity is Bitcoin, right? (11:03) A digital commodity.
(11:05) And let’s talk a bit more about that. (11:07) Why is it not garbage? (11:09) Why is Bitcoin great? (11:12) Bitcoin is a digital commodity. (11:14) Every other commodity I can name is a physical commodity.
(11:18) Physical commodities are God-given (11:20) and anyone in the world can create them. (11:23) Digital commodities were created (11:25) by the brilliance of human beings in a fluke. (11:28) You needed to have a brilliant engineer, Satoshi, (11:31) give away this gift to the world.
(11:34) The world needed to embrace the gift. (11:36) The protocol needed not to be defective.(11:39) And after many, many years of not knowing (11:41) whether it was something or nothing,(11:43) it spontaneously monetized and came to life.
(11:47) It really is a miracle of the 21st century. (11:51) Why is a digital commodity important? (11:54) Well, you can vibrate a digital commodity (11:57) 60 times a second on a computer. (11:59) You can move a digital commodity at the speed of light.
(12:02) The AIs can decompose and recompose a digital commodity (12:06) millions of times an hour, (12:08) simultaneously moving it and distributing it (12:14) all around the world at the speed of a computer. (12:17) Can’t do that with palladium. (12:19) Can’t do that with gold.
(12:21) There’s no way Apple computers ever gonna ship an upgrade (12:24) that has multi-factor authentication (12:28) on a physical commodity. (12:30) It needs to be a digital commodity (12:32) and that’s what makes Bitcoin special. (12:35) Not only is it a digital commodity, (12:37) it is the digital commodity.
(12:41) The most profound thing that happened is two weeks ago, (12:46) the president signed into law via the executive order, (12:50) Strategic Bitcoin Reserve. (12:52) David Sachs said, (12:54) Bitcoin is an asset without an issuer, (12:57) spawned via an immaculate conception. (12:59) It is decentralized.
(13:01) We recognize it as a store of value. (13:03) It is our digital gold. (13:04) You have the most powerful person in the world (13:08) and members of the cabinet that are saying (13:10) that it’s the policy of the United States government (13:13) that Bitcoin is the one digital commodity in the world.
(13:18) That’s going to ripple. (13:23) And I can create a digital commodity theoretically (13:26) an asset without an issuer (13:27) and I can give it a protocol that inflates it 5% every year. (13:32) I could create any kind of inflationary monetary protocol.
(13:35) For example, corn and oil are commodities. (13:39) No one doubts the fact they’re commodities, (13:41) but they’re not scarcity. (13:43) They’re not capped.
(13:45) Bitcoin wasn’t just a brilliant creation (13:47) of a digital commodity. (13:49) Bitcoin was brilliant (13:50) because Satoshi capped the supply at 21 million. (13:55) If I give you an inflation rate of 2% (13:57) and the supply of gold, (13:59) the economic half-life of your wealth is 36 years.
(14:03) When I give you an inflation rate of 0% (14:05) in your digital gold, (14:08) the half-life of your economic wealth is infinite. (14:11) It is forever. (14:13) The difference between 2% inflation and 0% inflation (14:17) is you’re dead in 36 years with 2% inflation (14:20) and you live forever with 0% inflation.
(14:24) Next time someone tells you (14:25) that it’s just a little bit of inflation (14:27) and the 2% doesn’t matter, (14:30) I just want you to think about that. (14:32) The half-life of 36 years (14:33) versus the half-life of a billion years. (14:39) And of course, with that observation, (14:41) it stands to reason the next truth is (14:44) Bitcoin truly is digital gold.
(14:49) Gold, what does it represent? (14:50) Gold represents money and wealth (14:52) in the human race for 10,000 years. (14:56) It represents prosperity. (14:58) It represents the king commodity.
(15:00) It represents the most ethical, virtuous, (15:03) technically sound money. (15:05) And the vast majority of the people in the world, (15:08) they’re not invested in digital assets. (15:10) They’re not invested in Bitcoin.
(15:11) They don’t even know what we’re doing here. (15:13) You’re probably, you know, (15:14) if you lined up 100 people on the street, (15:17) you know, to say that you’re the top 1% (15:19) is probably an understatement. (15:21) You’re at least ahead of 99%.
(15:25) So for the mainstream, when you say digital gold, (15:28) what that tells them is that (15:29) instead of giving away a gold medal at the Olympics, (15:32) maybe it’s time for a Bitcoin medal at the Olympics. (15:35) What it means is that the golden age (15:40) will give way to the Bitcoin age.(15:44) What it means is a city with streets paid than gold, (15:47) maybe should be paid than Bitcoin.
(15:49) What it means is that if something is gold-plated, (15:52) and that’s how you monetize anything, (15:54) a gold-plated lighter, a gold-plated pen, (15:58) maybe it should be Bitcoin-plated, right? (16:01) This is a very profound thing, right? (16:03) The truth, Bitcoin is digital gold.(16:05) We dismiss it as being kind of a boomery idea, (16:09) but the boomery idea means Bitcoin’s worth (16:11) more than 20 trillion, (16:12) because that’s what the gold is worth. (16:14) But the truth is everything digital in our modern era (16:17) is worth 10x the analog version.
(16:20) If Bitcoin is nothing more than digital gold, (16:22) Bitcoin is worth $200 trillion, (16:24) if it’s nothing more than digital gold. (16:27) But of course it is more than digital gold, (16:30) because truth number 11, Bitcoin is digital money. (16:34) JP Morgan said, gold is money, everything else is credit.
(16:38) Money, a bearer instrument, I give it to you, (16:41) I don’t have it, you have it, you have the money. (16:44) Well, Bitcoin is money. (16:46) What is everything else circulating in the internet?(16:48) Credit.
(16:50) What does that mean? (16:50) It means that I send you something, (16:52) I send you a fee over credit card network 45 days from now, (16:55) maybe it will be transferred to your account(16:57) after the credit card company takes 2%, right? (17:02) In a world of digital credit, (17:04) that means that it takes four years (17:06) for the money to move 40 times, (17:08) and at the end of the four years, all the money’s gone. (17:11) In a world of digital money, (17:13) it means you can move the money once a second, (17:17) maybe you can move the money 60 times a second, (17:20) you move the money 60 times a second for a 20th of a penny, (17:23) you still have the money. (17:25) The computers are not going to think one click, (17:29) one settlement every 30 days, (17:31) they’re not gonna agree to pay 200 basis points (17:34) per vibration of the money, right? (17:38) Digital money is profound, it’s so profound (17:41) that everybody in the business of managing money (17:43) doesn’t even understand what this means.
(17:45) When they understand what this means, (17:48) then the industry’s going to 100x, (17:51) Bitcoin is gonna go to the moon. (17:55) Well, if Bitcoin is digital money, what else is it? (17:58) Well, truth number 12, Bitcoin is perfect money, okay? (18:07) What is perfect money? (18:08) If you read the writings of the Austrian economists, (18:11) von Mises and Hayek, they write about money,(18:14) but they couldn’t conceive a perfect money, (18:16) Voltaire, Aristotle, Plato, (18:19) they couldn’t conceive a perfect money, why? (18:23) They didn’t have the technology, (18:24) it’s kind of like asking Aristotle, (18:27) tell me about clean water, (18:29) how do you understand clean water (18:32) if you don’t have a microscope (18:33) and you don’t understand (18:34) that there are pathogens in the water? (18:36) Nobody understood perfect money until Satoshi gave it to us,(18:40) and that’s because it was impossible (18:41) to create perfect money before modern semiconductors, (18:45) modern internet, modern cryptography. (18:48) So they were struggling,(18:50) and you can see Hayek and von Mises, (18:53) they struggle with this notion.
(18:55) In the constitution, the founding fathers (18:57) who were pretty intelligent said, (19:00) the only legal money in this country (19:02) is going to be gold and silver coin. (19:06) They kind of knew this idea, a commodity in your hand, (19:10) a self-custodied commodity bearer instrument(19:13) felt like good money. (19:16) What they designated as perfect money in the constitution,(19:19) and we have drifted a little bit away from that, (19:23) they designated what they saw were the hardest commodities (19:27) and the most liquid fungible commodities (19:30) that could be used as a monetary token.
(19:33) And they were never perfect (19:34) because you can’t practically do every transaction(19:38) by swapping gold and silver coins, (19:41) and because gold and silver coins aren’t hard capped, (19:44) they have inflation. (19:45) So they had defective money that was slowly decaying,(19:49) that was not quite useful, (19:53) but they used to say it’s the worst possible way to do it,(19:57) except for every other way, right? (20:00) And so the significance of this truth, (20:05) this basically marks the point where economics (20:08) goes from being a superstition and an art form(20:12) to being a scientifically based engineering discipline. (20:17) You can’t engineer an economic system or a monetary system (20:21) before you have perfect money.
(20:23) It’s just like trying to do good math, (20:26) but two plus two equals five on Tuesday, (20:28) and it equals four on Wednesday. (20:30) And if you don’t have stable numbers, you can’t do math, (20:33) and if you don’t have stable money, you can’t do economics. (20:38) You know, if you can’t drink water, (20:39) that’s not gonna kill you.
(20:40) Life is pretty ugly, right? (20:43) This is profound truth, again, misunderstood. (20:49) No economist trained in the past 100 years, (20:53) they never took a course on perfect money,(20:56) they never imagined it, but you can’t really blame them. (20:59) It’s like, if you went back to Voltaire and you said, (21:01) okay, that’s the smartest guy in the 18th century in France, (21:05) and he wrote shelves of books, (21:09) but like, you know, poke him and say, (21:11) describe, you know, radioactivity to me, (21:14) and how are we gonna build mobile phones (21:17) and satellite communications? (21:21) And he would have thought, what are you talking about? (21:24) Right, it’s like, the most brilliant person (21:26) without the instrument, the technology, (21:28) can’t conceive of the rational thing.
(21:32) And that takes us to truth 13. (21:34) Bitcoin is legitimate. (21:39) A short phrase, a powerful phrase.
(21:42) It wasn’t legitimate four months ago. (21:45) A year ago, if you try to remember where you were (21:48) and what you were thinking in March of 2020, (21:51) when the entire crypto industry was under massive onslaught, (21:54) everybody’s getting sued, right? (21:57) And the most likely future was, (22:00) everything gets ground into the dirt. (22:03) We have completely come 180 degrees.
(22:06) This is the most powerful person in the world (22:09) sitting in the most sacred place, the Oval Office, (22:13) flanked by two cabinet members telling you, (22:17) Bitcoin is digital gold, a store of value, a commodity. (22:23) Not just a commodity. (22:25) You know, if the US seized 10,000 securities, (22:29) all your artwork, all your houses, (22:31) your planes, your trains, your automobiles, (22:33) every currency, you know, everything of value, (22:37) your diamonds, your gold brooches, your silver, (22:42) they’d sell it, right? (22:45) The only thing the United States does not sell (22:48) is its national parks, its nuclear stockpiles, (22:52) and its Bitcoin.
(22:55) Now, that’s a shockwave that will be heard around the world. (22:59) That just happened, you know, literally days ago. (23:03) It’s gonna take a while for that to ripple (23:05) through the entire federal government.
(23:07) Then it will ripple through the state governments. (23:11) Then it will ripple through the banking system, (23:13) the insurance system, the credit rating agencies. (23:17) Then it will ripple to all the banks in Mexico (23:20) and El Salvador and Argentina and then Europe.
(23:24) It’s rippling through the banks in Hong Kong (23:27) and China and Japan and Abu Dhabi and Europe. (23:33) How long will it take? (23:35) Well, you know, how long does it take (23:38) for a profound good idea to move its way (23:41) through layers and layers of bureaucracy? (23:45) It’ll take a while, (23:47) but the innovators will actually grab this, (23:50) and those that need the money, that want the money, (23:55) will reach for and embrace the money, (23:58) and they will be enriched by it, (24:00) and there will be others that will resist it. (24:02) But that entire shockwave, right, (24:05) that explosion in legitimacy, (24:07) that happened just a few weeks ago,(24:11) happened on a Thursday night in the White House, (24:14) and that’s profound.
(24:16) We are legitimate, and as I’ve said before, (24:19) if Bitcoin’s not going to zero, it’s going to a million. (24:22) Right, it’s either nothing or it’s something, (24:26) and if it’s something, then it’s going up. (24:30) And truth 14, Bitcoin is corporate.
(24:35) You know, I talked a little about corporate law. (24:38) I’m very sensitive to it (24:39) because I ran a public company for many years. (24:42) We came public in 98.
(24:44) Every public company in the world (24:45) is capitalized on one of two things. (24:48) You’re either going to capitalize (24:50) on short-dated treasuries or sovereign debt, (24:54) in essence, currency, (24:56) or you’re going to capitalize on a commodity. (25:01) Well, it turns out that every commodity (25:03) other than Bitcoin underperforms the S&P index.
(25:06) It doesn’t beat the cost of capital. (25:08) So capitalizing upon silver or gold or palladium or oil (25:13) makes no sense. (25:14) There is one commodity that you can put (25:16) 100% of a corporate balance sheet in, (25:19) and that one commodity is a digital commodity, (25:21) and that digital commodity is called Bitcoin.
(25:24) And so what does it mean? (25:25) It means that for the first time in 100 years, (25:28) companies can recapitalize, and they are recapitalizing. (25:31) And what does that mean? (25:32) That means a company starts by sweeping (25:36) a little bit of excess cash, and then cash flows,(25:39) and then it sells some equity, and then it issues some debt, (25:43) and then another company follows, (25:45) and another company follows. (25:47) Right now, there’s about 80 companies (25:48) that are starting to buy Bitcoin, (25:50) and there’s probably 80 ETFs.
(25:53) We’re going to see another one every week (25:54) and another one every week, (25:56) and pretty soon there’ll be hundreds. (25:58) And those hundreds become the gateways (26:00) for hundreds of trillions of dollars of equity capital (26:06) and fixed income capital to migrate(26:09) into the entire digital assets economy. (26:12) And you can see it right in front of your face.
(26:16) You see a company like Metaplanet goes from one hotel (26:20) being worth a few million dollars (26:22) to being worth a billion dollars in 12 months. (26:27) Where does it stop? (26:28) It’s not going to stop, right? (26:31) If you’re legitimate, you’re corporate, right? (26:35) You’re going to see a transformation (26:36) of mainstream organizations. (26:40) The 15th truth.
(26:41) Bitcoin is global. (26:43) Everywhere in the world I go, I meet someone, (26:46) and they say, well, you know, thanks, you know, (26:49) thanks because I bought a Bitcoin for my daughter,(26:52) you know, or I bought a Bitcoin for the family. (26:54) We appreciate what you’re doing.
(26:56) And you know what I say? (26:56) I say thank you because I appreciate what you’re doing.(26:59) Bitcoin is global, you know? (27:02) Your Apple stock isn’t. (27:03) Your land isn’t, right?(27:05) The artwork that you hold isn’t global, right? (27:09) Bitcoin is a global asset.
(27:11) It means somebody in Nigeria buys it (27:13) and they’re getting the benefit (27:14) of entrepreneurs in Manhattan. (27:17) And it means someone in Arkansas buys it (27:19) and they’re actually in an economic relationship (27:21) with somebody in Singapore, right? (27:24) This is not a lowest common denominator thing, you know? (27:27) You own Arkansas real estate, (27:29) no one’s going to fish you out of that investment. (27:32) You own Bitcoin, you bury it in your backyard in Arkansas (27:35) and you’ll wake up in 30 years (27:36) and find out that someone in Tokyo or London made you rich.
(27:40) Right, this is the global asset. (27:43) There isn’t another asset that trades on Wall Street(27:46) that is global in the way that Bitcoin is, you know? (27:52) And it’s not just global, it’s immortal. (27:56) We’re stretching in time and space.
(27:59) Show me an asset that stretches to every part of space (28:03) that truly is global, Bitcoin.(28:05) Now show me one that I can see (28:08) into the next hundred years or thousand years.(28:11) There’s nothing else that you own (28:13) that’s going to last a hundred years, right? (28:14) Your warehouse will have to be redone, (28:17) your artwork will probably have to be restored, right? (28:20) What company would you think is going to be (28:22) around 200 years from now, right? (28:25) The real beauty of Bitcoin is the elegance of the protocol (28:28) is all you’re doing is buying 121 millionth (28:33) of all the money in the world forever, okay? (28:37) When is that going to obsolesce? (28:39) Like when are you not going to want to own (28:41) 121 millionth of all the money in the world forever, right? (28:45) It’s not like iPhone 99.
(28:47) It’s not like, you know, (28:48) getting the next upgrade on the whatever gadget, right?(28:53) Bitcoin is immortal because the idea is so timeless (28:56) and so elegant and the network is just virally going to spread, (29:00) you know, it’s a life form. (29:03) And if it’s immortal, (29:04) it means you can actually think 200 years in advance. (29:09) No company expects to live more than 10, 20, 30 years.
(29:12) Everybody’s short term. (29:15) It takes me to truth number 17 is digital energy. (29:19) A calorie is organic energy, a satoshi is digital energy.
(29:23) If you want the AI, if you want to put life in cyberspace, (29:26) if you want to bring an AI to life, (29:28) you have to imbue it with digital energy. (29:31) Then it comes to life, then it thinks,(29:33) then it lives, then it procreates, maybe it lives forever. (29:38) You can’t, anything that is funded with digital credit (29:41) is just a shadow.
(29:44) It’s, you know, it’s a shade, it’s a ghost. (29:46) If you want something to be a true life form,(29:49) you have to put real energy into it. (29:51) I’ve said many times before, (29:53) Bitcoin is a conservative asset.
(29:56) I give it to you, I don’t have it. (29:58) It implements.
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