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to oh like you know I I don't want this impacting our friendship nobody gets a straight ride up and to the right like you know there's some volatility ahead so anyway that's super yeah so and so with your Bitcoin did you go into other digital assets from an investment point of view strictly Bitcoin what's strictly Bitcoin um I think if you think about it from an investment perspective goals to make money I still think Bitcoin is the best risk reward of any asset I can think of um and there's three reasons that Bitcoin is different from an investment perspective relative to any other uh cryptocurrency first is its causal ambiguity right Satoshi we don't know who that is that was a work of Genius not putting their name on it was incredibly selfless act in that um people when there are names or people associated with certain things people take different associations towards people yeah right and so this idea stands on its own and Satoshi knew how powerful it could be and here we are so that's first that's causal ambiguity second is the proof of work aspect to it and that the energy intensivity and security around it have now led to a point where um you know it's impenetrable whereas you can't say that about other cryptocurrencies proof of stake uh that other cryptocurrencies run on is just Fiat all over again right whereas proof of work is not and third it's the concept of path dependence in that the first mover advantage of Bitcoin and now the energy intensivity around it and now countries family offices companies the dominoes are all falling and you know we're really at a Tipping Point here if you look now you know it was it was interesting it was incredible what Michael did with micro strategy now you've got companies starting to do this and capital markets are a competitive place if you look at how well the bonds have done tied to bitcoin believer entities whether that's El Salvador buying Bitcoin or Argentina's bonds are one of the best performers since uh the election uh micro strategy bonds if you look at the implied cost of capital tied to the micro strategy bonds like that's incredible how low the cost of capital is they're getting and I'm a huge believer in Market's ability to to give you information value and Signal value and take a look at the way uh similar Scientifics volume just exploded after they announced their Bitcoin treasury strategy look at what happened with metap Planet volume explodes so people are voting with real dollars on these things and that's a really powerful signal for us yeah the I would add one other factor that I think isn't replicable replicable uh for bitcoin's origin is that period what I call the iMac culate conception is that period of trading where there was no value even if you could recreate all those other things today you can't have that pristine period which eliminates all cheating and angle shooting and Insider stuff so uh but I agree with you but so let's let's back up a little bit and talk a little bit about family offices and how um folks like yourself are allocating Capital traditionally uh family offices have been fairly conservative in how they allocate Capital among different asset classes how is that traditionally how is that now has it changed much um I I think people are increasingly receptive to it at the end of the day everything comes down to incentives and so family offices are structured in very different ways um traditional Financial firms are structured in very different ways uh you know someone asked me recently they said oh how do your traditional Finance um your trafi colleagues think of Bitcoin right now and and I think a lot of them are more positive on it personally in their own accounts than they are potentially investing on behalf of others because at the end of the day most people work for somebody else who has a boss or a series of bosses and so if you think about the incentives there even if you believe in Bitcoin and think it's going to do really well if you buy Bitcoin on behalf of somebody else it goes down one of your bosses doesn't like it you're done right your head's chopped off whereas is if it goes right and somebody that you work for didn't like it you get a begrudging pat on the back right so everything comes down to incentives I think that's why this is been a founder-led revolution and that founder control companies are the ones that are doing this uh owner controlled firms are the ones that are buying it on behalf of their clients um and so it really varies but if you just look at the addressable market for it it's still massive I mean the right tail opportunity is so huge if you just look at at um pensions globally if they were to decide yeah we need a 10% allocation to bitcoin just the pension offices it's 250 a coin 250k right and so there's just so much Capital out there in the world people compare it to digital gold I think that's baked into the cake from my perspective over a longer time Horizon um I think it's much higher than that you know it's it's people are thinking about it wrong it's the
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