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And then separately I wanted to talk to you about Bitcoin uh because we've also had that conversation over the years but it it you know for some reason it doesn't seem to be separated from the markets that the whole idea was that it was supposed to be you know a non-correlated asset and every time the market goes down for the most part it doesn't seem to go up.
Well, um, first of all, uh, I' I've always maintained and I would just tell you today as well that this is an instrument that you use as a hedge. I don't think this is something that you trade. And the more that people obsess and focus, in my opinion, at least on what the price action is, the more that it will confound you, the more it will frustrate you, the more that it will look correlated to other assets.
But the reality is it's fundamentally not because it is underpinned by a set of beliefs that are completely orthogonal to the orthodoxy that runs the world today and it is completely the inverse of how the financial infrastructure of the world operates. So from my perspective I still think that what I talked about sort of eight or nine years ago still holds which is as a 1% hedge in in our portfolio.
I think of this as the insurance policy I use to sleep soundly at night just in case the central banks and the governments of the world step on a landmine that will perform. And so between now and then, I just think the more people obsess about price action and the more that they want it to behave like a stock or a bond, the more frustrated they're going to get.
They're going to find ways of connecting dots that don't exist. It's just not what it is. By the way, uh this this is now going to connect Bitcoin and Elon Musk together and your space uh efforts with Richard Branson. You probably have heard the Winklevoss twins uh claim that Elon Musk is effectively going to put the gold business out of business or devalue gold given what he's going to be doing up there in space and that's going to make Bitcoin that much more valuable.
Do you buy that? I have no idea what they're talking about. You you you've heard it though. You know what I'm talking You You You You've heard them say this. If you had I really wish I could give you a smart answer, but I have I have no idea what they're talking about. Jimoth, if you send Ben Affleck and Bruce Willis up to an asteroid that has 10 trillion tons of gold, uh your supply demand dynamic is is going to be affected.
I honestly think that's what they're talking about actually mining an asteroid which is not that far off. Well, there's a there's a couple of problems. Um, one is called the rocket equation. Um, you know, there's a small problem of getting onto the asteroid, mining it, generating enough energy to come back, you know, bringing back all of these wonderful riches that you find there.
I mean, I hope it happens. I would think that our our technology just in alchemy we ought to be I don't see why we can't move around a couple of electrons and protons and just make gold here. But but obviously we we can't. But sure, right? It's harder to mine Bitcoin than it and it's getting harder and harder than it is to mine gold.
And that I think that's what you're saying right now. I I mean I think the reality is that look uh the the last few million coins of Bitcoin are obviously going to cost more energy than the first you know 18 million. Uh but in the grand scheme of things again this is something that you know in Bitcoin parlons people say huddle you buy it you hold it you put it away and honestly I think you hope that you never need it because the amount of actual chaos that will drive Bitcoin appreciation is not something we actually really want to see.
Now that being said, if it does happen, I think it will create an enormous power redistribution and it will push power. It'll push financial accessibility to the edges to billions and billions of people. And in that, I think there's some something to be really proud and excited about. Chimath, if you if you take a a small percentage of the global currency, financial currency, whatever you use, and you divide it by 21 million, even if it were I mean I mean it is mind-boggling, but the numbers just sound crazy that that you talk about when you do that math.
I don't know if you believe. No, no, but I I understand. But but just remember like you know that will get subdivided many many thousands and hundreds of thousands and millions of times and it will and it can represent you know a large plurality of the monetary supply of the world and if that happens I think the reality is you'll well it'll just be an incredible technical feat and I think the great thing is there'll be transparency there'll be accountability and there'll be fairness and I think those are really powerful traits of a winning product.
I mean, it's what's it? It's like around 11,000. I mean, you're talking about much bigger numbers than 11,000. And I don't I don't know. It's still I know. And this is why I think a a 1% position is not unreasonable and it's something that justifies a position where we can all have it. Again, put it under your mattress. Don't think about it.
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