People say that Bitcoin adoption is at 1% globally, and that's such because if there's 8 billion people on the planet, that means 80 million people have like a vague relative understanding of this thing. We're not even close to that. And what they'll say is, 'Yeah, but like proxied relationship through the ETF or through this security and there's a wrapper on a wrapper on a wrapper on a wrapper, so it's technically 7% of their 401k has exposure to Bitcoin.' Like, that's not adoption, Natalie. 80 million. Like I don't even think we're at 8 million. I would say we're closer to 800,000 and that's being generous.
Yeah, I don't. So, I mean Bitcoin did not make new highs against gold. It did not make new highs. I mean, I view looking at the world in fiat is like wearing drunk goggles. It's very distorting of reality, you know, like I would don't drink, drive, don't save in fiat and drive. That's what I would because you're like, 'Oh man, what lane am I in?' So, yes, in dollar terms, did Bitcoin make new all-time highs? Sure. But measured in things that store value better, it did not. And I think the reasons for that, you know, I love all the macro analysts as much as anyone. I'm not nearly as smart as all these folks. So, I think of it much simpler. Monetary policy has been immensely restrictive since 2021. Rates have remained elevated because inflation has been stickier and more persistent than people thought and the Fed's balance sheet has shrunk tremendously. And we saw some liquidity injected into the system as a result of Silicon Valley Bank failing. But that was this reverse repo Janet Yellen engineering. And so I mean when the Fed's balance sheet shrinks as much as it did and rates the fastest rate hike we've ever seen, and it's persisted for as long as it's had because inflation is not willing to die. It makes sense to me that the last like real bull market was that COVID 2021. And so I think, you know, Bitcoin is some combination of technology plus fiat liquidity. You know, people say, well, is it a trade like a tech stock or trade like gold? Well, you know, I think it's a hybrid and it deserves that hybrid because it is disruptive technology. It is software that solved a new problem that's creating new markets and disintermediating existing ones. And so it is a technology, but it also is priced on future expectations of fiat liquidity. If the Fed, there's now rumors that the Fed might hike rates today, well, Bitcoin started to weaken. If the Fed all of a sudden cuts 300 basis points, I think Bitcoin is going to hit 100K in a week. So, it is both. And so I think that we'll reach new true real all-time highs in the coming years because I expect the expectation of new fiat liquidity and money printing and credit to greatly grow and I think Bitcoin's technology is more of a methodical story. The amount of addresses, the amount of active balances, the amount of new businesses that are using it will continue to disrupt as well. If you're here just to, you know, sorry if this is ruthless or borderline offensive, but if you're here for me to cradle you and take the pacifier out of your mouth and hand you the most performing thing, guys, there's no such thing. There's no free lunch. Yeah, you could have, would have, should have. So would I. I could have, would have, should have done something different at 21. I could have, would have, should have not made the merchant announcements I did in 2022. I could have, would have, should have, could have, would have, should have, but that's not how life works and I didn't. The point is we have a monetary asset that's free enough to tell us the truth that can change the world because the world can't change it. It is the last honest signal that we get with like the raw and real world. It's made me a better man. It's made the world a better place and it has historically been the best performing thing. Now, over what time and duration? Like, you know, I tell my buddies in high school that were scared of the volatility and this. I say, 'Guys, I told you to buy it here. It's now here because it didn't go in a straight line. You going to get mad at me? Who cares that it went like that? Don't matter.' So, yes, could you have invested in Nvidia instead of Bitcoin, but then if you in hindsight could have went from Bitcoin, but then Nvidia for this time, but then back to Bitcoin, and then you're right. You would have been like God amongst men. And if that's what you hold yourself accountable to, then God bless you. You're never going to be happy. I would touch grass, lift some heavy things, eat a steak, and hang out with people you love. You're just never, I mean, what are we doing?
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