Leaders, Laggards, and Visionaries — Where Does Your Coin Land? - Michael Saylor - Dan Morehead

You mentioned Tether there and I'm glad you brought it up. You mentioned maybe a token, maybe a synthetic equity asset. Right now these things are considered DeFi, right? Decentralized finance. Most of them are based on the Ethereum network, which came a little bit later than Bitcoin. We know the whole story there. He had the smart contracts and again all this brain power went there. And Michael, that's what caught my eye a few months ago in this space. I saw the rate of growth of some of these instruments at a rate that I hadn't even seen in the 1990s when I worked at Bankers Trust on Wall Street. We were putting together some exotic risk. We were probably one of 10 or 20 shops in the world that were packaging these products for customers. And some of these things were high-level concepts to understand in finance, and yet I saw this happening in a decentralized way. And I was like, wow, this feels like next-level growth. I've never seen anything like it. And that's what attracted me to this ecosystem. But that's a very different thing than Bitcoin. And you've made an incredible argument for Bitcoin. Where does Ethereum come into play? DeFi, smart contracts, obviously Tether's on there. Tether's got quite a big market cap right now. And I agree with your train of thinking. It's like there's the currency, there's the property, that currency you mentioned, Tether. What will play out when it comes to Ethereum?