0:06 well welcome both of you thank you very
0:08 much for coming here um the topic that
0:10 we're going to talk about
0:13 is what's the latest and greatest in
0:15 crypto and and where we're going and
0:17 obviously we are phenomenally thankful
0:21 for you both being here um you guys
0:23 basically need no introduction but for
0:24 the live stream audience out there maybe
0:26 a 30 second each would be a great great
0:29 place to start um thanks so yeah my
0:33 background macro investor in 2011 got
0:34 interested in Bitcoin and decided to
0:38 launch um the first crypto funds in
0:40 2013 uh we now manage about 5 billion
0:42 across the spectrum of super liquid all
0:44 the way to Venture
0:47 equity and Mike and I and a third
0:50 partner really got it all going together
0:52 that's true I'm Dan's uh
0:55 shorter uh and more folically challenged
0:57 cousin uh we went to college together we
0:58 worked at Goldman Sachs together we
1:01 lived in Tokyo together
1:03 uh he then left to do hedge fund and I
1:07 was a sales coverage for a while um and
1:10 then we uh were both doing macro hedge funds
1:11 funds
1:14 together there's a whole story here uh
1:16 and we we we got together on crypto and
1:18 and I give him a lot of credit
1:21 because when we I called him and said
1:23 hey what do you think about this thing
1:24 Bitcoin and he took a couple weeks to
1:27 look into it and he was like just hyper
1:28 bullish and was willing to put a ton of
1:32 money into it and I was busy at the time
1:33 running a hitch fund I was like well if
1:34 he's putting that much in I have to put
1:37 at least that much in and so our
1:42 original $93 Bitcoin slug was was sized
1:45 by Dan uh and so and it's funny when you
1:47 think about the fortunes that have been
1:51 created in in crypto it's not just entry
1:52 point it's how much you put in at that
1:55 entry point and so that's my my thank
1:57 you uh Galaxy is a crypto Investment
2:00 Bank we have banking we have a sales and
2:02 trading business with staking we're tra
2:05 trading onchain and offchain we have an
2:06 asset management business we've run a lot
2:07 lot
2:10 of uh risk on the firm's balance sheet
2:13 that's slowly going to shift as more of
2:14 that goes into the asset management
2:16 business uh we have an infrastructure
2:19 business uh and you know we got a big
2:21 Bitcoin mining business which is being
2:23 transformed into an AI Data Center and
2:26 so hope to get public we've been waiting
2:28 four and a half years there's a new SEC
2:31 and so uh I think you're going to see a
2:33 whole host of companies uh come May or
2:35 June uh listing on the New York Stock
2:40 Exchange or NASDAQ um that's it there we
2:43 go totally 30 seconds thanks Mike so
2:44 let's just jump right into it right so
2:47 2024 super interesting year obviously we
2:50 have a Chang in administration Bitcoin
2:53 Resurgence how are we thinking about the
2:56 broad view of where we're at now 2025
2:58 February we're here in New York things
3:00 seem to be changing very quick quickly things
3:02 things
3:06 are new again shall we say how are you
3:07 guys thinking about the status quo and
3:08 where we're at right now and where we're
3:10 going in the immediate
3:13 term I'll take a quick crack and then
3:17 Dan can correct me um listen there was
3:19 four years in the desert where this
3:24 industry felt uh abused and the relief of
3:25 of
3:28 non-abuse uh the relief of of feeling
3:31 like you're not a criminal or a drug
3:33 dealer uh when you go to see a bank but
3:35 you're actually in an industry that
3:37 could be you know part of the the the
3:39 future of both finance and the consumer
3:43 space uh feels good and so you've seen a
3:45 a deep breath and an excitement uh I was
3:48 at the inauguration uh and the crypto
3:52 ball had an amazing energy and a couple
3:53 of Bankers came to me they're like we
3:56 don't get a banker ball uh it really
3:58 felt like you know this was the moment
4:00 for crypto it was the hottest ticket in
4:02 DC that night and the next night at the
4:04 vice president's ball were there were
4:06 only about 300 people I walked in and I
4:09 saw Zuckerberg and Peter teal and Steve
4:11 schwarzman and Leon black and all the
4:14 big financers there must have been 20
4:16 crypto CEOs that's out of 300 people we
4:19 were wildly over represented and and so
4:21 it all felt great of course the Trump
4:24 coin didn't help that that that Spirit
4:26 um but it does feel great um what does
4:29 that mean for us listen Bitcoin has a
4:32 store of value it's carved out a lane it
4:34 is becoming Global it might or not be on
4:36 the government's balance sheet in six
4:37 months I actually think it will I think
4:40 there's people are trying to figure out
4:43 how to to do it gracefully um and so I
4:45 don't think bitcoin's going away uh
4:48 stable coins you had stable coin
4:52 legislation uh by T Senator Hagerty
4:54 announced yesterday I think that's
4:56 strategic for the US and it's going to
4:58 be the growth of this industry for a
5:00 while we see payments all abroad and
5:01 we're investing in payments from our
5:04 Venture business um that's going to grow
5:06 right now stable coins are like the 13th
5:08 largest owner of treasuries I will be
5:11 shocked if by the time the Trump
5:12 Administration ends it's not a top three
5:16 owner of treasuries um there's a couple
5:19 other lanes right why a lot of us got
5:21 into crypto if you weren't a Bitcoin
5:24 maximalist was this idea of web 3 of
5:27 private property on the internet of
5:30 decentralizing systems and of cutting
5:31 out the
5:34 middleman a lot of activity in that
5:37 space But no real applications yet
5:39 oncale and I think the next four years
5:42 really has to be about you know having
5:44 zero knowledge proofs show up on your
5:48 iPhone when you use your ID or some
5:50 applications that that get people
5:52 because again we're still at the point
5:55 where valuation and crypto is narrative
5:57 right bitcoin's narrative is digital
6:01 gold uh and so The Narrative at one
6:05 point has to be met with some utility
6:07 otherwise we just have a casino and
6:08 things go up and down and because it's
6:11 so easy to issue tokens now you have the
6:14 almost an infinite Supply response and
6:15 so while you're
6:20 seeing Bitcoin ethereum salana xrp even
6:23 the the other than salana the top five
6:26 tokens were issued way back because they
6:28 had time to build their communities and
6:30 those communities
6:34 are really really vibrant uh the biggest
6:37 surprise that I've seen in this market
6:39 was how
6:41 resilient communities of what I thought
6:46 were e tokens you know were
6:48 uh it would have you would have I would
6:50 have never thought xrp would have been
6:52 the best performing token after the
6:56 inauguration but it was the xrp Army is
6:58 vibrant and strong and I was even
6:59 talking to Brad Garling he said I'm not
7:01 even sure where it comes from like you
7:04 know where this passion but it's passion
7:06 and if you think about what these this
7:09 I'm getting to the point I promise what
7:12 what we learned in crypto and the older
7:14 you are Dan and I are I'm 60 he's
7:17 probably close uh the more difficult
7:22 this is to understand is that Community
7:26 became a part of the investment you know uh
7:27 uh
7:29 algorithm and we didn't really pay
7:32 attention enough of that early on and I
7:33 used to joke about the tattoos the
7:35 Bitcoin tattoos you know very few people
7:38 have Microsoft tattoos but thousands and
7:40 thousands tens of thousands have Bitcoin
7:42 tattoos right there's something more
7:44 than the association with the stock well
7:47 that same idea in Bitcoin exists in xrp
7:51 it exists in Celestia for a smaller way
7:53 uh and so this idea of community as a
7:55 investing input we're now seeing you
7:57 know you could say Tesla has always had
7:59 this crazy valuation because of this IDE
8:02 of the Tesla community
8:06 and the jury is out is that a permanent
8:08 function of how we value things around
8:10 the world right certainly the younger
8:13 generation is driven towards memes it's
8:15 driven towards this idea of mic investing
8:16 investing
8:19 uh it feels like it is then you have a
8:23 day like Monday where Things Fall 30%
8:25 you're like oh what was I thinking and I
8:28 think that psychology up and down is
8:32 going to still be part of our uh Dynamic
8:34 until we get the utility so that's kind
8:38 of how seeing the world awesome I
8:39 actually do think we're at a huge
8:42 inflection point and so when Mike and I
8:46 first started um I I I was conceiving of
8:48 it as like such an important piece of
8:50 really the final piece of the protocol
8:52 puzzle that's the internet and people
8:54 had no exposure to it it was time to get
8:56 invested to it I really feel like we're
8:58 at kind of a similar point right now
9:02 we've been so repressed by uh the fear
9:04 of Regulation or the lack of of of
9:06 certainty I think everyone in our
9:08 industry kind of has Stockholm syndrome
9:10 right now like we're so used to being
9:12 afraid of the government and of like not
9:14 trying to do anything and you know I've
9:17 been on Boards of big exchanges it's you
9:20 know so scary to list anything and that
9:23 the the rebels just threw the gates open
9:25 and there's sun beaming in and we're all
9:27 just still sitting there like too afraid
9:30 to be excited that it's it's a new
9:32 a new era the Market's only up 25% or
9:34 something since the election I think it
9:35 should have doubled right so I'm so
9:39 bullish because the regulation in the US
9:42 was kind of the last kind of scary thing
9:44 or bad thing about crypto it's going to
9:46 get more clarity it's going to be more
9:48 positive huge change that not enough
9:51 people talk about is not the president
9:53 and every single person in his cabinet
9:55 the m just list that are all massively
9:57 Pro crypto it's not just that it's not
10:01 just um Congress lips is there used to
10:03 be this huge group of people in Congress
10:05 that were anti- crypto and I always
10:08 thought who's the no voter on crypto
10:10 right like there's no one out there that
10:13 that's negative and Mike and I actually
10:16 uh met with vice president Harris's
10:18 campaign manager who's her
10:20 brother-in-law about three weeks before
10:22 the election and she still had not used
10:25 the word blockchain in the entire
10:28 election and I just said hey there's 50
10:29 million Americans
10:33 that own crypto so many of them are so
10:35 passionate they're single issue voters
10:36 they don't really care about any other
10:38 issue they just want the pro crypto
10:40 candidate and this election's going to
10:42 come down to you know a couple percent
10:44 here or there you might as well say
10:45 blockchain is probably going to help
10:47 right and a couple days later she
10:49 finally did
10:52 and I I think when all the phds are
10:54 written this election did turn on
10:58 President Trump going pro crypto in May
11:02 and the big change is there were 58
11:05 contested elections in Congress that the
11:07 pro crypto uh political action
11:11 committees competed in 54 of the anti-
11:14 crypto people left Congress nobody's
11:16 going to say anything bad about crypto
11:18 in Congress again and I think that is
11:22 massive and so I'm as bullish as ever
11:23 and I think that the question inflection
11:25 points is it was kind of scary for like
11:27 a public pension plan to invest in
11:29 crypto two or three years ago right got
11:31 the SEC suing coinbase and ripple labs
11:34 and all these great companies so that's
11:36 the big change is it's going to flip
11:38 from you know very scary so probably
11:41 really positive uh and so 2025 I think
11:42 it's going to be one of the most
11:45 interesting years excellent yeah and I
11:49 think um I think this stuff tells nicely
11:50 into where we're going next which is
11:52 sort of questions about institutional
11:54 adoption and really regulation so a
11:57 frequent argument you hear is in order
11:59 to get to the next step and to push you
12:00 know Bitcoin to be doubled instead of up
12:03 25% we really need to see large pools of
12:06 capital AKA institutions really come
12:08 into the space and really large
12:11 financial institutions adopt this are we
12:13 close to that are we getting there soon
12:16 how are we thinking about you think
12:18 Black Rock went all in last year that I
12:20 think the single most important thing
12:22 pre-election in Bitcoin in the last five
12:24 years was Larry think being orange
12:27 pilled uh because you know he just
12:29 represents institutional investors you
12:31 know whatever1 14 trillion dollar or
12:32 whatever they they managed now
12:35 everyone's getting engaged and so I
12:37 think you're going to see one after the
12:39 other the pensions get in I've got to
12:42 get I was I was actually had lunch with
12:43 the head of one of the biggest Sovereign
12:45 wealth funds in the world about two
12:47 weeks after the election he was like we
12:49 didn't bone Bitcoin but now we're going
12:51 to like when the US buys it we have to I
12:54 he was that that specific and so he was
12:57 cutting his first $500 million check uh
12:59 to dip his toe in and so I think you're
13:01 going to see The Sovereign wealth funds
13:03 load up um you're going to see Pension
13:05 funds uh and it's going to start with
13:08 Bitcoin because that one makes sense to
13:12 them digital gold uh it's inter the same
13:15 Journey that most individual crypto
13:17 people take is what institutions take
13:18 they start with Bitcoin they want to
13:20 understand what web 3 is and ethereum or
13:23 salana or any of the other chains and
13:24 then they say wait a minute where else
13:28 is those at work um I think the other
13:33 thing to to watch is like when we
13:37 started pitching people there was this
13:40 criticism h blockchain's a solution in
13:42 search of a problem right you heard that
13:46 all the time and why haven't we had
13:48 decentralized ticketing or decentralized
13:50 ride share or
13:54 decentralized uh social media succeed
13:57 right we haven't there's two reasons one
13:59 blockchains weren't fast enough safe
14:02 enough and decentralized enough uh and
14:03 now with the advents of these level twos
14:06 on ethereum or salana you're getting
14:08 there and
14:11 two the regulatory environment was so
14:14 unclear that non- Maniacs non- kind of
14:17 crypto dgen or people that didn't have a
14:20 lot to lose had the confidence to go
14:23 build on top of these blockchains right
14:25 if you worried that the SEC is going to
14:26 give you a Wells notice by launching
14:29 your what you think is a utility token
14:33 for photo sharing or you name it uh you
14:37 don't do it and so what I'm hoping is
14:40 the next 24 months we start seeing
14:44 bigger Capital uh projects built on top
14:49 of of you know I and I'm I'm somewhat
14:52 indifferent to what that web of block
14:56 space looks like right if it's if it's
14:58 Linea uh or one of the others ethereum
15:02 L2 or salana or uh in some ways that
15:04 doesn't matter in the long run to almost
15:06 everyone who uses this it's the
15:09 back of the TV right and we need to have
15:12 the front of the TV work and I think
15:13 that's what we have to look forward to
15:15 in the next few
15:18 years yeah um I was on CNBC recently at
15:19 the end of last year and they were like
15:21 you know hey Bitcoin double this year
15:24 it's a bubble and I'm like hey first
15:26 we've been running a Bitcoin fund for 11
15:28 years and it's on average doubled every
15:30 year so that's not even news and
15:32 secondly how can you have a bubble that nobody
15:33 nobody
15:35 owns the median holding of an
15:39 Institutional Investor in blockchain is
15:41 zero like literally zero the majority of
15:43 Institutions have no exposure to
15:45 blockchain it's not a bubble we haven't
15:48 even started and like Mike we're getting
15:50 so many inbound phone calls from
15:51 institutions that like two or three
15:54 years ago you you had no interest in
15:57 blockchain there's 500 trillion of kind
16:00 of real assets out there if you will
16:01 crypto's 2
16:04 trillion you know it just seems like if
16:07 a tiny fraction of the real world assets
16:09 migrate to uh crypto which I think they
16:13 will in 2025 I think that's the story is
16:14 these checks that Mike were talking
16:16 about I think they're actually starting
16:18 to happen in in massive scale and
16:20 that'll keep driving our growth in our industry
16:22 industry
16:26 yeah the other thing to remember uh is
16:28 whenever it feels great like the
16:30 inauguration felt great and then the
16:31 Trump coin came out and that might have
16:34 been a short-term High uh you got to be
16:36 a little careful and whenever feels
16:38 really shitty it's probably time to buy and
16:39 and
16:42 so could we go back to 880,000 in
16:46 Bitcoin and 150,000 in salon and 22,000
16:48 in ethereum of course we could and that
16:50 doesn't invalidate this space at all
16:51 it's quite frankly that's the buying
16:53 opportunity uh people get a little bit
16:55 too long it takes a while for
16:57 institutions to get in right they're not
17:00 they're not retail and so I think it's
17:03 really important to kind of think of SEC
17:06 second half of this year uh to really
17:07 see the
17:11 flows um and again is there is there a
17:14 narrative that could change negatively
17:17 not many the only one that really could
17:18 was be if
17:22 miraculously Scott Bessant and Elon and
17:24 Donald Trump you know got our budget
17:28 deficit from 7% down to 3% we're bu
17:30 right that would change the the Bitcoin
17:31 narrative some it wouldn't change the
17:33 crypto narrative but it would change the
17:35 Bitcoin narrative uh I actually talked
17:37 to bessent about it I was like dude if
17:39 you're successful I'm gonna lit punch
17:42 you in the jaw uh and he said no no my
17:43 my my real goal is to get gold price
17:46 down but bitcoin price should go up and
17:48 I was laughing he said well you're right
17:50 my job is to balance the budget or get
17:52 closer to it and be a good fiscal
17:56 Steward uh but I also think we're going
17:58 to have so much adoption in crypto that
18:00 even if we do that it's not going to
18:02 stop this wave of adoption because we've
18:04 as Dan said we've this space
18:08 for for four years and so uh do I think
18:10 Scott Besson and Elon Musk and Donald
18:11 Trump are going to be successful
18:14 spending less and and increasing tax
18:17 revenue I don't I hope they do I'll say
18:19 a prayer for them but I don't I think
18:21 that we are kind of almost past the
18:23 point and0 return and and how bad our
18:27 finances are uh which makes Bitcoin
18:28 really an appealing asset for any
18:30 portfol folio but that's the thing you
18:32 got to watch Elon earlier this week said
18:35 that he wanted to see treasury run on a
18:37 blockchain right I mean he was like you
18:39 like I'm diving into this and he's like
18:41 you talking about injecting you know
18:43 sort of the auditability and
18:46 authenticity and uh you know simply just
18:47 using a blockchain as a ledger
18:48 underneath the
18:51 treasury yeah so what's interesting is
18:54 again crypto is not one word right
18:59 Bitcoin is digital gold putting Audible
19:00 your budget on a blockchain is a
19:01 brilliant ID and that would probably be
19:04 on ethereum or Salon or you gotta you
19:06 pick your poison it's got to be on a
19:09 blockchain that the government trusts um
19:11 and so we're
19:13 still no one's going to snap a finger
19:15 right there's an irony blockchains are
19:18 trust machines right they were built to
19:20 distribute trust because we didn't trust
19:22 the man but you still have to teach
19:25 people to trust the trust machine right
19:27 van Jones ones came up to me and he'd
19:29 got a hundred million Grant from Jeff
19:31 Bezos and he said I want to do
19:34 blockchainbased voting and I was like I
19:36 got a great idea start with American
19:39 Idol right something that doesn't isn't
19:42 that important unless you're an idol fan
19:45 um because even if Dan could prove to
19:47 statistically blockchainbased voting is
19:49 safe and you can't change the votes the
19:52 population doesn't believe that and so
19:53 we're GNA have to ease people into this
19:59 overnight that's good enough yeah I
20:02 totally agree yeah yeah I think you know
20:03 certainly you know what we've been
20:05 saying here very much Dove tales with
20:07 that you know so I think we have a lot
20:08 of conversations a lot of those
20:10 conversations very frequently are we
20:11 would do more of this if we thought we
20:15 could and very much this this new
20:16 outlook that you guys are sharing I
20:21 think is is is very very promising
20:23 um as we look forward a little bit
20:26 beyond into later 2025 and Beyond you
20:28 know certainly we're very Pro token
20:30 ation that's you know something we we
20:34 harp on all day long here um how do we
20:37 see that coming
20:39 from you know the what we're thinking in
20:41 terms of the breakouts for like later on
20:43 and Beyond is it tokenization is it
20:46 really this continued education on the
20:47 very you know a lot of the people in
20:49 this room are very familiar with like
20:50 how blockchain works and what Bitcoin is
20:52 and stuff like that are we still very
20:56 much in that education phase or do at
20:57 some point do we start breaking out of
20:59 that into
21:01 The Next Step the next era I'll take
21:02 that I think what you're doing
21:05 tokenizing is so important because the
21:08 current systems really are pretty broken
21:09 especially for the global Community
21:11 maybe not for Americans but you know for
21:13 people in the developing world you know
21:16 that don't have any access to finance
21:19 tokenization is an incredible tool and
21:21 allowing people to buy say for example
21:23 treasuries anywhere on Earth with a
21:27 smartphone is just really amazing and
21:29 the the thing that I think it's so funny
21:32 about how much better blockchain is than
21:34 the old school Alternatives is best
21:38 described in the treasury market so some
21:39 of you might know you you can buy
21:41 treasuries directly from the government
21:43 via treasury direct and I used to do
21:47 that a bunch um the government is so
21:50 bureaucratic and so behind that it
21:53 literally takes you a year to move your
21:55 90-day T bill out of Treasury direct to
21:57 maril Lynch they are so behind
22:00 processing payments that it takes an
22:02 entire year to move it
22:05 out you know with AO any tokenized thing
22:07 you just hit it on your smartphone and
22:09 10 seconds later it's happened massive
22:11 improvement over what we're doing and so
22:14 tokenization is huge hugely important
22:16 and I would actually say I think that's
22:17 a big part of why president Trump
22:21 changed uh to being pro crypto stable
22:22 coins which is you know kind of a subset
22:25 of tokenization is putting our
22:27 unsustainable and I agree with Mike
22:29 totally unsustainable debt
22:31 onto a Smartphone and sending it to the
22:33 furthest corners of the earth and Trump
22:35 is you know a genius at things like this
22:36 he realized that's an amazingly good
22:39 thing is we're pumping out two trillion
22:41 of debt you need more buyers right
22:43 because the current you know buying
22:44 Community is saturated but if you can
22:46 get you know kids in Indonesia or
22:47 whatever to be able to use a smartphone
22:50 to buy a stable coin that helps fund the
22:53 US deficit so I think tokenization both
22:55 hugely important in it of itself and big
22:57 for why the current Administration is
23:00 flipped to being pro crypto yeah since
23:01 Dan and I have been selling Bitcoin
23:04 since 2013 we've got a lot of similar
23:07 stories because we share them uh I used
23:09 to be fascinated by the fact that there
23:12 are more $100 bills in pillowcases
23:14 overseas than there are $1 bills in
23:18 circulation right traditionally people
23:21 in regimes or in areas that were
23:23 unstable wanted to store their wealth in
23:26 $100 bills in pillowcases or you know
23:28 not pillowcase under your mattress and
23:31 so shifting that and and the genius of
23:35 being able to tokenize a treasury uh to
23:36 in essence a stable coin that pays
23:38 interest is all these people who are
23:41 barely making ends meet to start with uh
23:44 are going to get that carry now it cost
23:45 the FED right there's about $2 trillion
23:47 doll in circulation at 4% that's
23:50 whatever 80 80 billion a year I think I
23:53 did the math right uh that the FED is
23:55 going to lose at one point if there's no
23:58 cash right and if if if right now stable
24:01 coin acrew to the issuer that just can't
24:04 last forever it just makes no sense um
24:06 and so I think you'll see that regime
24:11 shift um it's a great segue into the
24:14 fact that a lot
24:19 of the real world asset idea a lot of
24:22 what web 3 will look like is plumbing
24:25 and it's collateral management it's not
24:28 sexy it's not as much narrative as
24:33 actually plumbing and you know I I I
24:34 laugh I I've been the CEO for a while
24:36 I'm a Storyteller Dan's a very good
24:38 Storyteller at one point he at least was
24:40 an engineer at College this this
24:42 industry is going to have a lot more
24:44 Engineers sitting in seats like this and
24:45 they're going to be talking to not
24:48 necessarily investor groups but industry
24:49 groups of say how are we really going to
24:51 rebuild this infrastructure to make it
24:54 more efficient because what blockchain
24:57 really will do is I mean think about
25:00 trying to transfer a share and the panta
25:03 uh Venture fund right you got to go it's
25:04 paperwork at one point it should be
25:07 tokenized and I can sell my my share or
25:09 buy more because I like Dan so much and
25:11 so we're going to have a revolution in
25:14 plumbing that hasn't happened yet but is
25:16 going to happen and I think uh it might
25:18 sound less sexy but that's where going
25:21 to be a lot of this things happens and
25:23 even like when you think about stable
25:26 coins the very first meeting we had with
25:29 a big CEO was with the Jeff
25:29 Jeff
25:33 imlt chairman of GE this is
25:37 200 probably 15 and me Dan and two other
25:39 people vitalic vitalic yeah vitalic was
25:42 16 at the time or 17 he showed up late
25:44 we go to dinner with the head of GE
25:46 biggest company in the world at the time
25:49 the head of GE Capital and their CFO
25:51 three of them four of us uh one
25:53 facilitator and uh metallic showed up 20
25:54 minutes late and I was like dude you
25:57 can't be late to dinner with the you
25:59 know we were adults already and pretty
26:00 established and we got there an hour and
26:02 a half early I was like you know he's
26:04 like well my flight was late I was like
26:07 you you're flying the night before you
26:11 know um but we were talking internet of
26:15 things that was 200 whatever 15 there's
26:17 been no crypto internet of
26:19 things that was one of the big things
26:21 you're gonna have an jet engine and it's
26:22 going to run more
26:25 efficiently uh at times and you're going
26:28 to do micro payments back to to the you
26:30 know to the company and it's run
26:31 inefficiently you're going to give them
26:34 to the buyer and all of that idea was
26:37 percolating at that dinner it hasn't
26:39 happened yet it's gonna happen right
26:42 we're doing a stable coin in Europe
26:45 regulated stable coin bofin rules with
26:49 DWS and flow Traders and Deutsche Bank
26:50 took us around to talked to some of the
26:52 big Industrials and they were like as
26:54 soon as there's a regulated stable coin
26:58 we're in and so there'll be again more
27:01 plumbing and more use case and as those
27:04 use cases happen you'll see more volumes
27:09 on these these uh blockchains uh and I
27:11 think what you'll see is this shift from
27:14 just narrative to utility because at one
27:18 point you can't have 55 l1s The
27:20 Narrative all sounds the same and and
27:22 it's why quite
27:26 frankly The Originals have kept their
27:28 value better than the newbies uh because
27:30 the originals were able to distribute
27:32 much wider earlier because there wasn't
27:36 as much competition and I think uh
27:38 Community will still be a big part of
27:40 valuation but you're going to see
27:42 utility have to be part of it I think I
27:44 think that's a great place to leave it
27:45 thank you you gotta get him I talk to
27:47 much well I just I just want to do one
27:49 little code on Mike's thing the reason
27:51 I'm so passionate about investing in
27:53 blockchain is you know Mike and I have
27:54 traded all kinds of crazy things for 40
27:56 years and some's like dollar Yen's not
27:58 even moved it's the same place as been
27:59 the whole time we've been talking about
28:01 it blockchain is the most inevitable
28:04 trade I have ever seen all these things
28:06 will happen it will disrupt all of these
28:08 and even the iot thing we were early you
28:10 know that was a little early but dpin is
28:12 happening and it's like the new version
28:14 of that and so that's why I think
28:15 everybody in this room should have some
28:17 exposure to blockchain because it might
28:20 not happen in the you know time frame
28:21 that we're estimating but it is so
28:23 inevitable so it's definitely worth
28:26 having inevitable it's a great place to
28:27 leave it Mike Dan thank you so much for
