Alan Kohler

But that's about it at this stage.

I mean, there's much more to it than that.

Yeah, yeah.

James says, I became a devoted subscriber after you introduced me to clean tech, T-E-Q, now called Sunrise Energy Metals back in the day.

It ended up being one of the most spectacular rallies in the ASX, gaining roughly 3,900% from his lows.

Thank you.

You're welcome, James.

With that old world market win in mind, I want to ask you a massive piece of new world disruption.

The hype token, HYPE token, has done something incredibly rare in crypto.

It has completely broken its correlation link with Bitcoin, more than doubling in value while the broader market wobbled.

Hype is the native token of Hyperliquid, a decentralized exchange run by a tiny team of just 11 people.

A recent watershed profile by Colossus revealed that this tiny team generated over $900 million in pure profit last year, operating 24-7 with zero venture capital backing.

They've even started tokenising traditional macro assets like gold and oil.

My question, when an 11-person tech protocol can build global financial architecture that matches the profitability of major institutions with virtually zero overhead, what does this mean for legacy exchanges like the ASX?

Are old world brokers and clearinghouses structurally cooked or will regulatory moats protect them?

Interesting question.

Yeah, it's also worth saying that I think that the financial disruption brought by the blockchain, which was basically the fundamental thing that Bitcoin brought, apart from speculation, has taken a bit of a backseat lately with all the sort of hype on AI and also obviously the

war in iran and everything so no one's really talking about that and bitcoin is going nowhere but um you know i think that that disruption is still going on you know blockchain is there and people are working on it and it is kind of there um and also central banks are working on central bank uh currencies digital currencies that are also based on the blockchain that they're running themselves and you know i think that eventually that'll happen

And so you're probably going to eventually end up with some sort of form of programmable money because central banks want to do that.

So I think the disruption is happening.