Brad Gerstner

The elephant.

There it is.

That's what we're talking about.

Yeah, I mean, listen, there's one camp that says this is all because the world's falling apart and we're all panicked about global governments, balance sheets.

I think that's part of it, but I think Chamath nailed it, right?

You got a total change in the new demand picture for gold, right?

As evidenced by, you know, we have a Bitcoin of gold, BTC, you know, Bitcoin, right?

But we also have it in the form of tether, right?

You're now going to allow people to have exposure to the actual underlying goal by buying a crypto asset.

So you have new demand for it.

You do have people concerned about the state of the world, but it's always been a speculative asset plus a store of value.

And I've got a couple of charts here.

You can throw them up if you want.

One is simply looking at the correlation with the S&P 500 over the last 10 years.

And the other one's looking at it with U.S.

debt.

And it's probably chart crime.

I'll go back to what Chamath said.

I can make up any story I want to make.

It tracks the growth in U.S.