Caitlin Long

So it's more than just embracing innovation the way he apparently described it, according to the article in Central Banking.

So that's one, is breaking down the Fed barrier for us.

And then the other is getting natively digital corporate shares registered at a secretary of state.

That is gonna be a game changer for the securities markets.

So great debate.

The answer is both.

It's a double-edged sword.

And it goes back to, for those of you who have been around for a while, Trace Mayer, one of the OGs of this space, created, I think in 2011,

an approach called the seven network effects of Bitcoin.

And the sixth network effect is financialization.

And the seventh is world reserve currency.

He ran the traps.

It was an incredibly prescient model that he created.

We've run through one through five.

We're in the sixth network effect, which is financialization headed towards world reserve currency.

And I believe we will get there with Bitcoin.

We're in the financialization phase now.

And this is where Trace and I always had a big debate because he loved financialization, loved the fact that Wall Street was going to come in, start creating derivatives, start bringing liquidity, collapse bid offer spreads and the like.

And my response was that is not healthy because all of a sudden we're going to create the same issues that would have been created in other markets.

We're going to create paper versions.