Charlie Songhurst

There may also be something subtle there about the strength of the nation state.

Then US investors find it less intuitive than non-US investors because they think of the US government, say, banning crypto like FDR confiscated gold.

And so they think of it as unlikely.

Whereas if they're from a country like Belgium, it's less obvious that your government really has the capability

to do something like ban crypto.

So all these strange variables like the size of the country you're in and the government capability affect your conception of its viability.

And then it's also interesting within crypto itself that you have these two major platforms, Bitcoin and Ethereum, and they sort of attract different investor groups

types.

So Bitcoin's got the sort of association almost with Austrian monetary policy, with sort of gold, with preservation of value, with this sort of very trust-minimized, sort of slightly dark, slightly almost gothic view of humanity and sort of Bitcoin as a sort of place of greater safety.

Whereas Ethereum is much more sort of

visionary about DeFi, changing stuff, much more software, much more network effects, much less consciousness of trust and store of value.

And you start to see this sort of bickering between those two cultures.

And it's fascinating how you've got two sort of shilling points of shilling points.

Not only are they shilling points at the economic level,

But they're also sharing points for investor personality types that go into them.

What's interesting is if they continue to do that, they probably diverge far enough that there's no longer, in fact, any competition between them because they've diverged so much culture in their aspirations.

They're no longer direct competitors.

One of the things that's sort of interesting is how is wealth preserved over time?

And if you look at one of the best stores of value, it was forestry.

And there's two very interesting attributes to forestry.