David Yaffe-Bellany

So there are clear advantages from a crypto perspective.

So there are clear advantages from a crypto perspective.

So that's where the arguments get a lot harder to understand and the logic starts to become a little bit tenuous. But I'll do my best to kind of articulate what the best version of the argument is. And essentially, it's that Bitcoin is a great investment. Look how much it's gone up in the last 15 years. Look how much it could go up in the next 15 years.

So that's where the arguments get a lot harder to understand and the logic starts to become a little bit tenuous. But I'll do my best to kind of articulate what the best version of the argument is. And essentially, it's that Bitcoin is a great investment. Look how much it's gone up in the last 15 years. Look how much it could go up in the next 15 years.

And profits from that investment could be used by the U.S. government to chip away at the national debt. You know, we might not have to raise taxes if the government's just sort of coasting along on its Bitcoin investment profits. So those are the sorts of arguments that the crypto industry is making. There's also a kind of geopolitical argument. You know, right now the world runs on the U.S.

And profits from that investment could be used by the U.S. government to chip away at the national debt. You know, we might not have to raise taxes if the government's just sort of coasting along on its Bitcoin investment profits. So those are the sorts of arguments that the crypto industry is making. There's also a kind of geopolitical argument. You know, right now the world runs on the U.S.

dollar. And so when the U.S. wants to kind of push around its geopolitical rivals, it can do that with economic sanctions. But in a hypothetical future world that isn't run on the dollar, that's run on cryptocurrencies, it might help the U.S. to have this huge stockpile of Bitcoin. How exactly would that work? I don't know. But that's the argument.

dollar. And so when the U.S. wants to kind of push around its geopolitical rivals, it can do that with economic sanctions. But in a hypothetical future world that isn't run on the dollar, that's run on cryptocurrencies, it might help the U.S. to have this huge stockpile of Bitcoin. How exactly would that work? I don't know. But that's the argument.

You know, in theory, Bitcoin's at about $100,000 today. Let's say it reaches a million 10 years from now. That's a 10x return for the U.S. government. And potentially, those profits could be reinvested in some way, and then the U.S. wouldn't have to keep borrowing huge sums to offer all the services that are expected from the government. And, you know, the U.S.

You know, in theory, Bitcoin's at about $100,000 today. Let's say it reaches a million 10 years from now. That's a 10x return for the U.S. government. And potentially, those profits could be reinvested in some way, and then the U.S. wouldn't have to keep borrowing huge sums to offer all the services that are expected from the government. And, you know, the U.S.

could do all that and pay down the debt without raising taxes on the rich crypto entrepreneurs who are trying to have vacations in Bermuda or whatever. Yeah.

could do all that and pay down the debt without raising taxes on the rich crypto entrepreneurs who are trying to have vacations in Bermuda or whatever. Yeah.

Well, for a minute, I'll just try to channel what the crypto industry would say to that question, which is that for years, people have complained, you know, this stuff is useless. It doesn't do any of the amazing things that we were promised. And the industry has come back and said, our hands are tied by these regulators. They're essentially trying to create a system where we can't operate legally.

Well, for a minute, I'll just try to channel what the crypto industry would say to that question, which is that for years, people have complained, you know, this stuff is useless. It doesn't do any of the amazing things that we were promised. And the industry has come back and said, our hands are tied by these regulators. They're essentially trying to create a system where we can't operate legally.

And so we haven't even really had an opportunity to to showcase the amazing potential benefits of cryptocurrency. Well, now the shackles could come off. In theory, there's an opportunity here for the crypto industry to prove that this stuff actually is useful, that it can create economic benefits for Americans beyond just the kind of short-term high of seeing your Bitcoin shoot up in value.

And so we haven't even really had an opportunity to to showcase the amazing potential benefits of cryptocurrency. Well, now the shackles could come off. In theory, there's an opportunity here for the crypto industry to prove that this stuff actually is useful, that it can create economic benefits for Americans beyond just the kind of short-term high of seeing your Bitcoin shoot up in value.

Yeah, this is a degree of regulatory capture that is really concerning to a lot of people, especially advocates for consumers, people who think that it's important for the government to have a strong hand to stop abuses in the business world. The crypto industry is now being regulated by by people the crypto industry chose. And there's something fundamentally dangerous there.

Yeah, this is a degree of regulatory capture that is really concerning to a lot of people, especially advocates for consumers, people who think that it's important for the government to have a strong hand to stop abuses in the business world. The crypto industry is now being regulated by by people the crypto industry chose. And there's something fundamentally dangerous there.

You know, in the past, we've had this kind of roller coaster experience with crypto. There have been high highs and low lows and big crashes, but it's all happened outside the existing financial system. The victims of previous crypto crashes have often been wealthy people who were kind of gambling on the speculative asset that went up and down and who were prepared for the potential consequences.

You know, in the past, we've had this kind of roller coaster experience with crypto. There have been high highs and low lows and big crashes, but it's all happened outside the existing financial system. The victims of previous crypto crashes have often been wealthy people who were kind of gambling on the speculative asset that went up and down and who were prepared for the potential consequences.