Doug Burgum

If you think about a central bank digital currency, China, Euro, or ECB, or even Canada, a lot of you will remember during COVID, the Canadian government, they didn't like what some truckers were doing, and they seized and froze their bank accounts.

So with a central bank digital currency, you could put out a mean tweet, not that any of you would ever do that.

But if you put out a mean tweet... No one up here is known for doing that.

Ever.

That if you have a government backed, then they can shut you down as opposed to this unbridled choice that consumers are going to have for U.S.

dollar stablecoins.

We haven't seen that yet.

And I think there's a good chance that we could see.

So if we think about China, China has a high tariff rate.

It's 30%.

The Chinese business model is like the brooms and the water buckets from Fantasia.

They just keep going.

And it's an employment agency.

And it's an employment agency.

So they will just keep cutting costs to maintain market share.

So we haven't seen that thus far.

And a lot of the other foreign producers have cut costs

cut price to maintain market share.

A lot of the U.S.

companies have eaten into their margins to maintain market share.