Felix Oberholzer-Chi

Oh, yeah.

So 2022 it is.

So one of the things that strikes me as really important is the point about contagion, young meat that you made.

And it makes me think a little bit about the way regulation should go.

In this case, if we can really isolate something like crypto from the real economy so that the person down the street doesn't suffer when one of these experiments go wrong, the question is, how much regulation do we really want?

If we know that it's the Wild West, and if we know there's a lot of innovation, there's a lot of questionable activity,

But in the end, it's very much unconstrained.

That might actually be the better mix than, say, trying to make the crypto world very much like the regular financial markets, in which case there's probably going to be less innovation, less really interesting things.

I have an observation about the macroeconomy as well.

And some of the news that I love the best was just to see how much progress low wage workers made this particular year.

And it's not only those in the lowest deciles of the wage distribution, but you can cut and slice the data in any way you want.

And it's the most vulnerable groups that have made the biggest gains.

So for instance, on average, we have 4% or 5% increases in wages.

In the lowest decile of wage earners, it's 7%, 8%.

In fact, roughly 40% of low-wage workers have had increases that even exceed inflation, even though inflation was pretty high.

And so it's been great for people with not that much education.

Maybe the strongest effect that we see is for young workers relative to middle-aged and older workers who have made a lot of progress.

So you can slice and dice the wage distribution any way you want.

And it's just really fantastic news.

Even if you were of the view that, well, but inflation hurt most people, ate most of the wage gains.