Jeff Park

And I think there's a thing that people forget.

Kevin Walsh actually, from his first term as Fed governor, resigned.

And he actually left.

And the reason he left was because he disagreed with the committee at the time of engaging in a second round of QE.

Because he knew the first time when it happened in 08 what it took, but what he was against was this idea of complacency that now the QE framework is the backbone of the entire global financial framework where moral hazard is changing the cost of capital.

And he was vehemently opposed to it to the point where actually,

he resigned, right?

So like, I think this is incredible.

Like we have an,

elite academic who's also a huge capital markets practitioner from Duquesne and Druckenmiller's days and actually has the guts to just call the shots as he sees it.

And that kind of iconoclastic regulator type personality is so far as we all now see in the world that if anyone can ever actually go on the venture of a new treasury federal court to reset people's expectations on the role of the dollar,

i think this is it i think this is a very powerful combination of personalities and expertise and culture that i don't know if we'll ever get a chance to replicate so i'm just personally very excited to see what's going to come through with it i think it is long term very very positive for bitcoin i'd call it the monetary slingshot

Yeah, I think the credit market in the end is an incredibly abundant and large market that most, even though retail investors don't participate in, is kind of the core of our financial system.

And so in this world where people are starved for yield and they're actually trying to think about where to earn appropriate yield that measures up to growth expectations, we think we're in a period of decent yield because the Fed's rate at 3.5 or whatever, but actually what we've seen is

On a real rate, that's actually been pretty deflationary too.

I think there's data that now show most people who started their entry-level jobs post-college were now on the sixth year of their real wage having gone down.

So there's actually a real problem with yield as a concept, even away from nominal numbers.

And the thing about Bitcoin is that if you believe

in the price appreciation that is possible over a long timeframe, you can think about risk segmentation where people would choose to take something current today versus the volatility of underwriting the uncertainty of tomorrow.

And so to me, I think it's a big market and it's also a market that is heavily