Jeff Walton

you've got to underwrite the duration too.

So the duration gets a bit trickier with something with a little bit more of an uncertain supply as well.

Sure.

So it's a bit easier to underwrite something with a known supply distribution, a known supply curve, a known infrastructure, and how it's interfacing with society.

And that's...

If a corporation were to issue credit against Ethereum, I think it could happen.

I'm not going to say it won't.

I think it could happen.

They're just going to need to pay a higher rate than we are.

And we're already paying a 13% cost of capital.

And think about the conversations that are going to happen if you go higher than that, right?

Not to say it couldn't work, but I think the risk profile does change.

David, the credit market is $300 trillion.

If digital credit made up 0.5% of that, it would double Bitcoin's market cap today.

The credit market is wildly dislocated from a risk-return profile, in my opinion.

The disruption from AI is going to absolutely disrupt 25 to 50% of the existing credit market.

I think it's going to disrupt 70% of the equity market.

It's going to disrupt 80 to 90% of the private equity market.

It's probably going to disrupt

90% of the private credit market real estate is wildly overvalued relative to its utility value.