Jeff Walton

That, like, you could go sell that.

I could go sell that to insurance companies.

I could go sell that to pension funds.

Like, a rating agency would be able to wrap their head around it.

And, David, all of this has happened so far with the global banking standards providing zero credit for Bitcoin as capital on a balance sheet.

Right.

Zero.

The S&P 500 gave Strategy a B- issuer credit rating, and they valued the $60 billion of Bitcoin on their balance sheet at zero.

Greater than one.

Greater than one.

Alpha is created.

Yeah.

You've got these legacy.

That's probably the last legacy hurdle that if that changes, the scale of capital that's going to come into Bitcoin is absolutely astronomical.

Because right now, if a bank were to hold Bitcoin on their balance sheet, they would be punitive on their capital requirements for the bank.

So it doesn't make sense to hold.

Insurance companies, same thing.

They can't hold it.

Like they get zero ability to leverage against it.

So like, why would you hold it?