Jordi Visser

We're down in the 60s.

So there is deflation that happens with more innovation.

It's just that we get caught in this thing to think, well, they print money and the stock market goes higher.

The stock market has not gone higher in Brazil in local terms.

Right.

Sorry, in dollar terms.

So I have this thing of rotation in the back of my mind that if the fiat system is $800 trillion and Bitcoin is $2 trillion, which it's not right now, but let's assume we get back to 2 trillion, there's a rotation that'll happen.

What'll drive it up to 50 trillion, to 100 trillion?

The only thing in my mind has always been the rotation.

The most logical answer is if everyone who owns the 800 trillion, you took their average age,

in their 60s and you gave all that money to someone who's younger and you said, what's your asset allocation?

You have 800 trillion in this bucket, you have 2 trillion there.

Well, I want some money in Bitcoin.

You'd have a rotation and this would go higher and that would go down.

Eventually, that's what I believe.

So I've said this before.

I believe the world is deleveraging.

The 800 trillion is heading back towards where it should be, which is

monetary base of the world, nominal GDP of the world.

Both those numbers are about $120 trillion.